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, 2022 AND 2021
BF Garden Tax Credit Fund IV L.P. -
Series 20 through Series 46
TABLE OF CONTENTS
PAGE | ||
| ||
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB No. 596) | F-3 | |
| ||
| ||
F-4 | ||
| ||
F-32 | ||
| ||
F-60 | ||
| | |
F-74 | ||
| | |
F-102 | ||
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, 2022 and 2021, 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, 2022 and 2021, 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 24, 2022 | |
| |
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS
March 31, 2022 and 2021
| | | | | | |
| | Total | ||||
|
| 2022 |
| 2021 | ||
ASSETS |
| |
|
| |
|
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| 2,370,898 | |
| 10,819,585 |
Other assets | |
| 6,288 | |
| 10,829 |
| | | | | | |
| | $ | 2,377,186 | | $ | 10,830,414 |
| | | | | | |
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | |
|
| |
|
|
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 27 |
Accounts payable - affiliates | |
| 8,781,884 | |
| 12,664,070 |
Capital contributions payable | |
| 785 | |
| 785 |
| | | | | | |
| |
| 8,782,669 | |
| 12,664,882 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 83,651,080 issued and 82,874,653 outstanding outstanding for both years. | |
| (7,296,726) | |
| (1,450,880) |
General partner | |
| 891,243 | |
| (383,588) |
| | | | | | |
| |
| (6,405,483) | |
| (1,834,468) |
| | | | | | |
| | $ | 2,377,186 | | $ | 10,830,414 |
(Continued)
F-4
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 20 | ||||
|
| 2022 |
| 2021 | ||
ASSETS |
| |
|
| |
|
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 issued and 3,828,200 outstanding for both years. | |
| (754,767) | |
| (754,767) |
General partner | |
| 754,767 | |
| 754,767 |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(Continued)
F-5
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 21 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 issued and 1,879,500 outstanding for both years. | |
| (898,231) | |
| (898,231) |
General partner | |
| 898,231 | |
| 898,231 |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-6
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 22 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 issued and 2,550,145 outstanding for both years. | |
| (2,448,362) | |
| (2,448,362) |
General partner | |
| 2,448,362 | |
| 2,448,362 |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-7
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 23 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 issued and 3,303,327 outstanding for both years. | |
| (224,264) | |
| (224,264) |
General partner | |
| 224,264 | |
| 224,264 |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-8
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 24 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 issued and 2,150,053 outstanding for both years. | |
| 173,404 | |
| 173,404 |
General partner | |
| (173,404) | |
| (173,404) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-9
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 25 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 issued and 3,016,809 outstanding for both years. | |
| 219,815 | |
| 219,815 |
General partner | |
| (219,815) | |
| (219,815) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-10
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 26 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| 0 | |
| 531,027 |
Other assets | |
| 0 | |
| 75 |
| | | | | | |
| | $ | 0 | | $ | 531,102 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 2,199 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 issued and 3,926,374 outstanding for both years. | |
| 313,969 | |
| 841,956 |
General partner | |
| (313,969) | |
| (313,053) |
| | | | | | |
| |
| 0 | |
| 528,903 |
| | | | | | |
| | $ | 0 | | $ | 531,102 |
(continued)
F-11
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 27 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 issued and 2,431,350 outstanding for both years. | |
| 133,264 | |
| 133,264 |
General partner | |
| (133,264) | |
| (133,264) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-12
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 28 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 issued and 3,979,139 outstanding for both years. | |
| 275,140 | |
| 275,140 |
General partner | |
| (275,140) | |
| (275,140) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-13
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 29 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 108,768 | |
| 164,236 |
Other assets | |
| 2,500 | |
| 2,148 |
| | | | | | |
| | $ | 111,268 | | $ | 166,384 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 3,108,790 | |
| 3,127,627 |
Capital contributions payable | |
| 785 | |
| 785 |
| | | | | | |
| |
| 3,109,575 | |
| 3,128,412 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 issued and 3,911,725 outstanding for both years. | |
| (2,629,677) | |
| (2,593,761) |
General partner | |
| (368,630) | |
| (368,267) |
| | | | | | |
| |
| (2,998,307) | |
| (2,962,028) |
| | | | | | |
| | $ | 111,268 | | $ | 166,384 |
(continued)
F-14
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 30 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2,651,000 issued to the assignees at March 31, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 issued and 2,621,200 outstanding for both years. | |
| (883,119) | |
| (883,119) |
General partner | |
| 883,119 | |
| 883,119 |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-15
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 31 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857 issued and 4,375,757 outstanding for both years. | |
| 353,529 | |
| 353,529 |
General partner | |
| (353,529) | |
| (353,529) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-16
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 32 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| 0 | |
| 2,640,414 |
Other assets | |
| 0 | |
| 74 |
| | | | | | |
| | $ | 0 | | $ | 2,640,488 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 4,847 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 4,847 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 issued and 4,706,298 outstanding for both yeears. | |
| 380,821 | |
| 3,015,649 |
General partner | |
| (380,821) | |
| (380,008) |
| | | | | | |
| |
| 0 | |
| 2,635,641 |
| | | | | | |
| | $ | 0 | | $ | 2,640,488 |
(continued)
F-17
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 33 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 3,040,636 |
Other assets | |
| 0 | |
| 74 |
| | | | | | |
| | $ | 0 | | $ | 3,040,710 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 4,992 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 issued and 2,605,833 outstanding for both years. | |
| 196,294 | |
| 3,231,141 |
General partner | |
| (196,294) | |
| (195,423) |
| | | | | | |
| |
| 0 | |
| 3,035,718 |
| | | | | | |
| | $ | 0 | | $ | 3,040,710 |
(continued)
F-18
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 34 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 81,705 | |
| 129,067 |
Other assets | |
| 0 | |
| 74 |
| | | | | | |
| | $ | 81,705 | | $ | 129,141 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 2,488,268 | |
| 2,469,776 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 2,488,268 | |
| 2,469,776 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
| | |
| |
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 issued and 3,474,319 outstanding for both years. | |
| (2,082,108) | |
| (2,016,839) |
General partner | |
| (324,455) | |
| (323,796) |
| | | | | | |
| |
| (2,406,563) | |
| (2,340,635) |
| | | | | | |
| | $ | 81,705 | | $ | 129,141 |
(continued)
F-19
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 35 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
| | |
| |
| | | | | | |
LIABILITIES | |
| | |
| |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
| | |
| |
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,300,463 issued and 3,277,913 outstanding for both years. | |
| 223,088 | |
| 223,088 |
General partner | |
| (223,088) | |
| (223,088) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-20
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 36 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | |
| | |
| |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
| | |
| |
| | | | | | |
LIABILITIES | |
| | |
| |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
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 for both years. | |
| 148,221 | |
| 148,221 |
General partner | |
| (148,221) | |
| (148,221) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-21
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 37 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,512,500 issued and 2,489,100 outstanding for both years. | |
| 205,359 | |
| 205,359 |
General partner | |
| (205,359) | |
| (205,359) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-22
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 38 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
| | |
| |
| | | | | | |
LIABILITIES | |
| | |
| |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
| | |
| |
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,543,100 issued and 2,536,200 outstanding for both years. | |
| 188,889 | |
| 188,889 |
General partner | |
| (188,889) | |
| (188,889) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-23
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 39 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
|
| |
|
|
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,292,151 issued and 2,288,351 outstanding for both years. | |
| 196,043 | |
| 196,043 |
General partner | |
| (196,043) | |
| (196,043) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-24
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 40 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
| | |
| |
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,630,256 issued and 2,611,356 outstanding for both years. | |
| 216,900 | |
| 216,900 |
General partner | |
| (216,900) | |
| (216,900) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-25
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 41 | ||||
|
| 2022 |
| 2021 | ||
ASSETS |
| |
|
| |
|
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | |
| | |
| |
Cash and cash equivalents | |
| 0 | |
| 408,743 |
Other assets | |
| 0 | |
| 437 |
| | | | | | |
| | $ | 0 | | $ | 409,180 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
| | |
| |
| | | | | | |
LIABILITIES | |
| | |
| |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 1 |
Accounts payable - affiliates | |
| 0 | |
| 2,690,845 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 2,690,846 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
| | |
| |
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,891,626 issued and 2,865,176 outstanding for both years. | |
| (987,713) | |
| (2,009,681) |
General partner | |
| 987,713 | |
| (271,985) |
| | | | | | |
| |
| 0 | |
| (2,281,666) |
| | | | | | |
| | $ | 0 | | $ | 409,180 |
(continued)
F-26
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 42 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 2,318,856 |
Other assets | |
| 0 | |
| 82 |
| | | | | | |
| | $ | 0 | | $ | 2,318,938 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 36,736 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 36,736 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
| | |
| |
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,744,262 issued and 2,706,362 outstanding for both years. | |
| 216,680 | |
| 2,500,317 |
General partner | |
| (216,680) | |
| (218,115) |
| | | | | | |
| |
| 0 | |
| 2,282,202 |
| | | | | | |
| | $ | 0 | | $ | 2,318,938 |
(continued)
F-27
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 43 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 0 | |
| 0 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | | | | | | |
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,637,987 issued and 3,617,987 outstanding for both years. | |
| 306,854 | |
| 306,854 |
General partner | |
| (306,854) | |
| (306,854) |
| | | | | | |
| |
| 0 | |
| 0 |
| | | | | | |
| | $ | 0 | | $ | 0 |
(continued)
F-28
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 44 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 1,230,504 | |
| 842,738 |
Other assets | |
| 0 | |
| 205 |
| | | | | | |
| | $ | 1,230,504 | | $ | 842,943 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 26 |
Accounts payable - affiliates | |
| 28,269 | |
| 399,489 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 28,269 | |
| 399,515 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
| | |
| |
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,701,973 issued and 2,682,873 outstanding for both years. | |
| 1,427,661 | |
| 676,442 |
General partner | |
| (225,426) | |
| (233,014) |
| | | | | | |
| |
| 1,202,235 | |
| 443,428 |
| | | | | | |
| | $ | 1,230,504 | | $ | 842,943 |
(continued)
F-29
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 45 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 287,530 | |
| 294,663 |
Other assets | |
| 0 | |
| 2,627 |
| | | | | | |
| | $ | 287,530 | | $ | 297,290 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | | |
| | | | | | |
LIABILITIES | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 1,138,508 | |
| 1,744,673 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 1,138,508 | |
| 1,744,673 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
| | |
| |
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,014,367 issued and 3,989,967 outstanding for both years. | |
| (488,806) | |
| (1,079,247) |
General partner | |
| (362,172) | |
| (368,136) |
| | | | | | |
| |
| (850,978) | |
| (1,447,383) |
| | | | | | |
| | $ | 287,530 | | $ | 297,290 |
(continued)
F-30
BF Garden Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2022 and 2021
| | | | | | |
| | Series 46 | ||||
|
| 2022 |
| 2021 | ||
ASSETS | | | | | | |
| | | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | | $ | 0 | | $ | 0 |
| | | | | | |
OTHER ASSETS | |
| | |
| |
Cash and cash equivalents | |
| 662,391 | |
| 449,205 |
Other assets | |
| 3,788 | |
| 5,033 |
| | | | | | |
| | $ | 666,179 | | $ | 454,238 |
| | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
| | |
| |
| | | | | | |
LIABILITIES | |
| | |
| |
Accounts payable, accrued expenses and other liabilities | | $ | 0 | | $ | 0 |
Accounts payable - affiliates | |
| 2,018,049 | |
| 2,182,886 |
Capital contributions payable | |
| 0 | |
| 0 |
| | | | | | |
| |
| 2,018,049 | |
| 2,182,886 |
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, 2022 and 2021 | |
| 0 | |
| 0 |
Limited partners | |
| | |
| |
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,980,998 issued and 2,965,635 outstanding for both years. | |
| (1,075,610) | |
| (1,448,620) |
General partner | |
| (276,260) | |
| (280,028) |
| | | | | | |
| |
| (1,351,870) | |
| (1,728,648) |
| | | | | | |
| | $ | 666,179 | | $ | 454,238 |
(see notes to financial statements)
F-31
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Years ended March 31, 2022 and 2021
| | | | | | |
| | Total | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 7,617 | | $ | 11,508 |
Miscellaneous | |
| 150,564 | |
| 310,118 |
| |
|
| |
|
|
| |
| 158,181 | |
| 321,626 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 3,551,414 | |
| 7,094,752 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 333,223 | |
| 648,148 |
General and administrative expenses | |
| 654,260 | |
| 286,580 |
Professional fees | |
| 176,444 | |
| 361,835 |
| |
|
| |
|
|
| |
| 1,163,927 | |
| 1,296,563 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 2,545,668 | | $ | 6,119,815 |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | 25,456 | | $ | 61,199 |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | 2,520,212 | | $ | 6,058,616 |
| |
| | |
|
|
Net income (loss) per BAC | | $ | 0.03 | | $ | 0.07 |
(continued)
F-32
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 20 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| | | | |
| |
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-33
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 21 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-34
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 22 | ||||
|
| 2022 |
| 2021 | ||
Income | | | |
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-35
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 23 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-36
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 24 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
| | |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-37
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 25 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-38
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 26 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 261 | | $ | 1,068 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 261 | |
| 1,068 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 20,845 | |
| 18,800 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 3,665 | |
| 15,044 |
General and administrative expenses | |
| 97,302 | |
| 23,831 |
Professional fees | |
| 11,719 | |
| 28,094 |
| |
|
| |
|
|
| |
| 112,686 | |
| 66,969 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | (91,580) | | $ | (47,101) |
| |
| | |
| |
Net income (loss) allocated to general partner | | $ | (916) | | $ | (471) |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | (90,664) | | $ | (46,630) |
| |
| | |
|
|
Net income (loss) per BAC | | $ | (0.02) | | $ | (0.01) |
(continued)
F-39
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 27 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
| | |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
| | |
|
|
| |
| 0 | |
| 0 |
| |
| | |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-40
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 28 | ||||
|
| 2022 |
| 2021 | ||
Income | |
| | |
| |
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
| | |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-41
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 29 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 143 | | $ | 319 |
Miscellaneous | |
| 0 | |
| 9,000 |
| |
| | |
|
|
| |
| 143 | |
| 9,319 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 29,999 | |
| 44,500 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 1,343 | |
| 21,752 |
General and administrative expenses | |
| 45,605 | |
| 22,100 |
Professional fees | |
| 19,473 | |
| 22,781 |
| |
| | |
|
|
| |
| 66,421 | |
| 66,633 |
| |
| | |
|
|
NET INCOME (LOSS) | | $ | (36,279) | | $ | (12,814) |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | (363) | | $ | (128) |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | (35,916) | | $ | (12,686) |
| |
| | |
|
|
Net income (loss) per BAC | | $ | (0.01) | | $ | (0.00) |
(continued)
F-42
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 30 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-43
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 31 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
| | |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-44
