UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the quarterly period ended September 30, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 0-26200
BF GARDEN TAX CREDIT FUND IV L.P.
(Exact name of registrant as specified in its charter)
Delaware |
| 04-3208648 |
(State or other jurisdiction | | (I.R.S. Employer |
225 Franklin Street, 28th Floor Boston, Massachusetts 02110
(Address of principal executive offices) (Zip Code)
(888) 773-1487
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
|
None | | None | | None | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ | No ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ | No ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
| Accelerated Filer ☐ |
Non-accelerated filer ☒ | Smaller Reporting Company ☒ | |
Emerging Growth Company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ | No ☒ |
BF GARDEN TAX CREDIT FUND IV L.P.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS
| Pages | |
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| 3-30 | |
| 31-86 | |
| Condensed Statements of Changes in Partners’ Capital (Deficit) | 87-114 |
| 115-142 | |
| 143-176 | |
|
| |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 177-187 |
|
| |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 187 |
|
| |
| 187 | |
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|
| 188 | |
|
|
|
| 188 | |
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|
|
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 188 |
|
|
|
| 188 | |
|
|
|
| 188 | |
|
|
|
| 188 | |
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| 188 | |
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|
| 189 | |
2
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| 399,419 | |
| 508,245 |
Other assets | |
| 3,083 | |
| 5,911 |
| | $ | 402,502 | | $ | 514,156 |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | 1 | | $ | 1 |
Accounts payable affiliates (Note C) | |
| 3,362,945 | |
| 7,035,500 |
Capital contributions payable | |
| — | |
| 785 |
| | | 3,362,946 | | | 7,036,286 |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | | | | | | |
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 82,874,653 outstanding as of September 30, 2023 and March 31, 2023. | |
| (6,600,662) | |
| (7,446,921) |
General Partner | |
| 3,640,218 | |
| 924,791 |
| | | (2,960,444) | | | (6,522,130) |
| | $ | 402,502 | | $ | 514,156 |
The accompanying notes are an integral part of this condensed statement
3
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 20
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,828,200 outstanding as of September 30, 2023 and March 31, 2023. | |
| (754,767) | |
| (754,767) |
General Partner | |
| 754,767 | |
| 754,767 |
| | | — | | | — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
4
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 21
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of September 30, 2023 and March 31, 2023. | |
| (898,231) | |
| (898,231) |
General Partner | |
| 898,231 | |
| 898,231 |
| | | — | | | — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
5
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 22
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,550,145 outstanding as of September 30, 2023 and March 31, 2023. | |
| (2,448,362) | |
| (2,448,362) |
General Partner | |
| 2,448,362 | |
| 2,448,362 |
| | | — | | | — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
6
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 23
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,303,327 outstanding as of September 30, 2023 and March 31, 2023. | |
| (224,264) | |
| (224,264) |
General Partner | |
| 224,264 | |
| 224,264 |
| | | — | | | — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
7
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 24
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,150,053 outstanding as of September 30, 2023 and March 31, 2023. | |
| 173,404 | |
| 173,404 |
General Partner | |
| (173,404) | |
| (173,404) |
| | | — | | | — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
8
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 25
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,016,809 outstanding as of September 30, 2023 and March 31, 2023. | |
| 219,815 | |
| 219,815 |
General Partner | |
| (219,815) | |
| (219,815) |
| | | — | | | — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
9
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 26
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
| | |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,926,374 outstanding as of September 30, 2023 and March 31, 2023. | |
| 313,969 | |
| 313,969 |
General Partner | |
| (313,969) | |
| (313,969) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
10
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 27
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,431,350 outstanding as of September 30, 2023 and March 31, 2023. | |
| 133,264 | |
| 133,264 |
General Partner | |
| (133,264) | |
| (133,264) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
11
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 28
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,979,139 outstanding as of September 30, 2023 and March 31, 2023. | |
| 275,140 | |
| 275,140 |
General Partner | |
| (275,140) | |
| (275,140) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
12
