Attached files
| file | filename |
|---|---|
| EX-32.B - EXHIBIT 32.B - BF Garden Tax Credit Fund IV L.P. | tm215603d1_ex32b.htm |
| EX-32.A - EXHIBIT 32.A - BF Garden Tax Credit Fund IV L.P. | tm215603d1_ex32a.htm |
| EX-31.B - EXHIBIT 31.B - BF Garden Tax Credit Fund IV L.P. | tm215603d1_ex31b.htm |
| EX-31.A - EXHIBIT 31.A - BF Garden Tax Credit Fund IV L.P. | tm215603d1_ex31a.htm |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For
the quarterly period ended December 31, 2020
or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 0-26200
BF GARDEN TAX CREDIT FUND IV L.P.
(Exact name of registrant as specified in its charter)
| Delaware | 04-3208648 |
| (State or other jurisdiction | (I.R.S. Employer |
| of incorporation or organization) | Identification No.) |
| 101 Arch Street, 13th Floor Boston, Massachusetts | 02110 | |
| (Address of principal executive offices) | (Zip Code) |
| (888) 773-1487 | ||
| (Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| None | None | None |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
| Yes x | No ¨ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
| Yes x | No ¨ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ¨ | Accelerated Filer ¨ | |
| Non-accelerated filer x | Smaller Reporting Company x | |
| Emerging Growth Company ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
| Yes ¨ | No x | |
BF GARDEN TAX CREDIT FUND IV L.P.
QUARTERLY
REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2020
TABLE OF CONTENTS
2
BF Garden Tax Credit Fund IV L.P.
(Unaudited)
| December 31,
2020 | March 31,
2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 6,830,017 | 6,622,109 | ||||||
| Other assets | 3,788 | 15,088 | ||||||
| $ | 6,833,805 | $ | 6,637,197 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 70,875 | $ | 16,000 | ||||
| Accounts payable affiliates (Note C) | 12,801,964 | 13,107,778 | ||||||
| Capital contributions payable | 785 | 1,039 | ||||||
| 12,873,624 | 13,124,817 | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 82,926,053 outstanding as of December 31, 2020 and March 31, 2020. | (5,599,509 | ) | (6,042,833 | ) | ||||
| General Partner | (440,310 | ) | (444,787 | ) | ||||
| (6,039,819 | ) | (6,487,620 | ) | |||||
| $ | 6,833,805 | $ | 6,637,197 | |||||
The accompanying notes are an integral part of this condensed statement
3
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 20
| December 31, 2020 | March 31,
2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,828,200 outstanding as of December 31, 2020 and March 31, 2020. | (754,767 | ) | (754,767 | ) | ||||
| General Partner | 754,767 | 754,767 | ||||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
4
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 21
| December 31,
2020 | March 31,
2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of December 31, 2020 and March 31, 2020. | (898,231 | ) | (898,231 | ) | ||||
| General Partner | 898,231 | 898,231 | ||||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
5
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 22
| December 31,
2020 | March 31,
2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,550,145 outstanding as of December 31, 2020 and March 31, 2020. | (2,448,362 | ) | (2,448,362 | ) | ||||
| General Partner | 2,448,362 | 2,448,362 | ||||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
6
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 23
| December 31,
2020 | March 31,
2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,303,327 outstanding as of December 31, 2020 and March 31, 2020. | (224,264 | ) | (224,264 | ) | ||||
| General Partner | 224,264 | 224,264 | ||||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
7
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 24
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,150,053 outstanding as of December 31, 2020 and March 31, 2020. | 173,404 | 173,404 | ||||||
| General Partner | (173,404 | ) | (173,404 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
8
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 25
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,016,809 outstanding as of December 31, 2020 and March 31, 2020. | 219,815 | 219,815 | ||||||
| General Partner | (219,815 | ) | (219,815 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
9
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 26
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 547,061 | 576,004 | ||||||
| Other assets | - | - | ||||||
| $ | 547,061 | $ | 576,004 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | 8,563 | - | ||||||
| Capital contributions payable | - | - | ||||||
| 8,563 | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,929,074 outstanding as of December 31, 2020 and March 31, 2020. | 851,455 | 888,586 | ||||||
| General Partner | (312,957 | ) | (312,582 | ) | ||||
| 538,498 | 576,004 | |||||||
| $ | 547,061 | $ | 576,004 | |||||
The accompanying notes are an integral part of this condensed statement
10
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 27
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,431,350 outstanding as of December 31, 2020 and March 31, 2020. | 133,264 | 133,264 | ||||||
| General Partner | (133,264 | ) | (133,264 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
11
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 28
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,979,139 outstanding as of December 31, 2020 and March 31, 2020. | 275,140 | 275,140 | ||||||
| General Partner | (275,140 | ) | (275,140 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
12
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 29
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 175,900 | 157,446 | ||||||
| Other assets | - | - | ||||||
| $ | 175,900 | $ | 157,446 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 11,000 | $ | - | ||||
| Accounts payable affiliates (Note C) | 3,124,009 | 3,105,875 | ||||||
| Capital contributions payable | 785 | 785 | ||||||
| 3,135,794 | 3,106,660 | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $ 10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,923,225 outstanding as of December 31, 2020 and March 31, 2020. | (2,591,648 | ) | (2,581,075 | ) | ||||
| General Partner | (368,246 | ) | (368,139 | ) | ||||
| (2,959,894 | ) | (2,949,214 | ) | |||||
| $ | 175,900 | $ | 157,446 | |||||
The accompanying notes are an integral part of this condensed statement
13
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 30
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,621,200 outstanding as of December 31, 2020 and March 31, 2020. | (883,119 | ) | (883,119 | ) | ||||
| General Partner | 883,119 | 883,119 | ||||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
14
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 31
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,375,757 outstanding as of December 31, 2020 and March 31, 2020. | 353,529 | 353,529 | ||||||
| General Partner | (353,529 | ) | (353,529 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
15
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 32
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 248,940 | 193,203 | ||||||
| Other assets | - | - | ||||||
| $ | 248,940 | $ | 193,203 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | 128,907 | 83,511 | ||||||
| Capital contributions payable | - | - | ||||||
| 128,907 | 83,511 | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,715,798 outstanding as of December 31, 2020 and March 31, 2020. | 525,197 | 514,959 | ||||||
| General Partner | (405,164 | ) | (405,267 | ) | ||||
| 120,033 | 109,692 | |||||||
| $ | 248,940 | $ | 193,203 | |||||
The accompanying notes are an integral part of this condensed statement
16
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 33
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 536,101 | 561,941 | ||||||
| Other assets | - | - | ||||||
| $ | 536,101 | $ | 561,941 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | 19,554 | - | ||||||
| Capital contributions payable | - | - | ||||||
| 19,554 | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,606,833 outstanding as of December 31, 2020 and March 31, 2020. | 737,162 | 782,102 | ||||||
| General Partner | (220,615 | ) | (220,161 | ) | ||||
| 516,547 | 561,941 | |||||||
| $ | 536,101 | $ | 561,941 | |||||
The accompanying notes are an integral part of this condensed statement
17
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 34
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 135,920 | 148,344 | ||||||
| Other assets | - | - | ||||||
| $ | 135,920 | $ | 148,344 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 2,000 | $ | - | ||||
| Accounts payable affiliates (Note C) | 2,465,153 | 2,445,674 | ||||||
| Capital contributions payable | - | - | ||||||
| 2,467,153 | 2,445,674 | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,477,719 outstanding as of December 31, 2020 and March 31, 2020. | (2,007,531 | ) | (1,973,967 | ) | ||||
| General Partner | (323,702 | ) | (323,363 | ) | ||||
| (2,331,233 | ) | (2,297,330 | ) | |||||
| $ | 135,920 | $ | 148,344 | |||||
The accompanying notes are an integral part of this condensed statement
18
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 35
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,277,913 outstanding as of December 31, 2020 and March 31, 2020. | 223,088 | 223,088 | ||||||
| General Partner | (223,088 | ) | (223,088 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
19
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 36
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,083,704 outstanding as of December 31, 2020 and March 31, 2020. | 148,221 | 148,221 | ||||||
| General Partner | (148,221 | ) | (148,221 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
20
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 37
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,489,100 outstanding as of December 31, 2020 and March 31, 2020. | 205,359 | 205,359 | ||||||
| General Partner | (205,359 | ) | (205,359 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
21
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 38
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,536,200 outstanding as of December 31, 2020 and March 31, 2020. | 188,889 | 188,889 | ||||||
| General Partner | (188,889 | ) | (188,889 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
22
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 39
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest,$10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of December 31, 2020 and March 31, 2020. | 196,043 | 196,043 | ||||||
| General Partner | (196,043 | ) | (196,043 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
23
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 40
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | - | - | ||||||
| Other assets | - | - | ||||||
| $ | - | $ | - | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | - | - | ||||||
| Capital contributions payable | - | - | ||||||
| - | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,611,356 outstanding as of December 31, 2020 and March 31, 2020. | 216,900 | 216,900 | ||||||
| General Partner | (216,900 | ) | (216,900 | ) | ||||
| - | - | |||||||
| $ | - | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
24
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 41
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 386,726 | 352,239 | ||||||
| Other assets | - | - | ||||||
| $ | 386,726 | $ | 352,239 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 2,500 | $ | - | ||||
| Accounts payable affiliates (Note C) | 2,730,736 | 2,647,829 | ||||||
| Capital contributions payable | - | - | ||||||
| 2,733,236 | 2,647,829 | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,867,676 outstanding as of December 31, 2020 and March 31, 2020. | (2,073,877 | ) | (2,023,466 | ) | ||||
| General Partner | (272,633 | ) | (272,124 | ) | ||||
| (2,346,510 | ) | (2,295,590 | ) | |||||
| $ | 386,726 | $ | 352,239 | |||||
The accompanying notes are an integral part of this condensed statement
25
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 42
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 2,321,164 | 1,607,893 | ||||||
| Other assets | - | 11,300 | ||||||
| $ | 2,321,164 | $ | 1,619,193 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 23,000 | $ | - | ||||
| Accounts payable affiliates (Note C) | 32,686 | - | ||||||
| Capital contributions payable | - | 254 | ||||||
| 55,686 | 254 | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,716,362 outstanding as of December 31, 2020 and March 31, 2020. | 2,483,761 | 1,843,687 | ||||||
| General Partner | (218,283 | ) | (224,748 | ) | ||||
| 2,265,478 | 1,618,939 | |||||||
| $ | 2,321,164 | $ | 1,619,193 | |||||
The accompanying notes are an integral part of this condensed statement
26
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 43
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 1,576,998 | 1,416,291 | ||||||
| Other assets | - | - | ||||||
| $ | 1,576,998 | $ | 1,416,291 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 26,875 | $ | - | ||||
| Accounts payable affiliates (Note C) | 24,186 | - | ||||||
| Capital contributions payable | - | - | ||||||
| 51,061 | - | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,617,987 outstanding as of December 31, 2020 and March 31, 2020. | 1,832,199 | 1,723,649 | ||||||
| General Partner | (306,262 | ) | (307,358 | ) | ||||
| 1,525,937 | 1,416,291 | |||||||
| $ | 1,576,998 | $ | 1,416,291 | |||||
The accompanying notes are an integral part of this condensed statement
27
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 44
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 133,089 | 321,693 | ||||||
| Other assets | - | - | ||||||
| $ | 133,089 | $ | 321,693 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | 4,000 | ||||
| Accounts payable affiliates (Note C) | 369,174 | 362,671 | ||||||
| Capital contributions payable | - | - | ||||||
| 369,174 | 366,671 | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,687,173 outstanding as of December 31, 2020 and March 31, 2020. | 3,724 | 192,920 | ||||||
| General Partner | (239,809 | ) | (237,898 | ) | ||||
| (236,085 | ) | (44,978 | ) | |||||
| $ | 133,089 | $ | 321,693 | |||||
The accompanying notes are an integral part of this condensed statement
28
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 45
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 280,464 | 859,371 | ||||||
| Other assets | - | - | ||||||
| $ | 280,464 | $ | 859,371 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 5,500 | $ | 12,000 | ||||
| Accounts payable affiliates (Note C) | 1,715,960 | 2,351,836 | ||||||
| Capital contributions payable | - | - | ||||||
| 1,721,460 | 2,363,836 | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 3,996,467 outstanding as of December 31, 2020 and March 31, 2020. | (1,072,924 | ) | (1,135,758 | ) | ||||
| General Partner | (368,072 | ) | (368,707 | ) | ||||
| (1,440,996 | ) | (1,504,465 | ) | |||||
| $ | 280,464 | $ | 859,371 | |||||
The accompanying notes are an integral part of this condensed statement
29
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 46
| December 31, 2020 | March 31, 2020 | |||||||
| INVESTMENTS IN OPERATING PARTNERSHIPS | $ | - | $ | - | ||||
| OTHER ASSETS | ||||||||
| Cash and cash equivalents | 487,654 | 427,684 | ||||||
| Other assets | 3,788 | 3,788 | ||||||
| $ | 491,442 | $ | 431,472 | |||||
| LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | - | $ | - | ||||
| Accounts payable affiliates (Note C) | 2,183,036 | 2,110,382 | ||||||
| Capital contributions payable | - | - | ||||||
| 2,183,036 | 2,110,382 | |||||||
| PARTNERS' CAPITAL (DEFICIT) | ||||||||
| Assignees | ||||||||
| Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,965,635 outstanding as of December 31, 2020 and March 31, 2020. | (1,411,936 | ) | (1,399,379 | ) | ||||
| General Partner | (279,658 | ) | (279,531 | ) | ||||
| (1,691,594 | ) | (1,678,910 | ) | |||||
| $ | 491,442 | $ | 431,472 | |||||
The accompanying notes are an integral part of this condensed statement
30
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 1,478 | $ | 89,644 | ||||
| Other income | 14,602 | 14,121 | ||||||
| 16,080 | 103,765 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 935,865 | 3,289,789 | ||||||
| Expenses | ||||||||
| Professional fees | 83,296 | 36,645 | ||||||
| Fund management fee, net (Note C) | 183,794 | 287,360 | ||||||
| General and administrative expenses | 46,701 | 475,661 | ||||||
| 313,791 | 799,666 | |||||||
| NET INCOME (LOSS) | $ | 638,154 | $ | 2,593,888 | ||||
| Net income (loss) allocated to assignees | $ | 631,773 | $ | 2,567,946 | ||||
| Net income (loss) allocated to general partner | $ | 6,381 | $ | 25,942 | ||||
| Net income (loss) per BAC | $ | .01 | $ | .03 | ||||
The accompanying notes are an integral part of this condensed statement
31
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 20
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
32
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 21
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
33
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 22
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
34
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 23
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
35
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 24
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 1,037 | ||||
| Other income | - | - | ||||||
| - | 1,037 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 278,516 | ||||||
| Expenses | ||||||||
| Professional fees | - | 1,181 | ||||||
| Fund management fee, net (Note C) | - | 7,799 | ||||||
| General and administrative expenses | - | 47,951 | ||||||
| - | 56,931 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 222,622 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 220,396 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 2,226 | ||||
| Net income (loss) per BAC | $ | - | $ | .10 | ||||
The accompanying notes are an integral part of this condensed statement
36
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 25
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
37
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 26
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 94 | $ | 3,178 | ||||
| Other income | - | - | ||||||
| 94 | 3,178 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 18,800 | 109,433 | ||||||
| Expenses | ||||||||
| Professional fees | 5,240 | 1,181 | ||||||
| Fund management fee, net (Note C) | 4,281 | 13,317 | ||||||
| General and administrative expenses | 5,489 | 11,097 | ||||||
| 15,010 | 25,595 | |||||||
| NET INCOME (LOSS) | $ | 3,884 | $ | 87,016 | ||||
| Net income (loss) allocated to assignees | $ | 3,845 | $ | 86,146 | ||||
| Net income (loss) allocated to general partner | $ | 39 | $ | 870 | ||||
| Net income (loss) per BAC | $ | .00 | $ | .02 | ||||
The accompanying notes are an integral part of this condensed statement
38
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 27
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 14,817 | ||||
| Other income | - | - | ||||||
| - | 14,817 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 79,844 | ||||||
| Expenses | ||||||||
| Professional fees | - | 1,459 | ||||||
| Fund management fee, net (Note C) | - | 5,730 | ||||||
| General and administrative expenses | - | 70,185 | ||||||
| - | 77,374 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 17,287 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 17,114 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 173 | ||||
| Net income (loss) per BAC | $ | - | $ | .01 | ||||
The accompanying notes are an integral part of this condensed statement
39
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 28
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 1,920 | ||||
| Other income | - | - | ||||||
| - | 1,920 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 66,148 | ||||||
| Expenses | ||||||||
| Professional fees | - | 1,181 | ||||||
| Fund management fee, net (Note C) | - | 5,520 | ||||||
| General and administrative expenses | - | 9,975 | ||||||
| - | 16,676 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 51,392 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 50,878 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 514 | ||||
| Net income (loss) per BAC | $ | - | $ | .01 | ||||
The accompanying notes are an integral part of this condensed statement
40
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 29
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 29 | $ | 1,190 | ||||
| Other income | - | - | ||||||
| 29 | 1,190 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 35,000 | - | ||||||
| Expenses | ||||||||
| Professional fees | 4,972 | 1,181 | ||||||
| Fund management fee, net (Note C) | 4,629 | 4,260 | ||||||
| General and administrative expenses | 5,303 | 10,948 | ||||||
| 14,904 | 16,389 | |||||||
| NET INCOME (LOSS) | $ | 20,125 | $ | (15,199 | ) | |||
| Net income (loss) allocated to assignees | $ | 19,924 | $ | (15,047 | ) | |||
| Net income (loss) allocated to general partner | $ | 201 | $ | (152 | ) | |||
| Net income (loss) per BAC | $ | .01 | $ | (.00 | ) | |||
The accompanying notes are an integral part of this condensed statement
41
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 30
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
42
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 31
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 7,499 | ||||
| Other income | - | - | ||||||
| - | 7,499 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 900 | ||||||
| Expenses | ||||||||
| Professional fees | - | 1,181 | ||||||
| Fund management fee, net (Note C) | - | (6,531 | ) | |||||
| General and administrative expenses | - | 49,288 | ||||||
| - | 43,938 | |||||||
| NET INCOME (LOSS) | $ | - | $ | (35,539 | ) | |||
| Net income (loss) allocated to assignees | $ | - | $ | (35,184 | ) | |||
| Net income (loss) allocated to general partner | $ | - | $ | (355 | ) | |||
| Net income (loss) per BAC | $ | - | $ | (.01 | ) | |||
The accompanying notes are an integral part of this condensed statement
43
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 32
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 35 | $ | 1,541 | ||||
| Other income | - | - | ||||||
| 35 | 1,541 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 79,208 | 159,553 | ||||||
| Expenses | ||||||||