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 32 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 1,321 | | $ | 781 |
Miscellaneous | |
| 0 | |
| 40,978 |
| |
|
| |
|
|
| |
| 1,321 | |
| 41,759 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 23,823 | |
| 2,571,228 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 4,091 | |
| 36,727 |
General and administrative expenses | |
| 90,598 | |
| 23,678 |
Professional fees | |
| 11,719 | |
| 26,633 |
| |
|
| |
|
|
| |
| 106,408 | |
| 87,038 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | (81,264) | | $ | 2,525,949 |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | (813) | | $ | 25,259 |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | (80,451) | | $ | 2,500,690 |
| |
| | |
|
|
Net income (loss) per BAC | | $ | (0.02) | | $ | 0.53 |
(continued)
F-45
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 33 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 1,524 | | $ | 1,319 |
Miscellaneous | |
| — | |
| 40,978 |
| |
|
| |
|
|
| |
| 1,524 | |
| 42,297 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 23,823 | |
| 2,492,020 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 4,334 | |
| 20,807 |
General and administrative expenses | |
| 97,578 | |
| 18,583 |
Professional fees | |
| 10,544 | |
| 21,150 |
| |
|
| |
|
|
| |
| 112,456 | |
| 60,540 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | (87,109) | | $ | 2,473,777 |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | (871) | | $ | 24,738 |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | (86,238) | | $ | 2,449,039 |
| |
| | |
|
|
Net income (loss) per BAC | | $ | (0.03) | | $ | 0.94 |
(continued)
F-46
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 34 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 110 | | $ | 341 |
Miscellaneous | |
| — | |
| 2,000 |
| |
|
| |
|
|
| |
| 110 | |
| 2,341 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| — | |
| 20,800 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 15,492 | |
| 19,902 |
General and administrative expenses | |
| 33,923 | |
| 20,834 |
Professional fees | |
| 16,623 | |
| 25,710 |
| |
|
| |
|
|
| |
| 66,038 | |
| 66,446 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | (65,928) | | $ | (43,305) |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | (659) | | $ | (433) |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | (65,269) | | $ | (42,872) |
| |
| | |
|
|
Net income (loss) per BAC | | $ | (0.02) | | $ | (0.01) |
(continued)
F-47
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 35 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
| | |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
| | |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-48
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 36 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-49
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 37 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
| | |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-50
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 38 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-51
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 39 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-52
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 40 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 0 |
Miscellaneous | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 0 |
General and administrative expenses | |
| 0 | |
| 0 |
Professional fees | |
| 0 | |
| 0 |
| |
|
| |
|
|
| |
| 0 | |
| 0 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 0 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0 |
(continued)
F-53
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 41 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 388 | | $ | 670 |
Miscellaneous | |
| 47,439 | |
| 53,142 |
| |
|
| |
|
|
| |
| 47,827 | |
| 53,812 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 1,151,653 | |
| 98,100 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 57,068 | |
| 89,434 |
General and administrative expenses | |
| 87,125 | |
| 20,401 |
Professional fees | |
| 22,996 | |
| 28,153 |
| |
|
| |
|
|
| |
| 167,189 | |
| 137,988 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 1,032,291 | | $ | 13,924 |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | 10,323 | | $ | 139 |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | 1,021,968 | | $ | 13,785 |
| |
| | |
|
|
Net income (loss) per BAC | | $ | 0.36 | | $ | 0.00 |
(continued)
F-54
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 42 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 2,013 | | $ | 2,319 |
Miscellaneous | |
| 6,800 | |
| 39,314 |
| |
|
| |
|
|
| |
| 8,813 | |
| 41,633 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 247,877 | |
| 722,454 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 7,748 | |
| 52,866 |
General and administrative expenses | |
| 84,749 | |
| 18,481 |
Professional fees | |
| 20,646 | |
| 29,477 |
| |
|
| |
|
|
| |
| 113,143 | |
| 100,824 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 143,547 | | $ | 663,263 |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | 1,435 | | $ | 6,633 |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | 142,112 | | $ | 656,630 |
| |
| | |
|
|
Net income (loss) per BAC | | $ | 0.05 | | $ | 0.24 |
(continued)
F-55
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 43 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 0 | | $ | 2,174 |
Miscellaneous | |
| 0 | |
| 1,542 |
| |
|
| |
|
|
| |
| 0 | |
| 3,716 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 186,635 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 0 | |
| 32,238 |
General and administrative expenses | |
| 0 | |
| 73,901 |
Professional fees | |
| 0 | |
| 33,840 |
| |
|
| |
|
|
| |
| 0 | |
| 139,979 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 0 | | $ | 50,372 |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | 0 | | $ | 504 |
| |
| | |
| |
Net income (loss) allocated to limited partners | | $ | 0 | | $ | 49,868 |
| |
| | |
|
|
Net income (loss) per BAC | | $ | 0 | | $ | 0.01 |
(continued)
F-56
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 44 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 1,021 | | $ | 662 |
Miscellaneous | |
| 25,468 | |
| 11,803 |
| |
|
| |
|
|
| |
| 26,489 | |
| 12,465 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 815,747 | |
| 612,172 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 35,411 | |
| 90,353 |
General and administrative expenses | |
| 30,899 | |
| 19,325 |
Professional fees | |
| 17,119 | |
| 26,553 |
| |
|
| |
|
|
| |
| 83,429 | |
| 136,231 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 758,807 | | $ | 488,406 |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | 7,588 | | $ | 4,884 |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | 751,219 | | $ | 483,522 |
| |
| | |
|
|
Net income (loss) per BAC | | $ | 0.28 | | $ | 0.18 |
(continued)
F-57
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 45 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 330 | | $ | 667 |
Miscellaneous | |
| 31,486 | |
| 48,721 |
| |
|
| |
|
|
| |
| 31,816 | |
| 49,388 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 691,381 | |
| 214,717 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 55,010 | |
| 97,873 |
General and administrative expenses | |
| 48,468 | |
| 23,715 |
Professional fees | |
| 23,314 | |
| 85,435 |
| |
|
| |
|
|
| |
| 126,792 | |
| 207,023 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 596,405 | | $ | 57,082 |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | 5,964 | | $ | 571 |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | 590,441 | | $ | 56,511 |
| |
| | |
|
|
Net income (loss) per BAC | | $ | 0.15 | | $ | 0.01 |
(continued)
F-58
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 46 | ||||
|
| 2022 |
| 2021 | ||
Income |
| |
|
| |
|
Interest income | | $ | 506 | | $ | 1,188 |
Miscellaneous | |
| 39,371 | |
| 62,640 |
| |
|
| |
|
|
| |
| 39,877 | |
| 63,828 |
| |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 546,266 | |
| 113,326 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Fund management fee | |
| 149,061 | |
| 171,152 |
General and administrative expenses | |
| 38,013 | |
| 21,731 |
Professional fees | |
| 22,291 | |
| 34,009 |
| |
|
| |
|
|
| |
| 209,365 | |
| 226,892 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 376,778 | | $ | (49,738) |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | 3,768 | | $ | (497) |
| |
| | |
|
|
Net income (loss) allocated to limited partners | | $ | 373,010 | | $ | (49,241) |
| |
| | |
|
|
Net income (loss) per BAC | | $ | 0.13 | | $ | (0.02) |
(see notes to financial statements)
F-59
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Total | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (6,042,833) | | $ | (444,787) | | $ | (6,487,620) |
| |
|
| |
|
| |
|
|
Distributions | |
| (1,466,663) | |
| 0 | |
| (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) |
| |
|
| |
|
| |
|
|
Contributions | |
| — | |
| 1,249,375 | |
| 1,249,375 |
| |
| | |
| | |
|
|
Distributions | |
| (8,366,058) | |
| 0 | |
| (8,366,058) |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 2,520,212 | |
| 25,456 | |
| 2,545,668 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | (7,296,726) | | $ | 891,243 | | $ | (6,405,483) |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 20 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (754,767) | | $ | 754,767 | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| (754,767) | |
| 754,767 | |
| 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| �� | |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | (754,767) | | $ | 754,767 | | $ | 0 |
(continued)
F-60
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 21 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (898,231) | | $ | 898,231 | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| (898,231) | | | 898,231 | | | 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | (898,231) | | $ | 898,231 | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 22 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (2,448,362) | | $ | 2,448,362 | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| (2,448,362) | | | 2,448,362 | | | 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | (2,448,362) | | $ | 2,448,362 | | $ | 0 |
(continued)
F-61
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 23 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (224,264) | | $ | 224,264 | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| (224,264) | | | 224,264 | | | 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | (224,264) | | $ | 224,264 | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 24 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 173,404 | | | (175,232) | | | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| 173,404 | | | (173,404) | | | 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 173,404 | | $ | (173,404) | | $ | 0 |
(continued)
F-62
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 25 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 219,815 | | $ | (219,815) | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| 219,815 | | | (219,815) | | | 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 219,815 | | $ | (219,815) | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 26 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 888,586 | | $ | (312,798) | | $ | 576,004 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| (46,630) | |
| (471) | |
| (47,101) |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| 841,956 | | | (313,053) | | | 528,903 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| (437,323) | |
| 0 | |
| (437,323) |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| (90,664) | |
| (916) | |
| (91,580) |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 313,969 | | $ | (313,969) | | $ | 0 |
(continued)
F-63
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 27 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 133,264 | | $ | (133,264) | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| 133,264 | | | (133,264) | | | 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 133,264 | | $ | (133,264) | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 28 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 275,140 | | $ | (275,140) | | $ | — |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| 275,140 | | | (275,140) | | | 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 275,140 | | $ | (275,140) | | $ | 0 |
(continued)
F-64
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 29 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (2,581,075) | | $ | (368,139) | | $ | (2,949,214) |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| (12,686) | |
| (128) | |
| (12,814) |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| (2,593,761) | | | (368,267) | | | (2,962,028) |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| (35,916) | |
| (363) | |
| (36,279) |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | (2,629,677) | | $ | (368,630) | | $ | (2,998,307) |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 30 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (883,119) | | $ | 883,119 | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| (883,119) | | | 883,119 | | | 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | (883,119) | | $ | 883,119 | | $ | 0 |
(continued)
F-65
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 31 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 353,529 | | $ | (353,529) | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| 353,529 | | | (353,529) | | | 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 353,529 | | $ | (353,529) | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 32 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 514,959 | | $ | (405,267) | | $ | 109,692 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| (2,554,377) | |
| 0 | |
| (2,554,377) |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| (80,451) | |
| (813) | |
| (81,264) |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 380,821 | | $ | (380,821) | | $ | 0 |
(continued)
F-66
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 33 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 782,102 | | $ | (220,161) | | $ | 561,941 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| (2,948,609) | |
| 0 | |
| (2,948,609) |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| (86,238) | |
| (871) | |
| (87,109) |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 196,294 | | $ | (196,294) | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 34 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (1,973,967) | | $ | (323,363) | | $ | (2,297,330) |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| (42,872) | |
| (433) | |
| (43,305) |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| (2,016,839) | |
| (323,796) | |
| (2,340,635) |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| (65,269) | |
| (659) | |
| (65,928) |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | (2,082,108) | | $ | (324,455) | | $ | (2,406,563) |
(continued)
F-67
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 35 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 223,088 | | $ | (223,088) | | $ | 0 |
| |
|
| |
|
| |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| 223,088 | |
| (223,088) | |
| 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 223,088 | | $ | (223,088) | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 36 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 148,221 | | $ | (148,221) | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| 148,221 | |
| (148,221) | |
| 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 148,221 | | $ | (148,221) | | $ | 0 |
(continued)
F-68
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 37 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 205,359 | | $ | (205,359) | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| 205,359 | |
| (205,359) | |
| 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 205,359 | | $ | (205,359) | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 38 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 188,889 | | $ | (188,889) | | $ | 0 |
| |
|
| |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
| |
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2021 | |
| 188,889 | | | (188,889) | |
| 0 |
| |
|
| |
|
| |
|
|
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Partners’ capital (deficit), March 31, 2022 | | $ | 188,889 | | $ | (188,889) | | $ | 0 |
(continued)
F-69
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 39 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 196,043 | | $ | (196,043) | | $ | 0 |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2021 | |
| 196,043 | |
| (196,043) | |
| 0 |
| |
| | |
| | |
| |
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2022 | | $ | 196,043 | | $ | (196,043) | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 40 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 216,900 | | $ | (216,900) | | $ | 0 |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2021 | |
| 216,900 | |
| (216,900) | |
| 0 |
| |
| | |
| | |
| |
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2022 | | $ | 216,900 | | $ | (216,900) | | $ | 0 |
(continued)
F-70
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 41 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (2,023,466) | | $ | (272,127) | | $ | (2,295,590) |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 13,785 | |
| 139 | |
| 13,924 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2021 | |
| (2,009,681) | |
| (271,985) | |
| (2,281,666) |
| |
| | |
| | |
| |
Contributions | |
| 0 | |
| 1,249,375 | |
| 1,249,375 |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 1,021,968 | |
| 10,323 | |
| 1,032,291 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2022 | | $ | (987,713) | | $ | 987,713 | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 42 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 1,843,687 | | $ | (224,748) | | $ | 1,618,939 |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 656,630 | |
| 6,633 | |
| 663,263 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2021 | |
| 2,500,317 | |
| (218,115) | |
| 2,282,202 |
| |
| | |
| | |
| |
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Distributions | |
| (2,425,749) | |
| 0 | |
| (2,425,749) |
| |
| | |
| | |
| |
Net income (loss) | |
| 142,112 | |
| 1,435 | |
| 143,547 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2022 | | $ | 216,680 | | $ | (216,680) | | $ | 0 |
(continued)
F-71
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 43 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 1,723,649 | | $ | (307,358) | | $ | 1,416,291 |
| |
| | |
| | |
| |
Distributions | |
| (1,466,663) | |
| 0 | |
| (1,466,663) |
| |
| | |
| | |
| |
Net income (loss) | |
| 49,868 | |
| 504 | |
| 50,372 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2021 | |
| 306,854 | |
| (306,854) | |
| 0 |
| |
| | |
| | |
| |
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2022 | | $ | 306,854 | | $ | (306,854) | | $ | 0 |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 44 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | 192,920 | | $ | (237,898) | | $ | (44,978) |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 483,522 | |