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 29
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| — | |
| 47,146 |
Other assets | |
| — | |
| 2,582 |
| | $ | — | | $ | 49,728 |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| 3,113,302 |
Capital contributions payable | |
| — | |
| 785 |
| |
| — | |
| 3,114,087 |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,911,725 outstanding as of September 30, 2023 and March 31, 2023. | |
| (2,341,163) | |
| (2,695,068) |
General Partner | |
| 2,341,163 | |
| (369,291) |
| |
| — | |
| (3,064,359) |
| | $ | — | | $ | 49,728 |
The accompanying notes are an integral part of this condensed statement
13
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 30
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,621,200 outstanding as of September 30, 2023 and March 31, 2023. | |
| (883,119) | |
| (883,119) |
General Partner | |
| 883,119 | |
| 883,119 |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
14
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 31
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,375,757 outstanding as of September 30, 2023 and March 31, 2023. | |
| 353,529 | |
| 353,529 |
General Partner | |
| (353,529) | |
| (353,529) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
15
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 32
| | | | | | |
|
| September 30, |
| March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,706,298 outstanding as of September 30, 2023 and March 31, 2023. | |
| 380,821 | |
| 380,821 |
General Partner | |
| (380,821) | |
| (380,821) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
16
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 33
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,605,833 outstanding as of September 30, 2023 and March 31, 2023. | |
| 196,294 | |
| 196,294 |
General Partner | |
| (196,294) | |
| (196,294) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
17
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 34
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | �� | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| 1,709 | |
| 31,891 |
Other assets | |
| 28 | |
| 82 |
| | $ | 1,737 | | $ | 31,973 |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| 2,536,006 | |
| 2,506,760 |
Capital contributions payable | |
| — | |
| — |
| |
| 2,536,006 | |
| 2,506,760 |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,474,319 outstanding as of September 30, 2023 and March 31, 2023. | |
| (2,208,537) | |
| (2,149,650) |
General Partner | |
| (325,732) | |
| (325,137) |
| |
| (2,534,269) | |
| (2,474,787) |
| | $ | 1,737 | | $ | 31,973 |
The accompanying notes are an integral part of this condensed statement
18
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 35
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,277,913 outstanding as of September 30, 2023 and March 31, 2023. | |
| 223,088 | |
| 223,088 |
General Partner | |
| (223,088) | |
| (223,088) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
19
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 36
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,083,704 outstanding as of September 30, 2023 and March 31, 2023. | |
| 148,221 | |
| 148,221 |
General Partner | |
| (148,221) | |
| (148,221) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
20
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 37
| | | | | | |
|
| September 30, |
| March 31, | ||
| | 2023 | | 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,489,100 outstanding as of September 30, 2023 and March 31, 2023. | |
| 205,359 | |
| 205,359 |
General Partner | |
| (205,359) | |
| (205,359) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
21
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 38
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,536,200 outstanding as of September 30, 2023 and March 31, 2022. | |
| 188,889 | |
| 188,889 |
General Partner | |
| (188,889) | |
| (188,889) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
22
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 39
| | | | | | |
|
| September 30, |
| March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of September 30, 2023 and March 31, 2023. | |
| 196,043 | |
| 196,043 |
General Partner | |
| (196,043) | |
| (196,043) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
23
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 40
| | | | | | |
|
| September 30, |
| March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,611,356 outstanding as of September 30, 2023 and March 31, 2023. | |
| 216,900 | |
| 216,900 |
General Partner | |
| (216,900) | |
| (216,900) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
24
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 41
| | | | | | |
|
| September 30, |
| March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | |
|
| |
|
|
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
| | |
| |
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,865,176 outstanding as of September 30, 2023 and March 31, 2023. | |
| (987,713) | |
| (987,713) |
General Partner | |
| 987,713 | |
| 987,713 |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
25
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 42
| | | | | | |
|
| September 30, |
| March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,706,362 outstanding as of September 30, 2023 and March 31, 2023. | |
| 216,680 | |
