Boston Capital Tax Credit Fund Iv 10-K 2021 FY Annual report

Exhibit 13

BF GARDEN TAX CREDIT FUND IV L.P. 

SERIES 20 THROUGH 46

FINANCIAL STATEMENTS AND

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

MARCH 31, 2021 AND 2020

BF Garden Tax Credit Fund IV L.P. -

Series 20 through Series 46

TABLE OF CONTENTS

		PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		F-3
FINANCIAL STATEMENTS
	BALANCE SHEETS	F-4
	STATEMENTS OF OPERATIONS	F-31
	STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-59
	STATEMENTS OF CASH FLOWS	F-73
	NOTES TO FINANCIAL STATEMENTS	F-101

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

Report of Independent Registered Public Accounting Firm

To the General Partner 

BF Garden Tax Credit Fund IV L.P.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of BF Garden Tax Credit Fund IV L.P. – Series 20 through 46 (collectively, the "Partnership"), in total and for each series, as of March 31, 2021 and 2020, and the related statements of operations, changes in partners' capital (deficit) and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership, in total and for each series, as of March 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Partnership in accordance with the U.S. federal security laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits of the financial statements provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

We have served as the Partnership’s auditor since 1994.

/s/ CohnReznick LLP

COHNREZNICK LLP

Bethesda, Maryland 

June 28, 2021

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS
March 31, 2021 and 2020
		Total
		2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		10,819,585			6,622,109
Other assets		10,829			15,088
	$	10,830,414		$	6,637,197
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	27		$	16,000
Accounts payable - affiliates		12,664,070			13,107,778
Capital contributions payable		785			1,039
		12,664,882			13,124,817
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 83,651,080 issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 issued and 82,874,653 and 82,926,053 outstanding at March 31, 2021 and 2020, respectively.		(1,450,880	)		(6,042,833	)
General partner		(383,588	)		(444,787	)
		(1,834,468	)		(6,487,620	)
	$	10,830,414		$	6,637,197

(Continued)

F-4 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 20
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,866,700  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 issued and 3,828,200 and 3,828,200 outstanding at March 31, 2021 and 2020, respectively.		(754,767	)		(754,767	)
General partner		754,767			754,767
		-			-
	$	-		$	-

(Continued)

F-5 

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 21
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 1,892,700  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 issued and 1,879,500 and 1,879,500 outstanding at March 31, 2021 and 2020, respectively.		(898,231	)		(898,231	)
General partner		898,231			898,231
		-			-
	$	-		$	-

(continued)

F-6

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 22
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,564,400  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 issued and 2,550,145 and 2,550,145 outstanding at March 31, 2021 and 2020, respectively.		(2,448,362	)		(2,448,362	)
General partner		2,448,362			2,448,362
		-			-
	$	-		$	-

(continued)

F-7

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 23
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,336,727  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 issued and 3,303,327 and 3,303,327 outstanding at March 31, 2021 and 2020, respectively.		(224,264	)		(224,264	)
General partner		224,264			224,264
		-			-
	$	-		$	-

(continued)

F-8

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 24
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,169,878  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 issued and 2,150,053 and 2,150,053 outstanding at March 31, 2021 and 2020, respectively.		173,404			173,404
General partner		(173,404	)		(173,404	)
		-			-
	$	-		$	-

(continued)

F-9

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 25
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,026,109  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 issued and 3,016,809 and 3,016,809 outstanding at March 31, 2021 and 2020, respectively.		219,815			219,815
General partner		(219,815	)		(219,815	)
		-			-
	$	-		$	-

(continued)

F-10

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 26
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		531,027			576,004
Other assets		75			-
	$	531,102		$	576,004
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		2,199			-
Capital contributions payable		-			-
		2,199			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,995,900  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 issued and 3,926,374 and 3,929,074 outstanding at March 31, 2021 and 2020, respectively.		841,956			888,586
General partner		(313,053	)		(312,582	)
		528,903			576,004
	$	531,102		$	576,004

(continued)

F-11 

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 27
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,460,700  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 issued and 2,431,350 and 2,431,350 outstanding at March 31, 2021 and 2020, respectively.		133,264			133,264
General partner		(133,264	)		(133,264	)
		-			-
	$	-		$	-

(continued)

F-12 

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 28
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,000,738  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 issued and 3,979,139 and 3,979,139 outstanding at March 31, 2021 and 2020, respectively.		275,140			275,140
General partner		(275,140	)		(275,140	)
		-			-
	$	-		$	-

(continued)

F-13 

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 29
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		164,236			157,446
Other assets		2,148			-
	$	166,384		$	157,446
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		3,127,627			3,105,875
Capital contributions payable		785			785
		3,128,412			3,106,660
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,991,800  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 issued and 3,911,725 and 3,923,225 outstanding at March 31, 2021 and 2020, respectively.		(2,593,761	)		(2,581,075	)
General partner		(368,267	)		(368,139	)
		(2,962,028	)		(2,949,214	)
	$	166,384		$	157,446

(continued)

F-14 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 31
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,417,857  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857  issued and 4,375,757 and 4,375,757 outstanding at March 31, 2021 and 2020, respectively.		353,529			353,529
General partner		(353,529	)		(353,529	)
		-			-
	$	-		$	-

(continued)

F-15 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 32
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		2,640,414			193,203
Other assets		74			-
	$	2,640,488		$	193,203
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		4,847			83,511
Capital contributions payable		-			-
		4,847			83,511
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,754,198  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 issued and 4,706,298 and 4,715,798 outstanding at March 31, 2021 and 2020, respectively.		3,015,649			514,959
General partner		(380,008	)		(405,267	)
		2,635,641			109,692
	$	2,640,488		$	193,203

(continued)

F-16 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 33
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		3,040,636			561,941
Other assets		74			-
	$	3,040,710		$	561,941
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		4,992			-
Capital contributions payable		-			-
		4,992			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,636,533  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 issued and 2,605,833 and 2,606,833 outstanding at March 31, 2021 and 2020, respectively.		3,231,141			782,102
General partner		(195,423	)		(220,161	)
		3,035,718			561,941
	$	3,040,710		$	561,941

(continued)

F-17 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
		Series 34
		2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS		$	-		$	-
	��
OTHER ASSETS
Cash and cash equivalents			129,067			148,344
Other assets			74			-
		$	129,141		$	148,344
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities		$	-		$	-
Accounts payable - affiliates			2,469,776			2,445,674
Capital contributions payable			-			-
			2,469,776			2,445,674
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,529,319  issued to the assignees at March 31, 2021 and 2020			-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 issued and 3,474,319 and 3,477,719 outstanding at March 31, 2021 and 2020, respectively.			(2,016,839	)		(1,973,967	)
General partner			(323,796	)		(323,363	)
			(2,340,635	)		(2,297,330	)
		$	129,141		$	148,344

(continued)

F-18 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 35
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,300,463  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 issued and 3,277,913 and 3,277,913 outstanding at March 31, 2021 and 2020, respectively.		223,088			223,088
General partner		(223,088	)		(223,088	)
		-			-
	$	-		$	-

(continued)

F-19 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 36
		2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,106,838  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,106,838 issued and 2,083,704 and 2,083,704 outstanding at March 31, 2021 and 2020, respectively.		148,221			148,221
General partner		(148,221	)		(148,221	)
		-			-
	$	-		$	-

(continued)

F-20 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 37
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,512,500  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 issued and 2,489,100 and 2,489,100 outstanding at March 31, 2021 and 2020, respectively.		205,359			205,359
General partner		(205,359	)		(205,359	)
		-			-
	$	-		$	-

(continued)

F-21 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 38
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,543,100  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 issued and 2,536,200 and 2,536,200 outstanding at March 31, 2021 and 2020, respectively.		188,889			188,889
General partner		(188,889	)		(188,889	)
		-			-
	$	-		$	-

(continued)

F-22 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 39
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,292,151  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,151 issued and 2,288,351 and 2,288,351 outstanding at March 31, 2021 and 2020, respectively.		196,043			196,043
General partner		(196,043	)		(196,043	)
		-			-
	$	-		$	-

(continued)

F-23 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 40
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			-
Other assets		-			-
	$	-		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,630,256  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 issued and 2,611,356 and 2,611,356 outstanding at March 31, 2021 and 2020, respectively.		216,900			216,900
General partner		(216,900	)		(216,900	)
		-			-
	$	-		$	-

(continued)

F-24 

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 41
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		408,743			352,239
Other assets		437			-
	$	409,180		$	352,239
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	1		$	-
Accounts payable - affiliates		2,690,845			2,647,829
Capital contributions payable		-			-
		2,690,846			2,647,829
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,891,626  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 issued and 2,865,176 and 2,867,676 outstanding at March 31, 2021 and 2020, respectively.		(2,009,681	)		(2,023,466	)
General partner		(271,985	)		(272,124	)
		(2,281,666	)		(2,295,590	)
	$	409,180		$	352,239

(continued)

F-25 

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 42
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		2,318,856			1,607,893
Other assets		82			11,300
	$	2,318,938		$	1,619,193
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		36,736			-
Capital contributions payable		-			254
		36,736			254
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,744,262  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 issued and 2,706,362 and 2,716,362 outstanding at March 31, 2021 and 2020, respectively.		2,500,317			1,843,687
General partner		(218,115	)		(224,748	)
		2,282,202			1,618,939
	$	2,318,938		$	1,619,193

(continued)

F-26 

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 43
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		-			1,416,291
Other assets		-			-
	$	-		$	1,416,291
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		-			-
Capital contributions payable		-			-
		-			-
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,637,987  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 issued and 3,617,987 and 3,617,987 outstanding at March 31, 2021 and 2020, respectively.		306,854			1,723,649
General partner		(306,854	)		(307,358	)
		-			1,416,291
	$	-		$	1,416,291

(continued)

F-27 

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 44
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		842,738			321,693
Other assets		205			-
	$	842,943		$	321,693
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	26		$	4,000
Accounts payable - affiliates		399,489			362,671
Capital contributions payable		-			-
		399,515			366,671
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,701,973  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,973 issued and 2,682,873 and 2,687,173 outstanding at March 31, 2021 and 2020, respectively.		676,442			192,920
General partner		(233,014	)		(237,898	)
		443,428			(44,978	)
	$	842,943		$	321,693

(continued)

F-28 

BF Garden Tax Credit Fund IV L.P.

BALANCE SHEETS - CONTINUED

March 31, 2021 and 2020

	Series 45
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		294,663			859,371
Other assets		2,627			-
	$	297,290		$	859,371
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	12,000
Accounts payable - affiliates		1,744,673			2,351,836
Capital contributions payable		-			-
		1,744,673			2,363,836
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,014,367  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 issued and 3,989,967 and 3,996,467 outstanding at March 31, 2021 and 2020, respectively.		(1,079,247	)		(1,135,758	)
General partner		(368,136	)		(368,707	)
		(1,447,383	)		(1,504,465	)
	$	297,290		$	859,371

(continued)

F-29 

BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2021 and 2020
	Series 46
	2021			2020
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	-		$	-
OTHER ASSETS
Cash and cash equivalents		449,205			427,684
Other assets		5,033			3,788
	$	454,238		$	431,472
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	-		$	-
Accounts payable - affiliates		2,182,886			2,110,382
Capital contributions payable		-			-
		2,182,886			2,110,382
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 101,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,980,998  issued to the assignees at March 31, 2021 and 2020		-			-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 issued and 2,965,635 and 2,965,635 outstanding at March 31, 2021 and 2020, respectively.		(1,448,620	)		(1,399,379	)
General partner		(280,028	)		(279,531	)
		(1,728,648	)		(1,678,910	)
	$	454,238		$	431,472

(see notes to financial statements)

F-30 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Years ended March 31, 2021 and 2020
	Total
	2021		2020
Income
Interest income	$	11,508	$	265,252
Miscellaneous		310,118		306,779
		321,626		572,031
Gain on sale of operating limited
partnerships		7,094,752		15,973,739
Expenses
Fund management fee		648,148		1,102,092
General and administrative expenses		286,580		795,878
Professional fees		361,835		377,163
		1,296,563		2,275,133
NET INCOME (LOSS)	$	6,119,815	$	14,270,637
Net income (loss) allocated to general partner	$	61,199	$	142,706
Net income (loss) allocated to limited partners	$	6,058,616	$	14,127,931
Net income (loss) per BAC	$	0.07	$	0.17

(continued)

F-31 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2021 and 2020

		Series 20
		2021		2020
Income
Interest income	$	-	$	-
Miscellaneous		-		-
		-		-
Gain on sale of operating limited
partnerships		-		-
Expenses
Fund management fee		-		-
General and administrative expenses		-		-
Professional fees		-		-
		-		-
NET INCOME (LOSS)	$	-	$	-
Net income (loss) allocated to general partner	$	-	$	-
Net income (loss) allocated to limited partners	$	-	$	-
Net income (loss) per BAC	$	-	$	-

(continued)

F-32 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
		Series 21
		2021		2020
Income
Interest income	$	-	$	-
Miscellaneous		-		-
		-		-
Gain on sale of operating limited
partnerships		-		-
Expenses
Fund management fee		-		-
General and administrative expenses		-		-
Professional fees		-		-
		-		-
NET INCOME (LOSS)	$	-	$	-
Net income (loss) allocated to general partner	$	-	$	-
Net income (loss) allocated to limited partners	$	-	$	-
Net income (loss) per BAC	$	-	$	-

(continued)

F-33 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
		Series 22
		2021		2020
Income
Interest income	$	-	$	-
Miscellaneous		-		-
		-		-
Gain on sale of operating limited
partnerships		-		-
Expenses
Fund management fee		-		-
General and administrative expenses		-		-
Professional fees		-		-
		-		-
NET INCOME (LOSS)	$	-	$	-
Net income (loss) allocated to general partner	$	-	$	-
Net income (loss) allocated to limited partners	$	-	$	-
Net income (loss) per BAC	$	-	$	-

(continued)

F-34 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2021 and 2020

		Series 23
		2021		2020
Income
Interest income	$	-	$	-
Miscellaneous		-		-
		-		-
Gain on sale of operating limited
partnerships		-		-
Expenses
Fund management fee		-		-
General and administrative expenses		-		-
Professional fees		-		-
		-		-
NET INCOME (LOSS)	$	-	$	-
Net income (loss) allocated to general partner	$	-	$	-
Net income (loss) allocated to limited partners	$	-	$	-
Net income (loss) per BAC	$	-	$	-

(continued)

F-35 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2021 and 2020

	Series 24
	2021		2020
Income
Interest income	$	-	$	2,719
Miscellaneous		-		1,680
		-		4,399
Gain on sale of operating limited
partnerships		-		278,516
Expenses
Fund management fee		-		26,041
General and administrative expenses		-		58,465
Professional fees		-		15,614
		-		100,120
NET INCOME (LOSS)	$	-	$	182,795
Net income (loss) allocated to general partner	$	-	$	1,828
Net income (loss) allocated to limited partners	$	-	$	180,967
Net income (loss) per BAC	$	-	$	0.08