| 4,884 | |
| 488,406 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2021 | |
| 676,442 | |
| (233,014) | |
| 443,428 |
| |
| | |
| | |
| |
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 751,219 | |
| 7,588 | |
| 758,807 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2022 | | $ | 1,427,661 | | $ | (225,426) | | $ | 1,202,235 |
(continued)
F-72
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 45 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (1,135,758) | | $ | (368,707) | | $ | (1,504,465) |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 56,511 | |
| 571 | |
| 57,082 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2021 | |
| (1,079,247) | |
| (368,136) | |
| (1,447,383) |
| |
| | |
| | |
| |
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 590,441 | |
| 5,964 | |
| 596,405 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2022 | | $ | (488,806) | | $ | (362,172) | | $ | (850,978) |
| | | | | | | | | |
|
| Limited |
| General |
| | | ||
Series 46 | | partners | | partner | | Total | |||
Partners’ capital (deficit), March 31, 2020 | | $ | (1,399,379) | | $ | (279,531) | | $ | (1,678,910) |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| (49,241) | |
| (497) | |
| (49,738) |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2021 | |
| (1,448,620) | |
| (280,028) | |
| (1,728,648) |
| |
| | |
| | |
| |
Contributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Distributions | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
| | |
| |
Net income (loss) | |
| 373,010 | |
| 3,768 | |
| 376,778 |
| |
| | |
| | |
| |
Partners’ capital (deficit), March 31, 2022 | | $ | (1,075,610) | | $ | (276,260) | | $ | (1,351,870) |
(see notes to financial statements)
F-73
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Years ended March 31, 2022 and 2021
| | | | | | |
| | Total | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 2,545,668 | | $ | 6,119,815 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| (3,551,414) | |
| (7,094,752) |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| 4,541 | |
| 4,259 |
Accounts payable and accrued expenses | |
| (27) | |
| (15,973) |
Accounts payable - affiliates | |
| (2,632,811) | |
| (443,708) |
| | | | | | |
Net cash used in operating activities | |
| (3,634,043) | |
| (1,430,359) |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 3,551,414 | |
| 7,094,498 |
| | | | | | |
Net cash provided by investing activities | |
| 3,551,414 | |
| 7,094,498 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| (8,366,058) | |
| (1,466,663) |
| | | | | | |
Net cash used in financing activities | |
| (8,366,058) | |
| (1,466,663) |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (8,448,687) | |
| 4,197,476 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 10,819,585 | |
| 6,622,109 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 2,370,898 | | $ | 10,819,585 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 1,249,375 | | $ | 0 |
(continued)
F-74
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 20 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-75
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 21 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-76
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 22 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-77
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 23 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | | | 0 | | | 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-78
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 24 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
| | |
|
|
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-79
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 25 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-80
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 26 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | (91,580) | | $ | (47,101) |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| (20,845) | |
| (18,800) |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 75 | |
| (75) |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| (2,199) | |
| 2,199 |
| | | | | | |
Net cash used in operating activities | |
| (114,549) | |
| (63,777) |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 20,845 | |
| 18,800 |
| | | | | | |
Net cash provided by investing activities | |
| 20,845 | |
| 18,800 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| (437,323) | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| (437,323) | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (531,027) | |
| (44,977) |
| | | | | | |
Cash and cash equivalents, beginning | |
| 531,027 | |
| 576,004 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 531,027 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-81
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 27 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-82
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 28 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
| | |
|
|
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-83
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 29 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | (36,279) | | $ | (12,814) |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| (29,999) | |
| (44,500) |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| (352) | |
| (2,148) |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| (18,837) | |
| 21,752 |
| | | | | | |
Net cash used in operating activities | |
| (85,467) | |
| (37,710) |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 29,999 | |
| 44,500 |
| | | | | | |
Net cash provided by investing activities | |
| 29,999 | |
| 44,500 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (55,468) | |
| 6,790 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 164,236 | |
| 157,446 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 108,768 | | $ | 164,236 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-84
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 30 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-85
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 31 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
|
| |
| |
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-86
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 32 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | (81,264) | | $ | 2,525,949 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| (23,823) | |
| (2,571,228) |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| 74 | |
| (74) |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| (4,847) | |
| (78,664) |
| | | | | | |
Net cash used in operating activities | |
| (109,860) | |
| (124,017) |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 23,823 | |
| 2,571,228 |
| | | | | | |
Net cash provided by investing activities | |
| 23,823 | |
| 2,571,228 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| (2,554,377) | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| (2,554,377) | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (2,640,414) | |
| 2,447,211 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 2,640,414 | |
| 193,203 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 2,640,414 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-87
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 33 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | (87,109) | | $ | 2,473,777 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| (23,823) | |
| (2,492,020) |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| 74 | |
| (74) |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| (4,992) | |
| 4,992 |
| | | | | | |
Net cash used in operating activities | |
| (115,850) | |
| (13,325) |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 23,823 | |
| 2,492,020 |
| | | | | | |
Net cash provided by investing activities | |
| 23,823 | |
| 2,492,020 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| (2,948,609) | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| (2,948,609) | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (3,040,636) | |
| 2,478,695 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 3,040,636 | |
| 561,941 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 3,040,636 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-88
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 34 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | (65,928) | | $ | (43,305) |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| 0 | |
| (20,800) |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 74 | |
| (74) |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 18,492 | |
| 24,102 |
| | | | | | |
Net cash used in operating activities | |
| (47,362) | |
| (40,077) |
| | | | | | |
Cash flows from investing activities | |
| | |
| |
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 20,800 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 20,800 |
| | | | | | |
Cash flows from financing activities | |
| | |
| |
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (47,362) | |
| (19,277) |
| | | | | | |
Cash and cash equivalents, beginning | |
| 129,067 | |
| 148,344 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 81,705 | | $ | 129,067 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-89
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 35 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
| | |
| |
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
| | |
| |
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-90
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 36 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
| | |
| |
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
| | |
| |
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-91
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 37 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
| | |
| |
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
| | |
| |
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-92
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 38 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
| | |
| |
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
| | |
| |
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-93
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 39 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
|
| |
|
|
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-94
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 40 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 0 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| 0 | |
| 0 |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from investing activities | |
| | |
| |
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 0 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 0 |
| | | | | | |
Cash flows from financing activities | |
| | |
| |
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 0 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-95
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 41 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 1,032,291 | | $ | 13,924 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| (1,151,653) | |
| (98,100) |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 437 | |
| (437) |
Accounts payable and accrued expenses | |
| (1) | |
| 1 |
Accounts payable - affiliates | |
| (1,441,470) | |
| 43,016 |
| | | | | | |
Net cash used in operating activities | |
| (1,560,396) | |
| (41,596) |
| | | | | | |
Cash flows from investing activities | |
| | |
| |
Proceeds from disposition of operating limited partnerships | |
| 1,151,653 | |
| 98,100 |
| | | | | | |
Net cash provided by investing activities | |
| 1,151,653 | |
| 98,100 |
| | | | | | |
Cash flows from financing activities | |
| | |
| |
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (408,743) | |
| 56,504 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 408,743 | |
| 352,239 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 408,743 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 1,249,375 | | $ | 0 |
(continued)
F-96
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 42 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 143,547 | | $ | 663,263 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| (247,877) | |
| (722,454) |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 82 | |
| 11,218 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| (36,736) | |
| 36,736 |
| | | | | | |
Net cash used in operating activities | |
| (140,984) | |
| (11,237) |
| | | | | | |
Cash flows from investing activities | |
| | |
| |
Proceeds from disposition of operating limited partnerships | |
| 247,877 | |
| 722,200 |
| | | | | | |
Net cash provided by investing activities | |
| 247,877 | |
| 722,200 |
| | | | | | |
Cash flows from financing activities | |
| | |
| |
Distributions | |
| (2,425,749) | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| (2,425,749) | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (2,318,856) | |
| 710,963 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 2,318,856 | |
| 1,607,893 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 2,318,856 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-97
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 43 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 0 | | $ | 50,372 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| 0 | |
| (186,635) |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 0 | |
| 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in operating activities | |
| 0 | |
| (136,263) |
| | | | | | |
Cash flows from investing activities | |
| | |
| |
Proceeds from disposition of operating limited partnerships | |
| 0 | |
| 186,635 |
| | | | | | |
Net cash provided by investing activities | |
| 0 | |
| 186,635 |
| | | | | | |
Cash flows from financing activities | |
| | |
| |
Distributions | |
| 0 | |
| (1,466,663) |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| (1,466,663) |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 0 | |
| (1,416,291) |
| | | | | | |
Cash and cash equivalents, beginning | |
| 0 | |
| 1,416,291 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 0 | | $ | 0 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-98
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 44 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 758,807 | | $ | 488,406 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
| | |
| |
Gain on sale of operating limited partnerships | |
| (815,747) | |
| (612,172) |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 205 | |
| (205) |
Accounts payable and accrued expenses | |
| (26) | |
| (3,974) |
Accounts payable - affiliates | |
| (371,220) | |
| 36,818 |
| | | | | | |
Net cash used in operating activities | |
| (427,981) | |
| (91,127) |
| | | | | | |
Cash flows from investing activities | |
| | |
| |
Proceeds from disposition of operating limited partnerships | |
| 815,747 | |
| 612,172 |
| | | | | | |
Net cash provided by investing activities | |
| 815,747 | |
| 612,172 |
| | | | | | |
Cash flows from financing activities | |
| | |
| |
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 387,766 | |
| 521,045 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 842,738 | |
| 321,693 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 1,230,504 | | $ | 842,738 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-99
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 45 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 596,405 | | $ | 57,082 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| (691,381) | |
| (214,717) |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 2,627 | |
| (2,627) |
Accounts payable and accrued expenses | |
| 0 | |
| (12,000) |
Accounts payable - affiliates | |
| (606,165) | |
| (607,163) |
| | | | | | |
Net cash used in operating activities | |
| (698,514) | |
| (779,425) |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 691,381 | |
| 214,717 |
| | | | | | |
Net cash provided by investing activities | |
| 691,381 | |
| 214,717 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (7,133) | |
| (564,708) |
| | | | | | |
Cash and cash equivalents, beginning | |
| 294,663 | |
| 859,371 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 287,530 | | $ | 294,663 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(continued)
F-100
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2022 and 2021
| | | | | | |
| | Series 46 | ||||
|
| 2022 |
| 2021 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income (loss) | | $ | 376,778 | | $ | (49,738) |
Adjustments to reconcile net income (loss) to net cash used in operating activities | |
|
| |
|
|
Gain on sale of operating limited partnerships | |
| (546,266) | |
| (113,326) |
Changes in assets and liabilities | |
| | |
| |
Other assets | |
| 1,245 | |
| (1,245) |
Accounts payable and accrued expenses | |
| 0 | |
| 0 |
Accounts payable - affiliates | |
| (164,837) | |
| 72,504 |
| | | | | | |
Net cash used in operating activities | |
| (333,080) | |
| (91,805) |
| | | | | | |
Cash flows from investing activities | |
|
| |
|
|
Proceeds from disposition of operating limited partnerships | |
| 546,266 | |
| 113,326 |
| | | | | | |
Net cash provided by investing activities | |
| 546,266 | |
| 113,326 |
| | | | | | |
Cash flows from financing activities | |
|
| |
|
|
Distributions | |
| 0 | |
| 0 |
| | | | | | |
Net cash used in financing activities | |
| 0 | |
| 0 |
| | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 213,186 | |
| 21,521 |
| | | | | | |
Cash and cash equivalents, beginning | |
| 449,205 | |
| 427,684 |
| | | | | | |
Cash and cash equivalents, ending | | $ | 662,391 | | $ | 449,205 |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
|
| |
|
|
| | | | | | |
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner. | | $ | 0 | | $ | 0 |
(see notes to financial statements)
F-101
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-102
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The BACs issued and outstanding in each series as of March 31, 2022 and 2021 are as follows:
| | | | | | | | |
| | Issued | | Outstanding | ||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 |
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 |
| 3,926,374 |
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 |
| 3,911,725 |
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 |
| 4,706,298 |
Series 33 |
| 2,636,533 |
| 2,636,533 |
| 2,605,833 |
| 2,605,833 |
Series 34 |
| 3,529,319 |
| 3,529,319 |
| 3,474,319 |
| 3,474,319 |
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 |
| 2,865,176 |
Series 42 |
| 2,744,262 |
| 2,744,262 |
| 2,706,362 |
| 2,706,362 |
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 |
| 2,682,873 |
Series 45 |
| 4,014,367 |
| 4,014,367 |
| 3,989,967 |
| 3,989,967 |
Series 46 |
| 2,980,998 |
| 2,980,998 |
| 2,965,635 |
| 2,965,635 |
|
| 83,651,080 |
| 83,651,080 |
| 82,874,653 |
| 82,874,653 |
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 $0 and $7,893 as of March 31, 2022 and 2021, respectively.