| 216,680 |
General Partner | |
| (216,680) | |
| (216,680) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
26
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 43
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,617,987 outstanding as of September 30, 2023 and March 31, 2023. | |
| 306,854 | |
| 306,854 |
General Partner | |
| (306,854) | |
| (306,854) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
27
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 44
| | | | | | |
| | September 30, | | March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
| |
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,682,873 outstanding as of September 30, 2023 and March 31, 2023. | |
| 207,874 | |
| 207,874 |
General Partner | |
| (207,874) | |
| (207,874) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
28
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 45
| | | | | | |
| | September 30, |
| March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| — | |
| — |
Other assets | |
| — | |
| — |
| | $ | — | | $ | — |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | — | | $ | — |
Accounts payable affiliates (Note C) | |
| — | |
| — |
Capital contributions payable | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 3,989,967 outstanding as of September 30, 2023 and March 31, 2023. | |
| 348,522 | |
| 348,522 |
General Partner | |
| (348,522) | |
| (348,522) |
| |
| — | |
| — |
| | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
29
BF Garden Tax Credit Fund IV L.P.
CONDENSED BALANCE SHEETS
(Unaudited)
Series 46
| | | | | | |
|
| September 30, |
| March 31, | ||
|
| 2023 |
| 2023 | ||
| | | | | | |
INVESTMENTS IN OPERATING PARTNERSHIPS | | $ | — | | $ | — |
| | | | | | |
OTHER ASSETS | | | | | | |
Cash and cash equivalents | |
| 397,710 | |
| 429,208 |
Other assets | |
| 3,055 | |
| 3,247 |
| | $ | 400,765 | | $ | 432,455 |
| | | | | | |
LIABILITIES | |
|
| |
|
|
Accounts payable and accrued expenses | | $ | 1 | | $ | 1 |
Accounts payable affiliates (Note C) | |
| 826,939 | |
| 1,415,438 |
Capital contributions payable | |
| — | |
| — |
| |
| 826,940 | |
| 1,415,439 |
| | | | | | |
PARTNERS’ CAPITAL (DEFICIT) | |
|
| |
|
|
Assignees | |
|
| |
|
|
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,965,635 outstanding as of September 30, 2023 and March 31, 2023. | |
| (159,172) | |
| (710,413) |
General Partner | |
| (267,003) | |
| (272,571) |
| |
| (426,175) | |
| (982,984) |
| | $ | 400,765 | | $ | 432,455 |
The accompanying notes are an integral part of this condensed statement
30
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | 2,141 | | $ | 1,719 |
Other income | |
| — | |
| — |
| |
| 2,141 | |
| 1,719 |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| 4,999 |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| 31,534 | |
| 43,711 |
Fund management fee, net (Note C) | |
| 13,986 | |
| 24,656 |
General and administrative expenses | |
| 61,797 | |
| 62,685 |
| |
| 107,317 | |
| 131,052 |
| | | | | | |
NET INCOME (LOSS) | | $ | (105,176) | | $ | (124,334) |
| | | | | | |
Net income (loss) allocated to assignees | | $ | (104,124) | | $ | (123,091) |
| | | | | | |
Net income (loss) allocated to general partner | | $ | (1,052) | | $ | (1,243) |
| | | | | | |
Net income (loss) per BAC | | $ | (.00) | | $ | (.00) |
The accompanying notes are an integral part of this condensed statement
31
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 20
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
32
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 21
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
33
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 22
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
34
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 23
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| |
| | |
| |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
| | |
| |
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
35
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 24
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
36
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 25
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
37
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 26
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
38
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 27
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
39
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 28
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
40
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 29
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | 109 |
Other income | |
| — | |
| — |
| | | — | | | 109 |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| 7,737 |
Fund management fee, net (Note C) | |
| — | |
| 1,128 |
General and administrative expenses | |
| — | |
| 18,393 |
| |
| — | |
| 27,258 |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | (27,149) |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | (26,877) |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | (272) |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | (.01) |
The accompanying notes are an integral part of this condensed statement
41
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 30
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
42
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 31