| Professional fees | 5,026 | 1,181 | ||||||
| Fund management fee, net (Note C) | 15,132 | 19,795 | ||||||
| General and administrative expenses | 5,465 | 10,962 | ||||||
| 25,623 | 31,938 | |||||||
| NET INCOME (LOSS) | $ | 53,620 | $ | 129,156 | ||||
| Net income (loss) allocated to assignees | $ | 53,084 | $ | 127,864 | ||||
| Net income (loss) allocated to general partner | $ | 536 | $ | 1,292 | ||||
| Net income (loss) per BAC | $ | .01 | $ | .03 | ||||
The accompanying notes are an integral part of this condensed statement
44
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 33
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 98 | $ | 2,594 | ||||
| Other income | - | - | ||||||
| 98 | 2,594 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 26,962 | ||||||
| Expenses | ||||||||
| Professional fees | 3,996 | 1,181 | ||||||
| Fund management fee, net (Note C) | 9,777 | 9,777 | ||||||
| General and administrative expenses | 3,279 | 7,130 | ||||||
| 17,052 | 18,088 | |||||||
| NET INCOME (LOSS) | $ | (16,954 | ) | $ | 11,468 | |||
| Net income (loss) allocated to assignees | $ | (16,784 | ) | $ | 11,353 | |||
| Net income (loss) allocated to general partner | $ | (170 | ) | $ | 115 | |||
| Net income (loss) per BAC | $ | (.01 | ) | $ | .00 | |||
The accompanying notes are an integral part of this condensed statement
45
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 34
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 24 | $ | 2,533 | ||||
| Other income | - | - | ||||||
| 24 | 2,533 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 20,800 | 27,000 | ||||||
| Expenses | ||||||||
| Professional fees | 4,463 | 1,181 | ||||||
| Fund management fee, net (Note C) | 4,825 | 9,756 | ||||||
| General and administrative expenses | 4,266 | 8,938 | ||||||
| 13,554 | 19,875 | |||||||
| NET INCOME (LOSS) | $ | 7,270 | $ | 9,658 | ||||
| Net income (loss) allocated to assignees | $ | 7,197 | $ | 9,562 | ||||
| Net income (loss) allocated to general partner | $ | 73 | $ | 96 | ||||
| Net income (loss) per BAC | $ | .00 | $ | .00 | ||||
The accompanying notes are an integral part of this condensed statement
46
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 35
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 8,309 | ||||
| Other income | - | - | ||||||
| - | 8,309 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 1,414,642 | ||||||
| Expenses | ||||||||
| Professional fees | - | 1,835 | ||||||
| Fund management fee, net (Note C) | - | 8,235 | ||||||
| General and administrative expenses | - | 47,764 | ||||||
| - | 57,834 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 1,365,117 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 1,351,466 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 13,651 | ||||
| Net income (loss) per BAC | $ | - | $ | .41 | ||||
The accompanying notes are an integral part of this condensed statement
47
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 36
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 5,977 | ||||
| Other income | - | - | ||||||
| - | 5,977 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 105,658 | ||||||
| Expenses | ||||||||
| Professional fees | - | 1,181 | ||||||
| Fund management fee, net (Note C) | - | 2,739 | ||||||
| General and administrative expenses | - | 45,349 | ||||||
| - | 49,269 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 62,366 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 61,743 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 623 | ||||
| Net income (loss) per BAC | $ | - | $ | .03 | ||||
The accompanying notes are an integral part of this condensed statement
48
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 37
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
49
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 38
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 6,829 | ||||
| Other income | - | - | ||||||
| - | 6,829 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 42,783 | ||||||
| Expenses | ||||||||
| Professional fees | - | 1,181 | ||||||
| Fund management fee, net (Note C) | - | 2,742 | ||||||
| General and administrative expenses | - | 47,372 | ||||||
| - | 51,295 | |||||||
| NET INCOME (LOSS) | $ | - | $ | (1,683 | ) | |||
| Net income (loss) allocated to assignees | $ | - | $ | (1,667 | ) | |||
| Net income (loss) allocated to general partner | $ | - | $ | (16 | ) | |||
| Net income (loss) per BAC | $ | - | $ | (.00 | ) | |||
The accompanying notes are an integral part of this condensed statement
50
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 39
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
51
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 40
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 1,717 | ||||
| Other income | - | - | ||||||
| - | 1,717 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 408,469 | ||||||
| Expenses | ||||||||
| Professional fees | - | 1,181 | ||||||
| Fund management fee, net (Note C) | - | 11,828 | ||||||
| General and administrative expenses | - | 52,846 | ||||||
| - | 65,855 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 344,331 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 340,887 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 3,444 | ||||
| Net income (loss) per BAC | $ | - | $ | .13 | ||||
The accompanying notes are an integral part of this condensed statement
52
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 41
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 66 | $ | 1,653 | ||||
| Other income | - | - | ||||||
| 66 | 1,653 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 18,000 | 1,250 | ||||||
| Expenses | ||||||||
| Professional fees | 4,629 | 1,181 | ||||||
| Fund management fee, net (Note C) | 26,529 | 34,077 | ||||||
| General and administrative expenses | 3,552 | 8,797 | ||||||
| 34,710 | 44,055 | |||||||
| NET INCOME (LOSS) | $ | (16,644 | ) | $ | (41,152 | ) | ||
| Net income (loss) allocated to assignees | $ | (16,478 | ) | $ | (40,741 | ) | ||
| Net income (loss) allocated to general partner | $ | (166 | ) | $ | (411 | ) | ||
| Net income (loss) per BAC | $ | (.01 | ) | $ | (.01 | ) | ||
The accompanying notes are an integral part of this condensed statement
53
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 42
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 289 | $ | 5,478 | ||||
| Other income | 14,298 | 13,734 | ||||||
| 14,587 | 19,212 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 722,454 | 381,658 | ||||||
| Expenses | ||||||||
| Professional fees | 4,367 | 6,409 | ||||||
| Fund management fee, net (Note C) | 11,801 | 23,690 | ||||||
| General and administrative expenses | 3,236 | 7,926 | ||||||
| 19,404 | 38,025 | |||||||
| NET INCOME (LOSS) | $ | 717,637 | $ | 362,845 | ||||
| Net income (loss) allocated to assignees | $ | 710,461 | $ | 359,216 | ||||
| Net income (loss) allocated to general partner | $ | 7,176 | $ | 3,629 | ||||
| Net income (loss) per BAC | $ | .26 | $ | .13 | ||||
The accompanying notes are an integral part of this condensed statement
54
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 43
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 242 | $ | 7,367 | ||||
| Other income | 304 | - | ||||||
| 546 | 7,367 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 79,835 | 21,923 | ||||||
| Expenses | ||||||||
| Professional fees | 5,075 | 1,181 | ||||||
| Fund management fee, net (Note C) | 3,940 | 19,392 | ||||||
| General and administrative expenses | 4,188 | 9,912 | ||||||
| 13,203 | 30,485 | |||||||
| NET INCOME (LOSS) | $ | 67,178 | $ | (1,195 | ) | |||
| Net income (loss) allocated to assignees | $ | 66,507 | $ | (1,183 | ) | |||
| Net income (loss) allocated to general partner | $ | 671 | $ | (12 | ) | |||
| Net income (loss) per BAC | $ | .02 | $ | (.00 | ) | |||
The accompanying notes are an integral part of this condensed statement
55
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 44
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 49 | $ | 9,849 | ||||
| Other income | - | - | ||||||
| 49 | 9,849 | |||||||
| Gain (loss) on disposition of Operating Partnerships | (83,058 | ) | 64,602 | |||||
| Expenses | ||||||||
| Professional fees | 4,427 | 1,181 | ||||||
| Fund management fee, net (Note C) | 29,565 | 43,979 | ||||||
| General and administrative expenses | 3,456 | 7,751 | ||||||
| 37,448 | 52,911 | |||||||
| NET INCOME (LOSS) | $ | (120,457 | ) | $ | 21,540 | |||
| Net income (loss) allocated to assignees | $ | (119,253 | ) | $ | 21,324 | |||
| Net income (loss) allocated to general partner | $ | (1,204 | ) | $ | 216 | |||
| Net income (loss) per BAC | $ | (.04 | ) | $ | .01 | |||
The accompanying notes are an integral part of this condensed statement
56
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 45
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 91 | $ | 3,564 | ||||
| Other income | - | 387 | ||||||
| 91 | 3,951 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 100,448 | ||||||
| Expenses | ||||||||
| Professional fees | 35,429 | 5,826 | ||||||
| Fund management fee, net (Note C) | 28,713 | 51,232 | ||||||
| General and administrative expenses | 4,637 | 12,017 | ||||||
| 68,779 | 69,075 | |||||||
| NET INCOME (LOSS) | $ | (68,688 | ) | $ | 35,324 | |||
| Net income (loss) allocated to assignees | $ | (68,001 | ) | $ | 34,971 | |||
| Net income (loss) allocated to general partner | $ | (687 | ) | $ | 353 | |||
| Net income (loss) per BAC | $ | (.02 | ) | $ | .01 | |||
The accompanying notes are an integral part of this condensed statement
57
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 46
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 461 | $ | 2,592 | ||||
| Other income | - | - | ||||||
| 461 | 2,592 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 44,826 | - | ||||||
| Expenses | ||||||||
| Professional fees | 5,672 | 4,582 | ||||||
| Fund management fee, net (Note C) | 44,602 | 20,023 | ||||||
| General and administrative expenses | 3,830 | 9,453 | ||||||
| 54,104 | 34,058 | |||||||
| NET INCOME (LOSS) | $ | (8,817 | ) | $ | (31,466 | ) | ||
| Net income (loss) allocated to assignees | $ | (8,729 | ) | $ | (31,152 | ) | ||
| Net income (loss) allocated to general partner | $ | (88 | ) | $ | (314 | ) | ||
| Net income (loss) per BAC | $ | (.00 | ) | $ | (.01 | ) | ||
The accompanying notes are an integral part of this condensed statement
58
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 9,373 | $ | 247,584 | ||||
| Other income | 132,610 | 226,241 | ||||||
| 141,983 | 473,825 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 1,366,857 | 15,140,452 | ||||||
| Expenses | ||||||||
| Professional fees | 300,336 | 364,341 | ||||||
| Fund management fee, net (Note C) | 555,480 | 873,135 | ||||||
| General and administrative expenses | 205,223 | 702,000 | ||||||
| 1,061,039 | 1,939,476 | |||||||
| NET INCOME (LOSS) | $ | 447,801 | $ | 13,674,801 | ||||
| Net income (loss) allocated to assignees | $ | 443,324 | $ | 13,538,052 | ||||
| Net income (loss) allocated to general partner | $ | 4,477 | $ | 136,749 | ||||
| Net income (loss) per BAC | $ | .01 | $ | .16 | ||||
The accompanying notes are an integral part of this condensed statement
59
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 20
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
60
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 21
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
61
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 22
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
62
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 23
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
63
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 24
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 2,719 | ||||
| Other income | - | 1,680 | ||||||
| - | 4,399 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 278,516 | ||||||
| Expenses | ||||||||
| Professional fees | - | 15,614 | ||||||
| Fund management fee, net (Note C) | - | 26,041 | ||||||
| General and administrative expenses | - | 58,465 | ||||||
| - | 100,120 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 182,795 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 180,967 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 1,828 | ||||
| Net income (loss) per BAC | $ | - | $ | .08 | ||||
The accompanying notes are an integral part of this condensed statement
64
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 25
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
65
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 26
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 938 | $ | 5,615 | ||||
| Other income | - | 420 | ||||||
| 938 | 6,035 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 18,800 | 109,433 | ||||||
| Expenses | ||||||||
| Professional fees | 23,408 | 18,155 | ||||||
| Fund management fee, net (Note C) | 12,845 | 40,193 | ||||||
| General and administrative expenses | 20,991 | 26,272 | ||||||
| 57,244 | 84,620 | |||||||
| NET INCOME (LOSS) | $ | (37,506 | ) | $ | 30,848 | |||
| Net income (loss) allocated to assignees | $ | (37,131 | ) | $ | 30,540 | |||
| Net income (loss) allocated to general partner | $ | (375 | ) | $ | 308 | |||
| Net income (loss) per BAC | $ | (.01 | ) | $ | .01 | |||
The accompanying notes are an integral part of this condensed statement
66
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 27
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 54,890 | ||||
| Other income | - | 15,472 | ||||||
| - | 70,362 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 856,766 | ||||||
| Expenses | ||||||||
| Professional fees | - | 13,626 | ||||||
| Fund management fee, net (Note C) | - | 14,620 | ||||||
| General and administrative expenses | - | 80,756 | ||||||
| - | 109,002 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 818,126 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 809,945 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 8,181 | ||||
| Net income (loss) per BAC | $ | - | $ | .33 | ||||
The accompanying notes are an integral part of this condensed statement
67
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 28
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 4,896 | ||||
| Other income | - | 446 | ||||||
| - | 5,342 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 73,248 | ||||||
| Expenses | ||||||||
| Professional fees | - | 15,367 | ||||||
| Fund management fee, net (Note C) | - | 18,112 | ||||||
| General and administrative expenses | - | 24,182 | ||||||
| - | 57,661 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 20,929 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 20,720 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 209 | ||||
| Net income (loss) per BAC | $ | - | $ | .01 | ||||
The accompanying notes are an integral part of this condensed statement
68
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 29
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 279 | $ | 2,525 | ||||
| Other income | - | - | ||||||
| 279 | 2,525 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 44,500 | - | ||||||
| Expenses | ||||||||
| Professional fees | 18,095 | 17,633 | ||||||
| Fund management fee, net (Note C) | 18,134 | 18,780 | ||||||
| General and administrative expenses | 19,230 | 23,452 | ||||||
| 55,459 | 59,865 | |||||||
| NET INCOME (LOSS) | $ | (10,680 | ) | $ | (57,340 | ) | ||
| Net income (loss) allocated to assignees | $ | (10,573 | ) | $ | (56,767 | ) | ||
| Net income (loss) allocated to general partner | $ | (107 | ) | $ | (573 | ) | ||
| Net income (loss) per BAC | $ | (.00 | ) | $ | (.01 | ) | ||
The accompanying notes are an integral part of this condensed statement
69
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 30
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
70
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 31
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 18,039 | ||||
| Other income | - | - | ||||||
| - | 18,039 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 619,800 | ||||||
| Expenses | ||||||||
| Professional fees | - | 21,208 | ||||||
| Fund management fee, net (Note C) | - | (66,518 | ) | |||||
| General and administrative expenses | - | 63,777 | ||||||
| - | 18,467 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 619,372 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 613,178 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 6,194 | ||||
| Net income (loss) per BAC | $ | - | $ | .14 | ||||
The accompanying notes are an integral part of this condensed statement
71
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 32
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 350 | $ | 3,589 | ||||
| Other income | 10,008 | 4,320 | ||||||
| 10,358 | 7,909 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 79,208 | 159,553 | ||||||
| Expenses | ||||||||
| Professional fees | 19,399 | 17,495 | ||||||
| Fund management fee, net (Note C) | 38,896 | 46,383 | ||||||
| General and administrative expenses | 20,930 | 25,817 | ||||||
| 79,225 | 89,695 | |||||||
| NET INCOME (LOSS) | $ | 10,341 | $ | 77,767 | ||||
| Net income (loss) allocated to assignees | $ | 10,238 | $ | 76,989 | ||||
| Net income (loss) allocated to general partner | $ | 103 | $ | 778 | ||||
| Net income (loss) per BAC | $ | .00 | $ | .02 | ||||
The accompanying notes are an integral part of this condensed statement
72
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 33
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 794 | $ | 4,394 | ||||
| Other income | 10,008 | 14,427 | ||||||
| 10,802 | 18,821 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 1,469,594 | ||||||
| Expenses | ||||||||
| Professional fees | 16,464 | 16,152 | ||||||
| Fund management fee, net (Note C) | 22,831 | 18,991 | ||||||
| General and administrative expenses | 16,901 | 18,704 | ||||||
| 56,196 | 53,847 | |||||||
| NET INCOME (LOSS) | $ | (45,394 | ) | $ | 1,434,568 | |||
| Net income (loss) allocated to assignees | $ | (44,940 | ) | $ | 1,420,222 | |||
| Net income (loss) allocated to general partner | $ | (454 | ) | $ | 14,346 | |||
| Net income (loss) per BAC | $ | (.02 | ) | $ | .54 | |||
The accompanying notes are an integral part of this condensed statement
73
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 34
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 310 | $ | 3,992 | ||||
| Other income | - | 2,100 | ||||||
| 310 | 6,092 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 20,800 | 284,500 | ||||||
| Expenses | ||||||||
| Professional fees | 21,024 | 14,045 | ||||||
| Fund management fee, net (Note C) | 15,279 | 30,617 | ||||||
| General and administrative expenses | 18,710 | 20,201 | ||||||
| 55,013 | 64,863 | |||||||
| NET INCOME (LOSS) | $ | (33,903 | ) | $ | 225,729 | |||
| Net income (loss) allocated to assignees | $ | (33,564 | ) | $ | 223,472 | |||
| Net income (loss) allocated to general partner | $ | (339 | ) | $ | 2,257 | |||
| Net income (loss) per BAC | $ | (.01 | ) | $ | .06 | |||
The accompanying notes are an integral part of this condensed statement
74
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 35
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 34,037 | ||||
| Other income | - | 5,963 | ||||||
| - | 40,000 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 1,555,642 | ||||||
| Expenses | ||||||||
| Professional fees | - | 13,305 | ||||||
| Fund management fee, net (Note C) | - | 25,535 | ||||||
| General and administrative expenses | - | 58,889 | ||||||
| - | 97,729 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 1,497,913 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 1,482,934 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 14,979 | ||||
| Net income (loss) per BAC | $ | - | $ | .45 | ||||
The accompanying notes are an integral part of this condensed statement
75
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 36
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 26,478 | ||||
| Other income | - | - | ||||||
| - | 26,478 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 581,982 | ||||||
| Expenses | ||||||||
| Professional fees | - | 13,973 | ||||||
| Fund management fee, net (Note C) | - | 10,650 | ||||||
| General and administrative expenses | - | 56,198 | ||||||
| - | 80,821 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 527,639 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 522,363 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 5,276 | ||||
| Net income (loss) per BAC | $ | - | $ | .25 | ||||
The accompanying notes are an integral part of this condensed statement
76
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 37
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
77
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 38
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 19,192 | ||||
| Other income | - | 5,700 | ||||||
| - | 24,892 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 1,506,757 | ||||||
| Expenses | ||||||||
| Professional fees | - | 14,670 | ||||||
| Fund management fee, net (Note C) | - | 19,065 | ||||||
| General and administrative expenses | - | 57,561 | ||||||
| - | 91,296 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 1,440,353 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 1,425,949 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 14,404 | ||||
| Net income (loss) per BAC | $ | - | $ | .56 | ||||
The accompanying notes are an integral part of this condensed statement
78
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 39
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | - | ||||
| Other income | - | - | ||||||
| - | - | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | - | ||||||
| Expenses | ||||||||
| Professional fees | - | - | ||||||
| Fund management fee, net (Note C) | - | - | ||||||
| General and administrative expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to assignees | $ | - | $ | - | ||||
| Net income (loss) allocated to general partner | $ | - | $ | - | ||||
| Net income (loss) per BAC | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
79
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 40
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | - | $ | 3,050 | ||||
| Other income | - | 6,639 | ||||||
| - | 9,689 | |||||||
| Gain (loss) on disposition of Operating Partnerships | - | 2,962,474 | ||||||
| Expenses | ||||||||
| Professional fees | - | 19,462 | ||||||
| Fund management fee, net (Note C) | - | 44,930 | ||||||
| General and administrative expenses | - | 62,999 | ||||||
| - | 127,391 | |||||||