F-103
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investments in Operating Limited Partnerships (Continued)
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.
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, 2022 and 2021
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.
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 2018 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-105
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 and 2021 are as follows:
| | | | |
|
| 2022 |
| 2021 |
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 | | 3,926,374 | | 3,928,399 |
Series 27 | | 2,431,350 | | 2,431,350 |
Series 28 | | 3,979,139 | | 3,979,139 |
Series 29 | | 3,911,725 | | 3,920,350 |
Series 30 | | 2,621,200 | | 2,621,200 |
Series 31 | | 4,375,757 | | 4,375,757 |
Series 32 | | 4,706,298 | | 4,713,423 |
Series 33 | | 2,605,833 | | 2,606,583 |
Series 34 | | 3,474,319 | | 3,476,869 |
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 | | 2,865,176 | | 2,867,051 |
Series 42 | | 2,706,362 | | 2,713,862 |
Series 43 | | 3,617,987 | | 3,617,987 |
Series 44 | | 2,682,873 | | 2,686,098 |
Series 45 | | 3,989,967 | | 3,994,842 |
Series 46 | | 2,965,635 | | 2,965,635 |
| | 82,874,653 | | 82,913,203 |
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-106
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2022 and March 31, 2021, 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 2022 and 2021 are as follows:
| | | | | | | | | |
| | | | | 2022 | | | | |
| | | | | | | | Fund Management Fee | |
| | | | | | | | net of Asset | |
| | Gross Fund | | Asset Management | | Management | |||
|
| Management Fee |
| and Reporting Fee |
| and Reporting Fee | |||
Series 20 | | $ | 0 | | $ | 0 | | $ | 0 |
Series 21 | |
| 0 | |
| 0 | |
| 0 |
Series 22 | |
| 0 | |
| 0 | |
| 0 |
Series 23 | |
| 0 | |
| 0 | |
| 0 |
Series 24 | |
| 0 | |
| 0 | |
| 0 |
Series 25 | |
| 0 | |
| 0 | |
| 0 |
Series 26 | |
| 3,665 | |
| 0 | |
| 3,665 |
Series 27 | |
| 0 | |
| 0 | |
| 0 |
Series 28 | |
| 0 | |
| 0 | |
| 0 |
Series 29 | |
| 8,662 | |
| 7,319 | |
| 1,343 |
Series 30 | |
| 0 | |
| 0 | |
| 0 |
Series 31 | |
| 0 | |
| 0 | |
| 0 |
Series 32 | |
| 4,091 | |
| 0 | |
| 4,091 |
Series 33 | |
| 4,334 | |
| 0 | |
| 4,334 |
Series 34 | |
| 18,492 | |
| 3,000 | |
| 15,492 |
Series 35 | |
| 0 | |
| 0 | |
| 0 |
Series 36 | |
| 0 | |
| 0 | |
| 0 |
Series 37 | |
| 0 | |
| 0 | |
| 0 |
Series 38 | |
| 0 | |
| 0 | |
| 0 |
Series 39 | |
| 0 | |
| 0 | |
| 0 |
Series 40 | |
| 0 | |
| 0 | |
| 0 |
Series 41 | |
| 65,731 | |
| 8,663 | |
| 57,068 |
Series 42 | |
| 13,500 | |
| 5,752 | |
| 7,748 |
Series 43 | |
| 0 | |
| 0 | |
| 0 |
Series 44 | |
| 40,668 | |
| 5,257 | |
| 35,411 |
Series 45 | |
| 77,512 | |
| 22,502 | |
| 55,010 |
Series 46 | |
| 166,959 | |
| 17,898 | |
| 149,061 |
| | $ | 403,614 | | $ | 70,391 | | $ | 333,223 |
F-107
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
| | | | | | | | | |
| | | | | 2021 | | | | |
| | | | | | | | Fund Management Fee | |
| | | | | | | | net of Asset | |
| | Gross Fund | | Asset Management and | | Management | |||
|
| Management Fee |
| Reporting Fee |
| and Reporting Fee | |||
Series 20 | | $ | — | | $ | 0 | | $ | — |
Series 21 | |
| — | |
| 0 | |
| — |
Series 22 | |
| — | |
| 0 | |
| — |
Series 23 | |
| — | |
| 0 | |
| — |
Series 24 | |
| — | |
| 0 | |
| — |
Series 25 | |
| — | |
| 0 | |
| — |
Series 26 | |
| 15,044 | |
| 0 | |
| 15,044 |
Series 27 | |
| — | |
| 0 | |
| — |
Series 28 | |
| — | |
| 0 | |
| — |
Series 29 | |
| 21,752 | |
| 0 | |
| 21,752 |
Series 30 | |
| — | |
| 0 | |
| — |
Series 31 | |
| — | |
| 0 | |
| — |
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 | |
| — | |
| 0 | |
| — |
Series 36 | |
| — | |
| 0 | |
| — |
Series 37 | |
| — | |
| 0 | |
| — |
Series 38 | |
| — | |
| 0 | |
| — |
Series 39 | |
| — | |
| 0 | |
| — |
Series 40 | |
| — | |
| 0 | |
| — |
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 |
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, 2022 and 2021, total fund management fees accrued were $8,781,884 and $12,664,070, respectively.
An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in one of the series. Total forgiveness of debt for the years ended March 31, 2022 and 2021 was $1,249,375 and $0, respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.
F-108
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
The fund management fees paid for the years ended March 31, 2022 and 2021, are as follows:
| | | | | | |
|
| 2022 |
| 2021 | ||
Series 20 | | $ | 0 | | $ | 0 |
Series 21 | |
| 0 | |
| 0 |
Series 22 | |
| 0 | |
| 0 |
Series 23 | |
| 0 | |
| 0 |
Series 24 | |
| 0 | |
| 0 |
Series 25 | |
| 0 | |
| 0 |
Series 26 | |
| 5,864 | |
| 12,845 |
Series 27 | |
| 0 | |
| 0 |
Series 28 | |
| 0 | |
| 0 |
Series 29 | |
| 27,499 | |
| 0 |
Series 30 | |
| 0 | |
| 0 |
Series 31 | |
| 0 | |
| 0 |
Series 32 | |
| 8,938 | |
| 128,907 |
Series 33 | |
| 9,326 | |
| 29,331 |
Series 34 | |
| 0 | |
| 0 |
Series 35 | |
| 0 | |
| 0 |
Series 36 | |
| 0 | |
| 0 |
Series 37 | |
| 0 | |
| 0 |
Series 38 | |
| 0 | |
| 0 |
Series 39 | |
| 0 | |
| 0 |
Series 40 | |
| 0 | |
| 0 |
Series 41 | |
| 1,507,201 | |
| 64,500 |
Series 42 | |
| 50,236 | |
| 19,259 |
Series 43 | |
| 0 | |
| 45,534 |
Series 44 | |
| 411,888 | |
| 84,442 |
Series 45 | |
| 683,677 | |
| 742,389 |
Series 46 | |
| 331,796 | |
| 113,326 |
| | $ | 3,036,425 | | $ | 1,240,533 |
F-109
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 and 2021, charged to each series’ operations are as follows:
| | | | | | |
|
| 2022 |
| 2021 | ||
Series 20 | | $ | 0 |
| $ | — |
Series 21 | |
| 0 |
| | — |
Series 22 | |
| 0 |
| | — |
Series 23 | |
| 0 |
| | — |
Series 24 | |
| 0 |
| | — |
Series 25 | |
| 0 |
| | — |
Series 26 | |
| 0 |
| | 14,497 |
Series 27 | |
| 0 |
| | — |
Series 28 | |
| 0 |
| | — |
Series 29 | |
| 0 |
| | 13,951 |
Series 30 | |
| 0 |
| | — |
Series 31 | |
| 0 |
| | — |
Series 32 | |
| 0 |
| | 14,483 |
Series 33 | |
| 0 |
| | 13,213 |
Series 34 | |
| 0 |
| | 13,771 |
Series 35 | |
| 0 |
| | — |
Series 36 | |
| 0 |
| | — |
Series 37 | |
| 0 |
| | — |
Series 38 | |
| 0 |
| | — |
Series 39 | |
| 0 |
| | — |
Series 40 | |
| 0 |
| | — |
Series 41 | |
| 0 |
| | 13,573 |
Series 42 | |
| 0 |
| | 13,362 |
Series 43 | |
| 0 |
| | 14,008 |
Series 44 | |
| 0 |
| | 13,363 |
Series 45 | |
| 0 |
| | 14,296 |
Series 46 | |
| 0 |
| | 13,508 |
| | $ | 0 |
| $ | 152,025 |
F-110
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2022 and 2021, 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, 2022 and 2021 by series are as follows:
| | | | |
|
| 2022 |
| 2021 |
Series 20 |
| 0 |
| 0 |
Series 21 |
| 0 |
| 0 |
Series 22 |
| 0 |
| 0 |
Series 23 |
| 0 |
| 0 |
Series 24 |
| 0 |
| 0 |
Series 25 |
| 0 |
| 0 |
Series 26 |
| 0 |
| 1 |
Series 27 |
| 0 |
| 0 |
Series 28 |
| 0 |
| 0 |
Series 29 |
| 1 |
| 2 |
Series 30 |
| 0 |
| 0 |
Series 31 |
| 0 |
| 0 |
Series 32 |
| 0 |
| 1 |
Series 33 |
| 0 |
| 1 |
Series 34 |
| 1 |
| 1 |
Series 35 |
| 0 |
| 0 |
Series 36 |
| 0 |
| 0 |
Series 37 |
| 0 |
| 0 |
Series 38 |
| 0 |
| 0 |
Series 39 |
| 0 |
| 0 |
Series 40 |
| 0 |
| 0 |
Series 41 |
| 0 |
| 2 |
Series 42 |
| 0 |
| 2 |
Series 43 |
| 0 |
| 0 |
Series 44 |
| 1 |
| 2 |
Series 45 |
| 4 |
| 11 |
Series 46 |
| 7 |
| 10 |
|
| 14 |
| 33 |
F-111
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
During the year ended March 31, 2022 the Fund disposed of nineteen 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, 2022 is as follows.