(continued)

F-36 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2021 and 2020

		Series 25
		2021		2020
Income
Interest income	$	-	$	-
Miscellaneous		-		-
		-		-
Gain on sale of operating limited
partnerships		-		-
Expenses
Fund management fee		-		-
General and administrative expenses		-		-
Professional fees		-		-
		-		-
NET INCOME (LOSS)	$	-	$	-
Net income (loss) allocated to general partner	$	-	$	-
Net income (loss) allocated to limited partners	$	-	$	-
Net income (loss) per BAC	$	-	$	-

(continued)

F-37 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2021 and 2020

	Series 26
	2021			2020
Income
Interest income	$	1,068		$	6,567
Miscellaneous		-			420
		1,068			6,987
Gain on sale of operating limited
partnerships		18,800			109,433
Expenses
Fund management fee		15,044			44,474
General and administrative expenses		23,831			31,347
Professional fees		28,094			19,034
		66,969			94,855
NET INCOME (LOSS)	$	(47,101	)	$	21,565
Net income (loss) allocated to general partner	$	(471	)	$	216
Net income (loss) allocated to limited partners	$	(46,630	)	$	21,349
Net income (loss) per BAC	$	(0.01	)	$	0.01

(continued)

F-38 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2021 and 2020

	Series 27
	2021		2020
Income
Interest income	$	-	$	54,890

Miscellaneous		-		15,472
		-		70,362
Gain on sale of operating limited
partnerships		-		856,766
Expenses
Fund management fee		-		14,620
General and administrative expenses		-		80,756
Professional fees		-		13,626
		-		109,002
NET INCOME (LOSS)	$	-	$	818,126
Net income (loss) allocated to general partner	$	-	$	8,181
Net income (loss) allocated to limited partners	$	-	$	809,945
Net income (loss) per BAC	$	-	$	0.33

(continued)

F-39 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 28
	2021		2020
Income
Interest income	$	-	$	4,896
Miscellaneous		-		446
		-		5,342
Gain on sale of operating limited partnerships		-		73,248
Expenses
Fund management fee		-		18,112
General and administrative expenses		-		66,024
Professional fees		-		15,367
		-		99,503
NET INCOME (LOSS)	$	-	$	(20,913	)
Net income (loss) allocated to general partner	$	-	$	(209	)
Net income (loss) allocated to limited partners	$	-	$	(20,704	)
Net income (loss) per BAC	$	-	$	(0.01	)

(continued) 

F-40 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 29
	2021			2020
Income
Interest income	$	319		$	2,933
Miscellaneous		9,000			-
		9,319			2,933
Gain on sale of operating limited partnerships		44,500			-
Expenses
Fund management fee		21,752			24,474
General and administrative expenses		22,100			28,485
Professional fees		22,781			18,512
		66,633			71,471
NET INCOME (LOSS)	$	(12,814	)	$	(68,538	)
Net income (loss) allocated to general partner	$	(128	)	$	(685	)
Net income (loss) allocated to limited partners	$	(12,686	)	$	(67,853	)
Net income (loss) per BAC	$	-		$	(0.02	)

(continued)

F-41 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
		Series 30
		2021		2020
Income
Interest income	$	-	$	-
Miscellaneous		-		-
		-		-
Gain on sale of operating limited partnerships		-		-
Expenses
Fund management fee		-		-
General and administrative expenses		-		-
Professional fees		-		-
		-		-
NET INCOME (LOSS)	$	-	$	-
Net income (loss) allocated to general partner	$	-	$	-
Net income (loss) allocated to limited partners	$	-	$	-
Net income (loss) per BAC	$	-	$	-

(continued)

F-42 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 31
	2021		2020
Income
Interest income	$	-	$	18,039
Miscellaneous		-		-
		-		18,039
Gain on sale of operating limited partnerships		-		619,800
Expenses
Fund management fee		-		(66,518	)
General and administrative expenses		-		63,777
Professional fees		-		21,208
		-		18,467
NET INCOME (LOSS)	$	-	$	619,372
Net income (loss) allocated to general partner	$	-	$	6,194
Net income (loss) allocated to limited partners	$	-	$	613,178
Net income (loss) per BAC	$	-	$	0.14

(continued)

F-43 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 32
	2021		2020
Income
Interest income	$	781	$	4,160
Miscellaneous		40,978		4,320
		41,759		8,480
Gain on sale of operating limited partnerships		2,571,228		159,553
Expenses
Fund management fee		36,727		61,518
General and administrative expenses		23,678		30,921
Professional fees		26,633		18,374
		87,038		110,813
NET INCOME (LOSS)	$	2,525,949	$	57,220

Net income (loss) allocated to general partner	$	25,259	$	572
Net income (loss) allocated to limited partners	$	2,500,690	$	56,648
Net income (loss) per BAC	$	0.53	$	0.01

(continued)

F-44 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 33
	2021		2020
Income
Interest income	$	1,319	$	5,737
Miscellaneous		40,978		14,427
		42,297		20,164
Gain on sale of operating limited partnerships		2,492,020		1,469,594
Expenses
Fund management fee		20,807		25,268
General and administrative expenses		18,583		22,843
Professional fees		21,150		17,031
		60,540		65,142
NET INCOME (LOSS)	$	2,473,777	$	1,424,616
Net income (loss) allocated to general partner	$	24,738	$	14,246
Net income (loss) allocated to limited partners	$	2,449,039	$	1,410,370
Net income (loss) per BAC	$	0.94	$	0.54

(continued)

F-45 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 34
	2021			2020
Income
Interest income	$	341		$	4,656
Miscellaneous		2,000			2,100
		2,341			6,756
Gain on sale of operating limited partnerships		20,800			284,500
Expenses
Fund management fee		19,902			37,344
General and administrative expenses		20,834			24,773
Professional fees		25,710			14,924
		66,446			77,041
NET INCOME (LOSS)	$	(43,305	)	$	214,215
Net income (loss) allocated to general partner	$	(433	)	$	2,142
Net income (loss) allocated to limited partners	$	(42,872	)	$	212,073
Net income (loss) per BAC	$	(0.01	)	$	0.06

(continued)

F-46 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 35
	2021		2020
Income
Interest income	$	-	$	34,037
Miscellaneous		-		5,963
		-		40,000
Gain on sale of operating limited
partnerships		-		1,555,642
Expenses
Fund management fee		-		25,535
General and administrative expenses		-		58,889
Professional fees		-		13,305
		-		97,729
NET INCOME (LOSS)	$	-	$	1,497,913
Net income (loss) allocated to general partner	$	-	$	14,979
Net income (loss) allocated to limited partners	$	-	$	1,482,934
Net income (loss) per BAC	$	-	$	0.45

(continued)

F-47 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 36
	2021		2020
Income
Interest income	$	-	$	26,478
Miscellaneous		-		-
		-		26,478
Gain on sale of operating limited
partnerships		-		581,982
Expenses
Fund management fee		-		10,650
General and administrative expenses		-		56,198
Professional fees		-		13,973
		-		80,821
NET INCOME (LOSS)	$	-	$	527,639
Net income (loss) allocated to general partner	$	-	$	5,276
Net income (loss) allocated to limited partners	$	-	$	522,363
Net income (loss) per BAC	$	-	$	0.25

(continued)

F-48 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
		Series 37
		2021		2020
Income
Interest income	$	-	$	-
Miscellaneous		-		-
		-		-
Gain on sale of operating limited
partnerships		-		-
Expenses
Fund management fee		-		-
General and administrative expenses		-		-
Professional fees		-		-
		-		-
NET INCOME (LOSS)	$	-	$	-
Net income (loss) allocated to general partner	$	-	$	-
Net income (loss) allocated to limited partners	$	-	$	-
Net income (loss) per BAC	$	-	$	-

(continued)

F-49 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 38
	2021		2020
Income
Interest income	$	-	$	19,192
Miscellaneous		-		5,700
		-		24,892
Gain on sale of operating limited
partnerships		-		1,506,757
Expenses
Fund management fee		-		19,065
General and administrative expenses		-		57,561
Professional fees		-		14,670
		-		91,296
NET INCOME (LOSS)	$	-	$	1,440,353
Net income (loss) allocated to general partner	$	-	$	14,404
Net income (loss) allocated to limited partners	$	-	$	1,425,949
Net income (loss) per BAC	$	-	$	0.56

(continued)

F-50 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2021 and 2020

		Series 39
		2021		2020
Income
Interest income	$	-	$	-
Miscellaneous		-		-
		-		-
Gain on sale of operating limited
partnerships		-		-
Expenses
Fund management fee		-		-
General and administrative expenses		-		-
Professional fees		-		-
		-		-
NET INCOME (LOSS)	$	-	$	-
Net income (loss) allocated to general partner	$	-	$	-
Net income (loss) allocated to limited partners	$	-	$	-
Net income (loss) per BAC	$	-	$	-

(continued)

F-51 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 40
	2021		2020
Income
Interest income	$	-	$	3,050
Miscellaneous		-		6,639
		-		9,689
Gain on sale of operating limited
partnerships		-		2,962,474
Expenses
Fund management fee		-		44,930
General and administrative expenses		-		62,999
Professional fees		-		19,462
		-		127,391
NET INCOME (LOSS)	$	-	$	2,844,772
Net income (loss) allocated to general partner	$	-	$	28,448
Net income (loss) allocated to limited partners	$	-	$	2,816,324
Net income (loss) per BAC	$	-	$	1.08

(continued)

F-52 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 41
	2021		2020
Income
Interest income	$	670	$	4,178
Miscellaneous		53,142		90,119
		53,812		94,297
Gain on sale of operating limited
partnerships		98,100		28,040
Expenses
Fund management fee		89,434		104,865
General and administrative expenses		20,401		24,048
Professional fees		28,153		21,619
		137,988		150,532
NET INCOME (LOSS)	$	13,924	$	(28,195	)
Net income (loss) allocated to general partner	$	139	$	(282	)
Net income (loss) allocated to limited partners	$	13,785	$	(27,913	)
Net income (loss) per BAC	$	-	$	(0.01	)

(continued)

F-53 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 42
	2021		2020
Income
Interest income	$	2,319	$	19,135
Miscellaneous		39,314		28,068
		41,633		47,203
Gain on sale of operating limited
partnerships		722,454		401,094
Expenses
Fund management fee		52,866		88,768
General and administrative expenses		18,481		22,965
Professional fees		29,477		29,154
		100,824		140,887
NET INCOME (LOSS)	$	663,263	$	307,410
Net income (loss) allocated to general partner	$	6,633	$	3,074
Net income (loss) allocated to limited partners	$	656,630	$	304,336
Net income (loss) per BAC	$	0.24	$	0.11

(continued)

F-54 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 43
	2021		2020
Income
Interest income	$	2,174	$	18,852
Miscellaneous		1,542		13,834
		3,716		32,686
Gain on sale of operating limited
partnerships		186,635		1,277,506
Expenses
Fund management fee		32,238		86,976
General and administrative expenses		73,901		26,475
Professional fees		33,840		26,731
		139,979		140,182
NET INCOME (LOSS)	$	50,372	$	1,170,010
Net income (loss) allocated to general partner	$	504	$	11,700
Net income (loss) allocated to limited partners	$	49,868	$	1,158,310
Net income (loss) per BAC	$	0.01	$	0.32

(continued)

F-55 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 44
	2021		2020
Income
Interest income	$	662	$	17,407
Miscellaneous		11,803		13,844
		12,465		31,251
Gain on sale of operating limited
partnerships		612,172		3,092,325
Expenses
Fund management fee		90,353		164,570
General and administrative expenses		19,325		22,671
Professional fees		26,553		17,508
		136,231		204,749
NET INCOME (LOSS)	$	488,406	$	2,918,827
Net income (loss) allocated to general partner	$	4,884	$	29,188
Net income (loss) allocated to limited partners	$	483,522	$	2,889,639
Net income (loss) per BAC	$	0.18	$	1.08

(continued)

F-56 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2021 and 2020

	Series 45
	2021		2020
Income
Interest income	$	667	$	12,705
Miscellaneous		48,721		42,743
		49,388		55,448
Gain on sale of operating limited
partnerships		214,717		673,509
Expenses
Fund management fee		97,873		209,608
General and administrative expenses		23,715		31,455
Professional fees		85,435		41,757
		207,023		282,820
NET INCOME (LOSS)	$	57,082	$	446,137
Net income (loss) allocated to general partner	$	571	$	4,461
Net income (loss) allocated to limited partners	$	56,511	$	441,676
Net income (loss) per BAC	$	0.01	$	0.11

(continued)

F-57 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 46
	2021			2020
Income
Interest income	$	1,188		$	5,621
Miscellaneous		62,640			61,004
		63,828			66,625
Gain on sale of operating limited
partnerships		113,326			43,000
Expenses
Fund management fee		171,152			161,792
General and administrative expenses		21,731			25,226
Professional fees		34,009			25,294
		226,892			212,312
NET INCOME (LOSS)	$	(49,738	)	$	(102,687	)
Net income (loss) allocated to general partner	$	(497	)	$	(1,027	)
Net income (loss) allocated to limited partners	$	(49,241	)	$	(101,660	)
Net income (loss) per BAC	$	(0.02	)	$	(0.03	)

(see notes to financial statements)

F-58 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Years ended March 31, 2021 and 2020
Total		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	3,656,782		$	(587,493	)	$	3,069,289
Distributions		(23,827,546	)		-			(23,827,546	)
Net income (loss)		14,127,931			142,706			14,270,637
Partners’ capital (deficit), March 31, 2020		(6,042,833	)		(444,787	)		(6,487,620	)
Distributions		(1,466,663	)		-			(1,466,663	)
Net income (loss)		6,058,616			61,199			6,119,815
Partners’ capital (deficit), March 31, 2021	$	(1,450,880	)	$	(383,588	)	$	(1,834,468	)
Series 20		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	(754,767	)	$	754,767		$	-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2020		(754,767	)		754,767			-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	(754,767	)	$	754,767		$	-

(continued)

F-59 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 21		Limited partners			General partner		Total
Partners’ capital (deficit), March 31, 2019	$	(898,231	)	$	898,231	$	-
Distributions		-			-		-
Net income (loss)		-			-		-
Partners’ capital (deficit), March 31, 2020		(898,231	)		898,231		-
Distributions		-			-		-
Net income (loss)		-			-		-
Partners’ capital (deficit), March 31, 2021	$	(898,231	)	$	898,231	$	-
Series 22		Limited partners			General partner		Total
Partners’ capital (deficit), March 31, 2019	$	(2,448,362	)	$	2,448,362	$	-
Distributions		-			-		-
Net income (loss)		-			-		-
Partners’ capital (deficit), March 31, 2020		(2,448,362	)		2,448,362		-
Distributions		-			-		-
Net income (loss)		-			-		-
Partners’ capital (deficit), March 31, 2021	$	(2,448,362	)	$	2,448,362	$	-

(continued)