| NET INCOME (LOSS) | $ | - | $ | 2,844,772 | ||||
| Net income (loss) allocated to assignees | $ | - | $ | 2,816,324 | ||||
| Net income (loss) allocated to general partner | $ | - | $ | 28,448 | ||||
| Net income (loss) per BAC | $ | - | $ | 1.08 | ||||
The accompanying notes are an integral part of this condensed statement
80
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 41
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 585 | $ | 3,336 | ||||
| Other income | 3,392 | 47,364 | ||||||
| 3,977 | 50,700 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 64,500 | 1,250 | ||||||
| Expenses | ||||||||
| Professional fees | 23,467 | 20,740 | ||||||
| Fund management fee, net (Note C) | 78,321 | 86,372 | ||||||
| General and administrative expenses | 17,609 | 19,687 | ||||||
| 119,397 | 126,799 | |||||||
| NET INCOME (LOSS) | $ | (50,920 | ) | $ | (74,849 | ) | ||
| Net income (loss) allocated to assignees | $ | (50,411 | ) | $ | (74,101 | ) | ||
| Net income (loss) allocated to general partner | $ | (509 | ) | $ | (748 | ) | ||
| Net income (loss) per BAC | $ | (.02 | ) | $ | (.03 | ) | ||
The accompanying notes are an integral part of this condensed statement
81
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 42
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 1,818 | $ | 15,076 | ||||
| Other income | 14,298 | 23,303 | ||||||
| 16,116 | 38,379 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 722,454 | 381,658 | ||||||
| Expenses | ||||||||
| Professional fees | 24,791 | 28,275 | ||||||
| Fund management fee, net (Note C) | 50,320 | 69,314 | ||||||
| General and administrative expenses | 16,920 | 18,462 | ||||||
| 92,031 | 116,051 | |||||||
| NET INCOME (LOSS) | $ | 646,539 | $ | 303,986 | ||||
| Net income (loss) allocated to assignees | $ | 640,074 | $ | 300,946 | ||||
| Net income (loss) allocated to general partner | $ | 6,465 | $ | 3,040 | ||||
| Net income (loss) per BAC | $ | .24 | $ | .11 | ||||
The accompanying notes are an integral part of this condensed statement
82
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 43
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 2,054 | $ | 15,202 | ||||
| Other income | 1,542 | 5,862 | ||||||
| 3,596 | 21,064 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 186,635 | 1,277,506 | ||||||
| Expenses | ||||||||
| Professional fees | 27,629 | 25,852 | ||||||
| Fund management fee, net (Note C) | 34,194 | 65,628 | ||||||
| General and administrative expenses | 18,762 | 21,455 | ||||||
| 80,585 | 112,935 | |||||||
| NET INCOME (LOSS) | $ | 109,646 | $ | 1,185,635 | ||||
| Net income (loss) allocated to assignees | $ | 108,550 | $ | 1,173,779 | ||||
| Net income (loss) allocated to general partner | $ | 1,096 | $ | 11,856 | ||||
| Net income (loss) per BAC | $ | .03 | $ | .32 | ||||
The accompanying notes are an integral part of this condensed statement
83
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 44
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 576 | $ | 14,753 | ||||
| Other income | 11,054 | 12,755 | ||||||
| 11,630 | 27,508 | |||||||
| Gain (loss) on disposition of Operating Partnerships | (83,058 | ) | 2,921,325 | |||||
| Expenses | ||||||||
| Professional fees | 21,710 | 16,629 | ||||||
| Fund management fee, net (Note C) | 80,701 | 129,261 | ||||||
| General and administrative expenses | 17,268 | 18,256 | ||||||
| 119,679 | 164,146 | |||||||
| NET INCOME (LOSS) | $ | (191,107 | ) | $ | 2,784,687 | |||
| Net income (loss) allocated to assignees | $ | (189,196 | ) | $ | 2,756,840 | |||
| Net income (loss) allocated to general partner | $ | (1,911 | ) | $ | 27,847 | |||
| Net income (loss) per BAC | $ | (.07 | ) | $ | 1.03 | |||
The accompanying notes are an integral part of this condensed statement
84
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 45
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 597 | $ | 11,017 | ||||
| Other income | 31,189 | 31,426 | ||||||
| 31,786 | 42,443 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 199,692 | 100,448 | ||||||
| Expenses | ||||||||
| Professional fees | 75,026 | 37,725 | ||||||
| Fund management fee, net (Note C) | 73,285 | 160,668 | ||||||
| General and administrative expenses | 19,698 | 26,294 | ||||||
| 168,009 | 224,687 | |||||||
| NET INCOME (LOSS) | $ | 63,469 | $ | (81,796 | ) | |||
| Net income (loss) allocated to assignees | $ | 62,834 | $ | (80,978 | ) | |||
| Net income (loss) allocated to general partner | $ | 635 | $ | (818 | ) | |||
| Net income (loss) per BAC | $ | .02 | $ | (.02 | ) | |||
The accompanying notes are an integral part of this condensed statement
85
BF Garden Tax Credit Fund IV L.P.
CONDENSED
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 46
| 2020 | 2019 | |||||||
| Income | ||||||||
| Interest income | $ | 1,072 | $ | 4,784 | ||||
| Other income | 51,119 | 48,364 | ||||||
| 52,191 | 53,148 | |||||||
| Gain (loss) on disposition of Operating Partnerships | 113,326 | - | ||||||
| Expenses | ||||||||
| Professional fees | 29,323 | 24,415 | ||||||
| Fund management fee, net (Note C) | 130,674 | 114,493 | ||||||
| General and administrative expenses | 18,204 | 20,573 | ||||||
| 178,201 | 159,481 | |||||||
| NET INCOME (LOSS) | $ | (12,684 | ) | $ | (106,333 | ) | ||
| Net income (loss) allocated to assignees | $ | (12,557 | ) | $ | (105,270 | ) | ||
| Net income (loss) allocated to general partner | $ | (127 | ) | $ | (1,063 | ) | ||
| Net income (loss) per BAC | $ | (.00 | ) | $ | (.04 | ) | ||
The accompanying notes are an integral part of this condensed statement
86
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (6,042,833 | ) | $ | (444,787 | ) | $ | (6,487,620 | ) | |||
| Net income (loss) | (189,479 | ) | (1,915 | ) | (191,394 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | (6,232,312 | ) | (446,702 | ) | (6,679,014 | ) | ||||||
| Net income (loss) | 1,030 | 11 | 1,041 | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | (6,231,282 | ) | $ | (446,691 | ) | $ | (6,677,973 | ) | |||
| Net income (loss) | 631,773 | 6,381 | 638,154 | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | (5,599,509 | ) | $ | (440,310 | ) | $ | (6,039,819 | ) | |||
The accompanying notes are an integral part of this condensed statement
87
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 3,656,782 | $ | (587,493 | ) | $ | 3,069,289 | |||||
| Net income (loss) | 4,653,296 | 47,004 | 4,700,300 | |||||||||
| Partners' capital (deficit), June 30, 2019 | 8,310,078 | (540,489 | ) | 7,769,589 | ||||||||
| Net income (loss) | 6,316,810 | 63,803 | 6,380,613 | |||||||||
| Partners' capital (deficit), September 30, 2019 | 14,626,888 | (476,686 | ) | 14,150,202 | ||||||||
| Distributions | (23,157,854 | ) | - | (23,157,854 | ) | |||||||
| Net income (loss) | 2,567,946 | 25,942 | 2,593,888 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | (5,963,020 | ) | $ | (450,744 | ) | $ | (6,413,764 | ) | |||
The accompanying notes are an integral part of this condensed statement
88
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 20 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (754,767 | ) | $ | 754,767 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | (754,767 | ) | 754,767 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | (754,767 | ) | $ | 754,767 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | (754,767 | ) | $ | 754,767 | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
89
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 20 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (754,767 | ) | $ | 754,767 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2019 | (754,767 | ) | 754,767 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2019 | (754,767 | ) | 754,767 | - | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | (754,767 | ) | $ | 754,767 | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
90
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 21 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (898,231 | ) | $ | 898,231 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | (898,231 | ) | 898,231 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | (898,231 | ) | 898,231 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | (898,231 | ) | $ | 898,231 | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
91
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 21 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (898,231 | ) | $ | 898,231 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2019 | (898,231 | ) | 898,231 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2019 | (898,231 | ) | 898,231 | - | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | (898,231 | ) | $ | 898,231 | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
92
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 22 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (2,448,362 | ) | $ | 2,448,362 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | (2,448,362 | ) | 2,448,362 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | (2,448,362 | ) | $ | 2,448,362 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | (2,448,362 | ) | $ | 2,448,362 | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
93
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 22 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (2,448,362 | ) | $ | 2,448,362 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2019 | (2,448,362 | ) | 2,448,362 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2019 | (2,448,362 | ) | 2,448,362 | - | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | (2,448,362 | ) | $ | 2,448,362 | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
94
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 23 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (224,264 | ) | $ | 224,264 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | (224,264 | ) | 224,264 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | (224,264 | ) | $ | 224,264 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | (224,264 | ) | $ | 224,264 | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
95
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 23 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (224,264 | ) | $ | 224,264 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2019 | (224,264 | ) | 224,264 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2019 | (224,264 | ) | 224,264 | - | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | (224,264 | ) | $ | 224,264 | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
96
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 24 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 173,404 | $ | (173,404 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | 173,404 | (173,404 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | 173,404 | $ | (173,404 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 173,404 | $ | (173,404 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
97
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 24 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 577,250 | $ | (175,232 | ) | $ | 402,018 | |||||
| Net income (loss) | (10,805 | ) | (109 | ) | (10,914 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | 566,445 | (175,341 | ) | 391,104 | ||||||||
| Net income (loss) | (28,624 | ) | (289 | ) | (28,913 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | 537,821 | (175,630 | ) | 362,191 | ||||||||
| Distributions | (584,813 | ) | - | (584,813 | ) | |||||||
| Net income (loss) | 220,396 | 2,226 | 222,622 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 173,404 | $ | (173,404 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
98
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 25 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 219,815 | $ | (219,815 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | 219,815 | (219,815 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | 219,815 | (219,815 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 219,815 | $ | (219,815 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
99
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 25 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 219,815 | $ | (219,815 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2019 | 219,815 | (219,815 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2019 | 219,815 | (219,815 | ) | - | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 219,815 | $ | (219,815 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
100
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 26 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 888,586 | $ | (312,582 | ) | $ | 576,004 | |||||
| Net income (loss) | (15,508 | ) | (157 | ) | (15,665 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | 873,078 | (312,739 | ) | 560,339 | ||||||||
| Net income (loss) | (25,468 | ) | (257 | ) | (25,725 | ) | ||||||
| Partners' capital (deficit), September 30, 2020 | $ | 847,610 | $ | (312,996 | ) | $ | 534,614 | |||||
| Net income (loss) | 3,845 | 39 | 3,884 | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 851,455 | $ | (312,957 | ) | $ | 538,498 | |||||
The accompanying notes are an integral part of this condensed statement
101
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 26 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 867,237 | $ | (312,798 | ) | $ | 554,439 | |||||
| Net income (loss) | (18,671 | ) | (189 | ) | (18,860 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | 848,566 | (312,987 | ) | 535,579 | ||||||||
| Net income (loss) | (36,935 | ) | (373 | ) | (37,308 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | 811,631 | (313,360 | ) | 498,271 | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | 86,146 | 870 | 87,016 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 897,777 | $ | (312,490 | ) | $ | 585,287 | |||||
The accompanying notes are an integral part of this condensed statement
102
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 27 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 133,264 | $ | (133,264 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | 133,264 | (133,264 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | 133,264 | $ | (133,264 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 133,264 | $ | (133,264 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
103
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 27 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 6,641,679 | $ | (141,445 | ) | $ | 6,500,234 | |||||
| Net income (loss) | 9,459 | 96 | 9,555 | |||||||||
| Partners' capital (deficit), June 30, 2019 | 6,651,138 | (141,349 | ) | 6,509,789 | ||||||||
| Net income (loss) | 783,372 | 7,912 | 791,284 | |||||||||
| Partners' capital (deficit), September 30, 2019 | 7,434,510 | (133,437 | ) | 7,301,073 | ||||||||
| Distributions | (7,318,360 | ) | - | (7,318,360 | ) | |||||||
| Net income (loss) | 17,114 | 173 | 17,287 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 133,264 | $ | (133,264 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
104
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 28 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 275,140 | $ | (275,140 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | 275,140 | (275,140 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | 275,140 | $ | (275,140 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 275,140 | $ | (275,140 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
105
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 28 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 965,536 | $ | (274,931 | ) | $ | 690,605 | |||||
| Net income (loss) | (10,566 | ) | (107 | ) | (10,673 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | 954,970 | (275,038 | ) | 679,932 | ||||||||
| Net income (loss) | (19,592 | ) | (198 | ) | (19,790 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | 935,378 | (275,236 | ) | 660,142 | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | 50,878 | 514 | 51,392 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 986,256 | $ | (274,722 | ) | $ | 711,534 | |||||
The accompanying notes are an integral part of this condensed statement
106
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 29 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (2,581,075 | ) | $ | (368,139 | ) | $ | (2,949,214 | ) | |||
| Net income (loss) | (7,010 | ) | (71 | ) | (7,081 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | (2,588,085 | ) | (368,210 | ) | (2,956,295 | ) | ||||||
| Net income (loss) | (23,487 | ) | (237 | ) | (23,724 | ) | ||||||
| Partners' capital (deficit), September 30, 2020 | $ | (2,611,572 | ) | $ | (368,447 | ) | $ | (2,980,019 | ) | |||
| Net income (loss) | 19,924 | 201 | 20,125 | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | (2,591,648 | ) | $ | (368,246 | ) | $ | (2,959,894 | ) | |||
The accompanying notes are an integral part of this condensed statement
107
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 29 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (2,513,222 | ) | $ | (367,454 | ) | $ | (2,880,676 | ) | |||
| Net income (loss) | (12,894 | ) | (130 | ) | (13,024 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | (2,526,116 | ) | (367,584 | ) | (2,893,700 | ) | ||||||
| Net income (loss) | (28,826 | ) | (291 | ) | (29,117 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | (2,554,942 | ) | (367,875 | ) | (2,922,817 | ) | ||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | (15,047 | ) | (152 | ) | (15,199 | ) | ||||||
| Partners' capital (deficit), December 31, 2019 | $ | (2,569,989 | ) | $ | (368,027 | ) | $ | (2,938,016 | ) | |||
The accompanying notes are an integral part of this condensed statement
108
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 30 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (883,119 | ) | $ | 883,119 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | (883,119 | ) | 883,119 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | (883,119 | ) | $ | 883,119 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | (883,119 | ) | $ | 883,119 | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
109
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 30 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (883,119 | ) | $ | 883,119 | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2019 | (883,119 | ) | 883,119 | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2019 | (883,119 | ) | 883,119 | - | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | (883,119 | ) | $ | 883,119 | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
110
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 31 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 353,529 | $ | (353,529 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | 353,529 | (353,529 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | 353,529 | $ | (353,529 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 353,529 | $ | (353,529 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
111
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 31 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 2,313,293 | $ | (359,723 | ) | $ | 1,953,570 | |||||
| Net income (loss) | 637,611 | 6,441 | 644,052 | |||||||||
| Partners' capital (deficit), June 30, 2019 | 2,950,904 | (353,282 | ) | 2,597,622 | ||||||||
| Net income (loss) | 10,751 | 108 | 10,859 | |||||||||
| Partners' capital (deficit), September 30, 2019 | 2,961,655 | (353,174 | ) | 2,608,481 | ||||||||
| Distributions | (2,572,942 | ) | - | (2,572,942 | ) | |||||||
| Net income (loss) | (35,184 | ) | (355 | ) | (35,539 | ) | ||||||
| Partners' capital (deficit), December 31, 2019 | $ | 353,529 | $ | (353,529 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
112
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 32 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 514,959 | $ | (405,267 | ) | $ | 109,692 | |||||
| Net income (loss) | (26,064 | ) | (263 | ) | (26,327 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | 488,895 | (405,530 | ) | 83,365 | ||||||||
| Net income (loss) | (16,782 | ) | (170 | ) | (16,952 | ) | ||||||
| Partners' capital (deficit), September 30, 2020 | $ | 472,113 | $ | (405,700 | ) | $ | 66,413 | |||||
| Net income (loss) | 53,084 | 536 | 53,620 | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 525,197 | $ | (405,164 | ) | $ | 120,033 | |||||
The accompanying notes are an integral part of this condensed statement
113
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 32 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 458,311 | $ | (405,839 | ) | $ | 52,472 | |||||
| Net income (loss) | (13,632 | ) | (138 | ) | (13,770 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | 444,679 | (405,977 | ) | 38,702 | ||||||||
| Net income (loss) | (37,243 | ) | (376 | ) | (37,619 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | 407,436 | (406,353 | ) | 1,083 | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | 127,864 | 1,292 | 129,156 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 535,300 | $ | (405,061 | ) | $ | 130,239 | |||||
The accompanying notes are an integral part of this condensed statement
114
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 33 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 782,102 | $ | (220,161 | ) | $ | 561,941 | |||||
| Net income (loss) | (18,763 | ) | (190 | ) | (18,953 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | 763,339 | (220,351 | ) | 542,988 | ||||||||
| Net income (loss) | (9,393 | ) | (94 | ) | (9,487 | ) | ||||||
| Partners' capital (deficit), September 30, 2020 | $ | 753,946 | $ | (220,445 | ) | $ | 533,501 | |||||
| Net income (loss) | (16,784 | ) | (170 | ) | (16,954 | ) | ||||||
| Partners' capital (deficit), December 31, 2020 | $ | 737,162 | $ | (220,615 | ) | $ | 516,547 | |||||
The accompanying notes are an integral part of this condensed statement
115
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 33 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (628,268 | ) | $ | (234,407 | ) | $ | (862,675 | ) | |||
| Net income (loss) | (1,411 | ) | (14 | ) | (1,425 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | (629,679 | ) | (234,421 | ) | (864,100 | ) | ||||||
| Net income (loss) | 1,410,280 | 14,245 | 1,424,525 | |||||||||
| Partners' capital (deficit), September 30, 2019 | 780,601 | (220,176 | ) | 560,425 | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | 11,353 | 115 | 11,468 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 791,954 | $ | (220,061 | ) | $ | 571,893 | |||||