| | | | | | | | | | |
| | | | | | | | | | |
| | Operating Partnership | | Sale of Underlying | | Partnership Proceeds | | Gain on | ||
|
| Interest Transferred |
| Operating Partnership |
| from Disposition |
| Disposition | ||
Series 26 |
| 1 |
| 0 | |
| 20,845 | |
| 20,845 |
Series 29 |
| 1 |
| 0 | |
| 29,999 | |
| 29,999 |
Series 32 |
| 1 |
| 0 | |
| 23,823 | |
| 23,823 |
Series 33 |
| 1 |
| 0 | |
| 23,823 | |
| 23,823 |
Series 41 |
| 2 |
| 0 | |
| 1,151,653 | |
| 1,151,653 |
Series 42 |
| 2 |
| 0 | |
| 247,877 | |
| 247,877 |
Series 44 |
| 0 |
| 1 | |
| 815,747 | |
| 815,747 |
Series 45 |
| 6 |
| 1 | |
| 691,381 | |
| 691,381 |
Series 46 |
| 2 |
| 1 | |
| 546,266 | |
| 546,266 |
Total |
| 16 |
| 3 | | $ | 3,551,414 | | $ | 3,551,414 |
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 | | Sale of Underlying | | Partnership Proceeds | | Gain on | ||
|
| Interest Transferred |
| Operating Partnership |
| from Disposition * |
| Disposition | ||
Series 26 |
| 2 |
| 0 | |
| 18,800 | |
| 18,800 |
Series 29 | | 3 | | 0 | | | 44,500 | | | 44,500 |
Series 32 |
| 1 |
| 1 | |
| 2,571,228 | |
| 2,571,228 |
Series 33 |
| 0 |
| 1 | |
| 2,492,020 | |
| 2,492,020 |
Series 34 |
| 1 |
| 0 | |
| 20,800 | |
| 20,800 |
Series 41 |
| 6 |
| 0 | |
| 98,100 | |
| 98,100 |
Series 42 |
| 3 |
| 1 | |
| 722,200 | |
| 722,454 |
Series 43 |
| 11 |
| 0 | |
| 186,635 | |
| 186,635 |
Series 44 | | 1 | | 0 | | | 612,172 | | | 612,172 |
Series 45 |
| 1 |
| 1 | |
| 214,717 | |
| 214,717 |
Series 46 |
| 2 |
| 0 | |
| 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. |
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-112
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 and 2021, contributions are payable to operating limited partnerships as follows:
| | | | | | |
|
| 2022 |
| 2021 | ||
Series 20 | | $ | 0 | | $ | 0 |
Series 21 | |
| 0 | |
| 0 |
Series 22 | |
| 0 | |
| 0 |
Series 23 | |
| 0 | |
| 0 |
Series 24 | |
| 0 | |
| 0 |
Series 25 | |
| 0 | |
| 0 |
Series 26 | |
| 0 | |
| 0 |
Series 27 | |
| 0 | |
| 0 |
Series 28 | |
| 0 | |
| 0 |
Series 29 | |
| 785 | |
| 785 |
Series 30 | |
| 0 | |
| 0 |
Series 31 | |
| 0 | |
| 0 |
Series 32 | |
| 0 | |
| 0 |
Series 33 | |
| 0 | |
| 0 |
Series 34 | |
| 0 | |
| 0 |
Series 35 | |
| 0 | |
| 0 |
Series 36 | |
| 0 | |
| 0 |
Series 37 | |
| 0 | |
| 0 |
Series 38 | |
| 0 | |
| 0 |
Series 39 | |
| 0 | |
| 0 |
Series 40 | |
| 0 | |
| 0 |
Series 41 | |
| 0 | |
| 0 |
Series 42 | |
| 0 | |
| 0 |
Series 43 | |
| 0 | |
| 0 |
Series 44 | |
| 0 | |
| 0 |
Series 45 | |
| 0 | |
| 0 |
Series 46 | |
| 0 | |
| 0 |
| | $ | 785 | | $ | 785 |
F-113
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2022 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 | | $ | 21,329,022 | | $ | 0 | | $ | 0 |
| |
| | |
|
| |
|
|
Acquisition costs of operating limited partnerships | |
| 389,379 | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
Cumulative distributions from operating limited partnerships | |
| (198,708) | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| (13,575,448) | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
Cumulative losses from operating limited partnerships | |
| (18,279,847) | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
The Fund has recorded acquisition costs at March 31, 2022 which have not been recorded in the net assets of the operating limited partnerships (see note A). | |
| (288,550) | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
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 | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| (4,978,858) | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 11,481 | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 13,575,448 | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
Other | |
| (366,053) | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 7,986,395 | | $ | 0 | | $ | 0 |
F-114
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2022 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 | | $ | 0 | | $ | 0 | | $ | 0 |
| |
|
| |
|
| |
|
|
Acquisition costs of operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative losses from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded acquisition costs at March 31, 2022 which have not been recorded in the net assets of the operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Other | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | 0 | | $ | 0 |
F-115
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2022 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 | | $ | 0 | | $ | 0 | | $ | 0 |
| |
|
| |
| | |
|
|
Acquisition costs of operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
Cumulative losses from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
The Fund has recorded acquisition costs at March 31, 2022 which have not been recorded in the net assets of the operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
Other | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | 0 | | $ | 0 |
F-116
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2022 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 | | $ | 0 | | $ | 698,299 | | $ | 0 |
| |
|
| |
| | |
|
|
Acquisition costs of operating limited partnerships | |
| 0 | |
| 100,829 | |
| 0 |
| |
|
| |
| | |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| (3,000) | |
| 0 |
| |
|
| |
| | |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| (286,415) | |
| 0 |
| |
|
| |
| | |
|
|
Cumulative losses from operating limited partnerships | |
| 0 | |
| (509,713) | |
| 0 |
| |
|
| |
| | |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded acquisition costs at March 31, 2022 which have not been recorded in the net assets of the operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
| | |
|
| |
|
|
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). | |
| 0 | |
| 32,927 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| (575,248) | |
| 0 |
| |
|
| |
| | |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 286,415 | |
| 0 |
| |
|
| |
| | |
|
|
Other | |
| 0 | |
| (910) | |
| 0 |
| |
|
| |
| | |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | (256,816) | | $ | 0 |
F-117
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2022 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 | | $ | 0 | | $ | 0 | | $ | 0 |
| |
|
| |
|
| |
|
|
Acquisition costs of operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative losses from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
| |
The Fund has recorded acquisition costs at March 31, 2022 which have not been recorded in the net assets of the operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
| |
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
| |
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
| |
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
| |
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
| |
Other | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
| |
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | 0 | | $ | 0 |
F-118
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2022 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 | | $ | 0 | | $ | 0 |
| |
|
| |
|
| |
|
|
Acquisition costs of operating limited partnerships | |
| 288,550 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| (833,360) | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative losses from operating limited partnerships | |
| (1,552,523) | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded acquisition costs at March 31, 2022 which have not been recorded in the net assets of the operating limited partnerships (see note A). | |
| (288,550) | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| (520,914) | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 833,360 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Other | |
| 2 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 23,898 | | $ | 0 | | $ | 0 |
F-119
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2022 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 | | $ | 0 | | $ | 0 | | $ | 0 |
| |
|
| |
|
| |
|
|
Acquisition costs of operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative losses from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded acquisition costs at March 31, 2022 which have not been recorded in the net assets of the operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Other | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | 0 | | $ | 0 |
F-120
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2022 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 | | $ | 0 | | $ | 0 | | $ | 0 |
| |
|
| |
|
| |
|
|
Acquisition costs of operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative losses from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded acquisition costs at March 31, 2022 which have not been recorded in the net assets of the operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
| | |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Other | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | 0 | | $ | 0 |
F-121
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2022 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 | | $ | 0 | | $ | 1,526,950 | | $ | 4,533,331 |
| |
|
| |
|
| |
|
|
Acquisition costs of operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| (40,115) | |
| (52,467) |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| (1,829,754) | |
| (3,059,043) |
| |
|
| |
|
| |
|
|
Cumulative losses from operating limited partnerships | |
| 0 | |
| 342,919 | |
| (1,421,821) |
| |
|
| |
|
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded acquisition costs at March 31, 2022 which have not been recorded in the net assets of the operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| 0 | |
| (2,048,788) |
| |
|
| |
|
| |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 11,481 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 1,829,754 | |
| 3,059,043 |
| |
|
| |
|
| |
|
|
Other | |
| 0 | |
| (155,434) | |
| (118,286) |
| |
|
| |
|
| |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | 1,674,320 | | $ | 903,450 |
F-122
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The Fund’s investments in operating limited partnerships at March 31, 2022 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 | | $ | 12,473,109 |
| |
|
|
Acquisition costs of operating limited partnerships | |
| 0 |
| |
|
|
Cumulative distributions from operating limited partnerships | |
| (103,126) |
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| (7,566,876) |
| | �� |
|
Cumulative losses from operating limited partnerships | |
| (4,803,107) |
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 |
| |
|
|
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). | |
| 0 |
| |
|
|
The Fund has recorded acquisition costs at March 31, 2022 which have not been recorded in the net assets of the operating limited partnerships (see note A). | |
| 0 |
| |
|
|
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). | |
| 0 |
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| (1,833,908) |
| |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 |
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 7,566,876 |
| |
|
|
Other | |
| (91,425) |
| |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 5,641,543 |
F-123
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 |
| $ | 0 |
| $ | 0 |
| | | | | | | | | |
Acquisition costs of operating limited partnerships | | | 1,096,866 | | | 0 | | | 0 |
| | | | | | | | | |
Cumulative distributions from operating limited partnerships | | | (467,311) | | | 0 | | | 0 |
| | | | | | | | | |
Cumulative impairment loss in investments in operating limited partnerships | | | (27,975,615) | | | 0 | | | 0 |
| | | | | | | | | |
Cumulative losses from operating limited partnerships | | | (18,279,847) | | | 0 | | | 0 |
| | | | | | | | | |
Investments in operating limited partnerships per balance sheet | | | — | | | 0 | | | 0 |
| | | | | | | | | |
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) | | | 0 | | | 0 |
| | | | | | | | | |
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) | | | 0 | | | 0 |
| | | | | | | | | |
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 | | | 0 | | | 0 |
| | | | | | | | | |
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | | | (11,383,230) | | | 0 | | | 0 |
| | | | | | | | | |
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | | | 33,460 | | | 0 | | | 0 |
| | | | | | | | | |
Cumulative impairment loss in investments in operating limited partnerships | | | 27,975,615 | | | 0 | | | 0 |
| | | | | | | | | |
Other | | | (1,111,465) | | | 0 | | | 0 |
| | | | | | | | | |
Equity per operating limited partnerships’ combined financial statements |
| $ | 15,247,046 |
| $ | 0 |
| $ | 0 |
F-124
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | |
| — | |
| — | |
| — |
| |
|
| |
|
| |
|
|
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-125
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 704,145 | | $ | 0 |
| |
|
| |
|
| |
|
|
Acquisition costs of operating limited partnerships | |
| 0 | |
| 109,460 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| (3,223) | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| (206,682) | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative losses from operating limited partnerships | |
| 0 | |
| (603,700) | |
| 0 |
| |
|
| |
|
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| (763,435) | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 21,979 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 206,682 | |
| 0 |
| |
|
| |
|
| |
|
|
Other | |
| 0 | |
| (29,502) | |
| 0 |
| |
|
| |
|
| |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | (564,276) | | $ | 0 |
F-126
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 1,852,177 | | $ | 0 |
| |
|
| |
|
| |
|
|
Acquisition costs of operating limited partnerships | |
| 0 | |
| 266,798 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| (9,500) | |
| 0 |
| |
| | |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| (888,464) | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative losses from operating limited partnerships | |
| 0 | |
| (1,221,011) | |
| 0 |
| |
|
| |
|
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 32,927 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| (1,157,917) | |
| 0 |
| |
|
| |
|
| |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 888,464 | |
| 0 |
| |
|
| |
|
| |
|
|
Other | |
| 0 | |
| 5,610 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | (230,916) | | $ | 0 |
F-127
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 1,501,914 | | $ | 1,495,966 |
| |
|
| |
|
| |
|
|
Acquisition costs of operating limited partnerships | |
| 0 | |
| 216,029 | |
| 216,029 |
| |
|
| |
|
| |
|
|
Cumulative distributions from operating limited partnerships | |
| 0 | |
| (33,444) | |
| (500) |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| (1,110,485) | |
| (790,713) |
| |
|
| |
|
| |
|
|
Cumulative losses from operating limited partnerships | |
| 0 | |
| (574,014) | |
| (920,782) |
| |
|
| |
|
| |
|
|
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | | | 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
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). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| (917,996) | |
| (784,846) |
| |
|
| |
|
| |
|
|
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| |
|
| |
|
| |
|
|
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 1,110,485 | |
| 790,713 |
| |
|
| |
|
| |
|
|
Other | |
| 0 | |
| (34,871) | |
| 7 |
| |
|
| |
|
| |
|
|
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | 157,618 | | $ | 5,874 |
F-128
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Acquisition costs of operating limited partnerships | |
| 288,550 | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative distributions from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative impairment loss in investments in operating limited partnerships | |
| (833,360) | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative losses from operating limited partnerships | |
| (1,552,523) | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
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). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
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) | |
| 0 | |
| 0 |
| | | | | | | | | |
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). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| (610,098) | |
| 0 | |
| 0 |
| | | | | | | | | |
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative impairment loss in investments in operating limited partnerships | |
| 833,360 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 2 | |
| 0 | |
| 0 |
| | | | | | | | | |
Equity per operating limited partnerships’ combined financial statements | | $ | (65,286) | | $ | 0 | | $ | 0 |
F-129