F-60 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 23		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	(224,264	)	$	224,264		$	-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2020		(224,264	)		224,264			-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	(224,264	)	$	224,264		$	-
Series 24	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	577,250		$	(175,232	)	$	402,018
Distributions		(584,813	)		-			(584,813	)
Net income (loss)		180,967			1,828			182,795
Partners’ capital (deficit), March 31, 2020		173,404			(173,404	)		-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	173,404		$	(173,404	)	$	-

(continued)

F-61 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 25	Limited partners		General partner			Total
Partners’ capital (deficit), March 31, 2019	$	219,815	$	(219,815	)	$	-
Distributions		-		-			-
Net income (loss)		-		-			-
Partners’ capital (deficit), March 31, 2020		219,815		(219,815	)		-
Distributions		-		-			-
Net income (loss)		-		-			-
Partners’ capital (deficit), March 31, 2021	$	219,815	$	(219,815	)	$	-

Series 26	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	867,237		$	(312,798	)	$	554,439
Distributions		-			-			-
Net income (loss)		21,349			216			21,565
Partners’ capital (deficit), March 31, 2020		888,586			(312,582	)		576,004
Distributions		-			-			-
Net income (loss)		(46,630	)		(471	)		(47,101	)
Partners’ capital (deficit), March 31, 2021	$	841,956		$	(313,053	)	$	528,903

(continued)

F-62 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 27	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	6,641,679		$	(141,445	)	$	6,500,234
Distributions		(7,318,360	)		-			(7,318,360	)
Net income (loss)		809,945			8,181			818,126
Partners’ capital (deficit), March 31, 2020		133,264			(133,264	)		-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	133,264		$	(133,264	)	$	-

Series 28	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	965,536		$	(274,931	)	$	690,605
Distributions		(669,692	)		-			(669,692	)
Net income (loss)		(20,704	)		(209	)		(20,913	)
Partners’ capital (deficit), March 31, 2020		275,140			(275,140	)		-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	275,140		$	(275,140	)	$	-

(continued)

F-63 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 29	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	(2,513,222	)	$	(367,454	)	$	(2,880,676	)
Distributions		-			-			-
Net income (loss)		(67,853	)		(685	)		(68,538	)
Partners’ capital (deficit), March 31, 2020		(2,581,075	)		(368,139	)		(2,949,214	)
Distributions		-			-			-
Net income (loss)		(12,686	)		(128	)		(12,814	)
Partners’ capital (deficit), March 31, 2021	$	(2,593,761	)	$	(368,267	)	$	(2,962,028	)

Series 30	Limited partners			General partner		Total
Partners’ capital (deficit), March 31, 2019	$	(883,119	)	$	883,119	$	-
Distributions		-			-		-
Net income (loss)		-			-		-
Partners’ capital (deficit), March 31, 2020		(883,119	)		883,119		-
Distributions		-			-		-
Net income (loss)		-			-		-
Partners’ capital (deficit), March 31, 2021	$	(883,119	)	$	883,119	$	-

(continued)

F-64 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 31	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	2,313,293		$	(359,723	)	$	1,953,570
Distributions		(2,572,942	)		-			(2,572,942	)
Net income (loss)		613,178			6,194			619,372
Partners’ capital (deficit), March 31, 2020		353,529			(353,529	)		-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	353,529		$	(353,529	)	$	-

Series 32	Limited partners		General partner			Total
Partners’ capital (deficit), March 31, 2019	$	458,311	$	(405,839	)	$	52,472
Distributions		-		-			-
Net income (loss)		56,648		572			57,220
Partners’ capital (deficit), March 31, 2020		514,959		(405,267	)		109,692
Distributions		-		-			-
Net income (loss)		2,500,690		25,259			2,525,949
Partners’ capital (deficit), March 31, 2021	$	3,015,649	$	(380,008	)	$	2,635,641

(continued)

F-65 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 33		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	(628,268	)	$	(234,407	)	$	(862,675	)
Distributions		-			-			-
Net income (loss)		1,410,370			14,246			1,424,616
Partners’ capital (deficit), March 31, 2020		782,102			(220,161	)		561,941
Distributions		-			-			-
Net income (loss)		2,449,039			24,738			2,473,777
Partners’ capital (deficit), March 31, 2021	$	3,231,141		$	(195,423	)	$	3,035,718

Series 34		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	(2,186,040	)	$	(325,505	)	$	(2,511,545	)
Distributions		-			-			-
Net income (loss)		212,073			2,142			214,215
Partners’ capital (deficit), March 31, 2020		(1,973,967	)		(323,363	)		(2,297,330	)
Distributions		-			-			-
Net income (loss)		(42,872	)		(433	)		(43,305	)
Partners’ capital (deficit), March 31, 2021	$	(2,016,839	)	$	(323,796	)	$	(2,340,635	)

(continued)

F-66 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 35		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	4,633,841		$	(238,067	)	$	4,395,774
Distributions		(5,893,687	)		-			(5,893,687	)
Net income (loss)		1,482,934			14,979			1,497,913

Partners’ capital (deficit), March 31, 2020		223,088			(223,088	)		-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	223,088		$	(223,088	)	$	-
Series 36		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	2,670,150		$	(153,497	)	$	2,516,653
Distributions		(3,044,292	)		-			(3,044,292	)
Net income (loss)		522,363			5,276			527,639
Partners’ capital (deficit), March 31, 2020		148,221			(148,221	)		-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	148,221		$	(148,221	)	$	-

(continued)

F-67 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 37		Limited partners		General partner			Total
Partners’ capital (deficit), March 31, 2019	$	205,359	$	(205,359	)	$	-
Distributions		-		-			-
Net income (loss)		-		-			-
Partners’ capital (deficit), March 31, 2020		205,359		(205,359	)		-

Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	205,359		$	(205,359	)	$	-
Series 38		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	1,702,399		$	(203,293	)	$	1,499,106
Distributions		(2,939,459	)		-			(2,939,459	)
Net income (loss)		1,425,949			14,404			1,440,353
Partners’ capital (deficit), March 31, 2020		188,889			(188,889	)		-
Distributions					-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	188,889		$	(188,889	)	$	-

(continued)

F-68 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 39	Limited partners		General partner			Total
Partners’ capital (deficit), March 31, 2019	$	196,043	$	(196,043	)	$	-
Distributions		-		-			-
Net income (loss)		-		-			-
Partners’ capital (deficit), March 31, 2020		196,043		(196,043	)		-
Distributions		-		-			-

Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	196,043		$	(196,043	)	$	-
Series 40		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	(1,795,123	)	$	(245,348	)	$	(2,040,471	)
Distributions		(804,301	)		-			(804,301	)
Net income (loss)		2,816,324			28,448			2,844,772
Partners’ capital (deficit), March 31, 2020		216,900			(216,900	)		-
Distributions		-			-			-
Net income (loss)		-			-			-
Partners’ capital (deficit), March 31, 2021	$	216,900		$	(216,900	)	$	-

(continued)

F-69 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 41		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	(1,995,553	)	$	(271,842	)	$	(2,267,395	)
Distributions		-			-			-
Net income (loss)		(27,913	)		(282	)		(28,195	)
Partners’ capital (deficit), March 31, 2020		(2,023,466	)		(272,124	)		(2,295,590	)
Distributions		-			-			-

Net income (loss)		13,785			139			13,924
Partners’ capital (deficit), March 31, 2021	$	(2,009,681	)	$	(271,985	)	$	(2,281,666	)
Series 42		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	1,539,351		$	(227,822	)	$	1,311,529
Distributions		-			-			-
Net income (loss)		304,336			3,074			307,410
Partners’ capital (deficit), March 31, 2020		1,843,687			(224,748	)		1,618,939
Distributions		-			-			-
Net income (loss)		656,630			6,633			663,263
Partners’ capital (deficit), March 31, 2021	$	2,500,317		$	(218,115	)	$	2,282,202

(continued)

F-70 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 43	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	565,339		$	(319,058	)	$	246,281
Distributions		-			-			-
Net income (loss)		1,158,310			11,700			1,170,010
Partners’ capital (deficit), March 31, 2020		1,723,649			(307,358	)		1,416,291
Distributions		(1,466,663	)		-			(1,466,663	)
Net income (loss)		49,868			504			50,372

Partners’ capital (deficit), March 31, 2021	$	306,854		$	(306,854	)	$	-
Series 44		Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	(2,696,719	)	$	(267,086	)	$	(2,963,805	)
Distributions		-			-			-
Net income (loss)		2,889,639			29,188			2,918,827
Partners’ capital (deficit), March 31, 2020		192,920			(237,898	)		(44,978	)
Distributions		-			-			-
Net income (loss)		483,522			4,884			488,406
Partners’ capital (deficit), March 31, 2021	$	676,442		$	(233,014	)	$	443,428

(continued)

F-71 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2021 and 2020
Series 45	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	(1,577,434	)	$	(373,168	)	$	(1,950,602	)
Distributions		-			-			-
Net income (loss)		441,676			4,461			446,137
Partners’ capital (deficit), March 31, 2020		(1,135,758	)		(368,707	)		(1,504,465	)
Distributions		-			-			-
Net income (loss)		56,511			571			57,082
Partners’ capital (deficit), March 31, 2021	$	(1,079,247	)	$	(368,136	)	$	(1,447,383	)

Series 46	Limited partners			General partner			Total
Partners’ capital (deficit), March 31, 2019	$	(1,297,719	)	$	(278,504	)	$	(1,576,223	)
Distributions		-			-			-
Net income (loss)		(101,660	)		(1,027	)		(102,687	)
Partners’ capital (deficit), March 31, 2020		(1,399,379	)		(279,531	)		(1,678,910	)
Distributions		-			-			-
Net income (loss)		(49,241	)		(497	)		(49,738	)
Partners’ capital (deficit), March 31, 2021	$	(1,448,620	)	$	(280,028	)	$	(1,728,648	)

(see notes to financial statements)

F-72 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Years ended March 31, 2021 and 2020
	Total
	2021			2020
Cash flows from operating activities
Net income (loss)	$	6,119,815		$	14,270,637
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(7,094,752	)		(15,973,739	)
Changes in assets and liabilities
Other assets		4,259			-
Accounts payable and accrued expenses		(15,973	)		(534,316	)
Accounts payable - affiliates		(443,708	)		(6,195,140	)
Net cash provided by (used in) operating activities		(1,430,359	)		(8,432,558	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		7,094,498			15,955,684
Net cash provided by investing activities		7,094,498			15,955,684
Cash flows from financing activities
Distributions		(1,466,663	)		(23,827,546	)
Net cash used in financing activities		(1,466,663	)		(23,827,546	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,197,476			(16,304,420	)
Cash and cash equivalents, beginning		6,622,109			22,926,529
Cash and cash equivalents, ending	$	10,819,585		$	6,622,109
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	25,000

(continued)

F-73 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

		Series 20
		2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	-
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		-
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		-
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		-
Net cash provided by investing activities		-		-
Cash flows from financing activities
Distributions		-		-
Net cash used in financing activities		-		-
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-74 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
		Series 21
		2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	-
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		-
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		-
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		-
Net cash provided by investing activities		-		-
Cash flows from financing activities
Distributions		-		-
Net cash used in financing activities		-		-
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-75 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

		Series 22
		2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	-
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		-
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		-
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		-
Net cash provided by investing activities		-		-
Cash flows from financing activities
Distributions		-		-
Net cash used in financing activities		-		-
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-76 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

		Series 23
		2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	-
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		-
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		-
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		-
Net cash provided by investing activities		-		-
Cash flows from financing activities
Distributions		-		-
Net cash used in financing activities		-		-
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-77 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 24
	2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	182,795
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		(278,516	)
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		(95,721	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		278,516
Net cash provided by investing activities		-		278,516
Cash flows from financing activities
Distributions		-		(584,813	)
Net cash used in financing activities		-		(584,813	)
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-78 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
		Series 25
		2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	-
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		-
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		-
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		-
Net cash provided by investing activities		-		-
Cash flows from financing activities
Distributions		-		-
Net cash used in financing activities		-		-
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-79 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 26
	2021			2020
Cash flows from operating activities
Net income (loss)	$	(47,101	)	$	21,565
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(18,800	)		(109,433	)
Changes in assets and liabilities
Other assets		(75	)		-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		2,199			-
Net cash provided by (used in) operating activities		(63,777	)		(87,868	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		18,800			109,433
Net cash provided by investing activities		18,800			109,433
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(44,977	)		21,565
Cash and cash equivalents, beginning		576,004			554,439
Cash and cash equivalents, ending	$	531,027		$	576,004
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-80 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 27
	2021			2020
Cash flows from operating activities
Net income (loss)	$	-		$	818,126
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-			(856,766	)
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-	��		-
Accounts payable - affiliates		-			-
Net cash provided by (used in) operating activities		-			(38,640	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-			856,766
Net cash provided by investing activities		-			856,766
Cash flows from financing activities
Distributions		-			(7,318,360	)
Net cash used in financing activities		-			(7,318,360	)
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-81 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 28
	2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	(20,913	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		(73,248	)
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		(94,161	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		73,248
Net cash provided by investing activities		-		73,248
Cash flows from financing activities
Distributions		-		(669,692	)
Net cash used in financing activities		-		(669,692	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		-		(690,605	)
Cash and cash equivalents, beginning		-		690,605
Cash and cash equivalents, ending	$	-	$	-
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-82 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 29
	2021			2020
Cash flows from operating activities
Net income (loss)	$	(12,814	)	$	(68,538	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(44,500	)		-
Changes in assets and liabilities
Other assets		(2,148	)		-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		21,752			29,040
Net cash provided by (used in) operating activities		(37,710	)		(39,498	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		44,500			-
Net cash provided by investing activities		44,500			-
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		6,790			(39,498	)
Cash and cash equivalents, beginning		157,446			196,944
Cash and cash equivalents, ending	$	164,236		$	157,446
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-83 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

		Series 30
		2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	-
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		-
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		-
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		-
Net cash provided by investing activities		-		-
Cash flows from financing activities
Distributions		-		-
Net cash used in financing activities		-		-
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-84 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 31
	2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	619,372
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		(619,800	)
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		(428	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		619,800
Net cash provided by investing activities		-		619,800
Cash flows from financing activities
Distributions		-		(2,572,942	)
Net cash used in financing activities		-		(2,572,942	)
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	25,000

(continued)

F-85 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 32
	2021			2020
Cash flows from operating activities
Net income (loss)	$	2,525,949		$	57,220
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(2,571,228	)		(159,553	)
Changes in assets and liabilities
Other assets		(74	)		-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		(78,664	)		(135,014	)
Net cash provided by (used in) operating activities		(124,017	)		(237,347	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		2,571,228			158,324
Net cash provided by investing activities		2,571,228			158,324
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,447,211			(79,023	)
Cash and cash equivalents, beginning		193,203			272,226
Cash and cash equivalents, ending	$	2,640,414		$	193,203
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-86 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