The accompanying notes are an integral part of this condensed statement
116
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 34 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (1,973,967 | ) | $ | (323,363 | ) | $ | (2,297,330 | ) | |||
| Net income (loss) | (16,791 | ) | (170 | ) | (16,961 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | (1,990,758 | ) | (323,533 | ) | (2,314,291 | ) | ||||||
| Net income (loss) | (23,970 | ) | (242 | ) | (24,212 | ) | ||||||
| Partners' capital (deficit), September 30, 2020 | $ | (2,014,728 | ) | $ | (323,775 | ) | $ | (2,338,503 | ) | |||
| Net income (loss) | 7,197 | 73 | 7,270 | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | (2,007,531 | ) | $ | (323,702 | ) | $ | (2,331,233 | ) | |||
The accompanying notes are an integral part of this condensed statement
117
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 34 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (2,186,040 | ) | $ | (325,505 | ) | $ | (2,511,545 | ) | |||
| Net income (loss) | (14,495 | ) | (146 | ) | (14,641 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | (2,200,535 | ) | (325,651 | ) | (2,526,186 | ) | ||||||
| Net income (loss) | 228,405 | 2,307 | 230,712 | |||||||||
| Partners' capital (deficit), September 30, 2019 | (1,972,130 | ) | (323,344 | ) | (2,295,474 | ) | ||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | 9,562 | 96 | 9,658 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | (1,962,568 | ) | $ | (323,248 | ) | $ | (2,285,816 | ) | |||
The accompanying notes are an integral part of this condensed statement
118
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 35 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 223,088 | $ | (223,088 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | 223,088 | (223,088 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | 223,088 | $ | (223,088 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 223,088 | $ | (223,088 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
119
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 35 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 4,633,841 | $ | (238,067 | ) | $ | 4,395,774 | |||||
| Net income (loss) | 2,654 | 27 | 2,681 | |||||||||
| Partners' capital (deficit), June 30, 2019 | 4,636,495 | (238,040 | ) | 4,398,455 | ||||||||
| Net income (loss) | 128,814 | 1,301 | 130,115 | |||||||||
| Partners' capital (deficit), September 30, 2019 | 4,765,309 | (236,739 | ) | 4,528,570 | ||||||||
| Distributions | (5,893,687 | ) | - | (5,893,687 | ) | |||||||
| Net income (loss) | 1,351,466 | 13,651 | 1,365,117 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 223,088 | $ | (223,088 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
120
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 36 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 148,221 | $ | (148,221 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | 148,221 | (148,221 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | 148,221 | $ | (148,221 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 148,221 | $ | (148,221 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
121
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 36 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 2,670,150 | $ | (153,497 | ) | $ | 2,516,653 | |||||
| Net income (loss) | 470,864 | 4,756 | 475,620 | |||||||||
| Partners' capital (deficit), June 30, 2019 | 3,141,014 | (148,741 | ) | 2,992,273 | ||||||||
| Net income (loss) | (10,244 | ) | (103 | ) | (10,347 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | 3,130,770 | (148,844 | ) | 2,981,926 | ||||||||
| Distributions | (3,044,292 | ) | - | (3,044,292 | ) | |||||||
| Net income (loss) | 61,743 | 623 | 62,366 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 148,221 | $ | (148,221 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
122
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 37 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 205,359 | $ | (205,359 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | 205,359 | (205,359 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | 205,359 | $ | (205,359 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 205,359 | $ | (205,359 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
123
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 37 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 205,359 | $ | (205,359 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2019 | 205,359 | (205,359 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2019 | 205,359 | (205,359 | ) | - | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 205,359 | $ | (205,359 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
124
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 38 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 188,889 | $ | (188,889 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | 188,889 | (188,889 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | 188,889 | $ | (188,889 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 188,889 | $ | (188,889 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
125
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine
Months Ended December 31, 2020 and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 38 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 1,702,399 | $ | (203,293 | ) | $ | 1,499,106 | |||||
| Net income (loss) | 1,430,812 | 14,453 | 1,445,265 | |||||||||
| Partners' capital (deficit), June 30, 2019 | 3,133,211 | (188,840 | ) | 2,944,371 | ||||||||
| Net income (loss) | (3,196 | ) | (33 | ) | (3,229 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | 3,130,015 | (188,873 | ) | 2,941,142 | ||||||||
| Distributions | (2,939,459 | ) | - | (2,939,459 | ) | |||||||
| Net income (loss) | (1,667 | ) | (16 | ) | (1,683 | ) | ||||||
| Partners' capital (deficit), December 31, 2019 | $ | 188,889 | $ | (188,889 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
126
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 39 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 196,043 | $ | (196,043 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2018 | 196,043 | (196,043 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | 196,043 | (196,043 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 196,043 | $ | (196,043 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
127
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 39 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 196,043 | $ | (196,043 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2019 | 196,043 | (196,043 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2019 | 196,043 | (196,043 | ) | - | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 196,043 | $ | (196,043 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
128
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 40 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 216,900 | $ | (216,900 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), June 30, 2020 | 216,900 | (216,900 | ) | - | ||||||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | 216,900 | $ | (216,900 | ) | $ | - | |||||
| Net income (loss) | - | - | - | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 216,900 | $ | (216,900 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
129
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 40 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (1,795,123 | ) | $ | (245,348 | ) | $ | (2,040,471 | ) | |||
| Net income (loss) | (17,925 | ) | (181 | ) | (18,106 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | (1,813,048 | ) | (245,529 | ) | (2,058,577 | ) | ||||||
| Net income (loss) | 2,493,362 | 25,185 | 2,518,547 | |||||||||
| Partners' capital (deficit), September 30, 2019 | 680,314 | (220,344 | ) | 459,970 | ||||||||
| Distributions | (804,301 | ) | - | (804,301 | ) | |||||||
| Net income (loss) | 340,887 | 3,444 | 344,331 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 216,900 | $ | (216,900 | ) | $ | - | |||||
The accompanying notes are an integral part of this condensed statement
130
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 41 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (2,023,466 | ) | $ | (272,124 | ) | $ | (2,295,590 | ) | |||
| Net income (loss) | (34,428 | ) | (348 | ) | (34,776 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | (2,057,894 | ) | (272,472 | ) | (2,330,366 | ) | ||||||
| Net income (loss) | 495 | 5 | 500 | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | (2,057,399 | ) | $ | (272,467 | ) | $ | (2,329,866 | ) | |||
| Net income (loss) | (16,478 | ) | (166 | ) | (16,644 | ) | ||||||
| Partners' capital (deficit), December 31, 2020 | $ | (2,073,877 | ) | $ | (272,633 | ) | $ | (2,346,510 | ) | |||
The accompanying notes are an integral part of this condensed statement
131
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 41 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (1,995,553 | ) | $ | (271,842 | ) | $ | (2,267,395 | ) | |||
| Net income (loss) | 20,414 | 206 | 20,620 | |||||||||
| Partners' capital (deficit), June 30, 2019 | (1,975,139 | ) | (271,636 | ) | (2,246,775 | ) | ||||||
| Net income (loss) | (53,774 | ) | (543 | ) | (54,317 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | (2,028,913 | ) | (272,179 | ) | (2,301,092 | ) | ||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | (40,741 | ) | (411 | ) | (41,152 | ) | ||||||
| Partners' capital (deficit), December 31, 2019 | $ | (2,069,654 | ) | $ | (272,590 | ) | $ | (2,342,244 | ) | |||
The accompanying notes are an integral part of this condensed statement
132
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 42 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 1,843,687 | $ | (224,748 | ) | $ | 1,618,939 | |||||
| Net income (loss) | (28,809 | ) | (291 | ) | (29,100 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | 1,814,878 | (225,039 | ) | 1,589,839 | ||||||||
| Net income (loss) | (41,578 | ) | (420 | ) | (41,998 | ) | ||||||
| Partners' capital (deficit), September 30, 2020 | $ | 1,773,300 | $ | (225,459 | ) | $ | 1,547,841 | |||||
| Net income (loss) | 710,461 | 7,176 | 717,637 | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 2,483,761 | $ | (218,283 | ) | $ | 2,265,478 | |||||
The accompanying notes are an integral part of this condensed statement
133
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 42 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 1,539,351 | $ | (227,822 | ) | $ | 1,311,529 | |||||
| Net income (loss) | (17,964 | ) | (181 | ) | (18,145 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | 1,521,387 | (228,003 | ) | 1,293,384 | ||||||||
| Net income (loss) | (40,306 | ) | (408 | ) | (40,714 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | 1,481,081 | (228,411 | ) | 1,252,670 | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | 359,216 | 3,629 | 362,845 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 1,840,297 | $ | (224,782 | ) | $ | 1,615,515 | |||||
The accompanying notes are an integral part of this condensed statement
134
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 43 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 1,723,649 | $ | (307,358 | ) | $ | 1,416,291 | |||||
| Net income (loss) | (18,648 | ) | (188 | ) | (18,836 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | 1,705,001 | (307,546 | ) | 1,397,455 | ||||||||
| Net income (loss) | 60,691 | 613 | 61,304 | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | 1,765,692 | $ | (306,933 | ) | $ | 1,458,759 | |||||
| Net income (loss) | 66,507 | 671 | 67,178 | |||||||||
| Partners' capital (deficit), December 31, 2020 | $ | 1,832,199 | $ | (306,262 | ) | $ | 1,525,937 | |||||
The accompanying notes are an integral part of this condensed statement
135
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 43 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | 565,339 | $ | (319,058 | ) | $ | 246,281 | |||||
| Net income (loss) | 1,021,105 | 10,314 | 1,031,419 | |||||||||
| Partners' capital (deficit), June 30, 2019 | 1,586,444 | (308,744 | ) | 1,277,700 | ||||||||
| Net income (loss) | 153,857 | 1,554 | 155,411 | |||||||||
| Partners' capital (deficit), September 30, 2019 | 1,740,301 | (307,190 | ) | 1,433,111 | ||||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | (1,183 | ) | (12 | ) | (1,195 | ) | ||||||
| Partners' capital (deficit), December 31, 2019 | $ | 1,739,118 | $ | (307,202 | ) | $ | 1,431,916 | |||||
The accompanying notes are an integral part of this condensed statement
136
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 44 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | 192,920 | $ | (237,898 | ) | $ | (44,978 | ) | ||||
| Net income (loss) | (34,250 | ) | (346 | ) | (34,596 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | 158,670 | (238,244 | ) | (79,574 | ) | |||||||
| Net income (loss) | (35,693 | ) | (361 | ) | (36,054 | ) | ||||||
| Partners' capital (deficit), September 30, 2020 | $ | 122,977 | $ | (238,605 | ) | $ | (115,628 | ) | ||||
| Net income (loss) | (119,253 | ) | (1,204 | ) | (120,457 | ) | ||||||
| Partners' capital (deficit), December 31, 2020 | $ | 3,724 | $ | (239,809 | ) | $ | (236,085 | ) | ||||
The accompanying notes are an integral part of this condensed statement
137
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 44 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (2,696,719 | ) | $ | (267,086 | ) | $ | (2,963,805 | ) | |||
| Net income (loss) | 1,231,769 | 12,442 | 1,244,211 | |||||||||
| Partners' capital (deficit), June 30, 2019 | (1,464,950 | ) | (254,644 | ) | (1,719,594 | ) | ||||||
| Net income (loss) | 1,503,747 | 15,189 | 1,518,936 | |||||||||
| Partners' capital (deficit), September 30, 2019 | 38,797 | (239,455 | ) | (200,658 | ) | |||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | 21,324 | 216 | 21,540 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | 60,121 | $ | (239,239 | ) | $ | (179,118 | ) | ||||
The accompanying notes are an integral part of this condensed statement
138
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 45 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (1,135,758 | ) | $ | (368,707 | ) | $ | (1,504,465 | ) | |||
| Net income (loss) | (22,729 | ) | (230 | ) | (22,959 | ) | ||||||
| Partners' capital (deficit), June 30, 2020 | (1,158,487 | ) | (368,937 | ) | (1,527,424 | ) | ||||||
| Net income (loss) | 153,564 | 1,552 | 155,116 | |||||||||
| Partners' capital (deficit), September 30, 2020 | $ | (1,004,923 | ) | $ | (367,385 | ) | $ | (1,372,308 | ) | |||
| Net income (loss) | (68,001 | ) | (687 | ) | (68,688 | ) | ||||||
| Partners' capital (deficit), December 31, 2020 | $ | (1,072,924 | ) | $ | (368,072 | ) | $ | (1,440,996 | ) | |||
The accompanying notes are an integral part of this condensed statement
139
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 45 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (1,577,434 | ) | $ | (373,168 | ) | $ | (1,950,602 | ) | |||
| Net income (loss) | (30,476 | ) | (308 | ) | (30,784 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | (1,607,910 | ) | (373,476 | ) | (1,981,386 | ) | ||||||
| Net income (loss) | (85,473 | ) | (863 | ) | (86,336 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | (1,693,383 | ) | (374,339 | ) | (2,067,722 | ) | ||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | 34,971 | 353 | 35,324 | |||||||||
| Partners' capital (deficit), December 31, 2019 | $ | (1,658,412 | ) | $ | (373,986 | ) | $ | (2,032,398 | ) | |||
The accompanying notes are an integral part of this condensed statement
140
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 46 | ||||||||||||
| Partners' capital (deficit) April 1, 2020 | $ | (1,399,379 | ) | $ | (279,531 | ) | $ | (1,678,910 | ) | |||
| Net income (loss) | 33,521 | 339 | 33,860 | |||||||||
| Partners' capital (deficit), June 30, 2020 | (1,365,858 | ) | (279,192 | ) | (1,645,050 | ) | ||||||
| Net income (loss) | (37,349 | ) | (378 | ) | (37,727 | ) | ||||||
| Partners' capital (deficit), September 30, 2020 | $ | (1,403,207 | ) | $ | (279,570 | ) | $ | (1,682,777 | ) | |||
| Net income (loss) | (8,729 | ) | (88 | ) | (8,817 | ) | ||||||
| Partners' capital (deficit), December 31, 2020 | $ | (1,411,936 | ) | $ | (279,658 | ) | $ | (1,691,594 | ) | |||
The accompanying notes are an integral part of this condensed statement
141
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Nine Months Ended December 31, 2020
and 2019
(Unaudited)
| Assignees | General Partner | Total | ||||||||||
| Series 46 | ||||||||||||
| Partners' capital (deficit) April 1, 2019 | $ | (1,297,719 | ) | $ | (278,504 | ) | $ | (1,576,223 | ) | |||
| Net income (loss) | (22,553 | ) | (228 | ) | (22,781 | ) | ||||||
| Partners' capital (deficit), June 30, 2019 | (1,320,272 | ) | (278,732 | ) | (1,599,004 | ) | ||||||
| Net income (loss) | (51,565 | ) | (521 | ) | (52,086 | ) | ||||||
| Partners' capital (deficit), September 30, 2019 | (1,371,837 | ) | (279,253 | ) | (1,651,090 | ) | ||||||
| Distributions | - | - | - | |||||||||
| Net income (loss) | (31,152 | ) | (314 | ) | (31,466 | ) | ||||||
| Partners' capital (deficit), December 31, 2019 | $ | (1,402,989 | ) | $ | (279,567 | ) | $ | (1,682,556 | ) | |||
The accompanying notes are an integral part of this condensed statement
142
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 447,801 | $ | 13,674,801 | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | (1,366,857 | ) | (15,140,452 | ) | ||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | 11,300 | (9,500 | ) | |||||
| (Decrease) Increase in accounts payable and accrued expenses | 54,875 | (2,893 | ) | |||||
| (Decrease) Increase in accounts payable affiliates | (305,814 | ) | (3,193,914 | ) | ||||
| Net cash (used in) provided by operating activities | (1,158,695 | ) | (4,671,958 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | 1,366,603 | 15,124,797 | ||||||
| Net cash (used in) provided by investing activities | 1,366,603 | 15,124,797 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | (23,157,854 | ) | |||||
| Net cash used in financing activities | - | (23,157,854 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 207,908 | (12,705,015 | ) | |||||
| Cash and cash equivalents, beginning | 6,622,109 | 22,926,529 | ||||||
| Cash and cash equivalents, ending | $ | 6,830,017 | $ | 10,221,514 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | 25,000 | ||||
The accompanying notes are an integral part of this condensed statement
143
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 20
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | - | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | - | ||||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | - | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | - | ||||||
| Net cash (used in) provided by investing activities | - | - | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | - | ||||||
| Cash and cash equivalents, beginning | - | - | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
144
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 21
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | - | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | - | ||||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | - | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | - | ||||||
| Net cash (used in) provided by investing activities | - | - | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | - | ||||||
| Cash and cash equivalents, beginning | - | - | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
145
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 22
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | - | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | - | ||||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | - | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | - | ||||||
| Net cash (used in) provided by investing activities | - | - | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | - | ||||||
| Cash and cash equivalents,beginning | - | - | ||||||
| Cash and cash equivalents,ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
146
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 23
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | - | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | - | ||||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | - | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | - | ||||||
| Net cash (used in) provided by investing activities | - | - | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | - | ||||||
| Cash and cash equivalents,beginning | - | - | ||||||
| Cash and cash equivalents,ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
147
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 24
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | 182,795 | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | (278,516 | ) | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | (95,721 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | 278,516 | ||||||
| Net cash (used in) provided by investing activities | - | 278,516 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | (584,813 | ) | |||||
| Net cash used in financing activities | - | (584,813 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | (402,018 | ) | |||||
| Cash and cash equivalents,beginning | - | 402,018 | ||||||
| Cash and cash equivalents,ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
148
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine
Months Ended December 31,
(Unaudited)
Series 25
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | - | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | - | ||||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | - | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | - | ||||||
| Net cash (used in) provided by investing activities | - | - | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | - | ||||||
| Cash and cash equivalents, beginning | - | - | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
149
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 26
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | (37,506 | ) | $ | 30,848 | |||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | (18,800 | ) | (109,433 | ) | ||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | 2,500 | ||||||
| (Decrease) Increase in accounts payable affiliates | 8,563 | - | ||||||
| Net cash (used in) provided by operating activities | (47,743 | ) | (76,085 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | 18,800 | 109,433 | ||||||