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Acquisition costs of operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative distributions from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative losses from operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
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). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
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). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
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). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | 0 | | $ | 0 |
F-130
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 3,206,778 | | $ | 581,332 |
| | | | | | | | | |
Acquisition costs of operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative distributions from operating limited partnerships | |
| 0 | |
| (2,772) | |
| (781) |
| | | | | | | | | |
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| (752,318) | |
| 0 |
| | | | | | | | | |
Cumulative losses from operating limited partnerships | |
| 0 | |
| (2,451,688) | |
| (580,551) |
| | | | | | | | | |
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
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). | |
| 0 | |
| (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). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
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). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| (1,623,678) | |
| (566,599) |
| | | | | | | | | |
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 752,318 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| (325,268) | |
| (34,441) |
| | | | | | | | | |
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | (1,204,128) | | $ | (605,251) |
F-131
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 3,095,765 | | $ | 13,534,041 |
| | | | | | | | | |
Acquisition costs of operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Cumulative distributions from operating limited partnerships | |
| 0 | |
| (40,115) | |
| (192,410) |
| | | | | | | | | |
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| (2,550,560) | |
| (8,739,377) |
| | | | | | | | | |
Cumulative losses from operating limited partnerships | |
| 0 | |
| (505,090) | |
| (4,602,254) |
| | | | | | | | | |
Investments in operating limited partnerships per balance sheet | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
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). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
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). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
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). | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | |
| 0 | |
| (15,841) | |
| (3,117,867) |
| | | | | | | | | |
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | |
| 0 | |
| 0 | |
| 11,481 |
| | | | | | | | | |
Cumulative impairment loss in investments in operating limited partnerships | |
| 0 | |
| 2,550,560 | |
| 8,739,377 |
| | | | | | | | | |
Other | |
| 0 | |
| (147,290) | |
| (316,529) |
| | | | | | | | | |
Equity per operating limited partnerships’ combined financial statements | | $ | 0 | | $ | 2,387,429 | | $ | 5,316,462 |
F-132
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | |
| 0 |
| | | |
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 | |
| 0 |
| | | |
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). | |
| 0 |
| | | |
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). | |
| 0 |
| | | |
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). | |
| 0 |
| | | |
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). | |
| 0 |
| | | |
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-133
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
| | | | | | | | | |
|
| Total |
| Series 20 |
| Series 21 | |||
ASSETS |
| |
|
| |
|
| |
|
| | | | | | | | | |
Buildings and improvements, net of accumulated depreciation | | $ | 20,212,838 | | $ | 0 | | $ | 0 |
Land | |
| 2,023,208 | |
| 0 | |
| 0 |
Other assets | |
| 3,161,606 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 25,397,652 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
| | |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 16,928,649 | | $ | 0 | | $ | 0 |
Accounts payable and accrued expenses | |
| 726,141 | |
| 0 | |
| 0 |
Other liabilities | |
| 1,983,834 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 19,638,624 | |
| 0 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
| | |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 7,986,395 | |
| 0 | |
| 0 |
Other partners | | | (2,227,367) | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 5,759,028 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 25,397,652 | | $ | 0 | | $ | 0 |
F-134
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED
| | | | | | | | | |
|
| Series 22 |
| Series 23 |
| Series 24 | |||
ASSETS |
| |
|
| |
|
| |
|
| | | | | | | | | |
Buildings and improvements, net of accumulated depreciation | | $ | 0 | | $ | 0 | | $ | 0 |
Land | |
| 0 | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 0 | | $ | 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 | |
| 0 |
Other liabilities | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| 0 | |
| 0 |
Other partners | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 0 | | $ | 0 |
F-135
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED
| | | | | | | | | |
|
| Series 25 |
| Series 26 |
| Series 27 | |||
ASSETS |
| |
|
| |
|
| |
|
| | | | | | | | | |
Buildings and improvements, net of accumulated depreciation | | $ | 0 | | $ | 0 | | $ | 0 |
Land | |
| 0 | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 0 | | $ | 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 | |
| 0 |
Other liabilities | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| 0 | |
| 0 |
Other partners | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 0 | | $ | 0 |
F-136
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED
| | | | | | | | | |
|
| Series 28 |
| Series 29 |
| Series 30 | |||
ASSETS |
| |
|
| |
|
| |
|
| | | | | | | | | |
Buildings and improvements, net of accumulated depreciation | | $ | 0 | | $ | 516,789 | | $ | 0 |
Land | |
| 0 | |
| — | |
| 0 |
Other assets | |
| 0 | |
| 119,789 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 636,578 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 680,065 | | $ | 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 51,168 | |
| 0 |
Other liabilities | |
| 0 | |
| 398,329 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 1,129,562 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| (256,816) | |
| 0 |
Other partners | |
| 0 | |
| (236,168) | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| (492,984) | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 636,578 | | $ | 0 |
F-137
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED
| | | | | | | | | |
|
| Series 31 |
| Series 32 |
| Series 33 | |||
ASSETS |
| |
|
| |
|
| |
|
| | | | | | | | | |
Buildings and improvements, net of accumulated depreciation | | $ | 0 | | $ | — | | $ | — |
Land | |
| 0 | |
| — | |
| — |
Other assets | |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| | $ | 0 | | $ | — | | $ | — |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | — | | $ | — |
Accounts payable and accrued expenses | |
| 0 | |
| — | |
| — |
Other liabilities | |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| |
| 0 | |
| — | |
| — |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
| |
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| — | |
| — |
Other partners | |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| | $ | 0 | | $ | — | | $ | — |
F-138
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED
| | | | | | | | | |
|
| Series 34 |
| Series 35 |
| Series 36 | |||
ASSETS |
| |
|
| |
|
| |
|
| | | | | | | | | |
Buildings and improvements, net of accumulated depreciation | | $ | 1,556,927 | | $ | 0 | | $ | 0 |
Land | |
| 142,576 | |
| 0 | |
| 0 |
Other assets | |
| 342,131 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 2,041,634 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 1,625,880 | | $ | 0 | | $ | 0 |
Accounts payable and accrued expenses | |
| 61,584 | |
| 0 | |
| 0 |
Other liabilities | |
| 330,480 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 2,017,944 | |
| 0 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
| | |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 23,898 | |
| 0 | |
| 0 |
Other partners | |
| (208) | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 23,690 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 2,041,634 | | $ | 0 | | $ | 0 |
F-139
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED
| | | | | | | | | |
|
| Series 37 |
| Series 38 |
| Series 39 | |||
ASSETS |
| |
|
| |
|
| |
|
| | | | | | | | | |
Buildings and improvements, net of accumulated depreciation | | $ | 0 | | $ | 0 | | $ | 0 |
Land | |
| 0 | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 0 | | $ | 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 | |
| 0 |
Other liabilities | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| 0 | |
| 0 |
Other partners | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 0 | | $ | 0 |
F-140
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED
| | | | | | | | | |
|
| Series 40 |
| Series 41 |
| Series 42 | |||
ASSETS |
| |
|
| |
|
| |
|
| | | | | | | | | |
Buildings and improvements, net of accumulated depreciation | | $ | 0 | | $ | — | | $ | — |
Land | |
| 0 | |
| — | |
| — |
Other assets | |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| | $ | 0 | | $ | — | | $ | — |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | — | | $ | — |
Accounts payable and accrued expenses | |
| 0 | |
| — | |
| — |
Other liabilities | |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| |
| 0 | |
| — | |
| — |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| — | |
| — |
Other partners | |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| | $ | 0 | | $ | — | | $ | — |
F-141
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED
| | | | | | | | | |
|
| Series 43 |
| Series 44 |
| Series 45 | |||
ASSETS |
| |
|
| |
|
| |
|
| | | | | | | | | |
Buildings and improvements, net of accumulated depreciation | | $ | 0 | | $ | 1,864,919 | | $ | 3,852,350 |
Land | |
| 0 | |
| 450,000 | |
| 598,500 |
Other assets | |
| 0 | |
| 246,035 | |
| 647,532 |
| | | | | | | | | |
| | $ | 0 | | $ | 2,560,954 | | $ | 5,098,382 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 2,880,422 | | $ | 4,370,989 |
Accounts payable and accrued expenses | |
| 0 | |
| 101,325 | |
| 130,295 |
Other liabilities | |
| 0 | |
| 38,041 | |
| 363,500 |
| | | | | | | | | |
| |
| 0 | |
| 3,019,788 | |
| 4,864,784 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| 1,674,320 | |
| 903,450 |
Other partners | |
| 0 | |
| (2,133,154) | |
| (669,852) |
| | | | | | | | | |
| |
| 0 | |
| (458,834) | |
| 233,598 |
| | | | | | | | | |
| | $ | 0 | | $ | 2,560,954 | | $ | 5,098,382 |
F-142
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS – CONTINUED
| | | |
|
| Series 46 | |
ASSETS |
| |
|
| | | |
Buildings and improvements, net of accumulated depreciation | | $ | 12,421,853 |
Land | |
| 832,132 |
Other assets | |
| 1,806,119 |
| | | |
| | $ | 15,060,104 |
| | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
|
| | | |
Mortgages and construction loans payable | | $ | 7,371,293 |
Accounts payable and accrued expenses | |
| 381,769 |
Other liabilities | |
| 853,484 |
| | | |
| |
| 8,606,546 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 5,641,543 |
Other partners | |
| 812,015 |
| | | |
| |
| 6,453,558 |
| | | |
| | $ | 15,060,104 |
F-143
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 |
Land | |
| 9,140,743 | |
| 0 | |
| 0 |
Other assets | |
| 12,769,297 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 80,010,521 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 61,595,513 | | $ | 0 | | $ | 0 |
Accounts payable and accrued expenses | |
| 3,238,584 | |
| 0 | |
| 0 |
Other liabilities | |
| 6,052,304 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 70,886,401 | |
| 0 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
| | |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 15,247,046 | |
| 0 | |
| 0 |
Other partners | |
| (6,122,926) | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 9,124,120 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 80,010,521 | | $ | 0 | | $ | 0 |
F-144
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 | | $ | 0 |
Land | |
| 0 | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 0 | | $ | 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 | |
| 0 |
Other liabilities | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| 0 | |
| 0 |
Other partners | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 0 | | $ | 0 |
F-145
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 697,635 | | $ | 0 |
Land | |
| 0 | |
| 52,272 | |
| 0 |
Other assets | |
| 0 | |
| 112,648 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 862,555 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
| | |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 1,070,448 | | $ | 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 93,085 | |
| 0 |
Other liabilities | |
| 0 | |
| 325,434 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 1,488,967 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
| | |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| (564,276) | |
| 0 |
Other partners | |
| 0 | |
| (62,136) | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| (626,412) | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 862,555 | | $ | 0 |
F-146
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 1,422,477 | | $ | 0 |
Land | |
| 0 | |
| 12,000 | |
| 0 |
Other assets | |
| 0 | |
| 466,565 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 1,901,042 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
| | |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 1,826,315 | | $ | 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 106,791 | |
| 0 |
Other liabilities | |
| 0 | |
| 453,193 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 2,386,299 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
| | |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| (230,916) | |
| 0 |
Other partners | |
| 0 | |
| (254,341) | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| (485,257) | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 1,901,042 | | $ | 0 |
F-147
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 921,333 | | $ | 847,401 |
Land | |
| 0 | |
| 60,400 | |
| 175,500 |
Other assets | |
| 0 | |
| 376,891 | |
| 239,177 |
| | | | | | | | | |
| | $ | 0 | | $ | 1,358,624 | | $ | 1,262,078 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
| | |
| |
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 623,725 | | $ | 1,205,104 |
Accounts payable and accrued expenses | |
| 0 | |
| 629,491 | |
| 11,821 |
Other liabilities | |
| 0 | |
| 46,249 | |
| 62,064 |
| | | | | | | | | |
| |
| 0 | |
| 1,299,465 | |
| 1,278,989 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
| | |
| |
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| 157,618 | |
| 5,874 |
Other partners | |
| 0 | |
| (98,459) | |
| (22,785) |
| | | | | | | | | |
| |
| 0 | |
| 59,159 | |
| (16,911) |
| | | | | | | | | |
| | $ | 0 | | $ | 1,358,624 | | $ | 1,262,078 |
F-148
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 |
Land | |
| 142,576 | |
| 0 | |
| 0 |
Other assets | |
| 452,343 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 2,134,448 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
| | |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 1,654,958 | | $ | 0 | | $ | 0 |
Accounts payable and accrued expenses | |
| 59,077 | |
| 0 | |
| 0 |
Other liabilities | |
| 485,916 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 2,199,951 | |
| 0 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
| | |
|
| |
| |
BF Garden Tax Credit Fund IV L.P. | |
| (65,286) | |
| 0 | |
| 0 |
Other partners | |
| (217) | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| (65,503) | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 2,134,448 | | $ | 0 | | $ | 0 |
F-149
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 | | $ | 0 |
Land | |
| 0 | |
| 0 | |
| 0 |
Other assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 0 | | $ | 0 |
Accounts payable and accrued expenses | |
| 0 | |
| 0 | |
| 0 |
Other liabilities | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
| |
|
|
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| 0 | |
| 0 |
Other partners | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| | $ | 0 | | $ | 0 | | $ | 0 |
F-150
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 6,425,891 | | $ | 6,414,854 |