	Series 33
	2021			2020
Cash flows from operating activities
Net income (loss)	$	2,473,777		$	1,424,616
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(2,492,020	)		(1,469,594	)
Changes in assets and liabilities
Other assets		(74	)		-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		4,992			(1,099,287	)
Net cash provided by (used in) operating activities		(13,325	)		(1,144,265	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		2,492,020			1,469,594
Net cash provided by investing activities		2,492,020			1,469,594
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,478,695			325,329
Cash and cash equivalents, beginning		561,941			236,612
Cash and cash equivalents, ending	$	3,040,636		$	561,941
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-87 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

	Series 34
	2021			2020
Cash flows from operating activities
Net income (loss)	$	(43,305	)	$	214,215
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(20,800	)		(284,500	)
Changes in assets and liabilities
Other assets		(74	)		-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		24,102			(244,156	)
Net cash provided by (used in) operating activities		(40,077	)		(314,441	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		20,800			284,500
Net cash provided by investing activities		20,800			284,500
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(19,277	)		(29,941	)
Cash and cash equivalents, beginning		148,344			178,285
Cash and cash equivalents, ending	$	129,067		$	148,344
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-88 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

	Series 35
	2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	1,497,913
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		(1,555,642	)
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		(57,729	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		1,555,642
Net cash 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	)
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-89 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

	Series 36
	2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	527,639
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		(581,982	)
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		(24,706	)
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		(79,049	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		581,982
Net cash provided by investing activities		-		581,982
Cash flows from financing activities
Distributions		-		(3,044,292	)
Net cash used in financing activities		-		(3,044,292	)
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-90 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

		Series 37
		2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	-
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		-
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		-
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		-
Net cash provided by investing activities		-		-
Cash flows from financing activities
Distributions		-		-
Net cash used in financing activities		-		-
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-91 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

	Series 38
		2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	1,440,353
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		(1,506,757	)
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		(66,404	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		1,506,757
Net cash 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	)
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-92 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

		Series 39
		2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	-
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		-
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		-
Accounts payable - affiliates		-		-
Net cash provided by (used in) operating activities		-		-
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		-
Net cash provided by investing activities		-		-
Cash flows from financing activities
Distributions		-		-
Net cash used in financing activities		-		-
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-93 

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2021 and 2020

	Series 40
		2021		2020
Cash flows from operating activities
Net income (loss)	$	-	$	2,844,772
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		-		(2,962,474	)
Changes in assets and liabilities
Other assets		-		-
Accounts payable and accrued expenses		-		(9,500	)
Accounts payable - affiliates		-		(2,224,213	)
Net cash provided by (used in) operating activities		-		(2,351,415	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		-		2,962,372
Net cash provided by investing activities		-		2,962,372
Cash flows from financing activities
Distributions		-		(804,301	)
Net cash used in financing activities		-		(804,301	)
NET 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 has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-	$	-

(continued)

F-94 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 41
	2021			2020
Cash flows from operating activities
Net income (loss)	$	13,924		$	(28,195	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(98,100	)		(28,040	)
Changes in assets and liabilities
Other assets		(437	)		-
Accounts payable and accrued expenses		1			-
Accounts payable - affiliates		43,016			134,220
Net cash provided by (used in) operating activities		(41,596	)		77,985
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		98,100			28,040
Net cash provided by investing activities		98,100			28,040
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		56,504			106,025
Cash and cash equivalents, beginning		352,239			246,214
Cash and cash equivalents, ending	$	408,743		$	352,239
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-95 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 42
	2021			2020
Cash flows from operating activities
Net income (loss)	$	663,263		$	307,410
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(722,454	)		(401,094	)
Changes in assets and liabilities
Other assets		11,218			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		36,736			-
Net cash provided by (used in) operating activities		(11,237	)		(93,684	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		722,200			401,094
Net cash provided by investing activities		722,200			401,094
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		710,963			307,410
Cash and cash equivalents, beginning		1,607,893			1,300,483
Cash and cash equivalents, ending	$	2,318,856		$	1,607,893
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-96 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 43
	2021			2020
Cash flows from operating activities
Net income (loss)	$	50,372		$	1,170,010
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(186,635	)		(1,277,506	)
Changes in assets and liabilities
Other assets		-			-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		-			(168,259	)
Net cash provided by (used in) operating activities		(136,263	)		(275,755	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		186,635			1,277,506
Net cash provided by investing activities		186,635			1,277,506
Cash flows from financing activities
Distributions		(1,466,663	)		-
Net cash used in financing activities		(1,466,663	)		-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,416,291	)		1,001,751
Cash and cash equivalents, beginning		1,416,291			414,540
Cash and cash equivalents, ending	$	-		$	1,416,291
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-97 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 44
	2021			2020
Cash flows from operating activities
Net income (loss)	$	488,406		$	2,918,827
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(612,172	)		(3,092,325	)
Changes in assets and liabilities
Other assets		(205	)		-
Accounts payable and accrued expenses		(3,974	)		4,000
Accounts payable - affiliates		36,818			(2,714,154	)
Net cash provided by (used in) operating activities		(91,127	)		(2,883,652	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		612,172			3,092,325
Net cash provided by investing activities		612,172			3,092,325
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		521,045			208,673
Cash and cash equivalents, beginning		321,693			113,020
Cash and cash equivalents, ending	$	842,738		$	321,693
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-98 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 45
	2021			2020
Cash flows from operating activities
Net income (loss)	$	57,082		$	446,137
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(214,717	)		(673,509	)
Changes in assets and liabilities
Other assets		(2,627	)		-
Accounts payable and accrued expenses		(12,000	)		(504,110	)
Accounts payable - affiliates		(607,163	)		17,487
Net cash provided by (used in) operating activities		(779,425	)		(713,995	)
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		214,717			656,785
Net cash provided by investing activities		214,717			656,785
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(564,708	)		(57,210	)
Cash and cash equivalents, beginning		859,371			916,581
Cash and cash equivalents, ending	$	294,663		$	859,371
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(continued)

F-99 

BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2021 and 2020
	Series 46
	2021			2020
Cash flows from operating activities
Net income (loss)	$	(49,738	)	$	(102,687	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships		(113,326	)		(43,000	)
Changes in assets and liabilities
Other assets		(1,245	)		-
Accounts payable and accrued expenses		-			-
Accounts payable - affiliates		72,504			209,196
Net cash provided by (used in) operating activities		(91,805	)		63,509
Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		113,326			43,000
Net cash provided by investing activities		113,326			43,000
Cash flows from financing activities
Distributions		-			-
Net cash used in financing activities		-			-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		21,521			106,509
Cash and cash equivalents, beginning		427,684			321,175
Cash and cash equivalents, ending	$	449,205		$	427,684
Supplemental schedule of noncash investing and financing activities
The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships.	$	-		$	-

(see notes to financial statements)

F-100 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS

March 31, 2021 and 2020

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and does not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner have been assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors are entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

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 beneficial assignee certificates (BACs) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner.  The fund has registered 101,500,000 BACs at $10 per BAC for sale to the public in one or more series.  BACs sold in bulk are offered to investors at a reduced cost per BAC.

F-101 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The BACs issued and outstanding in each series as of March 31, 2021 and 2020 are as follows:

	Issued				Outstanding
	2021		2020		2021		2020
Series 20		3,866,700		3,866,700		3,828,200		3,828,200
Series 21		1,892,700		1,892,700		1,879,500		1,879,500
Series 22		2,564,400		2,564,400		2,550,145		2,550,145
Series 23		3,336,727		3,336,727		3,303,327		3,303,327
Series 24		2,169,878		2,169,878		2,150,053		2,150,053
Series 25		3,026,109		3,026,109		3,016,809		3,016,809
Series 26		3,995,900		3,995,900		3,926,374		3,929,074
Series 27		2,460,700		2,460,700		2,431,350		2,431,350
Series 28		4,000,738		4,000,738		3,979,139		3,979,139
Series 29		3,991,800		3,991,800		3,911,725		3,923,225
Series 30		2,651,000		2,651,000		2,621,200		2,621,200
Series 31		4,417,857		4,417,857		4,375,757		4,375,757
Series 32		4,754,198		4,754,198		4,706,298		4,715,798
Series 33		2,636,533		2,636,533		2,605,833		2,606,833
Series 34		3,529,319		3,529,319		3,474,319		3,477,719
Series 35		3,300,463		3,300,463		3,277,913		3,277,913
Series 36		2,106,838		2,106,838		2,083,704		2,083,704
Series 37		2,512,500		2,512,500		2,489,100		2,489,100
Series 38		2,543,100		2,543,100		2,536,200		2,536,200
Series 39		2,292,151		2,292,151		2,288,351		2,288,351
Series 40		2,630,256		2,630,256		2,611,356		2,611,356
Series 41		2,891,626		2,891,626		2,865,176		2,867,676
Series 42		2,744,262		2,744,262		2,706,362		2,716,362
Series 43		3,637,987		3,637,987		3,617,987		3,617,987
Series 44		2,701,973		2,701,973		2,682,873		2,687,173
Series 45		4,014,367		4,014,367		3,989,967		3,996,467
Series 46		2,980,998		2,980,998		2,965,635		2,965,635
		83,651,080		83,651,080		82,874,653		82,926,053

F-102 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships

The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued.  However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships.  Unrecognized losses are suspended and offset against future individual operating limited partnership income.

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables.  Accordingly, the Fund recorded a valuation allowance of $7,893 for both years March 31, 2021 and 2020.

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable.  Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters.  Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected.  The Fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year end.  The Fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year end.

The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount.  The operating limited partnerships record capital contributions from the fund when received.

F-103 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

Prior to January 1, 1999, the Fund recorded acquisition costs as an increase in its investments in operating limited partnerships.  These costs were amortized by the operating limited partnerships over 27.5 years on the straight-line method.  Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the fund.  These differences are shown as reconciling items in note C.  As of January 1, 1999, the Fund records acquisition costs incurred after January 1, 1999 as deferred acquisition costs.  These costs are amortized on the straight-line method.

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. 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 is required to consolidate the VIE.

The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements.

F-104 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED 

March 31, 2021 and 2020
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
	Investments in Operating Limited Partnerships (Continued)
	Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited 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 limited partnerships, advances to operating limited 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 operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating limited partnerships' general partners and their guarantee against credit recapture.

F-105 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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 funds’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 2017 remain open.

Cash and Cash Equivalents

Cash equivalents include money market accounts having original maturities at date of acquisition of three months or less.  The carrying value approximates fair value because of the short maturity of these instruments.  

Fiscal Year

For financial reporting purposes, the fund uses a March 31 year end, whereas for income tax reporting purposes, the fund uses a calendar year.  The operating limited partnerships use a calendar year for both financial and income tax reporting.

F-106 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Net Income (Loss) per Beneficial Assignee Certificate

Net income (loss) per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period.  The weighted average number of units in each series at March 31, 2021 and 2020 are as follows:

	2021		2020
Series 20		3,828,200		3,828,200
Series 21		1,879,500		1,879,500
Series 22		2,550,145		2,550,145
Series 23		3,303,327		3,303,327
Series 24		2,150,053		2,150,053
Series 25		3,016,809		3,016,809
Series 26		3,928,399		3,949,774
Series 27		2,431,350		2,431,350
Series 28		3,979,139		3,979,139
Series 29		3,920,350		3,938,000
Series 30		2,621,200		2,621,200
Series 31		4,375,757		4,375,757
Series 32		4,713,423		4,722,173
Series 33		2,606,583		2,617,783
Series 34		3,476,869		3,491,744
Series 35		3,277,913		3,277,913
Series 36		2,083,704		2,083,704
Series 37		2,489,100		2,489,100
Series 38		2,536,200		2,536,200
Series 39		2,288,351		2,288,351
Series 40		2,611,356		2,611,356
Series 41		2,867,051		2,871,239
Series 42		2,713,862		2,721,237
Series 43		3,617,987		3,625,112
Series 44		2,686,098		2,688,673
Series 45		3,994,842		4,004,492
Series 46		2,965,635		2,965,635
		82,913,203		83,017,966

F-107 

BF Garden Tax Credit Fund IV L.P.  

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

F-108 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2021 and March 31, 2020, the Fund entered into several transactions with various former and current affiliates of the general partner, including Boston Capital Partners, Inc., , Boston Capital Holdings Limited Partnership,  Boston Capital Asset Management Limited Partnership, and BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership) as follows:  

The Fund originally incurred an annual fund management fee to Boston Capital Asset Management Limited Partnership, a former affiliate of the general partner.  As part of the sale disclosed in Note A, the fund management fee is now payable to BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the general partner as of December 15, 2020, in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating limited partnerships, less the amount of certain asset management and reporting fees paid by the operating limited partnerships.  The fund management fees earned and the reporting fees paid by the operating limited partners for the years ended March 2021 and 2020 are as follows:

			2021
	Gross Fund Management Fee		Asset Management and Reporting Fee		Fund Management Fee net of Asset Management and Reporting Fee
Series 20	$	-	$	-	$	-
Series 21		-		-		-
Series 22		-		-		-
Series 23		-		-		-
Series 24		-		-		-
Series 25		-		-		-
Series 26		15,044		-		15,044
Series 27		-		-		-
Series 28		-		-		-
Series 29		21,752		-		21,752
Series 30		-		-		-
Series 31		-		-		-
Series 32		50,243		13,516		36,727
Series 33		34,323		13,516		20,807
Series 34		24,102		4,200		19,902
Series 35		-		-		-
Series 36		-		-		-
Series 37		-		-		-
Series 38		-		-		-
Series 39		-		-		-
Series 40		-		-		-
Series 41		107,516		18,082		89,434
Series 42		55,995		3,129		52,866
Series 43		45,534		13,296		32,238
Series 44		121,260		30,907		90,353
Series 45		135,226		37,353		97,873
Series 46		185,830		14,678		171,152
	$	796,825	$	148,677	$	648,148

F-109 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

			2020
	Gross Fund Management Fee		Asset Management and Reporting Fee		Fund Management Fee net of Asset Management and Reporting Fee
Series 20	$	-	$	-	$	-
Series 21		-		-		-
Series 22		-		-		-
Series 23		-		-		-
Series 24		28,397		2,356		26,041
Series 25		-		-		-
Series 26		45,474		1,000		44,474
Series 27		21,000		6,380		14,620
Series 28		20,112		2,000		18,112
Series 29		29,040		4,566		24,474
Series 30		-		-		-
Series 31		4,308		70,826		(66,518	)
Series 32		74,518		13,000		61,518
Series 33		46,188		20,920		25,268
Series 34		40,344		3,000		37,344
Series 35		28,735		3,200		25,535
Series 36		10,650		-		10,650
Series 37		-		-		-
Series 38		22,065		3,000		19,065
Series 39		-		-		-
Series 40		52,310		7,380		44,930
Series 41		134,220		29,355		104,865
Series 42		92,228		3,460		88,768
Series 43		98,207		11,231		86,976
Series 44		192,805		28,235		164,570
Series 45		233,935		24,327		209,608
Series 46		209,196		47,404		161,792
	$	1,383,732	$	281,640	$	1,102,092

All fund management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2021 and 2020, total fund management fees accrued were $12,664,070 and $13,107,778, respectively.