| Net cash (used in) provided by investing activities | 18,800 | 109,433 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (28,943 | ) | 33,348 | |||||
| Cash and cash equivalents, beginning | 576,004 | 554,439 | ||||||
| Cash and cash equivalents, ending | $ | 547,061 | $ | 587,787 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
150
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine
Months Ended December 31,
(Unaudited)
Series 27
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | 818,126 | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | (856,766 | ) | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | (38,640 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | 856,766 | ||||||
| Net cash (used in) provided by investing activities | - | 856,766 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | (7,318,360 | ) | |||||
| Net cash used in financing activities | - | (7,318,360 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | (6,500,234 | ) | |||||
| Cash and cash equivalents, beginning | - | 6,500,234 | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
151
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 28
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | 20,929 | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | (73,248 | ) | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | (9,500 | ) | |||||
| (Decrease) Increase in accounts payable and accrued expenses | - | 12,000 | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | (49,819 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | 58,924 | ||||||
| Net cash (used in) provided by investing activities | - | 58,924 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | 9,105 | ||||||
| Cash and cash equivalents, beginning | - | 690,605 | ||||||
| Cash and cash equivalents, ending | $ | - | $ | 699,710 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
152
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 29
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | (10,680 | ) | $ | (57,340 | ) | ||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | (44,500 | ) | - | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | 11,000 | - | ||||||
| (Decrease) Increase in accounts payable affiliates | 18,134 | 21,780 | ||||||
| Net cash (used in) provided by operating activities | (26,046 | ) | (35,560 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | 44,500 | - | ||||||
| Net cash (used in) provided by investing activities | 44,500 | - | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 18,454 | (35,560 | ) | |||||
| Cash and cash equivalents, beginning | 157,446 | 196,944 | ||||||
| Cash and cash equivalents, ending | $ | 175,900 | $ | 161,384 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
153
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 30
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | - | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | - | ||||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | - | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | - | ||||||
| Net cash (used in) provided by investing activities | - | - | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | - | ||||||
| Cash and cash equivalents, beginning | - | - | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
154
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 31
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | 619,372 | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | (619,800 | ) | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | (428 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | 619,800 | ||||||
| Net cash (used in) provided by investing activities | - | 619,800 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | (2,572,942 | ) | |||||
| Net cash used in financing activities | - | (2,572,942 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | (1,953,570 | ) | |||||
| Cash and cash equivalents, beginning | - | 1,953,570 | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | 25,000 | ||||
The accompanying notes are an integral part of this condensed statement
155
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 32
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 10,341 | $ | 77,767 | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | (79,208 | ) | (159,553 | ) | ||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | 45,396 | 8,175 | ||||||
| Net cash (used in) provided by operating activities | (23,471 | ) | (73,611 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | 79,208 | 158,324 | ||||||
| Net cash (used in) provided by investing activities | 79,208 | 158,324 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 55,737 | 84,713 | ||||||
| Cash and cash equivalents, beginning | 193,203 | 272,226 | ||||||
| Cash and cash equivalents, ending | $ | 248,940 | $ | 356,939 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
156
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 33
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | (45,394 | ) | $ | 1,434,568 | |||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | (1,469,594 | ) | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | 19,554 | (1,099,287 | ) | |||||
| Net cash (used in) provided by operating activities | (25,840 | ) | (1,134,313 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | 1,469,594 | ||||||
| Net cash (used in) provided by investing activities | - | 1,469,594 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (25,840 | ) | 335,281 | |||||
| Cash and cash equivalents, beginning | 561,941 | 236,612 | ||||||
| Cash and cash equivalents, ending | $ | 536,101 | $ | 571,893 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
157
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 34
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | (33,903 | ) | $ | 225,729 | |||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities(Gain) loss on disposition of Operating Partnerships | |
|
(20,800 |
) |
|
|
(284,500 |
) |
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | 2,000 | 4,500 | ||||||
| (Decrease) Increase in accounts payable affiliates | 19,479 | 33,617 | ||||||
| Net cash (used in) provided by operating activities | (33,224 | ) | (20,654 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | 20,800 | 284,500 | ||||||
| Net cash (used in) provided by investing activities | 20,800 | 284,500 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (12,424 | ) | 263,846 | |||||
| Cash and cash equivalents, beginning | 148,344 | 178,285 | ||||||
| Cash and cash equivalents, ending | $ | 135,920 | $ | 442,131 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
158
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 35
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | 1,497,913 | ||||
| Adjustments to reconcile net income(loss) to net cash (used in) provided by operating activities(Gain) loss on disposition of Operating Partnerships | - | (1,555,642 | ) | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | (57,729 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | 1,555,642 | ||||||
| Net cash (used in) provided by investing activities | - | 1,555,642 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | (5,893,687 | ) | |||||
| Net cash used in financing activities | - | (5,893,687 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | (4,395,774 | ) | |||||
| Cash and cash equivalents, beginning | - | 4,395,774 | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
159
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 36
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | 527,639 | ||||
| Adjustments to reconcile net income(loss) to net cash (used in) provided by operating activities(Gain) loss on disposition of Operating Partnerships | - | (581,982 | ) | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | (24,706 | ) | |||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | (79,049 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | 581,982 | ||||||
| Net cash (used in) provided by investing activities | - | 581,982 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | (3,044,292 | ) | |||||
| Net cash used in financing activities | - | (3,044,292 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | (2,541,359 | ) | |||||
| Cash and cash equivalents, beginning | - | 2,541,359 | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
160
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 37
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | - | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | - | ||||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | - | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | - | ||||||
| Net cash (used in) provided by investing activities | - | - | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | - | ||||||
| Cash and cash equivalents, beginning | - | - | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
161
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 38
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | 1,440,353 | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | (1,506,757 | ) | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | (66,404 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | 1,506,757 | ||||||
| Net cash (used in) provided by investing activities | - | 1,506,757 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | (2,939,459 | ) | |||||
| Net cash used in financing activities | - | (2,939,459 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | (1,499,106 | ) | |||||
| Cash and cash equivalents, beginning | - | 1,499,106 | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
162
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 39
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | - | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | - | ||||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | - | - | ||||||
| Net cash (used in) provided by operating activities | - | - | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | - | ||||||
| Net cash (used in) provided by investing activities | - | - | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | - | ||||||
| Cash and cash equivalents, beginning | - | - | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - |
The accompanying notes are an integral part of this condensed statement
163
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 40
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | - | $ | 2,844,772 | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | - | (2,962,474 | ) | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | (9,500 | ) | |||||
| (Decrease) Increase in accounts payable affiliates | - | (2,224,213 | ) | |||||
| Net cash (used in) provided by operating activities | - | (2,351,415 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | - | 2,962,372 | ||||||
| Net cash (used in) provided by investing activities | - | 2,962,372 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | (804,301 | ) | |||||
| Net cash used in financing activities | - | (804,301 | ) | |||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | - | (193,344 | ) | |||||
| Cash and cash equivalents, beginning | - | 193,344 | ||||||
| Cash and cash equivalents, ending | $ | - | $ | - | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
164
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 41
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | (50,920 | ) | $ | (74,849 | ) | ||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | (64,500 | ) | (1,250 | ) | ||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | 2,500 | 1,250 | ||||||
| (Decrease) Increase in accounts payable affiliates | 82,907 | 102,231 | ||||||
| Net cash (used in) provided by operating activities | (30,013 | ) | 27,382 | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | 64,500 | 1,250 | ||||||
| Net cash (used in) provided by investing activities | 64,500 | 1,250 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 34,487 | 28,632 | ||||||
| Cash and cash equivalents, beginning | 352,239 | 246,214 | ||||||
| Cash and cash equivalents, ending | $ | 386,726 | $ | 274,846 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
165
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 42
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 646,539 | $ | 303,986 | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | (722,454 | ) | (381,658 | ) | ||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | 11,300 | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | 23,000 | 7,000 | ||||||
| (Decrease) Increase in accounts payable affiliates | 32,686 | - | ||||||
| Net cash (used in) provided by operating activities | (8,929 | ) | (70,672 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | 722,200 | 381,658 | ||||||
| Net cash (used in) provided by investing activities | 722,200 | 381,658 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 713,271 | 310,986 | ||||||
| Cash and cash equivalents, beginning | 1,607,893 | 1,300,483 | ||||||
| Cash and cash equivalents, ending | $ | 2,321,164 | $ | 1,611,469 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
166
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 43
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 109,646 | $ | 1,185,635 | ||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||
| (Gain) loss on disposition of Operating Partnerships | (186,635 | ) | (1,277,506 | ) | ||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | 26,875 | - | ||||||
| (Decrease) Increase in accounts payable affiliates | 24,186 | (168,259 | ) | |||||
| Net cash (used in) provided by operating activities | (25,928 | ) | (260,130 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | 186,635 | 1,277,506 | ||||||
| Net cash (used in) provided by investing activities | 186,635 | 1,277,506 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 160,707 | 1,017,376 | ||||||
| Cash and cash equivalents, beginning | 1,416,291 | 414,540 | ||||||
| Cash and cash equivalents, ending | $ | 1,576,998 | $ | 1,431,916 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
167
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 44
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | (191,107 | ) | $ | 2,784,687 | |||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities (Gain) loss on disposition of Operating Partnerships | 83,058 | (2,921,325 | ) | |||||
| Changes in assets and liabilities Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | (4,000 | ) | - | |||||
| (Decrease) Increase in accounts payable affiliates | 6,503 | (87,787 | ) | |||||
| Net cash (used in) provided by operating activities | (105,546 | ) | (224,425 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | (83,058 | ) | 2,921,325 | |||||
| Net cash (used in) provided by investing activities | (83,058 | ) | 2,921,325 | |||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (188,604 | ) | 2,696,900 | |||||
| Cash and cash equivalents, beginning | 321,693 | 113,020 | ||||||
| Cash and cash equivalents, ending | $ | 133,089 | $ | 2,809,920 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
168
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 45
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 63,469 | $ | (81,796 | ) | |||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities (Gain) loss on disposition of Operating Partnerships | (199,692 | ) | (100,448 | ) | ||||
| Changes in assets and liabilities Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | (6,500 | ) | 4,063 | |||||
| (Decrease) Increase in accounts payable affiliates | (635,876 | ) | 62,932 | |||||
| Net cash (used in) provided by operating activities | (778,599 | ) | (115,249 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | 199,692 | 100,448 | ||||||
| Net cash (used in) provided by investing activities | 199,692 | 100,448 | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (578,907 | ) | (14,801 | ) | ||||
| Cash and cash equivalents, beginning | 859,371 | 916,581 | ||||||
| Cash and cash equivalents, ending | $ | 280,464 | $ | 901,780 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
169
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 46
| 2020 | 2019 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | (12,684 | ) | $ | (106,333 | ) | ||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities (Gain) loss on disposition of Operating Partnerships | (113,326 | ) | - | |||||
| Changes in assets and liabilities | ||||||||
| Decrease in other assets | - | - | ||||||
| (Decrease) Increase in accounts payable and accrued expenses | - | - | ||||||
| (Decrease) Increase in accounts payable affiliates | 72,654 | 156,897 | ||||||
| Net cash (used in) provided by operating activities | (53,356 | ) | 50,564 | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds (loss) from the disposition of Operating Partnerships | 113,326 | - | ||||||
| Net cash (used in) provided by investing activities | 113,326 | - | ||||||
| Cash flows from financing activities: | ||||||||
| Distributions | - | - | ||||||
| Net cash used in financing activities | - | - | ||||||
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 59,970 | 50,564 | ||||||
| Cash and cash equivalents, beginning | 427,684 | 321,175 | ||||||
| Cash and cash equivalents, ending | $ | 487,654 | $ | 371,739 | ||||
| Supplemental schedule of noncash investing and financing activities: | ||||||||
| The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships. | $ | - | $ | - | ||||
The accompanying notes are an integral part of this condensed statement
170
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
December 31, 2020
(Unaudited)
NOTE A – ORGANIZATION
BF Garden Tax Credit Fund IV L.P. (formerly known as Boston Capital Tax Credit Fund IV L.P.) (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.
Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S–11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S–11, which registered an additional 7,000,000 BACs for sale to the public, became effective.
Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:
| Series | Closing Date | BACs Sold | Equity Raised | |||||||
| Series 20 | June 24, 1994 | 3,866,700 | $ | 38,667,000 | ||||||
| Series 21 | December 31, 1994 | 1,892,700 | $ | 18,927,000 | ||||||
| Series 22 | December 28, 1994 | 2,564,400 | $ | 25,644,000 | ||||||
| Series 23 | June 23, 1995 | 3,336,727 | $ | 33,366,000 | ||||||
| Series 24 | September 22, 1995 | 2,169,878 | $ | 21,697,000 | ||||||
| Series 25 | December 29, 1995 | 3,026,109 | $ | 30,248,000 | ||||||
| Series 26 | June 25, 1996 | 3,995,900 | $ | 39,959,000 | ||||||
| Series 27 | September 17, 1996 | 2,460,700 | $ | 24,607,000 | ||||||
| Series 28 | January 29, 1997 | 4,000,738 | $ | 39,999,000 | ||||||
171
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE A – ORGANIZATION (continued)
| Series | Closing Date | BACs Sold | Equity Raised | |||||||
| Series 29 | June 10, 1997 | 3,991,800 | $ | 39,918,000 | ||||||
| Series 30 | September 10, 1997 | 2,651,000 | $ | 26,490,750 | ||||||
| Series 31 | January 18, 1998 | 4,417,857 | $ | 44,057,750 | ||||||
| Series 32 | June 23, 1998 | 4,754,198 | $ | 47,431,000 | ||||||
| Series 33 | September 21, 1998 | 2,636,533 | $ | 26,362,000 | ||||||
| Series 34 | February 11, 1999 | 3,529,319 | $ | 35,273,000 | ||||||
| Series 35 | June 28, 1999 | 3,300,463 | $ | 33,004,630 | ||||||
| Series 36 | September 28, 1999 | 2,106,838 | $ | 21,068,375 | ||||||
| Series 37 | January 28, 2000 | 2,512,500 | $ | 25,125,000 | ||||||
| Series 38 | July 31, 2000 | 2,543,100 | $ | 25,431,000 | ||||||
| Series 39 | January 31, 2001 | 2,292,151 | $ | 22,921,000 | ||||||
| Series 40 | July 31, 2001 | 2,630,256 | $ | 26,269,256 | ||||||
| Series 41 | January 31, 2002 | 2,891,626 | $ | 28,916,260 | ||||||
| Series 42 | July 31, 2002 | 2,744,262 | $ | 27,442,620 | ||||||
| Series 43 | December 31, 2002 | 3,637,987 | $ | 36,379,870 | ||||||
| Series 44 | April 30, 2003 | 2,701,973 | $ | 27,019,730 | ||||||
| Series 45 | September 16, 2003 | 4,014,367 | $ | 40,143,670 | ||||||
| Series 46 | December 19, 2003 | 2,980,998 | $ | 29,809,980 | ||||||
The Fund concluded its public offering of BACs in the Fund on December 19, 2003.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of December 31, 2020 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.
The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2020.
172
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS
The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended December 31, 2020 and 2019, are as follows:
| 2020 | 2019 | |||||||
| Series 20 | $ | - | $ | - | ||||
| Series 21 | - | - | ||||||
| Series 22 | - | - | ||||||
| Series 23 | - | - | ||||||
| Series 24 | - | 7,799 | ||||||
| Series 25 | - | - | ||||||
| Series 26 | 4,281 | 13,317 | ||||||
| Series 27 | - | 5,730 | ||||||
| Series 28 | - | 5,520 | ||||||
| Series 29 | 4,629 | 7,260 | ||||||
| Series 30 | - | - | ||||||
| Series 31 | - | - | ||||||
| Series 32 | 15,132 | 19,795 | ||||||
| Series 33 | 9,777 | 9,777 | ||||||
| Series 34 | 6,025 | 9,756 | ||||||
| Series 35 | - | 8,235 | ||||||
| Series 36 | - | 2,739 | ||||||
| Series 37 | - | - | ||||||
| Series 38 | - | 2,742 | ||||||
| Series 39 | - | - | ||||||
| Series 40 | - | 11,828 | ||||||
| Series 41 | 26,529 | 34,077 | ||||||
| Series 42 | 13,426 | 23,690 | ||||||
| Series 43 | 4,815 | 21,348 | ||||||
| Series 44 | 30,315 | 44,958 | ||||||
| Series 45 | 28,713 | 59,644 | ||||||
| Series 46 | 46,332 | 52,299 | ||||||
| $ | 189,974 | $ | 340,514 | |||||
173
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS (continued)
The fund management fees paid for the nine months ended December 31, 2020 and 2019 are as follows:
| 2020 | 2019 | |||||||
| Series 24 | $ | - | $ | 28,397 | ||||
| Series 26 | 4,282 | 41,193 | ||||||
| Series 27 | - | 21,000 | ||||||
| Series 28 | - | 20,112 | ||||||
| Series 31 | - | 4,308 | ||||||
| Series 32 | - | 51,208 | ||||||
| Series 33 | 9,777 | 1,135,698 | ||||||
| Series 35 | - | 28,735 | ||||||
| Series 36 | - | 10,650 | ||||||
| Series 38 | - | 22,065 | ||||||
| Series 40 | - | 2,276,523 | ||||||
| Series 42 | 19,259 | 71,270 | ||||||
| Series 43 | 21,348 | 245,118 | ||||||
| Series 44 | 84,442 | - | ||||||
| Series 45 | 742,389 | 116,000 | ||||||
| Series 46 | 68,500 | - | ||||||
| $ | 949,997 | $ | 4,072,277 | |||||
174
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At December 31, 2020 and 2019, the Fund has limited partnership interests in 40 and 82 Operating Partnerships, respectively, which own or are constructing apartment complexes.