Land | |
| 0 | |
| 2,225,961 | |
| 2,076,707 |
Other assets | |
| 0 | |
| 1,889,844 | |
| 1,511,601 |
| | | | | | | | | |
| | $ | 0 | | $ | 10,541,696 | | $ | 10,003,162 |
| | | | | | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
| | |
| |
| | | | | | | | | |
Mortgages and construction loans payable | | $ | 0 | | $ | 12,064,213 | | $ | 12,467,987 |
Accounts payable and accrued expenses | |
| 0 | |
| 753,367 | |
| 748,588 |
Other liabilities | |
| 0 | |
| 257,002 | |
| 309,929 |
| | | | | | | | | |
| |
| 0 | |
| 13,074,582 | |
| 13,526,504 |
PARTNERS’ CAPITAL (DEFICIT) | |
| | |
| | |
| |
BF Garden Tax Credit Fund IV L.P. | |
| 0 | |
| (1,204,128) | |
| (605,251) |
Other partners | |
| 0 | |
| (1,328,758) | |
| (2,918,091) |
| | | | | | | | | |
| |
| 0 | |
| (2,532,886) | |
| (3,523,342) |
| | | | | | | | | |
| | $ | 0 | | $ | 10,541,696 | | $ | 10,003,162 |
F-151
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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-152
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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-153
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2021 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | | | | | | | | |
|
| Total |
| Series 20 |
| Series 21 | |||
Revenue |
| |
|
| |
|
| |
|
Rent | | $ | 5,680,773 | | $ | 0 | | $ | 0 |
Interest and other | |
| 163,271 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 5,844,044 | |
| 0 | |
| 0 |
Expenses | |
| | |
|
| |
|
|
Interest | |
| 881,484 | |
| 0 | |
| 0 |
Depreciation and amortization | |
| 1,363,256 | |
| 0 | |
| 0 |
Taxes and insurance | |
| 774,361 | |
| 0 | |
| 0 |
Repairs and maintenance | |
| 1,245,367 | |
| 0 | |
| 0 |
Operating expenses | |
| 1,981,590 | |
| 0 | |
| 0 |
Other expenses | |
| 35,610 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 6,281,668 | |
| 0 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | (437,624) | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | (703,186) | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 265,562 | | $ | 0 | | $ | 0 |
F-154
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2021 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | | | | | | | | |
|
| Series 22 |
| Series 23 |
| Series 24 | |||
Revenue |
| |
|
| |
|
| |
|
Rent | | $ | 0 | | $ | 0 | | $ | 0 |
Interest and other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
Expenses | |
|
| |
|
| |
|
|
Interest | |
| 0 | |
| 0 | |
| 0 |
Depreciation and amortization | |
| 0 | |
| 0 | |
| 0 |
Taxes and insurance | |
| 0 | |
| 0 | |
| 0 |
Repairs and maintenance | |
| 0 | |
| 0 | |
| 0 |
Operating expenses | |
| 0 | |
| 0 | |
| 0 |
Other expenses | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | 0 | | $ | 0 |
F-155
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2021 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | | | | | | | | |
|
| Series 25 |
| Series 26 |
| Series 27 | |||
Revenue |
| |
|
| |
|
| |
|
Rent | | $ | 0 | | $ | — | | $ | 0 |
Interest and other | |
| 0 | |
| — | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| — | |
| 0 |
Expenses | |
|
| |
|
| |
|
|
Interest | |
| 0 | |
| — | |
| 0 |
Depreciation and amortization | |
| 0 | |
| — | |
| 0 |
Taxes and insurance | |
| 0 | |
| — | |
| 0 |
Repairs and maintenance | |
| 0 | |
| — | |
| 0 |
Operating expenses | |
| 0 | |
| — | |
| 0 |
Other expenses | |
| 0 | |
| — | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| — | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | — | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | — | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | — | | $ | 0 |
F-156
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2021 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | | | | | | | | |
|
| Series 28 |
| Series 29 |
| Series 30 | |||
Revenue |
| |
|
| |
|
| |
|
Rent | | $ | 0 | | $ | 325,950 | | $ | 0 |
Interest and other | |
| 0 | |
| — | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 325,950 | |
| 0 |
Expenses | |
| | |
| | |
|
|
Interest | |
| 0 | |
| 24,459 | |
| 0 |
Depreciation and amortization | |
| 0 | |
| 54,308 | |
| 0 |
Taxes and insurance | |
| 0 | |
| 41,839 | |
| 0 |
Repairs and maintenance | |
| 0 | |
| 37,478 | |
| 0 |
Operating expenses | |
| 0 | |
| 239,746 | |
| 0 |
Other expenses | |
| 0 | |
| — | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 397,830 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | (71,880) | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | (71,162) | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | (718) | | $ | 0 |
F-157
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2021 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | | | | | | | | |
|
| Series 31 |
| Series 32 |
| Series 33 | |||
Revenue |
| |
|
| |
|
| |
|
Rent | | $ | 0 | | $ | — | | $ | — |
Interest and other | |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| |
| 0 | |
| — | |
| — |
Expenses | |
|
| |
|
| |
|
|
Interest | |
| 0 | |
| — | |
| — |
Depreciation and amortization | |
| 0 | |
| — | |
| — |
Taxes and insurance | |
| 0 | |
| — | |
| — |
Repairs and maintenance | |
| 0 | |
| — | |
| — |
Operating expenses | |
| 0 | | �� | — | |
| — |
Other expenses | |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| |
| 0 | |
| — | |
| — |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | — | | $ | — |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | — | | $ | — |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | — | | $ | — |
F-158
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2021 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | | | | | | | | |
|
| Series 34 |
| Series 35 |
| Series 36 | |||
Revenue |
| |
|
| |
|
| |
|
Rent | | $ | 594,061 | | $ | 0 | | $ | 0 |
Interest and other | |
| 35,907 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 629,968 | |
| 0 | |
| 0 |
Expenses | |
| | |
|
| |
|
|
Interest | |
| 85,903 | |
| 0 | |
| 0 |
Depreciation and amortization | |
| 86,577 | |
| 0 | |
| 0 |
Taxes and insurance | |
| 94,837 | |
| 0 | |
| 0 |
Repairs and maintenance | |
| 139,969 | |
| 0 | |
| 0 |
Operating expenses | |
| 133,489 | |
| 0 | |
| 0 |
Other expenses | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 540,775 | |
| 0 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 89,193 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 89,193 | | $ | 0 | | $ | 0 |
F-159
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2021 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | | | | | | | | |
|
| Series 37 |
| Series 38 |
| Series 39 | |||
Revenue |
| |
|
| |
|
| |
|
Rent | | $ | 0 | | $ | 0 | | $ | 0 |
Interest and other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
Expenses | |
|
| |
| | |
|
|
Interest | |
| 0 | |
| 0 | |
| 0 |
Depreciation and amortization | |
| 0 | |
| 0 | |
| 0 |
Taxes and insurance | |
| 0 | |
| 0 | |
| 0 |
Repairs and maintenance | |
| 0 | |
| 0 | |
| 0 |
Operating expenses | |
| 0 | |
| 0 | |
| 0 |
Other expenses | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | 0 | | $ | 0 |
F-160
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2021 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | | | | | | | | |
|
| Series 40 |
| Series 41 |
| Series 42 | |||
Revenue |
| |
|
| |
|
| |
|
Rent | | $ | 0 | | $ | — | | $ | — |
Interest and other | |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| |
| 0 | |
| — | |
| — |
Expenses | |
|
| |
|
| |
|
|
Interest | |
| 0 | |
| — | |
| — |
Depreciation and amortization | |
| 0 | |
| — | |
| — |
Taxes and insurance | |
| 0 | |
| — | |
| — |
Repairs and maintenance | |
| 0 | |
| — | |
| — |
Operating expenses | |
| 0 | |
| — | |
| — |
Other expenses | |
| 0 | |
| — | |
| — |
| | | | | | | | | |
| |
| 0 | |
| — | |
| — |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | — | | $ | — |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | — | | $ | — |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | — | | $ | — |
F-161
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2021 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | | | | | | | | |
|
| Series 43 |
| Series 44 |
| Series 45 | |||
Revenue |
| |
|
| |
|
| |
|
Rent | | $ | 0 | | $ | 1,070,962 | | $ | 1,248,511 |
Interest and other | |
| 0 | |
| 5,345 | |
| 19,518 |
| | | | | | | | | |
| |
| 0 | |
| 1,076,307 | |
| 1,268,029 |
Expenses | |
|
| |
| | |
| |
Interest | |
| 0 | |
| 202,797 | |
| 195,761 |
Depreciation and amortization | |
| 0 | |
| 219,430 | |
| 381,820 |
Taxes and insurance | |
| 0 | |
| 106,680 | |
| 167,133 |
Repairs and maintenance | |
| 0 | |
| 241,518 | |
| 352,754 |
Operating expenses | |
| 0 | |
| 276,153 | |
| 418,070 |
Other expenses | |
| 0 | |
| 8,160 | |
| 14,026 |
| | | | | | | | | |
| |
| 0 | |
| 1,054,738 | |
| 1,529,564 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | 21,569 | | $ | (261,535) |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | 0 | | $ | (314,783) |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | 21,569 | | $ | 53,248 |
F-162
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2021 for operating limited partnerships in which Series 20 through Series 46 had an interest as of December 31, 2021 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | | |
|
| Series 46 | |
Revenue |
| |
|
Rent | | $ | 2,441,289 |
Interest and other | |
| 102,501 |
| | | |
| |
| 2,543,790 |
Expenses | |
| |
Interest | |
| 372,564 |
Depreciation and amortization | |
| 621,121 |
Taxes and insurance | |
| 368,872 |
Repairs and maintenance | |
| 473,648 |
Operating expenses | |
| 914,132 |
Other expenses | |
| 13,424 |
| | | |
| |
| 2,758,761 |
| | | |
NET INCOME (LOSS) | | $ | (214,971) |
| | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | (317,241) |
| | | |
Net income (loss) allocated to other partners | | $ | 102,270 |
F-163
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 |
Interest and other | |
| 326,431 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 17,790,668 | |
| 0 | |
| 0 |
Expenses | |
| | |
|
| |
|
|
Interest | |
| 3,123,807 | |
| 0 | |
| 0 |
Depreciation and amortization | |
| 3,557,319 | |
| 0 | |
| 0 |
Taxes and insurance | |
| 2,397,726 | |
| 0 | |
| 0 |
Repairs and maintenance | |
| 3,163,267 | |
| 0 | |
| 0 |
Operating expenses | |
| 4,888,522 | |
| 0 | |
| 0 |
Other expenses | |
| 889,336 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 18,019,977 | |
| 0 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | (229,309) | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | (1,016,981) | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 787,672 | | $ | 0 | | $ | 0 |
F-164
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 | | $ | 0 |
Interest and other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
Expenses | |
|
| |
|
| |
|
|
Interest | |
| 0 | |
| 0 | |
| 0 |
Depreciation and amortization | |
| 0 | |
| 0 | |
| 0 |
Taxes and insurance | |
| 0 | |
| 0 | |
| 0 |
Repairs and maintenance | |
| 0 | |
| 0 | |
| 0 |
Operating expenses | |
| 0 | |
| 0 | |
| 0 |
Other expenses | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | 0 | | $ | 0 |
F-165
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 177,187 | | $ | 0 |
Interest and other | |
| 0 | |
| 858 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 178,045 | |
| 0 |
Expenses | |
|
| |
| | |
|
|
Interest | |
| 0 | |
| 51,193 | |
| 0 |
Depreciation and amortization | |
| 0 | |
| 43,602 | |
| 0 |
Taxes and insurance | |
| 0 | |
| 32,678 | |
| 0 |
Repairs and maintenance | |
| 0 | |
| 19,266 | |
| 0 |
Operating expenses | |
| 0 | |
| 87,876 | |
| 0 |
Other expenses | |
| 0 | |
| 3,500 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 238,115 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | (60,070) | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | (59,470) | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | (600) | | $ | 0 |
F-166
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 545,010 | | $ | 0 |
Interest and other | |
| 0 | |
| 2,369 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 547,379 | |
| 0 |
Expenses | |
|
| |
| | |
|
|
Interest | |
| 0 | |
| 84,772 | |
| 0 |
Depreciation and amortization | |
| 0 | |
| 87,831 | |
| 0 |
Taxes and insurance | |
| 0 | |
| 87,492 | |
| 0 |
Repairs and maintenance | |
| 0 | |
| 76,882 | |
| 0 |
Operating expenses | |
| 0 | |
| 312,081 | |
| 0 |
Other expenses | |
| 0 | |
| 12,496 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 661,554 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | (114,175) | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | (113,442) | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | (733) | | $ | 0 |
F-167
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 172,726 | | $ | 229,365 |
Interest and other | |
| 0 | |
| 3,570 | |
| 12,549 |
| | | | | | | | | |
| |
| 0 | |
| 176,296 | |
| 241,914 |
Expenses | |
|
| |
| | |
| |
Interest | |
| 0 | |
| 47,035 | |
| 52,933 |
Depreciation and amortization | |
| 0 | |
| 51,664 | |
| 47,069 |
Taxes and insurance | |
| 0 | |
| 41,692 | |
| 36,228 |
Repairs and maintenance | |
| 0 | |
| 24,572 | |
| 42,951 |
Operating expenses | |
| 0 | |
| 49,933 | |
| 93,863 |
Other expenses | |
| 0 | |
| 8,000 | |
| 8,000 |
| | | | | | | | | |
| |
| 0 | |
| 222,896 | |
| 281,044 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | (46,600) | | $ | (39,130) |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | (46,596) | | $ | (39,126) |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | (4) | | $ | (4) |
F-168
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 |
Interest and other | |
| 22,239 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 593,879 | |
| 0 | |
| 0 |
Expenses | |
| | |
|
| |
|
|
Interest | |
| 86,703 | |
| 0 | |
| 0 |
Depreciation and amortization | |
| 85,277 | |
| 0 | |
| 0 |
Taxes and insurance | |
| 87,123 | |
| 0 | |
| 0 |
Repairs and maintenance | |
| 147,049 | |
| 0 | |
| 0 |
Operating expenses | |
| 128,666 | |
| 0 | |
| 0 |
Other expenses | |
| — | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 534,818 | |
| 0 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 59,061 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 59,061 | | $ | 0 | | $ | 0 |
F-169
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 | | $ | 0 |
Interest and other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
Expenses | |
|
| |
|
| |
|
|
Interest | |
| 0 | |
| 0 | |
| 0 |
Depreciation and amortization | |
| 0 | |
| 0 | |
| 0 |
Taxes and insurance | |
| 0 | |
| 0 | |
| 0 |
Repairs and maintenance | |
| 0 | |
| 0 | |
| 0 |
Operating expenses | |
| 0 | |
| 0 | |
| 0 |
Other expenses | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
| |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | 0 | | $ | 0 |
F-170
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 2,706,449 | | $ | 2,836,788 |
Interest and other | |
| 0 | |
| 45,667 | |
| 44,609 |
| | | | | | | | | |
| |
| 0 | |
| 2,752,116 | |
| 2,881,397 |
Expenses | |
|
| |
| | |
| |
Interest | |
| 0 | |
| 495,510 | |
| 516,452 |
Depreciation and amortization | |
| 0 | |
| 416,032 | |
| 466,359 |
Taxes and insurance | |
| 0 | |
| 406,234 | |
| 410,842 |
Repairs and maintenance | |
| 0 | |
| 470,753 | |
| 476,039 |
Operating expenses | |
| 0 | |
| 540,308 | |
| 587,741 |
Other expenses | |
| 0 | |
| 295,000 | |
| 295,000 |
| | | | | | | | | |
| |
| 0 | |
| 2,623,837 | |
| 2,752,433 |
| | | | | | | | | |
NET INCOME (LOSS) | | $ | 0 | | $ | 128,279 | | $ | 128,964 |
| | | | | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 0 | | $ | (60,389) | | $ | (32,717) |
| | | | | | | | | |
Net income (loss) allocated to other partners | | $ | 0 | | $ | 188,668 | | $ | 161,681 |
F-171
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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-172
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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-173
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
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, 2022 is reconciled as follows:
| | | | | | | | | |
|
| Total |
| Series 20 |
| Series 21 | |||
Net income (loss) for financial reporting purposes | | $ | 2,545,668 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| (2,632,811) | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| (285,774) | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| (703,186) | |
| 0 | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| (27,126) | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 1,287,441 | |
| 0 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2021 | | $ | 184,212 | | $ | 0 | | $ | 0 |
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, 2022 is reconciled as follows:
| | | | | | | | | |
|
| Series 22 |
| Series 23 |
| Series 24 | |||
Net income (loss) for financial reporting purposes | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2021 | | $ | 0 | | $ | 0 | | $ | 0 |
F-174