F-110 

BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
The fund management fees paid for the years ended March 31, 2021 and 2020, are as follows:
	2021		2020
Series 20	$	-	$	-
Series 21		-		-
Series 22		-		-
Series 23		-		-
Series 24		-		28,397
Series 25		-		-
Series 26		12,845		45,474
Series 27		-		21,000
Series 28		-		20,112
Series 29		-		-
Series 30		-		-
Series 31		-		4,308
Series 32		128,907		209,532
Series 33		29,331		1,145,475
Series 34		-		284,500
Series 35		-		28,735
Series 36		-		10,650
Series 37		-		-
Series 38		-		22,065
Series 39		-		-
Series 40		-		2,276,523
Series 41		64,500		-
Series 42		19,259		92,228
Series 43		45,534		266,466
Series 44		84,442		2,671,325
Series 45		742,389		216,448
Series 46		113,326		-
	$	1,240,533	$	7,343,238

F-111 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE B - RELATED PARTY TRANSACTIONS (Continued)

An affiliate of the general partner of the Fund has advanced funds to pay some operating expenses of the fund, and to make advances and/or loans to operating limited partnerships. These advances are included in accounts payable to affiliates.

During the year ended March 31, 2020, an affiliate of the general partner of the Fund was paid a total of $235,634 by Series 44 for reimbursements of operating expenses of the Fund previously recorded.  

F-112 

BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
General and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, and Boston Capital Asset Management Limited Partnership for each series for the years ended March 31, 2021 and 2020, charged to each series’ operations are as follows:
		2021		2020
Series 20	$	-	$	-
Series 21		-		-
Series 22		-		-
Series 23		-		-
Series 24		-		53,742
Series 25		-		-
Series 26		14,497		19,282
Series 27		-		75,863
Series 28		-		56,652
Series 29		13,951		19,154
Series 30		-		-
Series 31		-		54,225
Series 32		14,483		19,051
Series 33		13,213		16,131
Series 34		13,771		17,491
Series 35		-		52,856
Series 36		-		51,100
Series 37		-		-
Series 38		-		53,075
Series 39		-		-
Series 40		-		58,885
Series 41		13,573		18,140
Series 42		13,362		17,263
Series 43		14,008		18,989
Series 44		13,363		16,847
Series 45		14,296		21,460
Series 46		13,508		18,852
	$	152,025	$	659,058

F-113 

BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2021 and 2020
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2021 and 2020, the fund has limited partnership interests in operating limited partnerships, which own or are constructing or rehabilitating operating apartment complexes.  The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 2021 and 2020 by series are as follows:
	2021	2020
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	1	3
Series 33	1	2
Series 34	1	2
Series 35	-	-
Series 36	-	-
Series 37	-	-
Series 38	-	-
Series 39	-	-
Series 40	-	-
Series 41	2	8
Series 42	2	6
Series 43	-	11
Series 44	2	3
Series 45	11	13
Series 46	10	12
	33	68

F-114 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
	During the year ended March 31, 2021 the Fund disposed of thirty-five Operating Partnerships. Gain on disposition is included in share of income (losses) from operating limited partnerships.  A summary of the dispositions by Series for March 31, 2021 is as follows.

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition *		Gain on Disposition
Series 26		2		-		18,800		18,800
Series 29		3		-		44,500		44,500
Series 32		1		1		2,571,228		2,571,228
Series 33		-		1		2,492,020		2,492,020
Series 34		1		-		20,800		20,800
Series 41		6		-		98,100		98,100
Series 42		3		1		722,200		722,454
Series 43		11		-		186,635		186,635
Series 44		1		-		612,172		612,172
Series 45		1		1		214,717		214,717
Series 46		2		-		113,326		113,326
Total		31		4	$	7,094,498	$	7,094,752

* Partnership proceeds from disposition does not include $254 which was due to a writeoff of capital contribution payable as of March 31, 2021, for Series 42.

During the year ended March 31, 2020 the Fund disposed of fifty-nine Operating Partnerships. Gain on disposition is included in share of income (losses) from operating limited partnerships.  A summary of the dispositions by Series for March 31, 2020 is as follows.  

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership 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		-		73,248		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		3		-		28,040		28,040
Series 42		3		-		401,094		401,094
Series 43		1		1		1,277,506		1,277,506
Series 44		2		2		3,092,325		3,092,325
Series 45		8		1		656,785		673,509
Series 46		2		-		43,000		43,000
Total		49		10	$	15,955,684	$	15,973,739

* Partnership proceeds from disposition does not include $1,229, $102 and $16,724 which was due to a writeoff of capital contribution payable as of March 31, 2020, for Series 32, Series 40 and Series 45, respectively.

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 Partnership’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.

F-115 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships.  These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction or operations.  At March 31, 2021 and 2020, contributions are payable to operating limited partnerships as follows:

	2021		2020
Series 20	$	-	$	-
Series 21		-		-
Series 22		-		-
Series 23		-		-
Series 24		-		-
Series 25		-		-
Series 26		-		-
Series 27		-		-
Series 28		-		-
Series 29		785		785
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		-		254
Series 43		-		-
Series 44		-		-
Series 45		-		-
Series 46		-		-
	$	785	$	1,039

F-116 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
	The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:

	Total			Series 20		Series 21
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	45,625,907		$	-	$	-
Acquisition costs of operating limited partnerships		1,096,866			-		-
Cumulative distributions from operating limited partnerships		(467,311	)		-		-
Cumulative impairment loss in investments in operating limited partnerships		(27,975,615	)		-		-
Cumulative losses from operating limited partnerships		(18,279,847	)		-		-
Investments in operating limited partnerships per balance sheet		-			-		-

F-117 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)  

	Total			Series 20		Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		(11,711	)		-		-
The Fund has recorded acquisition costs at March 31, 2021 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(288,550	)		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		32,927			-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(11,383,230	)		-		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		33,460			-		-
Cumulative impairment loss in investments in operating limited partnerships		27,975,615			-		-
Other		(1,111,465	)		-		-
Equity per operating limited partnerships’ combined financial statements	$	15,247,046		$	-	$	-

F-118 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
	The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:

		Series 22		Series 23		Series 24
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	-	$	-
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		-		-		-
Cumulative impairment loss in investments in operating limited partnerships		-		-		-
Cumulative losses from operating limited partnerships		-		-		-
Investments in operating limited partnerships per balance sheet		-		-		-

F-119 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 22		Series 23		Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		-		-		-
The Fund has recorded acquisition costs at March 31, 2021 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		-		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		-		-
Cumulative impairment loss in investments in operating limited partnerships		-		-		-
Other		-		-		-
Equity per operating limited partnerships’ combined financial statements	$	-	$	-	$	-

F-120 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:
	Series 25		Series 26			Series 27
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	704,145		$	-
Acquisition costs of operating limited partnerships		-		109,460			-
Cumulative distributions from operating limited partnerships		-		(3,223	)		-
Cumulative impairment loss in investments in operating limited partnerships		-		(206,682	)		-
Cumulative losses from operating limited partnerships		-		(603,700	)		-
Investments in operating limited partnerships per balance sheet		-		-			-

F-121 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 25		Series 26			Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		-		-			-
The Fund has recorded acquisition costs at March 31, 2021 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		(763,435	)		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		21,979			-
Cumulative impairment loss in investments in operating limited partnerships		-		206,682			-
Other		-		(29,502	)		-
Equity per operating limited partnerships’ combined financial statements	$	-	$	(564,276	)	$	-

F-122 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:

	Series 28		Series 29			Series 30
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	1,852,177		$	-
Acquisition costs of operating limited partnerships		-		266,798			-
Cumulative distributions from operating limited partnerships		-		(9,500	)		-
Cumulative impairment loss in investments in operating limited partnerships		-		(888,464	)		-
Cumulative losses from operating limited partnerships		-		(1,221,011	)		-
Investments in operating limited partnerships per balance sheet		-		-			-

F-123 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 28		Series 29			Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		-		-			-
The Fund has recorded acquisition costs at March 31, 2021 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		32,927			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		(1,157,917	)		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		-			-
Cumulative impairment loss in investments in operating limited partnerships		-		888,464			-
Other		-		5,610			-
Equity per operating limited partnerships’ combined financial statements	$	-	$	(230,916	)	$	-

F-124 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:

	Series 31		Series 32			Series 33
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	1,501,914		$	1,495,966
Acquisition costs of operating limited partnerships		-		216,029			216,029
Cumulative distributions from operating limited partnerships		-		(33,444	)		(500	)
Cumulative impairment loss in investments in operating limited partnerships		-		(1,110,485	)		(790,713	)
Cumulative losses from operating limited partnerships		-		(574,014	)		(920,782	)
Investments in operating limited partnerships per balance sheet		-		-			-

F-125 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 31		Series 32			Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		-		-			-
The Fund has recorded acquisition costs at March 31, 2021 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		(917,996	)		(784,846	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		-			-
Cumulative impairment loss in investments in operating limited partnerships		-		1,110,485			790,713
Other		-		(34,871	)		7
Equity per operating limited partnerships’ combined financial statements	$	-	$	157,618		$	5,874

F-126 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:

	Series 34			Series 35		Series 36
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	2,097,333		$	-	$	-
Acquisition costs of operating limited partnerships		288,550			-		-
Cumulative distributions from operating limited partnerships		-			-		-
Cumulative impairment loss in investments in operating limited partnerships		(833,360	)		-		-
Cumulative losses from operating limited partnerships		(1,552,523	)		-		-
Investments in operating limited partnerships per balance sheet		-			-		-

F-127 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 34			Series 35		Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		-			-		-
The Fund has recorded acquisition costs at March 31, 2021 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(288,550	)		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(610,098	)		-		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			-		-
Cumulative impairment loss in investments in operating limited partnerships		833,360			-		-
Other		2			-		-
Equity per operating limited partnerships’ combined financial statements	$	(65,286	)	$	-	$	-

F-128 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:

		Series 37		Series 38		Series 39
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	-	$	-
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		-		-		-
Cumulative impairment loss in investments in operating limited partnerships		-		-		-
Cumulative losses from operating limited partnerships		-		-		-
Investments in operating limited partnerships per balance sheet		-		-		-

F-129 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)  

		Series 37		Series 38		Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		-		-		-
The Fund has recorded acquisition costs at March 31, 2021 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		-		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		-		-
Cumulative impairment loss in investments in operating limited partnerships		-		-		-
Other		-		-		-
Equity per operating limited partnerships’ combined financial statements	$	-	$	-	$	-

F-130 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)  

    The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:

	Series 40		Series 41			Series 42
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	3,206,778		$	581,332
Acquisition costs of operating limited partnerships		-		-			-
Cumulative distributions from operating limited partnerships		-		(2,772	)		(781	)
Cumulative impairment loss in investments in operating limited partnerships		-		(752,318	)		-
Cumulative losses from operating limited partnerships		-		(2,451,688	)		(580,551	)
Investments in operating limited partnerships per balance sheet		-		-			-

F-131 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)  

	Series 40		Series 41			Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		-		(7,500	)		(4,211	)
The Fund has recorded acquisition costs at March 31, 2021 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		(1,623,678	)		(566,599	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		-			-
Cumulative impairment loss in investments in operating limited partnerships		-		752,318			-
Other		-		(325,268	)		(34,441	)
Equity per operating limited partnerships’ combined financial statements	$	-	$	(1,204,128	)	$	(605,251	)

F-132 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:

	Series 43		Series 44			Series 45
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	3,095,765		$	13,534,041
Acquisition costs of operating limited partnerships		-		-			-
Cumulative distributions from operating limited partnerships		-		(40,115	)		(192,410	)
Cumulative impairment loss in investments in operating limited partnerships		-		(2,550,560	)		(8,739,377	)
Cumulative losses from operating limited partnerships		-		(505,090	)		(4,602,254	)
Investments in operating limited partnerships per balance sheet		-		-			-

F-133 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)  

	Series 43		Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		-		-			-
The Fund has recorded acquisition costs at March 31, 2021 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		(15,841	)		(3,117,867	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		-			11,481
Cumulative impairment loss in investments in operating limited partnerships		-		2,550,560			8,739,377
Other		-		(147,290	)		(316,529	)
Equity per operating limited partnerships’ combined financial statements	$	-	$	2,387,429		$	5,316,462

F-134 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:

	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	17,556,456
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(184,566	)
Cumulative impairment loss in investments in operating limited partnerships		(12,103,656	)
Cumulative losses from operating limited partnerships		(5,268,234	)
Investments in operating limited partnerships per balance sheet		-

F-135 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		-
The Fund has recorded acquisition costs at March 31, 2021 which have not been recorded in the net assets of the operating limited partnerships(see note A).		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,824,953	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-
Cumulative impairment loss in investments in operating limited partnerships		12,103,656
Other		(229,183	)
Equity per operating limited partnerships’ combined financial statements	$	10,049,520

F-136 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:

	Total			Series 20		Series 21
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	81,043,910		$	-	$	-
Acquisition costs of operating limited partnerships		2,559,129			-		-
Cumulative distributions from operating limited partnerships		(542,452	)		-		-
Cumulative impairment loss in investments in operating limited partnerships		(44,508,391	)		-		-
Cumulative losses from operating limited partnerships		(38,552,196	)		-		-
Investments in operating limited partnerships per balance sheet		-			-		-

F-137 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 20		Series 21
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).		(333,930	)		-		-
The Fund has recorded acquisition costs at March 31, 2020 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(420,953	)		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		39,537			-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(22,542,011	)		-		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		67,729			-		-
Cumulative impairment loss in investments in operating limited partnerships		44,508,391			-		-
Other		(1,352,622	)		-		-
Equity per operating limited partnerships’ combined financial statements	$	19,966,141		$	-	$	-

F-138 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:

		Series 22		Series 23		Series 24
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	-	$	-
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		-		-		-
Cumulative impairment loss in investments in operating limited partnerships		-		-		-
Cumulative losses from operating limited partnerships		-		-		-
Investments in operating limited partnerships per balance sheet		-		-		-

F-139 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

		Series 22		Series 23		Series 24
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).		-		-		-
The Fund has recorded acquisition costs at March 31, 2020 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		-		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		-		-
Cumulative impairment loss in investments in operating limited partnerships		-		-		-
Other		-		-		-
Equity per operating limited partnerships’ combined financial statements	$	-	$	-	$	-

F-140 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:

	Series 25		Series 26			Series 27
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	1,013,198		$	-
Acquisition costs of operating limited partnerships		-		153,913			-
Cumulative distributions from operating limited partnerships		-		(7,967	)		-
Cumulative impairment loss in investments in operating limited partnerships		-		(206,682	)		-
Cumulative losses from operating limited partnerships		-		(952,462	)		-
Investments in operating limited partnerships per balance sheet		-		-			-

F-141 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 25		Series 26			Series 27
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).		-		-			-
The Fund has recorded acquisition costs at March 31, 2020 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		(1,320,962	)		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		21,979			-
Cumulative impairment loss in investments in operating limited partnerships		-		206,682			-
Other		-		(35,425	)		-
Equity per operating limited partnerships’ combined financial statements	$	-	$	(1,127,726	)	$	-