The breakdown of Operating Partnerships within the Fund at December 31, 2020 and 2019 are as follows:
| 2020 | 2019 | |||||||
| Series 20 | - | - | ||||||
| Series 21 | - | - | ||||||
| Series 22 | - | - | ||||||
| Series 23 | - | - | ||||||
| Series 24 | - | - | ||||||
| Series 25 | - | - | ||||||
| Series 26 | 1 | 3 | ||||||
| Series 27 | - | - | ||||||
| Series 28 | - | - | ||||||
| Series 29 | 2 | 5 | ||||||
| Series 30 | - | - | ||||||
| Series 31 | - | - | ||||||
| Series 32 | 2 | 3 | ||||||
| Series 33 | 2 | 2 | ||||||
| Series 34 | 1 | 2 | ||||||
| Series 35 | - | - | ||||||
| Series 36 | - | - | ||||||
| Series 37 | - | - | ||||||
| Series 38 | - | - | ||||||
| Series 39 | - | - | ||||||
| Series 40 | - | - | ||||||
| Series 41 | 6 | 10 | ||||||
| Series 42 | 2 | 7 | ||||||
| Series 43 | - | 11 | ||||||
| Series 44 | 3 | 5 | ||||||
| Series 45 | 11 | 20 | ||||||
| Series 46 | 10 | 14 | ||||||
| 40 | 82 | |||||||
Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at December 31, 2020 and 2019, are as follows:
| 2020 | 2019 | |||||||
| Series 29 | $ | 785 | $ | 785 | ||||
| Series 42 | - | 254 | ||||||
| Series 45 | - | 16,724 | ||||||
| $ | 785 | $ | 17,763 | |||||
175
BF
Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
During the nine months ended December 31, 2020 the Fund disposed of twenty-eight Operating Partnerships. A summary of the dispositions by Series for December 31, 2020 is as follows:
| Operating Partnership Interest Transferred | Sale of Underlying Operating Partnership | Fund Proceeds (loss) from Disposition * | Gain (loss) on Disposition | |||||||||||||
| Series 26 | 2 | - | $ | 18,800 | $ | 18,800 | ||||||||||
| Series 29 | 3 | - | 44,500 | 44,500 | ||||||||||||
| Series 32 | 1 | - | 79,208 | 79,208 | ||||||||||||
| Series 34 | 1 | - | 20,800 | 20,800 | ||||||||||||
| Series 41 | 2 | - | 64,500 | 64,500 | ||||||||||||
| Series 42 | 3 | 1 | 722,200 | 722,454 | ||||||||||||
| Series 43 | 11 | - | 186,635 | 186,635 | ||||||||||||
| Series 44 | - | - | (83,058 | ) | (83,058 | ) | ||||||||||
| Series 45 | 1 | 1 | 199,692 | 199,692 | ||||||||||||
| Series 46 | 2 | - | 113,326 | 113,326 | ||||||||||||
| Total | 26 | 2 | $ | 1,366,603 | $ | 1,366,857 | ||||||||||
* Fund proceeds from disposition does not include $254, which was due to a write-off of capital contribution payable as of December 31, 2020, for Series 42.
During the nine months ended December 31, 2019 the Fund disposed of forty-five Operating Partnerships. A summary of the dispositions by Series for December 31, 2019 is as follows:
| Operating Partnership Interest Transferred | Sale of Underlying Operating Partnership | Fund Proceeds from Disposition * | Gain on Disposition | |||||||||||||
| Series 24 | 4 | - | $ | 278,516 | $ | 278,516 | ||||||||||
| Series 26 | 5 | - | 109,433 | 109,433 | ||||||||||||
| Series 27 | 2 | 1 | 856,766 | 856,766 | ||||||||||||
| Series 28 | 4 | - | 58,924 | 73,248 | ||||||||||||
| Series 31 | - | 1 | 619,800 | 619,800 | ||||||||||||
| Series 32 | 2 | - | 158,324 | 159,553 | ||||||||||||
| Series 33 | - | 1 | 1,469,594 | 1,469,594 | ||||||||||||
| Series 34 | 2 | - | 284,500 | 284,500 | ||||||||||||
| Series 35 | 2 | - | 1,555,642 | 1,555,642 | ||||||||||||
| Series 36 | 1 | 1 | 581,982 | 581,982 | ||||||||||||
| Series 38 | 2 | 1 | 1,506,757 | 1,506,757 | ||||||||||||
| Series 40 | 6 | 1 | 2,962,372 | 2,962,474 | ||||||||||||
| Series 41 | 1 | - | 1,250 | 1,250 | ||||||||||||
| Series 42 | 2 | - | 381,658 | 381,658 | ||||||||||||
| Series 43 | 1 | 1 | 1,277,506 | 1,277,506 | ||||||||||||
| Series 44 | - | 2 | 2,921,325 | 2,921,325 | ||||||||||||
| Series 45 | 2 | - | 100,448 | 100,448 | ||||||||||||
| Total | 36 | 9 | $ | 15,124,797 | $ | 15,140,452 | ||||||||||
* Fund proceeds from disposition does not include $14,324 recorded as a receivable for Series 28, as well as $1,229 and $102, which was due to a write-off of capital contribution payable as of December 31, 2019, for Series 32 and Series 40, respectively.
176
BF
Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.
The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the nine months ended September 30, 2020.
COMBINED
CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 13,472,129 | $ | 21,099,182 | ||||
| Interest and other | 252,018 | 524,877 | ||||||
| 13,724,147 | 21,624,059 | |||||||
| Expenses | ||||||||
| Interest | 2,594,439 | 3,511,689 | ||||||
| Depreciation and amortization | 2,828,896 | 5,031,707 | ||||||
| Operating expenses | 8,606,678 | 15,126,519 | ||||||
| 14,030,013 | 23,669,915 | |||||||
| NET INCOME (LOSS) | $ | (305,866 | ) | $ | (2,045,856 | ) | ||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | (302,809 | ) | $ | (2,025,399 | ) | ||
| Net income (loss) allocated to other Partners | $ | (3,057 | ) | $ | (20,457 | ) | ||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
177
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED
CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 20
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
178
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED
CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 21
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
179
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 22
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
180
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 23
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
181
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 24
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
182
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 25
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
183
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 26
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 134,928 | $ | 315,569 | ||||
| Interest and other | 3,659 | 5,969 | ||||||
| 138,587 | 321,538 | |||||||
| Expenses | ||||||||
| Interest | 39,660 | 38,921 | ||||||
| Depreciation and amortization | 32,702 | 78,232 | ||||||
| Operating expenses | 117,134 | 295,008 | ||||||
| 189,496 | 412,161 | |||||||
| NET INCOME (LOSS) | $ | (50,909 | ) | $ | (90,623 | ) | ||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | (50,400 | ) | $ | (89,717 | ) | ||
| Net income (loss) allocated to other Partners | $ | (509 | ) | $ | (906 | ) | ||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
184
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 27
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
185
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 28
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
186
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 29
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 404,414 | $ | 696,341 | ||||
| Interest and other | 17,415 | 65,975 | ||||||
| 421,829 | 762,316 | |||||||
| Expenses | ||||||||
| Interest | 63,653 | 119,479 | ||||||
| Depreciation and amortization | 67,110 | 138,488 | ||||||
| Operating expenses | 372,500 | 632,491 | ||||||
| 503,263 | 890,458 | |||||||
| NET INCOME (LOSS) | $ | (81,434 | ) | $ | (128,142 | ) | ||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | (80,620 | ) | $ | (126,861 | ) | ||
| Net income (loss) allocated to other Partners | $ | (814 | ) | $ | (1,281 | ) | ||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
187
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 30
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
188
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 31
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
189
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 32
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 622,470 | $ | 840,105 | ||||
| Interest and other | 14,241 | 13,849 | ||||||
| 636,711 | 853,954 | |||||||
| Expenses | ||||||||
| Interest | 107,406 | 140,784 | ||||||
| Depreciation and amortization | 147,657 | 260,257 | ||||||
| Operating expenses | 481,661 | 681,162 | ||||||
| 736,724 | 1,082,203 | |||||||
| NET INCOME (LOSS) | $ | (100,013 | ) | $ | (228,249 | ) | ||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | (99,013 | ) | $ | (225,967 | ) | ||
| Net income (loss) allocated to other Partners | $ | (1,000 | ) | $ | (2,282 | ) | ||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
190
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 33
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 673,366 | $ | 624,452 | ||||
| Interest and other | 23,746 | 19,706 | ||||||
| 697,112 | 644,158 | |||||||
| Expenses | ||||||||
| Interest | 111,984 | 119,930 | ||||||
| Depreciation and amortization | 144,102 | 151,089 | ||||||
| Operating expenses | 518,342 | 460,779 | ||||||
| 774,428 | 731,798 | |||||||
| NET INCOME (LOSS) | $ | (77,316 | ) | $ | (87,640 | ) | ||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | (76,543 | ) | $ | (86,764 | ) | ||
| Net income (loss) allocated to other Partners | $ | (773 | ) | $ | (876 | ) | ||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
191
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 34
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 365,156 | $ | 506,955 | ||||
| Interest and other | 12,279 | 18,302 | ||||||
| 377,435 | 525,257 | |||||||
| Expenses | ||||||||
| Interest | 66,036 | 80,561 | ||||||
| Depreciation and amortization | 64,097 | 115,082 | ||||||
| Operating expenses | 293,248 | 392,804 | ||||||
| 423,381 | 588,447 | |||||||
| NET INCOME (LOSS) | $ | (45,946 | ) | $ | (63,190 | ) | ||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | (45,487 | ) | $ | (62,558 | ) | ||
| Net income (loss) allocated to other Partners | $ | (459 | ) | $ | (632 | ) | ||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
192
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 35
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - | ||||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
193
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 36
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - | ||||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
194
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 37
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
195
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 38
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
196
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 39
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
197
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 40
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | - | ||||
| Interest and other | - | - | ||||||
| - | - | |||||||
| Expenses | ||||||||
| Interest | - | - | ||||||
| Depreciation and amortization | - | - | ||||||
| Operating expenses | - | - | ||||||
| - | - | |||||||
| NET INCOME (LOSS) | $ | - | $ | - | ||||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | - | ||||
| Net income (loss) allocated to other Partners | $ | - | $ | - |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
198
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS
OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 41
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 2,134,683 | $ | 2,561,777 | ||||
| Interest and other | 29,990 | 44,342 | ||||||
| 2,164,673 | 2,606,119 | |||||||
| Expenses | ||||||||
| Interest | 407,844 | 417,575 | ||||||
| Depreciation and amortization | 381,604 | 509,026 | ||||||
| Operating expenses | 1,376,860 | 1,843,354 | ||||||
| 2,166,308 | 2,769,955 | |||||||
| NET INCOME (LOSS) | $ | (1,635 | ) | $ | (163,836 | ) | ||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | (1,619 | ) | $ | (162,198 | ) | ||
| Net income (loss) allocated to other Partners | $ | (16 | ) | $ | (1,638 | ) | ||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
199
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 42
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 345,969 | $ | 1,556,919 | ||||
| Interest and other | 5,103 | 61,060 | ||||||
| 351,072 | 1,617,979 | |||||||
| Expenses | ||||||||
| Interest | 55,986 | 300,202 | ||||||
| Depreciation and amortization | 89,026 | 425,836 | ||||||
| Operating expenses | 232,964 | 1,181,910 | ||||||
| 377,976 | 1,907,948 | |||||||
| NET INCOME (LOSS) | $ | (26,904 | ) | $ | (289,969 | ) | ||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | (26,635 | ) | $ | (287,069 | ) | ||
| Net income (loss) allocated to other Partners | $ | (269 | ) | $ | (2,900 | ) | ||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
200
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 43
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | - | $ | 1,968,217 | ||||
| Interest and other | - | 54,392 | ||||||
| - | 2,022,609 | |||||||
| Expenses | ||||||||
| Interest | - | 170,320 | ||||||
| Depreciation and amortization | - | 559,039 | ||||||
| Operating expenses | - | 1,602,186 | ||||||
| - | 2,331,545 | |||||||
| NET INCOME (LOSS) | $ | - | $ | (308,936 | ) | |||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | - | $ | (305,847 | ) | |||
| Net income (loss) allocated to other Partners | $ | - | $ | (3,089 | ) | |||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
201
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 44
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 2,726,860 | $ | 3,674,046 | ||||
| Interest and other | 30,766 | 76,800 | ||||||
| 2,757,626 | 3,750,846 | |||||||
| Expenses | ||||||||
| Interest | 652,971 | 830,357 | ||||||
| Depreciation and amortization | 509,427 | 770,226 | ||||||
| Operating expenses | 1,180,114 | 2,171,456 | ||||||
| 2,342,512 | 3,772,039 | |||||||
| NET INCOME (LOSS) | $ | 415,114 | $ | (21,193 | ) | |||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | 410,963 | $ | (20,981 | ) | |||
| Net income (loss) allocated to other Partners | $ | 4,151 | $ | (212 | ) | |||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
202
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 45
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 2,679,976 | $ | 4,623,418 | ||||
| Interest and other | 37,178 | 107,533 | ||||||
| 2,717,154 | 4,730,951 | |||||||
| Expenses | ||||||||
| Interest | 405,974 | 572,906 | ||||||
| Depreciation and amortization | 670,899 | 1,173,209 | ||||||
| Operating expenses | 1,953,016 | 3,571,324 | ||||||
| 3,029,889 | 5,317,439 | |||||||
| NET INCOME (LOSS) | $ | (312,735 | ) | $ | (586,488 | ) | ||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | (309,608 | ) | $ | (580,623 | ) | ||
| Net income (loss) allocated to other Partners | $ | (3,127 | ) | $ | (5,865 | ) | ||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
203
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS – CONTINUED
December 31, 2020
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)
Series 46
| 2020 | 2019 | |||||||
| Revenues | ||||||||
| Rental | $ | 3,384,307 | $ | 3,731,383 | ||||
| Interest and other | 77,641 | 56,949 | ||||||
| 3,461,948 | 3,788,332 | |||||||
| Expenses | ||||||||
| Interest | 682,925 | 720,654 | ||||||
| Depreciation and amortization | 722,272 | 851,223 | ||||||
| Operating expenses | 2,080,839 | 2,294,045 | ||||||
| 3,486,036 | 3,865,922 | |||||||
| NET INCOME (LOSS) | $ | (24,088 | ) | $ | (77,590 | ) | ||
| Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | $ | (23,847 | ) | $ | (76,814 | ) | ||
| Net income (loss) allocated to other Partners | $ | (241 | ) | $ | (776 | ) | ||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
204
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
– CONTINUED
December 31, 2020
(Unaudited)
NOTE E - TAXABLE LOSS
The Fund's taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.
NOTE F - INCOME TAXES
The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2016 remain open.
NOTE G - CONTINGENCY
The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Partnership will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined.
NOTE H - SUBSEQUENT EVENTS
Subsequent to December 31, 2020, the Fund has entered into an agreement to transfer the interest in two operating limited partnerships. The estimated transfer price and other terms for the dispositions of the operating limited partnerships have been determined. The estimated proceeds and gain to be received for the operating limited partnerships are $4,786,002, and are expected to be recognized in the fourth quarter of fiscal year ending March 31, 2021.
The COVID-19 pandemic as describe in Note G continues to be widespread globally and domestically in the United States. The Fund is not able to estimate the length or severity of the pandemic and its related financial impact to the Fund, if any.
205
Item 2. Management's Discussions and Analysis of Financial Condition and Results of Operations
This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.
BF Garden Tax Credit Fund IV L.P., a Delaware limited partnership formerly known as Boston Capital Tax Credit Fund IV L.P. (the “Fund”), was organized as of October 5, 1993 to invest as a limited partner in operating partnerships (the “Operating Partnerships”), each of which owns or leases and operates an apartment complex exclusively or partially for low- and moderate-income tenants. Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s General Partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.
Liquidity
The Fund's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid for the nine months ended December 31, 2020 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves. These sources of liquidity, along with the Fund’s working capital reserve, are available to meet the obligations of the Partnership. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.
The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended December 31, 2020 were $189,974 and total fund management fees accrued as of December 31, 2020 were $12,801,964. During the nine months ended December 31, 2020, $949,997 of the accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund’s working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.
206
Capital Resources
The Fund offered BACs in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,980,998 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of December 31, 2020.
Series 20
The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970.
Series 20 has since sold its interest in all 24 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 20 had released all payments of its capital contributions to the Operating Partnerships.
Series 21
The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in all 14 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 21 had released all payments of its capital contributions to the Operating Partnerships.
Series 22
The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in all 29 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 22 had released all payments of its capital contributions to the Operating Partnerships.
Series 23
The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in all 22 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 23 had released all payments of its capital contributions to the Operating Partnerships.
Series 24
The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in all 24 of the Operating Partnerships.
207
Prior to the quarter ended December 31, 2020, Series 24 had released all payments of its capital contributions to the Operating Partnerships.
Series 25
The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in all 22 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 25 had released all payments of its capital contributions to the Operating Partnerships.