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 is reconciled as follows:
| | | | | | | | | |
|
| Series 25 |
| Series 26 |
| Series 27 | |||
Net income (loss) for financial reporting purposes | | $ | 0 | | $ | (91,580) | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| (2,199) | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| 709,628 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2021 | | $ | 0 | | $ | 615,849 | | $ | 0 |
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, 2022 is reconciled as follows:
| | | | | | | | | |
|
| Series 28 |
| Series 29 |
| Series 30 | |||
Net income (loss) for financial reporting purposes | | $ | 0 | | $ | (36,279) | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| (18,837) | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| (71,162) | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| 404,489 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2021 | | $ | 0 | | $ | 278,211 | | $ | 0 |
F-175
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 is reconciled as follows:
| | | | | | | | | |
|
| Series 31 |
| Series 32 |
| Series 33 | |||
Net income (loss) for financial reporting purposes | | $ | 0 | | $ | (81,264) | | $ | (87,109) |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| (4,847) | |
| (4,992) |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| — |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | | ��� | 0 | |
| — |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| 0 | |
| — |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| 1,452,062 | |
| 1,779,608 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2021 | | $ | 0 | | $ | 1,365,951 | | $ | 1,687,507 |
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, 2022 is reconciled as follows:
| | | | | | | | | |
|
| Series 34 |
| Series 35 |
| Series 36 | |||
Net income (loss) for financial reporting purposes | | $ | (65,928) | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 18,492 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 74,813 | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| (33,871) | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| (38,760) | |
| 0 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2021 | | $ | (45,254) | | $ | 0 | | $ | 0 |
F-176
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 is reconciled as follows:
| | | | | | | | | |
|
| Series 37 |
| Series 38 |
| Series 39 | |||
Net income (loss) for financial reporting purposes | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2021 | | $ | 0 | | $ | 0 | | $ | 0 |
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, 2022 is reconciled as follows:
| | | | | | | | | |
|
| Series 40 |
| Series 41 |
| Series 42 | |||
Net income (loss) for financial reporting purposes | | $ | 0 | | $ | 1,032,291 | | $ | 143,547 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| (1,441,470) | |
| (36,736) |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| (24,032) | |
| (242,095) |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2021 | | $ | 0 | | $ | (433,211) | | $ | (135,284) |
F-177
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 is reconciled as follows:
| | | | | | | | | |
|
| Series 43 |
| Series 44 |
| Series 45 | |||
Net income (loss) for financial reporting purposes | | $ | 0 | | $ | 758,807 | | $ | 596,405 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| (371,220) | |
| (606,165) |
| | | | | | | | | |
Other | |
| 0 | |
| 2,541,672 | |
| (2,261,103) |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| 0 | |
| (314,783) |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| (2,509) | |
| 34,599 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| (946,605) | |
| (929,408) |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2021 | | $ | 0 | | $ | 1,980,145 | | $ | (3,480,455) |
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, 2022 is reconciled as follows:
| | | |
|
| Series 46 | |
Net income (loss) for financial reporting purposes | | $ | 376,778 |
| | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| (164,837) |
| | | |
Other | |
| (641,156) |
| | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| (317,241) |
| | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| (25,345) |
| | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| (877,446) |
| | | |
Income (loss) for tax return purposes, December 31, 2021 | | $ | (1,649,247) |
F-178
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| (443,708) | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 6,952,259 | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| (1,016,981) | |
| 0 | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| (581,710) | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| (15,102,308) | |
| 0 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2020 | | $ | (4,072,633) | | $ | 0 | | $ | 0 |
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 | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2020 | | $ | 0 | | $ | 0 | | $ | 0 |
F-179
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | (47,101) | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| 2,199 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| (5,000) | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| (59,470) | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| (19,425) | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| 588,301 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2020 | | $ | 0 | | $ | 459,504 | | $ | 0 |
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 | | $ | 0 | | $ | (12,814) | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| 21,752 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 795,988 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| (113,442) | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| (21,314) | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| (177,887) | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2020 | | $ | 0 | | $ | 492,283 | | $ | 0 |
F-180
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 2,525,949 | | $ | 2,473,777 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| (78,664) | |
| 4,992 |
| | | | | | | | | |
Other | |
| 0 | |
| 51,192 | |
| (113,274) |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| (46,596) | |
| (39,126) |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| (23,481) | |
| (21,393) |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| (2,901,083) | |
| (2,680,668) |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2020 | | $ | 0 | | $ | (472,683) | | $ | (375,692) |
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) | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 24,102 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 212,099 | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| (33,633) | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| (464,227) | |
| 0 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2020 | | $ | (304,964) | | $ | 0 | | $ | 0 |
F-181
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2020 | | $ | 0 | | $ | 0 | | $ | 0 |
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 | | $ | 0 | | $ | 13,924 | | $ | 663,263 |
| | | | | | | | | |
Accrued partnership fund management fee not deducted (deducted) for income tax purposes | |
| 0 | |
| 43,016 | |
| 36,736 |
| | | | | | | | | |
Other | |
| 0 | |
| 928,089 | |
| 2,509,690 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| (60,389) | |
| (32,717) |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| (77,697) | |
| 17,338 |
| | | | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | |
| 0 | |
| (308,905) | |
| (1,205,766) |
| | | | | | | | | |
Income (loss) for tax return purposes, December 31, 2020 | | $ | 0 | | $ | 538,038 | | $ | 1,988,544 |
F-182
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | |
| 0 | |
| 36,818 | |
| (607,163) |
| | | | | | | | | |
Other | |
| 0 | |
| 1,039,883 | |
| 1,172,973 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | |
| 0 | |
| 0 | |
| (420,788) |
| | | | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | |
| 0 | |
| (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) |
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-183
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 are as follows:
| | | | | | | | | |
|
| Total |
| Series 20 |
| Series 21 | |||
Investments in operating limited partnerships - tax return December 31, 2021 | | $ | 1,667,631 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 4,978,858 | |
| 0 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| (13,575,448) | |
| 0 | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2022 | |
| (32,927) | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 6,961,886 | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2022 are as follows:
| | | | | | | | | |
|
| Series 22 |
| Series 23 |
| Series 24 | |||
Investments in operating limited partnerships - tax return December 31, 2021 | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2022 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
F-184
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 are as follows:
| | | | | | | | | |
|
| Series 25 |
| Series 26 |
| Series 27 | |||
Investments in operating limited partnerships - tax return December 31, 2021 | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2022 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2022 are as follows:
| | | | | | | | | |
|
| Series 28 |
| Series 29 |
| Series 30 | |||
Investments in operating limited partnerships - tax return December 31, 2021 | | $ | 0 | | $ | (501,652) | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 575,248 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| (286,415) | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2022 | |
| 0 | |
| (32,927) | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 245,746 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
F-185
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 are as follows:
| | | | | | | | | |
|
| Series 31 |
| Series 32 |
| Series 33 | |||
Investments in operating limited partnerships - tax return December 31, 2021 | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2022 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2022 are as follows:
| | | | | | | | | |
|
| Series 34 |
| Series 35 |
| Series 36 | |||
Investments in operating limited partnerships - tax return December 31, 2021 | | $ | (189,684) | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 520,914 | |
| 0 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| (833,360) | |
| 0 | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2022 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 502,130 | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
F-186
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 are as follows:
| | | | | | | | | |
|
| Series 37 |
| Series 38 |
| Series 39 | |||
Investments in operating limited partnerships - tax return December 31, 2021 | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2022 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2022 are as follows:
| | | | | | | | | |
|
| Series 40 |
| Series 41 |
| Series 42 | |||
Investments in operating limited partnerships - tax return December 31, 2021 | | $ | 0 | | $ | (2,818,038) | | $ | (360,638) |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2022 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 2,818,038 | |
| 360,638 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
F-187
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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, 2022 are as follows:
| | | | | | | | | |
|
| Series 43 |
| Series 44 |
| Series 45 | |||
Investments in operating limited partnerships - tax return December 31, 2021 | | $ | 0 | | $ | 1,825,471 | | $ | 1,139,910 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 0 | |
| 2,048,788 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| (1,829,754) | |
| (3,059,043) |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2022 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 4,283 | |
| (129,655) |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2022 are as follows:
| | | |
|
| Series 46 | |
Investments in operating limited partnerships - tax return December 31, 2021 | | $ | 2,572,262 |
| | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 1,833,908 |
| | | |
Impairment loss in investment in operating limited partnerships | |
| (7,566,876) |
| | | |
Less share of loss - three months ended March 31, 2022 | |
| 0 |
| | | |
Other | |
| 3,160,706 |
| | | |
Investments in operating limited partnerships - as reported | | $ | 0 |
F-188
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 11,383,230 | |
| 0 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| (27,975,615) | |
| 0 | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2022 | |
| (32,927) | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 10,588,357 | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
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 | | $ | 0 | | $ | 0 | | $ | 0 |
F-189
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | (1,005,761) | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 763,435 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| (206,682) | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2021 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 449,008 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
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 | | $ | 0 | | $ | (917,349) | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 1,157,917 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| (888,464) | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2021 | |
| 0 | |
| (32,927) | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 680,823 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
F-190
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 716,461 | | $ | 508,277 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 917,996 | |
| 784,846 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| (1,110,485) | |
| (790,713) |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2021 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| (523,972) | |
| (502,410) |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
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) | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 610,098 | |
| 0 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| (833,360) | |
| 0 | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2021 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 449,422 | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
F-191
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 0 | | $ | 0 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2021 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
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 | | $ | 0 | | $ | (2,578,036) | | $ | (258,255) |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 1,623,678 | |
| 566,599 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| (752,318) | |
| 0 |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2021 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 1,706,676 | |
| (308,344) |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
F-192
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
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 | | $ | 0 | | $ | 910,108 | | $ | 4,574,217 |
| | | | | | | | | |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | |
| 0 | |
| 15,841 | |
| 3,117,867 |
| | | | | | | | | |
Impairment loss in investment in operating limited partnerships | |
| 0 | |
| (2,550,560) | |
| (8,739,377) |
| | | | | | | | | |
Less share of loss - three months ended March 31, 2021 | |
| 0 | |
| 0 | |
| 0 |
| | | | | | | | | |
Other | |
| 0 | |
| 1,624,611 | |
| 1,047,293 |
| | | | | | | | | |
Investments in operating limited partnerships - as reported | | $ | 0 | | $ | 0 | | $ | 0 |
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 | |
| 0 |
| | | |
Other | |
| 5,965,250 |
| | | |
Investments in operating limited partnerships - as reported | | $ | 0 |
NOTE E - CASH EQUIVALENTS
Cash equivalents of $2,359,633 and $10,765,279 as of March 31, 2022 and 2021, respectively, include money market accounts with interest rates ranging from 0.01% to 0.85% 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, 2022.
F-193
BF Garden Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2022 and 2021
NOTE G – CONTINGENCY
The outbreak of a novel strain of coronavirus (COVID-19) beginning in the first quarter of 2020 has caused significant volatility and business disruption in the U.S. economy. There has been no economic impact to the Partnership to date. However, the future economic impact of the business disruption caused by COVID-19 remains 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-194