F-142 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:

	Series 28		Series 29			Series 30
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	2,959,240		$	-
Acquisition costs of operating limited partnerships		-		426,353			-
Cumulative distributions from operating limited partnerships		-		(11,855	)		-
Cumulative impairment loss in investments in operating limited partnerships		-		(1,417,478	)		-
Cumulative losses from operating limited partnerships		-		(1,956,260	)		-
Investments in operating limited partnerships per balance sheet		-		-			-

F-143 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 28		Series 29			Series 30
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).		-		-			-
The Fund has recorded acquisition costs at March 31, 2020 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		(132,403	)		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		39,537			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		(2,031,117	)		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		(316	)		-
Cumulative impairment loss in investments in operating limited partnerships		-		1,417,478			-
Other		-		103			-
Equity per operating limited partnerships’ combined financial statements	$	-	$	(706,718	)	$	-

F-144 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED  

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:

	Series 31		Series 32			Series 33
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	8,272,229		$	5,331,603
Acquisition costs of operating limited partnerships		-		783,763			783,763
Cumulative distributions from operating limited partnerships		-		(36,114	)		(3,170	)
Cumulative impairment loss in investments in operating limited partnerships		-		(5,642,191	)		(4,047,088	)
Cumulative losses from operating limited partnerships		-		(3,377,687	)		(2,065,108	)
Investments in operating limited partnerships per balance sheet		-		-			-

F-145 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 31		Series 32			Series 33
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).		-		(158,952	)		(81,443	)
The Fund has recorded acquisition costs at March 31, 2020 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		(3,083,606	)		(1,642,948	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		29,991			-
Cumulative impairment loss in investments in operating limited partnerships		-		5,642,191			4,047,088
Other		-		(79,093	)		(13,010	)
Equity per operating limited partnerships’ combined financial statements	$	-	$	2,350,531		$	2,309,687

F-146 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:

	Series 34			Series 35		Series 36
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	2,850,695		$	-	$	-
Acquisition costs of operating limited partnerships		411,337			-		-
Cumulative distributions from operating limited partnerships		(10,944	)		-		-
Cumulative impairment loss in investments in operating limited partnerships		(1,212,863	)		-		-
Cumulative losses from operating limited partnerships		(2,038,225	)		-		-
Investments in operating limited partnerships per balance sheet		-			-		-

F-147 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Series 34			Series 35		Series 36
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).		-			-		-
The Fund has recorded acquisition costs at March 31, 2020 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(288,550	)		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,174,852	)		-		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			-		-
Cumulative impairment loss in investments in operating limited partnerships		1,212,863			-		-
Other		(19,374	)		-		-
Equity per operating limited partnerships’ combined financial statements	$	(269,913	)	$	-	$	-

F-148 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:

		Series 37		Series 38		Series 39
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	-	$	-
Acquisition costs of operating limited partnerships		-		-		-
Cumulative distributions from operating limited partnerships		-		-		-
Cumulative impairment loss in investments in operating limited partnerships		-		-		-
Cumulative losses from operating limited partnerships		-		-		-
Investments in operating limited partnerships per balance sheet		-		-		-

F-149 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)    

		Series 37		Series 38		Series 39
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).		-		-		-
The Fund has recorded acquisition costs at March 31, 2020 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		-		-
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		-		-
Cumulative impairment loss in investments in operating limited partnerships		-		-		-
Other		-		-		-
Equity per operating limited partnerships’ combined financial statements	$	-	$	-	$	-

F-150 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:

	Series 40		Series 41			Series 42
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	-	$	5,661,559		$	5,205,387
Acquisition costs of operating limited partnerships		-		-			-
Cumulative distributions from operating limited partnerships		-		(28,546	)		(4,631	)
Cumulative impairment loss in investments in operating limited partnerships		-		(1,610,548	)		(1,300,734	)
Cumulative losses from operating limited partnerships		-		(4,022,465	)		(3,900,022	)
Investments in operating limited partnerships per balance sheet		-		-			-

F-151 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)    

	Series 40		Series 41			Series 42
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).		-		(7,500	)		(76,678	)
The Fund has recorded acquisition costs at March 31, 2020 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-		-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-		-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		-		(2,589,127	)		(3,668,706	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-		-			-
Cumulative impairment loss in investments in operating limited partnerships		-		1,610,548			1,300,734
Other		-		(470,529	)		(70,626	)
Equity per operating limited partnerships’ combined financial statements	$	-	$	(1,456,608	)	$	(2,515,276	)

F-152 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:

	Series 43			Series 44			Series 45
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	7,705,514		$	6,970,546		$	15,901,621
Acquisition costs of operating limited partnerships		-			-			-
Cumulative distributions from operating limited partnerships		(11,225	)		(40,115	)		(195,387	)
Cumulative impairment loss in investments in operating limited partnerships		(3,807,624	)		(2,438,129	)		(9,877,399	)
Cumulative losses from operating limited partnerships		(3,886,665	)		(4,492,302	)		(5,828,835	)
Investments in operating limited partnerships per balance sheet		-			-			-

F-153 

BF Garden Tax Credit Fund IV L.P.  

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)    

	Series 43			Series 44			Series 45
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).		(2,268	)		-			-
The Fund has recorded acquisition costs at March 31, 2020 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-			-			-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-			-			-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,398,524	)		(291,269	)		(3,416,071	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		-			-			11,481
Cumulative impairment loss in investments in operating limited partnerships		3,807,624			2,438,129			9,877,399
Other		(51,955	)		(147,939	)		(279,211	)
Equity per operating limited partnerships’ combined financial statements	$	2,354,877		$	1,998,921		$	6,193,598

F-154 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020    

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:
	Series 46
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters and impairment of capitalized costs	$	19,172,318
Acquisition costs of operating limited partnerships		-
Cumulative distributions from operating limited partnerships		(192,498	)
Cumulative impairment loss in investments in operating limited partnerships		(12,947,655	)
Cumulative losses from operating limited partnerships		(6,032,165	)
Investments in operating limited partnerships per balance sheet		-

F-155 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
		Series 46
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).		(7,089	)
The Fund has recorded acquisition costs at March 31, 2020 which have not been recorded in the net assets of the operating limited partnerships (see note A).		-
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).		-
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(1,924,829	)
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		4,594
Cumulative impairment loss in investments in operating limited partnerships		12,947,655
Other		(185,563	)
Equity per operating limited partnerships’ combined financial statements	$	10,834,768

F-156 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS
		Total			Series 20		Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	58,100,481		$	-	$	-
Land		9,140,743			-		-
Other assets		12,769,297			-		-
	$	80,010,521		$	-	$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	61,595,513		$	-	$	-
Accounts payable and accrued expenses		3,238,584			-		-
Other liabilities		6,052,304			-		-
		70,886,401			-		-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		15,247,046			-		-
Other partners		(6,122,926	)		-		-
		9,124,120			-		-
	$	80,010,521		$	-	$	-

F-157 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 22		Series 23		Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	-	$	-
Land		-		-		-
Other assets		-		-		-
	$	-	$	-	$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	-	$	-
Accounts payable and accrued expenses		-		-		-
Other liabilities		-		-		-
		-		-		-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		-		-
Other partners		-		-		-
		-		-		-
	$	-	$	-	$	-

F-158 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25		Series 26			Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	697,635		$	-
Land		-		52,272			-
Other assets		-		112,648			-
	$	-	$	862,555		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	1,070,448		$	-
Accounts payable and accrued expenses		-		93,085			-
Other liabilities		-		325,434			-
		-		1,488,967			-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		(564,276	)		-
Other partners		-		(62,136	)		-
		-		(626,412	)		-
	$	-	$	862,555		$	-

F-159 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28		Series 29			Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	1,422,477		$	-
Land		-		12,000			-
Other assets		-		466,565			-
	$	-	$	1,901,042		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	1,826,315		$	-
Accounts payable and accrued expenses		-		106,791			-
Other liabilities		-		453,193			-
		-		2,386,299			-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		(230,916	)		-
Other partners		-		(254,341	)		-
		-		(485,257	)		-
	$	-	$	1,901,042		$	-

F-160 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED  

	Series 31		Series 32			Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	921,333		$	847,401
Land		-		60,400			175,500
Other assets		-		376,891			239,177
	$	-	$	1,358,624		$	1,262,078
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	623,725		$	1,205,104
Accounts payable and accrued expenses		-		629,491			11,821
Other liabilities		-		46,249			62,064
		-		1,299,465			1,278,989
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		157,618			5,874
Other partners		-		(98,459	)		(22,785	)
		-		59,159			(16,911	)
	$	-	$	1,358,624		$	1,262,078

F-161 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34			Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	1,539,529		$	-	$	-
Land		142,576			-		-
Other assets		452,343			-		-
	$	2,134,448		$	-	$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	1,654,958		$	-	$	-
Accounts payable and accrued expenses		59,077			-		-
Other liabilities		485,916			-		-
		2,199,951			-		-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		(65,286	)		-		-
Other partners		(217	)		-		-
		(65,503	)		-		-
	$	2,134,448		$	-	$	-

F-162 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	-	$	-
Land		-		-		-
Other assets		-		-		-
	$	-	$	-	$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	-	$	-
Accounts payable and accrued expenses		-		-		-
Other liabilities		-		-		-
		-		-		-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		-		-
Other partners		-		-		-
		-		-		-
	$	-	$	-	$	-

F-163 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41			Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	6,425,891		$	6,414,854
Land		-		2,225,961			2,076,707
Other assets		-		1,889,844			1,511,601
	$	-	$	10,541,696		$	10,003,162
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	12,064,213		$	12,467,987
Accounts payable and accrued expenses		-		753,367			748,588
Other liabilities		-		257,002			309,929
		-		13,074,582			13,526,504
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		(1,204,128	)		(605,251	)
Other partners		-		(1,328,758	)		(2,918,091	)
		-		(2,532,886	)		(3,523,342	)
	$	-	$	10,541,696		$	10,003,162

F-164 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43		Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	3,619,725		$	13,619,763
Land		-		634,735			2,021,533
Other assets		-		458,109			3,633,550
	$	-	$	4,712,569		$	19,274,846
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	4,426,968		$	11,744,364
Accounts payable and accrued expenses		-		121,936			248,449
Other liabilities		-		50,189			1,791,931
		-		4,599,093			13,784,744
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		2,387,429			5,316,462
Other partners		-		(2,273,953	)		173,640
		-		113,476			5,490,102
	$	-	$	4,712,569		$	19,274,846

F-165 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)  

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED      

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	22,591,873
Land		1,739,059
Other assets		3,628,569
	$	27,959,501
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	14,511,431
Accounts payable and accrued expenses		465,979
Other liabilities		2,270,397
		17,247,807
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		10,049,520
Other partners		662,174
		10,711,694
	$	27,959,501

F-166 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total			Series 20		Series 21
ASSETS
Buildings and improvements, net of accumulated depreciation	$	110,385,267		$	-	$	-
Land		13,190,867			-		-
Other assets		21,424,583			-		-
	$	145,000,717		$	-	$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	109,360,346		$	-	$	-
Accounts payable and accrued expenses		5,843,383			-		-
Other liabilities		11,583,141			-		-
		126,786,870			-		-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		19,966,141			-		-
Other partners		(1,752,294	)		-		-
		18,213,847			-		-
	$	145,000,717		$	-	$	-

F-167 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 22		Series 23		Series 24
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	-	$	-
Land		-		-		-
Other assets		-		-		-
	$	-	$	-	$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	-	$	-
Accounts payable and accrued expenses		-		-		-
Other liabilities		-		-		-
		-		-		-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		-		-
Other partners		-		-		-
		-		-		-
	$	-	$	-	$	-

F-168 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 25		Series 26			Series 27
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	1,101,308		$	-
Land		-		159,483			-
Other assets		-		168,013			-
	$	-	$	1,428,804		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	1,987,848		$	-
Accounts payable and accrued expenses		-		240,908			-
Other liabilities		-		398,735			-
		-		2,627,491			-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		(1,127,726	)		-
Other partners		-		(70,961	)		-
		-		(1,198,687	)		-
	$	-	$	1,428,804		$	-

F-169 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 28		Series 29			Series 30
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	2,748,531		$	-
Land		-		87,498			-
Other assets		-		654,906			-
	$	-	$	3,490,935		$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	3,234,686		$	-
Accounts payable and accrued expenses		-		436,475			-
Other liabilities		-		883,162			-
		-		4,554,323			-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		(706,718	)		-
Other partners		-		(356,670	)		-
		-		(1,063,388	)		-
	$	-	$	3,490,935		$	-

F-170 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 31		Series 32		Series 33
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	8,125,500	$	6,743,782
Land		-		682,958		798,058
Other assets		-		1,641,003		1,082,963
	$	-	$	10,449,461	$	8,624,803
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	4,655,156	$	3,948,744
Accounts payable and accrued expenses		-		766,899		143,361
Other liabilities		-		768,974		183,880
		-		6,191,029		4,275,985
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		2,350,531		2,309,687
Other partners		-		1,907,901		2,039,131
		-		4,258,432		4,348,818
	$	-	$	10,449,461	$	8,624,803

F-171 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 34			Series 35		Series 36
ASSETS
Buildings and improvements, net of accumulated depreciation	$	2,184,415		$	-	$	-
Land		177,576			-		-
Other assets		1,066,438			-		-
	$	3,428,429		$	-	$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	2,670,372		$	-	$	-
Accounts payable and accrued expenses		82,137			-		-
Other liabilities		1,035,294			-		-
		3,787,803			-		-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		(269,913	)		-		-
Other partners		(89,461	)		-		-
		(359,374	)		-		-
	$	3,428,429		$	-	$	-

F-172 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

		Series 37		Series 38		Series 39
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	-	$	-
Land		-		-		-
Other assets		-		-		-
	$	-	$	-	$	-
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	-	$	-
Accounts payable and accrued expenses		-		-		-
Other liabilities		-		-		-
		-		-		-
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		-		-
Other partners		-		-		-
		-		-		-
	$	-	$	-	$	-

F-173 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 40		Series 41			Series 42
ASSETS
Buildings and improvements, net of accumulated depreciation	$	-	$	8,974,718		$	11,456,989
Land		-		2,602,861			3,402,040
Other assets		-		2,449,811			2,846,941
	$	-	$	14,027,390		$	17,705,970
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	-	$	15,618,657		$	18,508,692
Accounts payable and accrued expenses		-		823,684			1,921,315
Other liabilities		-		427,520			1,470,697
		-		16,869,861			21,900,704
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		-		(1,456,608	)		(2,515,276	)
Other partners		-		(1,385,863	)		(1,679,458	)
		-		(2,842,471	)		(4,194,734	)
	$	-	$	14,027,390		$	17,705,970