Series 26
The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in 44 of the Operating Partnerships and 1 remains.
Prior to the quarter ended December 31, 2020, Series 26 had released all payments of its capital contributions to the Operating Partnerships.
Series 27
The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574. Series 27 has since sold its interest in all 16 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 27 had released all payments of its capital contributions to the Operating Partnerships.
Series 28
The Fund commenced offering BACs in Series 28 on September 30, 1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983. Series 28 has since sold its interest in all 26 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 28 had released all payments of its capital contributions to the Operating Partnerships.
Series 29
The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in 20 of the Operating Partnerships and 2 remain.
During the quarter ended December 31, 2020, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 1 Operating Partnership in the amount of $785 as of December 31, 2020. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.
208
Series 30
The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since sold its interest in all 20 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 30 had released all payments of its capital contributions to the Operating Partnerships.
Series 31
The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since sold its interest in all 27 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 31 had released all payments of its capital contributions to the Operating Partnerships.
Series 32
The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in 15 of the Operating Partnerships and 2 remain. The series has also purchased membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC.
Prior to the quarter ended December 31, 2020, Series 32 had released all payments of its capital contributions to the Operating Partnerships.
Series 33
The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100. Series 33 has since sold its interest in 8 of the Operating Partnerships and 2 remain.
Prior to the quarter ended December 31, 2020, Series 33 had released all payments of its capital contributions to the Operating Partnerships.
Series 34
The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978. Series 34 has since sold its interest in 13 of the Operating Partnerships and 1 remains.
Prior to the quarter ended December 31, 2020, Series 34 had released all payments of its capital contributions to the Operating Partnerships.
209
Series 35
The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391. Series 35 has since sold its interest in all 11 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 35 had released all payments of its capital contributions to the Operating Partnerships.
Series 36
The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041. Series 36 has since sold its interest in all 11 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 36 had released all payments of its capital contributions to the Operating Partnerships.
Series 37
The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142. Series 37 has since sold its interest in all 7 of the Operating Partnerships.
Prior to the quarter ended December 31, 2020, Series 37 had released all payments of its capital contributions to the Operating Partnerships.
Series 38
The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. Series 38 has since sold its interest in all 10 of the Operating Partnerships. In addition, the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.
Prior to the quarter ended December 31, 2020, Series 38 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.
Series 39
The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492. Series 39 has since sold its interest in all 9 of the Operating Partnerships. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.
210
Prior to the quarter ended December 31, 2020, Series 39 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.
Series 40
The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,030,772. Series 40 has since sold its interest in all 16 of the Operating Partnerships. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.
Prior to the quarter ended December 31, 2020, Series 40 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.
Series 41
The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. Series 41 has since sold its interest in 17 of the Operating Partnerships and 6 remain. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.
Prior to the quarter ended December 31, 2020, Series 41 had released all payments of its capital contributions to the Operating Partnerships.
Series 42
The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in 21 of the Operating Partnerships and 2 remain.
During the quarter ended December 31, 2020, Series 42 applied $254 of contributions payable to a prior year disposition, and has now released all payments of its capital contributions to the Operating Partnerships.
Series 43
The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in September 30, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. Series 43 has since sold its interest in all 23 of the Operating Partnerships. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of Series 43 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.
Prior to the quarter ended December 31, 2020, Series 43 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.
211
Series 44
The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. Series 44 has since sold its interest in 7 of the Operating Partnerships and 3 remain. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.
Prior to the quarter ended December 31, 2020, Series 44 had released all payments of its capital contributions to the Operating Partnerships.
Series 45
The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. Series 45 has since sold its interest in 20 of the Operating Partnerships and 11 remain. In addition, the Fund committed and used $302,862 of Series 45 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.
Prior to the quarter ended December 31, 2020, Series 45 had released all payments of its capital contributions to the Operating Partnerships.
Series 46
The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. Series 46 has since sold its interest in 5 of the Operating Partnerships and 10 remain. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.
Prior to the quarter ended December 31, 2020, Series 46 had released all payments of its capital contributions to the Operating Partnerships.
212
Results of Operations
As of December 31, 2020 and 2019, the Fund held limited partnership interests in 40 and 82 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.
The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner. As part of the sale disclosed in Note A, the fund management fee is now with BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the general partner, in an annual fund management fee of.5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2020 are as follows:
3 Months Gross Fund Management Fee | 3 Months Asset Management and Reporting Fee | 3
Months Fund Management Fee Net of Asset Management and Reporting Fee | |||||||||||
| Series 20 | $ | - | $ | - | $ | - | |||||||
| Series 21 | - | - | - | ||||||||||
| Series 22 | - | - | - | ||||||||||
| Series 23 | - | - | - | ||||||||||
| Series 24 | - | - | - | ||||||||||
| Series 25 | - | - | - | ||||||||||
| Series 26 | 4,281 | - | 4,281 | ||||||||||
| Series 27 | - | - | - | ||||||||||
| Series 28 | - | - | - | ||||||||||
| Series 29 | 4,629 | - | 4,629 | ||||||||||
| Series 30 | - | - | - | ||||||||||
| Series 31 | - | - | - | ||||||||||
| Series 32 | 15,132 | - | 15,132 | ||||||||||
| Series 33 | 9,777 | - | 9,777 | ||||||||||
| Series 34 | 6,025 | 1,200 | 4,825 | ||||||||||
| Series 35 | - | - | - | ||||||||||
| Series 36 | - | - | - | ||||||||||
| Series 37 | - | - | - | ||||||||||
| Series 38 | - | - | - | ||||||||||
| Series 39 | - | - | - | ||||||||||
| Series 40 | - | - | - | ||||||||||
| Series 41 | 26,529 | - | 26,529 | ||||||||||
| Series 42 | 13,426 | 1,625 | 11,801 | ||||||||||
| Series 43 | 4,815 | 875 | 3,940 | ||||||||||
| Series 44 | 30,315 | 750 | 29,565 | ||||||||||
| Series 45 | 28,713 | - | 28,713 | ||||||||||
| Series 46 | 46,332 | 1,730 | 44,602 | ||||||||||
| $ | 189,974 | $ | 6,180 | $ | 183,794 | ||||||||
213
9 Months Gross Fund Management Fee | 9 Months Asset Management and Reporting Fee | 9
Months Fund Management Fee Net of Asset Management and Reporting Fee | ||||||||||||
| Series 20 | $ | - | $ | - | $ | - | ||||||||
| Series 21 | - | - | - | |||||||||||
| Series 22 | - | - | - | |||||||||||
| Series 23 | - | - | - | |||||||||||
| Series 24 | - | - | - | |||||||||||
| Series 25 | - | - | - | |||||||||||
| Series 26 | 12,845 | - | 12,845 | |||||||||||
| Series 27 | - | - | - | |||||||||||
| Series 28 | - | - | - | |||||||||||
| Series 29 | 18,134 | - | 18,134 | |||||||||||
| Series 30 | - | - | - | |||||||||||
| Series 31 | - | - | - | |||||||||||
| Series 32 | 45,396 | 6,500 | 38,896 | |||||||||||
| Series 33 | 29,331 | 6,500 | 22,831 | |||||||||||
| Series 34 | 19,479 | 4,200 | 15,279 | |||||||||||
| Series 35 | - | - | - | |||||||||||
| Series 36 | - | - | - | |||||||||||
| Series 37 | - | - | - | |||||||||||
| Series 38 | - | - | - | |||||||||||
| Series 39 | - | - | - | |||||||||||
| Series 40 | - | - | - | |||||||||||
| Series 41 | 82,907 | 4,586 | 78,321 | |||||||||||
| Series 42 | 51,945 | 1,625 | 50,320 | |||||||||||
| Series 43 | 45,534 | 11,340 | 34,194 | |||||||||||
| Series 44 | 90,945 | 10,244 | 80,701 | |||||||||||
| Series 45 | 106,513 | 33,228 | 73,285 | |||||||||||
| Series 46 | 141,154 | 10,480 | 130,674 | |||||||||||
| $ | 644,183 | $ | 88,703 | $ | 555,480 | |||||||||
The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.
Series 20
The series did not have any properties as of December 31, 2020 and 2019.
Series 21
The series did not have any properties as of December 31, 2020 and 2019.
Series 22
The series did not have any properties as of December 31, 2020 and 2019.
Series 23
The series did not have any properties as of December 31, 2020 and 2019.
Series 24
The series did not have any properties as of December 31, 2020 and 2019.
In November 2019, the investment general partners transferred their respective interests in Los Lunas Apartments Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $215,000 and cash proceeds to the investment partnerships of $277,458 and $138,542, for Series 24 and Series 42, respectively. Of the total proceeds received, $19,342 and $9,658, for Series 24 and Series 42, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $258,116 and $128,884, for Series 24 and Series 42, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $258,116 and $128,884, for Series 24 and Series 42, respectively, as of December 31, 2019.
214
In November 2019, the investment general partner transferred its interest in Overton Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,807,765 and cash proceeds to the investment partnership of $5,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 were returned to cash reserves held by Series 24. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,500 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Autumn Ridge Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,368,935 and cash proceeds to the investment partnership of $20,400. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,900 were returned to cash reserves held by Series 24. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,900 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in New Hilltop Apartments, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,208,829 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 24. No gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2019.
Series 25
The series did not have any properties as of December 31, 2020 and 2019.
Series 26
As of December 31, 2020 and 2019, the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at December 31, 2020, which was at 100% Qualified Occupancy.
For the nine month periods ended December 31, 2020 and 2019, Series 26 reflects a net loss from Operating Partnerships of $(50,909) and $(90,623), respectively, which includes depreciation and amortization of $32,702 and $78,232, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In November 2019, the investment general partner transferred its interest in Warrensburg Heights, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $955,481 and cash proceeds to the investment partnership of $23,800. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,300 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $21,300 as of December 31, 2019.
215
In December 2019, the investment general partner transferred its interest in A.V.A., Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,129,910 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $47,500 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $47,500 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Beauregard Apartments Partnership, A L.D.H.A to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,157,847 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,324 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,324 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Southwind Apartments Partnership, A L.D.H.A to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,020,849 and cash proceeds to the investment partnership of $21,441. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,941 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $13,941 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in T.R. Bobb Apartments Partnership, A L.D.H.A to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $925,142 and cash proceeds to the investment partnership of $17,868. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $10,368 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $10,368 as of December 31, 2019.
In December 2020, the investment general partner transferred its interest in New Devonshire II, L.P., with cash proceeds to the investment partnership of $11,200. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of December 31, 2020.
In December 2020, the investment general partner transferred its interest in New Devonshire West, L.P., with cash proceeds to the investment partnership of $7,600. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of December 31, 2020.
The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.
216
Brookhaven Apartments Partnership, A Louisiana Partners
Series 27
The series did not have any properties as of December 31, 2020 and 2019.
In September 2019, the operating general partner of Northrock Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 23, 2019. The sales price of the property was $5,547,522, which included the outstanding mortgage balance of approximately $968,733 and cash proceeds to the investment partnerships of $778,672 and $1,445,882, for Series 27 and Series 33, respectively. Of the total proceeds received by the investment partnerships, $1,750 and $3,250, for Series 27 and Series 33, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $776,922 and $1,442,632, for Series 27 and Series 33, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $776,922 and $1,442,632, for Series 27 and Series 33, respectively, as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $14,520 and $26,962 for Series 27 and Series 33, respectively, which was returned to the cash reserves.
In December 2019, the investment general partner transferred its interest in Angelou Associates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $868,278 and cash proceeds to the investment partnership of $58,000. Of the total proceeds received, $9,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $49,000 were returned to cash reserves held by Series 27. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $49,000 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Magnolia Place Apartments Partnership, A Mississippi LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $500,000 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,324 were returned to cash reserves held by Series 27. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,324 as of December 31, 2019.
Series 28
The series did not have any properties as of December 31, 2020 and 2019.
In September 2019, the investment general partner transferred its interest in Fairway II LDHA to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $634,665 and cash proceeds to the investment partnership of $9,600. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,100 were returned to cash reserves held by Series 28. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $7,100 as of September 30, 2019.
217
In December 2019, the investment general partner transferred its interest in Jackson Place Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,110,303 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $9,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,324 will be returned to cash reserves held by Series 28. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,324 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Maplewood Apartments Partnership, a LA Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,048,996 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $9,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,324 were returned to cash reserves held by Series 28. The transfer proceeds were received in January 2020 and applied against the receivable. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,324 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in R.V.K.Y., Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,199,792 and cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,500 were returned to cash reserves held by Series 28. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,500 as of December 31, 2019.
Series 29
As of December 31, 2020 and 2019, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at December 31, 2020, all of which were at 100% Qualified Occupancy.
For the nine month periods ended December 31, 2020 and 2019, Series 29 reflects a net loss from Operating Partnerships of $(81,434) and $(128,142), respectively, which includes depreciation and amortization of $67,110 and $138,488, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In April 2020, the investment general partner transferred its interest in Poplarville Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $356,220 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,500 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,500 as of June 30, 2020.
In October 2020, the investment general partner transferred its interest in Ozark Associates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $396,535 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $3,000 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,000 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $13,000 as of December 31, 2020.
218
In October 2020, the investment general partner of transferred its interest Westfield Apartments Partnership, A LA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $919,015 and cash proceeds to the investment partnership of $30,000 of the total proceeds received, $8,000 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,000 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of December 31, 2020.
The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.
The Lincoln Hotel
Series 30
The series did not have any properties as of December 31, 2020 and 2019.
Series 31
The series did not have any properties as of December 31, 2020 and 2019.
In April 2019, the operating general partner of Sencit Hampden Associates LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 10, 2019. The sales price of the property was $2,700,000, which included the outstanding mortgage balance of approximately $973,555. Of the total proceeds received by the investment partnership, $64,295 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $8,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $587,469 will be returned to cash reserves held by Series 31. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $587,469 as of June 30, 2019. In September 2019, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $31,431 which was returned to the cash reserves. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $900 which was returned to the cash reserves.
Series 32
As of December 31, 2020 and 2019, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at December 31, 2020, all of which were at 100% Qualified Occupancy
For the nine month periods ended December 31, 2020 and 2019, Series 32 reflects a net loss from Operating Partnerships of $(100,013) and $(228,249), respectively, which includes depreciation and amortization of $147,657 and $260,257, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In December 2019, the investment general partner transferred its interest in Pearlwood Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $642,620 and cash proceeds to the investment partnership of $147,500. Of the total proceeds received, $5,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $142,000 were returned to cash reserves held by Series 32. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $142,000 as of December 31, 2019.
219
In December 2019, the investment general partner transferred its interest in Pineridge Apartments Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,141,577 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,324 were returned to cash reserves held by Series 32. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,324 as of December 31, 2019. In addition, outstanding capital contributions payable to the Operating Partnership in the amount of $1,229 for Series 32 was recorded as gain on the transfer of the Operating Partnership as of December 31, 2019.
In December 2020, the investment general partner transferred its interest in Parkside Plaza LLP, with cash proceeds to the investment partnership of $79,208 and $792, for Series 32 and Series 43, respectively. These proceeds were returned to cash reserves held by Series 32 and Series 43 and recorded as a gain on transfer as of December 31, 2020.
In January 2021, the investment general partner sold its interest in Kiest Townhomes, L.P., with cash proceeds to the investment partnership of $2,393,001 and $2,393,001, for Series 32 and Series 33, respectively. These proceeds were returned to cash reserves held by Series 32 and Series 33, and recorded as a gain on sale as of January 31, 2021.
The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.
Pecan Manor Apartments Partnership, A Louisiana Partnership in Commendam
Series 33
As of December 31, 2020 and 2019, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at December 31, 2020, all of which were at 100% Qualified Occupancy.
For the nine month periods ended December 31, 2020 and 2019, Series 33 reflects a net loss from Operating Partnerships of $(77,316) and $(87,640), respectively, which includes depreciation and amortization of $144,102 and $151,089, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In September 2019, the operating general partner of Northrock Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 23, 2019. The sales price of the property was $5,547,522, which included the outstanding mortgage balance of approximately $968,733 and cash proceeds to the investment partnerships of $778,672 and $1,445,882, for Series 27 and Series 33, respectively. Of the total proceeds received by the investment partnerships, $1,750 and $3,250, for Series 27 and Series 33, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $776,922 and $1,442,632, for Series 27 and Series 33, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $776,922 and $1,442,632, for Series 27 and Series 33, respectively, as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $14,520 and $26,962 for Series 27 and Series 33, respectively, which was returned to the cash reserves.
220
In January 2021, the investment general partner sold its interest in Kiest Townhomes, L.P., with cash proceeds to the investment partnership of $2,393,001 and $2,393,001, for Series 32 and Series 33, respectively. These proceeds were returned to cash reserves held by Series 32 and Series 33, and recorded as a gain on sale as of January 31, 2021.
Series 34
As of December 31, 2020 and 2019, the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at December 31, 2020, which was at 100% Qualified Occupancy.
For the nine month periods ended December 31, 2020 and 2019, Series 34 reflects a net loss from Operating Partnerships of $(45,946) and $(63,190), respectively, which includes depreciation and amortization of $64,097 and $115,082, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In July 2019, the investment general partner transferred its interest in Abby Ridge, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $216,241 and cash proceeds to the investment partnership of $262,500. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $257,500 were returned to cash reserves held by Series 34. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $257,500 as of September 30, 2019.
In December 2019, the investment general partner transferred its interest in Belmont Affordable Housing II, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $307,057 and cash proceeds to the investment partnership of $31,500. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $27,000 were returned to cash reserves held by Series 34. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $27,000 as of December 31, 2019.
In November 2020, the investment general partner transferred its interest in Montour Falls Village Limited Partnership, with cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership, and $2,000 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,800 were returned to cash reserves held by Series 34. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $20,800 as of December 31, 2020.
The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, these Operating Partnership has exited their LIHTC compliance period and there is therefore no risk to past credit delivery.
RHP 96-I, L.P.
Series 35
The series did not have any properties as of December 31, 2020 and 2019.
221
In August 2019, the investment general partner transferred its interest in New Caney Housing II, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,027,284 and cash proceeds to the investment partnership of $150,000. Of the total proceeds received, $9,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $141,000 were returned to cash reserves held by Series 35. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $141,000 as of September 30, 2019.
In December 2019, the investment general partner transferred its interest in Tennessee Partners XII Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,790,885 and cash proceeds to the investment partnership of $1,422,642. Of the total proceeds received, $8,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,414,642 were returned to cash reserves held by Series 35. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,414,642 as of December 31, 2019.
Series 36
The series did not have any properties as of December 31, 2020 and 2019.
In February 2019, the operating general partner of Willowbrook Apartments Partnership, A Louisiana Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 19, 2019. The sales price of the property was $1,625,000, which included the outstanding mortgage balance of approximately $522,219 and cash proceeds to the investment partnership of $481,325. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $476,325 will be returned to cash reserves held by Series 36. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $476,325 as of June 30, 2019. In October 2019, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $91,333 which was returned to the cash reserves.
In December 2019, the investment general partner transferred its interest in Wingfield Apartments Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,052,315 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $9,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,324 were returned to cash reserves held by Series 36. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,324 as of December 31, 2019.
Series 37
The series did not have any properties as of December 31, 2020 and 2019.
Series 38
The series did not have any properties as of December 31, 2020 and 2019.
In February 2019, the operating general partner of Willowbrook II Apartments Partnership, A Louisiana Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 19, 2019. The sales price of the property was $1,625,000, which included the outstanding mortgage balance of approximately $425,416 and cash proceeds to the investment partnership of $527,974. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $522,974 will be returned to cash reserves held by Series 38. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $522,974 as of June 30, 2019. In October 2019, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $26,459 which was returned to the cash reserves.
222
In June 2019, the investment general partner transferred its interest in Aldine Westfield Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,544,775 and cash proceeds to the investment partnership of $950,000. Of the total proceeds received, $9,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $941,000 were returned to cash reserves held by Series 38. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $941,000 as of June 30, 2019.
In December 2019, the investment general partner transferred its interest in Hammond Place Apartments Partnership, A LA Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $915,109 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,324 were returned to cash reserves held by Series 38. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,324 as of December 31, 2019.
Series 39
The series did not have any properties as of December 31, 2020 and 2019.
Series 40
The series did not have any properties as of December 31, 2020 and 2019.
In January 2019, the investment general partner transferred its interest in Sedgwick-Sundance Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,082,984 and cash proceeds to the investment partnership of $27,144. Of the total proceeds received, $9,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs and appraisal services. The remaining proceeds of approximately $17,644 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,644 as of March 31, 2019. In addition, equity outstanding for the Operating Partnership in the amount of $102 for Series 40 was recorded as gain on the transfer of the Operating Partnership as of September 30, 2019.
In August 2019, the investment general partner transferred its interest in Capitol Five Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,185,023 and cash proceeds to the investment partnership of $40,594. Of the total proceeds received, $4,950 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $35,644 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $35,644 as of September 30, 2019.
223
In September 2019, the operating general partner of Northrock Housing Associates II Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 23, 2019. The sales price of the property was $4,416,742, which included the outstanding mortgage balance of approximately $1,484,229 and cash proceeds to the investment partnership of $2,523,259. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,518,259 will be returned to cash reserves held by Series 40. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $2,518,259 as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $36,674 which was returned to the cash reserves.
In December 2019, the investment general partner transferred its interest in Carlyle Apartments Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $269,980 and cash proceeds to the investment partnership of $311,000. Of the total proceeds received, $6,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $305,000 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $305,000 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Center Place Apartments II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $631,880 and cash proceeds to the investment partnership of $19,059. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $15,559 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $15,559 as of December 31, 2019.
In December 2019, the investment general partners transferred their respective interests in Meadowside Associates, LLC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,570,219 and cash proceeds to the investment partnerships of $2,500 and $2,500 for Series 40 and Series 41, respectively. Of the total proceeds received, $1,250 and $1,250 for Series 40 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,250 and $1,250 for Series 40 and Series 41, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,250 and $1,250 for Series 40 and Series 41, respectively, as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Oakland Partnership, A Louisiana Partnership in Commendam to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,051,700 and cash proceeds to the investment partnership of $27,397. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $24,897 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $24,897 as of December 31, 2019.
224
In December 2019, the investment general partner transferred its interest in Western Gardens Partnership, A Louisiana Partnership in Commendam to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,109,796 and cash proceeds to the investment partnership of $28,589. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $25,089 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $25,089 as of December 31, 2019.
Series 41
As of December 31, 2020 and 2019, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at December 31, 2020, all of which were at 100% Qualified Occupancy.
For the nine month periods ended December 31, 2020 and 2019, Series 41 reflects a net loss from Operating Partnerships of $(1,635) and $(163,836), respectively, which includes depreciation and amortization of $381,604 and $509,026, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In December 2019, the investment general partners transferred their respective interests in Meadowside Associates, LLC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,570,219 and cash proceeds to the investment partnerships of $2,500 and $2,500 for Series 40 and Series 41, respectively. Of the total proceeds received, $1,250 and $1,250 for Series 40 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,250 and $1,250 for Series 40 and Series 41, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,250 and $1,250 for Series 40 and Series 41, respectively, as of December 31, 2019.
In March 2020, the investment general partner transferred its interest in Breezewood Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $918,226 and cash proceeds to the investment partnership of $21,533. Of the total proceeds received, $2,243 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,290 were returned to cash reserves held by Series 41. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,290 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Hawthorne Associates, A L Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $923,842 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,500 were returned to cash reserves held by Series 41. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $7,500 as of March 31, 2020.
In August 2020, the investment general partner transferred its interest in Cranberry Cove Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $895,911 and cash proceeds to the investment partnership of $49,000. Of the total proceeds received, $2,500 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $46,500 were returned to cash reserves held by Series 41. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $46,500 as of September 30, 2020.
225
In December 2020, the investment general partner transferred its interest in Cedar Grove Apartments, Phase I Limited Partnership, with cash proceeds to the investment partnership of $18,000. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of December 31, 2020.
The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.
Rural Housing Partners of Mendota L.P.
Rural Housing Partners of Mt. Carroll, LP
Rural Housing Partners of Fulton L.P.
Series 42
As of December 31, 2020 and 2019, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at December 31, 2020, all of which were at 100% Qualified Occupancy.
For the nine month periods ended December 31, 2020 and 2019, Series 42 reflects a net loss from Operating Partnerships of $(26,904) and $(289,969), respectively, which includes depreciation and amortization of $89,026 and $425,836, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In November 2019, the investment general partners transferred their respective interests in Los Lunas Apartments Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $215,000 and cash proceeds to the investment partnerships of $277,458 and $138,542, for Series 24 and Series 42, respectively. Of the total proceeds received, $19,342 and $9,658, for Series 24 and Series 42, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $258,116 and $128,884, for Series 24 and Series 42, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $258,116 and $128,884, for Series 24 and Series 42, respectively, as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Crittenden County Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $514,200 and cash proceeds to the investment partnership of $259,774. Of the total proceeds received, $7,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $252,774 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $252,774 as of December 31, 2019.
In March 2020, the investment general partners transferred its interest in Breezewood II Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $906,547 and cash proceeds to the investment partnerships of $21,696 and $2,304 for Series 42 and Series 45, respectively. Of the total proceeds received, $2,260 and $240 for Series 42 and Series 45, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,436 and $2,064 for Series 42 and Series 45, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,436 and $2,064 for Series 42 and Series 45, respectively, as of March 31, 2020.
226
In July 2020, the operating general partner of Lynnelle Landing Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2020. The sales price of the property was $1,650,000, which included the outstanding mortgage balance of approximately $1,014,143 and cash proceeds to the investment partnership of $130,000. Of the total proceeds received by the investment partnership, $5,000 will be paid for expenses related to the sale, which include third party legal costs. In addition $11,300 was applied to advances outstanding. The remaining proceeds from the sale of $113,700 will be returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $113,700 as of December 31, 2020.
In October 2020, the investment general partner transferred its interest Wingfield Apartments Partnership II, A LA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $112,922 and cash proceeds to the investment partnership of $31,500 of the total proceeds received, $6,500 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $25,000 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $25,000 as of December 31, 2020
In November 2020, the investment general partner transferred its interest in Strawberry Lane, LLC, with cash proceeds to the investment partnership of $70,000. Of the total proceeds received, $2,500 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $67,500 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $67,500 as of December 30, 2020. In addition, equity outstanding for the Operating Partnership in the amount of $254 for Series 42 was recorded as gain on the sale of the Operating Partnership as of December 31, 2020.
In November 2020, the investment general partner transferred its interest in Parkhurst Place Limited Partnership, with cash proceeds to the investment partnership of $525,000. Of the total proceeds received, $9,000 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $516,000 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $516,000 as of December 31, 2020.
Series 43
As of December 31, 2019, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of December 31, 2020.
For the nine month periods ended December 31, 2020 and 2019, Series 43 reflects a net loss from Operating Partnerships of $(-) and $(308,936), respectively, which includes depreciation and amortization of $- and $559,039, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
227
In March 2019, the operating general partner of Alexander Mills, LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 31, 2019. The sales price of the property was $21,216,275, which included the outstanding mortgage balance of approximately $11,408,365 and cash proceeds to the investment partnerships of $1,065,532 and $1,302,317 for Series 43 and Series 44, respectively. Of the total proceeds received by the investment partnerships, $4,950 and $6,050 for Series 43 and Series 44, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, as of June 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $21,924 and $26,795 for Series 43 and Series 44, respectively, which was returned to the cash reserves. In December 2020, the investment partnership incurred an additional fee in the amount of $67,957 and $83,058 for Series 43 and Series 44, respectively, which was paid from the cash reserves.
In July 2019, the investment general partner transferred its interest in Gilbert Apartments, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $537,996 and cash proceeds to the investment partnership of $200,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $195,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $195,000 as of September 30, 2019.
In June 2020, the investment general partner transferred its interest in Pyramid Seven Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,200,885 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,000 as of June 30, 2020.
In September 2020, the investment general partner transferred its interest in Charlevoix Apartments LDHA, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,013,428 and cash proceeds to the investment partnership of $8,000. Of the total proceeds received, $2,500 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,500 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $5,500 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in Cloverlane Apartments – Lakeview Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $61,559 and cash proceeds to the investment partnership of $70,800. Of the total proceeds received, $2,500 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $68,300 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $68,300 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in Lakewood Apartments – Saranac Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $684,395 and cash proceeds to the investment partnership of $4,800. Of the total proceeds received, $2,500 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,300 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,300 as of September 30, 2020.
228
In September 2020, the investment general partner transferred its interest in Parkside Apartments – Coleman LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $357,178 and cash proceeds to the investment partnership of $8,000. Of the total proceeds received, $2,500 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,500 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $5,500 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in Riverview Apartments – Blissfield LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $515,806 and cash proceeds to the investment partnership of $6,400 of the total proceeds received, $2,500 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,900 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in Strawberry Lake Apartments – Norway LDHA LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $652,289 and cash proceeds to the investment partnership of $6,400. Of the total proceeds received, $2,500 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,900 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in New Chester Townhouses II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $630,455 and cash proceeds to the investment partnership of $13,650. Of the total proceeds received, $4,375 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $875 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $8,400 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $8,400 as of September 30, 2020.
In November 2020, the investment general partner transferred its interest in Stottville Limited Partnership, with cash proceeds to the investment partnership of $28,000. Of the total proceeds received, $2,000 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $26,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $26,000 as of December 31, 2020.
In November 2020, the investment general partner transferred its interest in Lyceum Housing Limited Partnership, with cash proceeds to the investment partnership of $130,000. Of the total proceeds received, $9,000 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $121,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $121,000 as of December 31, 2020.
229
In December 2020, the investment general partner transferred its interest in Parkside Plaza LLP., with cash proceeds to the investment partnership of $79,208 and $792, for Series 32 and Series 43, respectively. These proceeds were returned to cash reserves held by Series 32 and Series 43 and recorded as a gain on transfer as of December 31, 2020.
Series 44
As of December 31, 2020 and 2019, the average Qualified Occupancy was 100%. The series had a total of 3 properties at December 31, 2020, all of which were at 100% Qualified Occupancy.
For the nine month periods ended December 31, 2020 and 2019, Series 44 reflects a net income (loss) from Operating Partnerships of $415,114 and $(21,193), respectively, which includes depreciation and amortization of $509,427 and $770,226, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In March 2019, the operating general partner of Alexander Mills, LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 31, 2019. The sales price of the property was $21,216,275, which included the outstanding mortgage balance of approximately $11,408,365 and cash proceeds to the investment partnerships of $1,065,532 and $1,302,317 for Series 43 and Series 44, respectively. Of the total proceeds received by the investment partnerships, $4,950 and $6,050 for Series 43 and Series 44, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, as of June 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $21,924 and $26,795 for Series 43 and Series 44, respectively, which was returned to the cash reserves. In December 2020, the investment partnership incurred an additional fee in the amount of $67,957 and $83,058 for Series 43 and Series 44, respectively, which was used from the cash reserves.
In September 2019, the operating general partner of Northrock Housing Associates Three Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 23, 2019. The sales price of the property was $2,640,737, which included the outstanding mortgage balance of approximately $709,074 and cash proceeds to the investment partnership of $1,565,456. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,560,456 will be returned to cash reserves held by Series 44. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,560,456 as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $37,807 which was returned to the cash reserve.
In March 2020, the investment general partner transferred its interest in New Oxford I Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,134,723 and cash proceeds to the investment partnership of $7,500. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,500 were returned to cash reserves held by Series 44. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,500 as of March 31, 2020.
230
In March 2020, the investment general partner transferred its interest in Orchard River Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,834,195 and cash proceeds to the investment partnership of $170,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $167,500 were returned to cash reserves held by Series 44. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $167,500 as of March 31, 2020.
Series 45
As of December 31, 2020 and 2019, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at December 31, 2020, all of which were at 100% Qualified Occupancy.
For the nine month periods ended December 31, 2020 and 2019, Series 45 reflects a net loss from Operating Partnerships of $(312,735) and $(586,488), respectively, which includes depreciation and amortization of $670,899 and $1,173,209, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In December 2019, the investment general partner transferred its interest in Lone Terrace Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,177,699 and cash proceeds to the investment partnership of $39,854. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,354 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,354 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Sulphur Terrace Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,128,449 and cash proceeds to the investment partnership of $65,594. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $63,094 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $63,094 as of December 31, 2019.
In January 2020, the operating general partner of Jefferson Housing Limited Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on March 18, 2020. The sales price of the property was $2,004,845, which included the outstanding mortgage balance of approximately $1,489,672 and cash proceeds to the investment partnership of $515,173. Of the total proceeds received by the investment partnership, $7,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $507,673 will be returned to cash reserves held by Series 45. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $507,673 as of March 31, 2020. In addition, equity outstanding for the Operating Partnership in the amount of $16,724 for Series 45 was recorded as gain on the sale of the Operating Partnership as of March 31, 2020.
231
In March 2020, the investment general partners transferred its interest in Breezewood II Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $906,547 and cash proceeds to the investment partnerships of $21,696 and $2,304 for Series 42 and Series 45, respectively. Of the total proceeds received, $2,260 and $240 for Series 42 and Series 45, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,436 and $2,064 for Series 42 and Series 45, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,436 and $2,064 for Series 42 and Series 45, respectively, as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Brookside Square Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,084,329 and cash proceeds to the investment partnership of $7,500. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,500 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,500 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in East View Family Housing, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $590,976 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,500 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $13,500 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Lawrenceville I Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $764,406 and cash proceeds to the investment partnership of $7,500. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,500 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,500 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Reese I Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,472,278 and cash proceeds to the investment partnership of $5,000. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,000 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,000 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Valleyview, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $633,499 and cash proceeds to the investment partnership of $27,600. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $25,100 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $25,100 as of March 31, 2020.
232
In February 2020, the operating general partner of Ridge Crest Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 3, 2020. The sales price of the property was $4,000,000, which included the outstanding mortgage balance of approximately $2,878,985. Cash proceeds from the sale resulted in a total cash payment to the investment partnership of $210,224. Of the total proceeds received by the investment partnership, $22,432 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $3,000 will be paid for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $184,792 will be returned to cash reserves held by Series 45. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $184,792 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest Mill Race Apartments - Plainwell Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $726,236 and cash proceeds to the investment partnership of $17,400 of the total proceeds received, $2,500 will be paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,900 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,900 as of September 30, 2020.
The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.
University Plaza Investment Group, LLLP
Series 46
As of December 31, 2020 and 2019, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2020, all of which were at 100% Qualified Occupancy.
For the nine month periods ended December 31, 2020 and 2019, Series 46 reflects a net loss from Operating Partnerships of $(24,088) and $(77,590), respectively, which includes depreciation and amortization of $722,272 and $851,223, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In March 2020, the investment general partner transferred its interest in Deer Meadow Apartments, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $917,524 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 were returned to cash reserves held by Series 46. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $21,500 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Tanglewood Village Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,090,639 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 were returned to cash reserves held by Series 46. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $21,500 as of March 31, 2020.
233
In June 2020, the investment general partner transferred its interest in Clayton Station, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $638,421 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $6,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $68,500 were returned to cash reserves held by Series 46. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $68,500 as of June 30, 2020.
In December 2020, the investment general partner transferred its interest in Wagoner Village Apartments, Limited Partnership, with cash proceeds to the investment partnership of $44,826. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of December 31, 2020.
The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.
Linden–Shawnee Partners, L.P.
Saint Martin Apartments, L.P.
Off Balance Sheet Arrangements
None.
234
Principal Accounting Policies
In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.
Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.
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| Item 3 | Quantitative and Qualitative Disclosures About Market Risk |
| Not Applicable |
| The Certifications of the Principal Executive Officer and Principal Financial Officer of the Fund required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as Exhibits 31.a, 31.b, 32.a and 32.b to this Quarterly Report on Form 10-Q, are applicable to each Series individually and the Fund as a whole. |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BF Garden Tax Credit Fund IV L.P. | |||
| By: | BF Garden Associates IV L.P., | ||
| its General Partner | |||
| By: | Corporate Investment Holdings, Inc., | ||
| its General Partner | |||
| Date: February 12, 2021 | By: | /s/ Gregory Voyentzie |
| Gregory Voyentzie | ||
| President (Principal Executive Officer) |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:
| DATE: | SIGNATURE: | TITLE: |
| February 12, 2021 | /s/ Gregory Voyentzie |
President (Principal Executive Officer), |
| Gregory Voyentzie | Corporate Investment Holdings, Inc. | |
| February 12, 2021 | /s/ Marie Reynolds |
Treasurer (Principal Accounting and Financial Officer), |
| Marie Reynolds | Corporate Investment Holdings, Inc. |
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