F-174 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 43			Series 44			Series 45
ASSETS
Buildings and improvements, net of accumulated depreciation	$	10,125,330		$	14,229,160		$	19,040,478
Land		636,595			634,735			2,156,004
Other assets		2,361,417			1,645,128			3,825,721
	$	13,123,342		$	16,509,023		$	25,022,203
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	10,179,278		$	16,676,181		$	15,496,844
Accounts payable and accrued expenses		332,258			222,985			442,798
Other liabilities		918,237			1,371,115			1,805,294
		11,429,773			18,270,281			17,744,936
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		2,354,877			1,998,921			6,193,598
Other partners		(661,308	)		(3,760,179	)		1,083,669
		1,693,569			(1,761,258	)		7,277,267
	$	13,123,342		$	16,509,023		$	25,022,203

F-175 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020
 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 20 through 46 hold an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED

	Series 46
ASSETS
Buildings and improvements, net of accumulated depreciation	$	25,655,056
Land		1,853,059
Other assets		3,682,242
		31190357
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
Mortgages and construction loans payable	$	16,383,888
Accounts payable and accrued expenses		430,563
Other liabilities		2,320,233
		19,134,684
PARTNERS’ CAPITAL (DEFICIT)
BF Garden Tax Credit Fund IV L.P.		10,834,768
Other partners		1,220,905
		12,055,673
	$	31,190,357

F-176 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 20		Series 21
Revenue
Rent	$	17,464,237		$	-	$	-
Interest and other		326,431			-		-
		17,790,668			-		-
Expenses
Interest		3,123,807			-		-
Depreciation and amortization		3,557,319			-		-
Taxes and insurance		2,397,726			-		-
Repairs and maintenance		3,163,267			-		-
Operating expenses		4,888,522			-		-
Other expenses		889,336			-		-
		18,019,977			-		-
NET INCOME (LOSS)	$	(229,309	)	$	-	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(1,016,981	)	$	-	$	-
Net income (loss) allocated to other partners	$	787,672		$	-	$	-

F-177 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

		Series 22		Series 23		Series 24
Revenue
Rent	$	-	$	-	$	-
Interest and other		-		-		-
		-		-		-
Expenses
Interest		-		-		-
Depreciation and amortization		-		-		-
Taxes and insurance		-		-		-
Repairs and maintenance		-		-		-
Operating expenses		-		-		-
Other expenses		-		-		-
		-		-		-
NET INCOME (LOSS)	$	-	$	-	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	-	$	-
Net income (loss) allocated to other partners	$	-	$	-	$	-

F-178 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

		Series 25	Series 26				Series 27
Revenue
Rent	$	-	$	177,187		$	-
Interest and other		-		858			-
		-		178,045			-
Expenses
Interest		-		51,193			-
Depreciation and amortization		-		43,602			-
Taxes and insurance		-		32,678			-
Repairs and maintenance		-		19,266			-
Operating expenses		-		87,876			-
Other expenses		-		3,500			-
		-		238,115			-
NET INCOME (LOSS)	$	-	$	(60,070	)	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	(59,470	)	$	-
Net income (loss) allocated to other partners	$	-	$	(600	)	$	-

F-179 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28		Series 29			Series 30
Revenue
Rent	$	-	$	545,010		$	-
Interest and other		-		2,369			-
		-		547,379			-
Expenses
Interest		-		84,772			-
Depreciation and amortization		-		87,831			-
Taxes and insurance		-		87,492			-
Repairs and maintenance		-		76,882			-
Operating expenses		-		312,081			-
Other expenses		-		12,496			-
		-		661,554			-
NET INCOME (LOSS)	$	-	$	(114,175	)	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	(113,442	)	$	-
Net income (loss) allocated to other partners	$	-	$	(733	)	$	-

F-180 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31		Series 32			Series 33
Revenue
Rent	$	-	$	172,726		$	229,365
Interest and other		-		3,570			12,549
		-		176,296			241,914
Expenses
Interest		-		47,035			52,933
Depreciation and amortization		-		51,664			47,069
Taxes and insurance		-		41,692			36,228
Repairs and maintenance		-		24,572			42,951
Operating expenses		-		49,933			93,863
Other expenses		-		8,000			8,000
		-		222,896			281,044
NET INCOME (LOSS)	$	-	$	(46,600	)	$	(39,130	)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	(46,596	)	$	(39,126	)
Net income (loss) allocated to other partners	$	-	$	(4	)	$	(4	)

F-181 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34		Series 35		Series 36
Revenue
Rent	$	571,640	$	-	$	-
Interest and other		22,239		-		-
		593,879		-		-
Expenses
Interest		86,703		-		-
Depreciation and amortization		85,277		-		-
Taxes and insurance		87,123		-		-
Repairs and maintenance		147,049		-		-
Operating expenses		128,666		-		-
Other expenses		-		-		-
		534,818		-		-
NET INCOME (LOSS)	$	59,061	$	-	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	-	$	-
Net income (loss) allocated to other partners	$	59,061	$	-	$	-

F-182 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2020 are as follows:  

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

		Series 37		Series 38		Series 39
Revenue
Rent	$	-	$	-	$	-
Interest and other		-		-		-
		-		-		-
Expenses
Interest		-		-		-
Depreciation and amortization		-		-		-
Taxes and insurance		-		-		-
Repairs and maintenance		-		-		-
Operating expenses		-		-		-
Other expenses		-		-		-
		-		-		-
NET INCOME (LOSS)	$	-	$	-	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	-	$	-
Net income (loss) allocated to other partners	$	-	$	-	$	-

F-183 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40		Series 41			Series 42
Revenue
Rent	$	-	$	2,706,449		$	2,836,788
Interest and other		-		45,667			44,609
		-		2,752,116			2,881,397
Expenses
Interest		-		495,510			516,452
Depreciation and amortization		-		416,032			466,359
Taxes and insurance		-		406,234			410,842
Repairs and maintenance		-		470,753			476,039
Operating expenses		-		540,308			587,741
Other expenses		-		295,000			295,000
		-		2,623,837			2,752,433
NET INCOME (LOSS)	$	-	$	128,279		$	128,964
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	(60,389	)	$	(32,717	)
Net income (loss) allocated to other partners	$	-	$	188,668		$	161,681

F-184 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS   

	Series 43		Series 44		Series 45
Revenue
Rent	$	-	$	1,517,404	$	3,781,384
Interest and other		-		18,415		51,536
		-		1,535,819		3,832,920
Expenses
Interest		-		326,469		496,261
Depreciation and amortization		-		312,412		972,175
Taxes and insurance		-		136,651		419,382
Repairs and maintenance		-		233,493		873,506
Operating expenses		-		300,755		1,323,814
Other expenses		-		62,466		164,823
		-		1,372,246		4,249,961
NET INCOME (LOSS)	$	-	$	163,573	$	(417,041	)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	-	$	(420,788	)
Net income (loss) allocated to other partners	$	-	$	163,573	$	3,747

F-185 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	4,926,284
Interest and other		124,619
		5,050,903
Expenses
Interest		966,479
Depreciation and amortization		1,074,898
Taxes and insurance		739,404
Repairs and maintenance		798,756
Operating expenses		1,463,485
Other expenses		40,051
		5,083,073
NET INCOME (LOSS)	$	(32,170	)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(244,453	)
Net income (loss) allocated to other partners	$	212,283

F-186 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS  

	Total			Series 20		Series 21
Revenue
Rent	$	30,036,647		$	-	$	-
Interest and other		665,490			-		-
		30,702,137			-		-
Expenses
Interest		5,146,027			-		-
Depreciation and amortization		6,695,956			-		-
Taxes and insurance		3,793,352			-		-
Repairs and maintenance		6,156,726			-		-
Operating expenses		9,801,477			-		-
Other expenses		1,028,598			-		-
		32,622,136			-		-
NET INCOME (LOSS)	$	(1,919,999	)	$	-	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(2,814,449	)	$	-	$	-
Net income (loss) allocated to other partners	$	894,450		$	-	$	-

F-187 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS  

		Series 22		Series 23		Series 24
Revenue
Rent	$	-	$	-	$	-
Interest and other		-		-		-
		-		-		-
Expenses
Interest		-		-		-
Depreciation and amortization		-		-		-
Taxes and insurance		-		-		-
Repairs and maintenance		-		-		-
Operating expenses		-		-		-
Other expenses		-		-		-
		-		-		-
NET INCOME (LOSS)	$	-	$	-	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	-	$	-
Net income (loss) allocated to other partners	$	-	$	-	$	-

F-188 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 25		Series 26			Series 27
Revenue
Rent	$	-	$	434,278		$	-
Interest and other		-		4,898			-
		-		439,176			-
Expenses
Interest		-		54,664			-
Depreciation and amortization		-		110,311			-
Taxes and insurance		-		77,697			-
Repairs and maintenance		-		180,683			-
Operating expenses		-		180,042			-
Other expenses		-		7,560			-
		-		610,957			-
NET INCOME (LOSS)	$	-	$	(171,781	)	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	(170,064	)	$	-
Net income (loss) allocated to other partners	$	-	$	(1,717	)	$	-

F-189 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 28		Series 29			Series 30
Revenue
Rent	$	-	$	922,559		$	-
Interest and other		-		27,507			-
		-		950,066			-
Expenses
Interest		-		143,610			-
Depreciation and amortization		-		175,389			-
Taxes and insurance		-		147,706			-
Repairs and maintenance		-		197,655			-
Operating expenses		-		455,263			-
Other expenses		-		24,726			-
		-		1,144,349			-
NET INCOME (LOSS)	$	-	$	(194,283	)	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	(193,368	)	$	-
Net income (loss) allocated to other partners	$	-	$	(915	)	$	-

F-190 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 31		Series 32			Series 33
Revenue
Rent	$	-	$	1,842,454		$	1,570,462
Interest and other		-		36,665			48,851
		-		1,879,119			1,619,313
Expenses
Interest		-		271,634			244,294
Depreciation and amortization		-		493,590			337,494
Taxes and insurance		-		219,327			170,046
Repairs and maintenance		-		395,820			309,538
Operating expenses		-		834,017			674,416
Other expenses		-		51,451			35,437
		-		2,265,839			1,771,225
NET INCOME (LOSS)	$	-	$	(386,720	)	$	(151,912	)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	(335,845	)	$	(103,077	)
Net income (loss) allocated to other partners	$	-	$	(50,875	)	$	(48,835	)

F-191 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 34			Series 35		Series 36
Revenue
Rent	$	653,447		$	-	$	-
Interest and other		22,681			-		-
		676,128			-		-
Expenses
Interest		99,930			-		-
Depreciation and amortization		152,996			-		-
Taxes and insurance		114,300			-		-
Repairs and maintenance		239,665			-		-
Operating expenses		207,821			-		-
Other expenses		-			-		-
		814,712			-		-
NET INCOME (LOSS)	$	(138,584	)	$	-	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(137,805	)	$	-	$	-
Net income (loss) allocated to other partners	$	(779	)	$	-	$	-

F-192 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

		Series 37		Series 38		Series 39
Revenue
Rent	$	-	$	-	$	-
Interest and other		-		-		-
		-		-		-
Expenses
Interest		-		-		-
Depreciation and amortization		-		-		-
Taxes and insurance		-		-		-
Repairs and maintenance		-		-		-
Operating expenses		-		-		-
Other expenses		-		-		-
		-		-		-
NET INCOME (LOSS)	$	-	$	-	$	-
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	-	$	-
Net income (loss) allocated to other partners	$	-	$	-	$	-

F-193 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 40		Series 41			Series 42
Revenue
Rent	$	-	$	3,476,801		$	4,256,141
Interest and other		-		84,341			117,531
		-		3,561,142			4,373,672
Expenses
Interest		-		619,566			831,995
Depreciation and amortization		-		649,518			842,214
Taxes and insurance		-		512,768			648,491
Repairs and maintenance		-		620,024			920,712
Operating expenses		-		875,654			1,099,224
Other expenses		-		290,099			296,399
		-		3,567,629			4,639,035
NET INCOME (LOSS)	$	-	$	(6,487	)	$	(265,363	)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	-	$	(200,154	)	$	(429,081	)
Net income (loss) allocated to other partners	$	-	$	193,667		$	163,718

F-194 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 43			Series 44		Series 45
Revenue
Rent	$	2,654,575		$	4,266,865	$	4,835,984
Interest and other		72,588			51,303		89,752
		2,727,163			4,318,168		4,925,736
Expenses
Interest		224,123			1,027,876		674,644
Depreciation and amortization		730,170			789,024		1,187,574
Taxes and insurance		371,946			172,611		585,909
Repairs and maintenance		660,023			521,338		1,255,834
Operating expenses		1,099,034			1,096,624		1,706,299
Other expenses		26,774			36,073		184,634
		3,112,070			3,643,546		5,594,894
NET INCOME (LOSS)	$	(384,907	)	$	674,622	$	(669,158	)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(187,992	)	$	-	$	(647,523	)
Net income (loss) allocated to other partners	$	(196,915	)	$	674,622	$	(21,635	)

F-195 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2019 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Series 46
Revenue
Rent	$	5,123,081
Interest and other		109,373
		5,232,454
Expenses
Interest		953,691
Depreciation and amortization		1,227,676
Taxes and insurance		772,551
Repairs and maintenance		855,434
Operating expenses		1,573,083
Other expenses		75,445
		5,457,880
NET INCOME (LOSS)	$	(225,426	)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(409,540	)
Net income (loss) allocated to other partners	$	184,114

F-196 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2021 is reconciled as follows:

	Total			Series 20		Series 21
Net income (loss) for financial reporting purposes	$	6,119,815		$	-	$	-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(443,708	)		-		-
Other		6,952,259			-		-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(1,016,981	)		-		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(581,710	)		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(15,102,308	)		-		-
Income (loss) for tax return purposes, December 31, 2020	$	(4,072,633	)	$	-	$	-

F-197 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2021 is reconciled as follows:

	Series 22		Series 23		Series 24
Net income (loss) for financial reporting purposes	$	-	$	-	$	-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-		-		-
Other		-		-		-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-		-		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		-		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		-		-		-
Income (loss) for tax return purposes, December 31, 2020	$	-	$	-	$	-

F-198 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2021 is reconciled as follows:

	Series 25		Series 26			Series 27
Net income (loss) for financial reporting purposes	$	-	$	(47,101	)	$	-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-		2,199			-
Other		-		(5,000	)		-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-		(59,470	)		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		-		(19,425	)		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		-		588,301			-
Income (loss) for tax return purposes, December 31, 2020	$	-	$	459,504		$	-

F-199 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2021 is reconciled as follows:

	Series 28		Series 29			Series 30
Net income (loss) for financial reporting purposes	$	-	$	(12,814	)	$	-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-		21,752			-
Other		-		795,988			-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-		(113,442	)		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		-		(21,314	)		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		-		(177,887	)		-
Income (loss) for tax return purposes, December 31, 2020	$	-	$	492,283		$	-

F-200 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2021 is reconciled as follows:

	Series 31		Series 32			Series 33
Net income (loss) for financial reporting purposes	$	-	$	2,525,949		$	2,473,777
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-		(78,664	)		4,992
Other		-		51,192			(113,274	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-		(46,596	)		(39,126	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-		(23,481	)		(21,393	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		-		(2,901,083	)		(2,680,668	)
Income (loss) for tax return purposes, December 31, 2020	$	-	$	(472,683	)	$	(375,692	)

F-201 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2021 is reconciled as follows:

	Series 34			Series 35		Series 36
Net income (loss) for financial reporting purposes	$	(43,305	)	$	-	$	-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		24,102			-		-
Other		212,099			-		-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-			-		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(33,633	)		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(464,227	)		-		-
Income (loss) for tax return purposes, December 31, 2020	$	(304,964	)	$	-	$	-

F-202 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2021 is reconciled as follows:

		Series 37		Series 38		Series 39
Net income (loss) for financial reporting purposes	$	-	$	-	$	-
Accrued partnership fund management fee not deducted (deducted) for  income tax purposes		-		-		-
Other		-		-		-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of  accounting		-		-		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		-		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		-		-		-
Income (loss) for tax return purposes, December 31, 2020	$	-	$	-	$	-

F-203 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2021 is reconciled as follows:

	Series 40		Series 41			Series 42
Net income (loss) for financial reporting purposes	$	-	$	13,924		$	663,263
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-		43,016			36,736
Other		-		928,089			2,509,690
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-		(60,389	)		(32,717	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-		(77,697	)		17,338
Difference due to fiscal year for book purposes and calendar year for tax purposes		-		(308,905	)		(1,205,766	)
Income (loss) for tax return purposes, December 31, 2020	$	-	$	538,038		$	1,988,544

F-204 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

  For income tax purposes, the Fund reports using a December 31 year end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2021 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	50,372		$	488,406		$	57,082
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			36,818			(607,163	)
Other		-			1,039,883			1,172,973
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-			-			(420,788	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(21,425	)		(114,692	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(2,400,109	)		(4,075,446	)		(924,247	)
Income (loss) for tax return purposes, December 31, 2020	$	(2,349,737	)	$	(2,531,764	)	$	(836,835	)

F-205 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2021 is reconciled as follows:

	Series 46
Net income (loss) for financial reporting purposes	$	(49,738	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		72,504
Other		360,619
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(244,453	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(265,988	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(552,271	)
Income (loss) for tax return purposes, December 31, 2020	$	(679,327	)

F-206 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:

	Total			Series 20		Series 21
Net income (loss) for financial reporting purposes	$	14,270,637		$	-	$	-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(5,959,506	)		-		-
Other		8,470,252			-		-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(2,814,449	)		-		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,133,884	)		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(12,427,166	)		-		-
Income (loss) for tax return purposes, December 31, 2019	$	405,884		$	-	$	-

F-207 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:

	Series 22		Series 23		Series 24
Net income (loss) for financial reporting purposes	$	-	$	-	$	182,795
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-		-		-
Other		-		-		-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-		-		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		-		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		-		-		1,166,597
Income (loss) for tax return purposes, December 31, 2019	$	-	$	-	$	1,349,392

F-208 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:

	Series 25		Series 26			Series 27
Net income (loss) for financial reporting purposes	$	-	$	21,565		$	818,126
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-		-			-
Other		-		3,005,959			-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-		(170,064	)		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		-		(19,425	)		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		-		(134,921	)		(356,028	)
Income (loss) for tax return purposes, December 31, 2019	$	-	$	2,703,114		$	462,098

F-209 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:

	Series 28			Series 29			Series 30
Net income (loss) for financial reporting purposes	$	(20,913	)	$	(68,538	)	$	-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			29,040			-
Other		-			(184,277	)		-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-			(193,368	)		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(40,062	)		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		1,505,035			882			-
Income (loss) for tax return purposes, December 31, 2019	$	1,484,122		$	(456,323	)	$	-

F-210 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:    

	Series 31			Series 32			Series 33
Net income (loss) for financial reporting purposes	$	619,372		$	57,220		$	1,424,616
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-			(135,014	)		(1,099,287	)
Other		-			468,816			939,990
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-			(335,845	)		(103,077	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(92,023	)		(89,921	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,025,935	)		13,737			(1,479,946	)
Income (loss) for tax return purposes, December 31, 2019	$	(406,563	)	$	(23,109	)	$	(407,625	)

F-211 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)                    

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:    

	Series 34			Series 35		Series 36
Net income (loss) for financial reporting purposes	$	214,215		$	1,497,913	$	527,639
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(244,156	)		-		-
Other		(926,658	)		-		-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(137,805	)		-		-
Excess of tax depreciation over book depreciation on operating limited partnership assets		(34,972	)		-		-
Difference due to fiscal year for book purposes and calendar year for tax purposes		(83,946	)		283,430		(729,548	)
Income (loss) for tax return purposes, December 31, 2019	$	(1,213,322	)	$	1,781,343	$	(201,909	)

F-212 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:    

	Series 37		Series 38			Series 39
Net income (loss) for financial reporting purposes	$	-	$	1,440,353		$	-
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		-		-			-
Other		-		-			-
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-		-			-
Excess of tax depreciation over book depreciation on operating limited partnership assets		-		-			-
Difference due to fiscal year for book purposes and calendar year for tax purposes		-		(5,726,487	)		-
Income (loss) for tax return purposes, December 31, 2019	$	-	$	(4,286,134	)	$	-

F-213 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:    

	Series 40			Series 41			Series 42
Net income (loss) for financial reporting purposes	$	2,844,772		$	(28,195	)	$	307,410
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(2,224,213	)		134,220			-
Other		-			311,744			797,846
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		-			(200,154	)		(429,081	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		-			(68,992	)		(5,002	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,750,784	)		(223,211	)		(519,859	)
Income (loss) for tax return purposes, December 31, 2019	$	(1,130,225	)	$	(74,588	)	$	151,314

F-214 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:

	Series 43			Series 44			Series 45
Net income (loss) for financial reporting purposes	$	1,170,010		$	2,918,827		$	446,137
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		(168,259	)		(2,478,520	)		17,487
Other		49,732			5,264,067			(1,617,953	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(187,992	)		-			(647,523	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(88,202	)		(204,650	)		(181,016	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(1,758,052	)		(531,052	)		(954,141	)
Income (loss) for tax return purposes, December 31, 2019	$	(982,763	)	$	4,968,672		$	(2,937,009	)

F-215 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the Fund reports using a December 31 year end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:                  

	Series 46
Net income (loss) for financial reporting purposes	$	(102,687	)
Accrued partnership fund management fee not deducted (deducted) for income tax purposes		209,196
Other		360,986
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(409,540	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(309,619	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		(122,937	)
Income (loss) for tax return purposes, December 31, 2019	$	(374,601	)

F-216 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:

	Total			Series 20		Series 21
Investments in operating limited partnerships - tax return December 31, 2020	$	6,036,955		$	-	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		11,383,230			-		-
Impairment loss in investment in operating limited partnerships		(27,975,615	)		-		-
Less share of loss - three months ended March 31, 2021		(32,927	)		-		-
Other		10,588,357			-		-
Investments in operating limited partnerships - as reported	$	-		$	-	$	-

F-217 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:

		Series 22		Series 23		Series 24
Investments in operating limited partnerships - tax return December 31, 2020	$	-	$	-	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		-		-
Impairment loss in investment in operating limited partnerships		-		-		-
Less share of loss - three months ended March 31, 2021		-		-		-
Other		-		-		-
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

F-218 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:

	Series 25		Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2020	$	-	$	(1,005,761	)	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		763,435			-
Impairment loss in investment in operating limited partnerships		-		(206,682	)		-
Less share of loss - three months ended March 31, 2021		-		-			-
Other		-		449,008			-
Investments in operating limited partnerships - as reported	$	-	$	-		$	-

F-219 

BF Garden Tax Credit Fund IV L.P. 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:

	Series 28		Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2020	$	-	$	(917,349	)	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		1,157,917			-
Impairment loss in investment in operating limited partnerships		-		(888,464	)		-
Less share of loss - three months ended March 31, 2021		-		(32,927	)		-
Other		-		680,823			-
Investments in operating limited partnerships - as reported	$	-	$	-		$	-

F-220 

BF Garden Tax Credit Fund IV L.P. 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:

	Series 31		Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2020	$	-	$	716,461		$	508,277
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		917,996			784,846
Impairment loss in investment in operating limited partnerships		-		(1,110,485	)		(790,713	)
			��
Less share of loss - three months ended March 31, 2021		-		-			-
Other		-		(523,972	)		(502,410	)
Investments in operating limited partnerships - as reported	$	-	$	-		$	-

F-221 

BF Garden Tax Credit Fund IV L.P. 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:

	Series 34			Series 35		Series 36
Investments in operating limited partnerships - tax return December 31, 2020	$	(226,160	)	$	-	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		610,098			-		-
Impairment loss in investment in operating limited partnerships		(833,360	)		-		-
Less share of loss - three months ended March 31, 2021		-			-		-
Other		449,422			-		-
Investments in operating limited partnerships - as reported	$	-		$	-	$	-

F-222 

BF Garden Tax Credit Fund IV L.P. 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:

		Series 37		Series 38		Series 39
Investments in operating limited partnerships - tax return December 31, 2020	$	-	$	-	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		-		-
Impairment loss in investment in operating limited partnerships		-		-		-
Less share of loss - three months ended March 31, 2021		-		-		-
Other		-		-		-
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

F-223 

BF Garden Tax Credit Fund IV L.P. 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:

	Series 40		Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2020	$	-	$	(2,578,036	)	$	(258,255	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		1,623,678			566,599
Impairment loss in investment in operating limited partnerships		-		(752,318	)		-
Less share of loss - three months ended March 31, 2021		-		-			-
Other		-		1,706,676			(308,344	)
Investments in operating limited partnerships - as reported	$	-	$	-		$	-

F-224 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:

	Series 43		Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2020	$	-	$	910,108		$	4,574,217
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		15,841			3,117,867
Impairment loss in investment in operating limited partnerships		-		(2,550,560	)		(8,739,377	)
Less share of loss - three months ended March 31, 2021		-		-			-
Other		-		1,624,611			1,047,293
Investments in operating limited partnerships - as reported	$	-	$	-		$	-

F-225 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2021 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2020	$	4,313,453
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,824,953
Impairment loss in investment in operating limited partnerships		(12,103,656	)
Less share of loss - three months ended March 31, 2021		-
Other		5,965,250
Investments in operating limited partnerships - as reported	$	-

F-226 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

	Total			Series 20		Series 21
Investments in operating limited partnerships - tax return December 31, 2019	$	3,217,139		$	-	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		22,542,011			-		-
Impairment loss in investment in operating limited partnerships		(44,508,391	)		-		-
Less share of loss - three months ended March 31, 2020		(39,537	)		-		-
Other		18,788,778			-		-
Investments in operating limited partnerships - as reported	$	-		$	-	$	-

F-227 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

		Series 22		Series 23		Series 24
Investments in operating limited partnerships - tax return December 31, 2019	$	-	$	-	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		-		-
Impairment loss in investment in operating limited partnerships		-		-		-
Less share of loss - three months ended March 31, 2020		-		-		-
Other		-		-		-
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

F-228 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

	Series 25		Series 26			Series 27
Investments in operating limited partnerships - tax return December 31, 2019	$	-	$	(1,521,810	)	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		1,320,962			-
Impairment loss in investment in operating limited partnerships		-		(206,682	)		-
Less share of loss - three months ended March 31, 2020		-		-			-
Other		-		407,530			-
Investments in operating limited partnerships - as reported	$	-	$	-		$	-

F-229 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

	Series 28		Series 29			Series 30
Investments in operating limited partnerships - tax return December 31, 2019	$	-	$	(1,496,498	)	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		2,031,117			-
Impairment loss in investment in operating limited partnerships		-		(1,417,478	)		-
Less share of loss - three months ended March 31, 2020		-		(39,537	)		-
Other		-		922,396			-
Investments in operating limited partnerships - as reported	$	-	$	-		$	-

F-230 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

	Series 31		Series 32			Series 33
Investments in operating limited partnerships - tax return December 31, 2019	$	-	$	882,196		$	721,147
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		3,083,606			1,642,948
Impairment loss in investment in operating limited partnerships		-		(5,642,191	)		(4,047,088	)
Less share of loss - three months ended March 31, 2020		-		-			-
Other		-		1,676,389			1,682,993
Investments in operating limited partnerships - as reported	$	-	$	-		$	-

F-231 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

	Series 34			Series 35		Series 36
Investments in operating limited partnerships - tax return December 31, 2019	$	(379,040	)	$	-	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,174,852			-		-
Impairment loss in investment in operating limited partnerships		(1,212,863	)		-		-
Less share of loss - three months ended March 31, 2020		-			-		-
Other		417,051			-		-
Investments in operating limited partnerships - as reported	$	-		$	-	$	-

F-232 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

		Series 37		Series 38		Series 39
Investments in operating limited partnerships - tax return December 31, 2019	$	-	$	-	$	-
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		-		-
Impairment loss in investment in operating limited partnerships		-		-		-
Less share of loss - three months ended March 31, 2020		-		-		-
Other		-		-		-
Investments in operating limited partnerships - as reported	$	-	$	-	$	-

F-233 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

	Series 40		Series 41			Series 42
Investments in operating limited partnerships - tax return December 31, 2019	$	-	$	(3,250,279	)	$	(1,966,887	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		-		2,589,127			3,668,706
Impairment loss in investment in operating limited partnerships		-		(1,610,548	)		(1,300,734	)
Less share of loss - three months ended March 31, 2020		-		-			-
Other		-		2,271,700			(401,085	)
Investments in operating limited partnerships - as reported	$	-	$	-		$	-

F-234 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

	Series 43			Series 44			Series 45
Investments in operating limited partnerships - tax return December 31, 2019	$	705,213		$	(5,206	)	$	4,787,336
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,398,524			291,269			3,416,071
Impairment loss in investment in operating limited partnerships		(3,807,624	)		(2,438,129	)		(9,877,399	)
Less share of loss - three months ended March 31, 2020		-			-			-
Other		1,703,887			2,152,066			1,673,992
Investments in operating limited partnerships - as reported	$	-		$	-		$	-

F-235 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

	Series 46
Investments in operating limited partnerships - tax return December 31, 2019	$	4,740,967
Operating limited partnership losses not recognized for financial reporting purposes under the equity method		1,924,829
Impairment loss in investment in operating limited partnerships		(12,947,655	)
Less share of loss - three months ended March 31, 2020		-
Other		6,281,859
Investments in operating limited partnerships - as reported	$	-

F-236 

BF Garden Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2021 and 2020

NOTE E - CASH EQUIVALENTS

Cash equivalents of $10,765,279 and $6,568,691 as of March 31, 2021 and 2020, respectively, include money market accounts with interest rates ranging from 0.05% to  1.51% per annum.

NOTE F - CONCENTRATION OF CREDIT RISK

	The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions.  The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution.  At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to its balances in excess of FDIC insurance.  Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2021.
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
	Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure.  The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

F-237