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
| | |
| |
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
43
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 32
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
44
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 33
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
45
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 34
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | 98 | | $ | 80 |
Other income | |
| — | | | — |
| |
| 98 | | | 80 |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| 12,616 | | | 6,537 |
Fund management fee, net (Note C) | |
| 4,623 | | | 1,623 |
General and administrative expenses | |
| 30,945 | | | 14,730 |
| |
| 48,184 | | | 22,890 |
| | | | | | |
NET INCOME (LOSS) | | $ | (48,086) | | $ | (22,810) |
| | | | | | |
Net income (loss) allocated to assignees | | $ | (47,605) | | $ | (22,582) |
| | | | | | |
Net income (loss) allocated to general partner | | $ | (481) | | $ | (228) |
| | | | | | |
Net income (loss) per BAC | | $ | (.01) | | $ | (.01) |
The accompanying notes are an integral part of this condensed statement
46
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 35
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | | | — |
| |
| — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | | | — |
Fund management fee, net (Note C) | |
| — | | | — |
General and administrative expenses | |
| — | | | — |
| |
| — | | | — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
47
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 36
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | | | — |
| |
| — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | | | — |
Fund management fee, net (Note C) | |
| — | | | — |
General and administrative expenses | |
| — | | | — |
| |
| — | | | — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
48
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 37
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
49
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 38
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | | | — |
Fund management fee, net (Note C) | |
| — | | | — |
General and administrative expenses | |
| — | | | — |
| |
| — | | | — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
50
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 39
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
51
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 40
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | | | — |
| |
| — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | | | — |
Fund management fee, net (Note C) | |
| — | | | — |
General and administrative expenses | |
| — | | | — |
| |
| — | | | — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
52
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 41
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
53
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 42
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | | | — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
54
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 43
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
55
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 44
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
| |
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
56
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 45
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | — | | $ | 890 |
Other income | |
| — | |
| — |
| |
| — | |
| 890 |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| 4,999 |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| 16,437 |
Fund management fee, net (Note C) | |
| — | |
| 3,970 |
General and administrative expenses | |
| — | |
| 16,102 |
| |
| — | |
| 36,509 |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | (30,620) |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | (30,314) |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | (306) |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | (.01) |
The accompanying notes are an integral part of this condensed statement
57
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 46
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | 2,043 | | $ | 640 |
Other income | |
| — | |
| – |
| |
| 2,043 | |
| 640 |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| 18,918 | |
| 13,000 |
Fund management fee, net (Note C) | |
| 9,363 | |
| 17,935 |
General and administrative expenses | |
| 30,852 | |
| 13,460 |
| |
| 59,133 | |
| 44,395 |
| | | | | | |
NET INCOME (LOSS) | | $ | (57,090) | | $ | (43,755) |
| | | | | | |
Net income (loss) allocated to assignees | | $ | (56,519) | | $ | (43,318) |
| | | | | | |
Net income (loss) allocated to general partner | | $ | (571) | | $ | (437) |
| | | | | | |
Net income (loss) per BAC | | $ | (.02) | | $ | (.01) |
The accompanying notes are an integral part of this condensed statement
58
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | 5,391 | | $ | 2,448 |
Other income | |
| 40,497 | |
| 142,163 |
| | | 45,888 | | | 144,611 |
| | |
| | |
|
Gain on disposition of Operating Partnerships | |
| 1,017,868 | |
| 3,235,667 |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| 32,963 | |
| 45,203 |
Fund management fee, net (Note C) | |
| 6,246 | |
| 30,407 |
General and administrative expenses | |
| 169,740 | |
| 185,276 |
| |
| 208,949 | |
| 260,886 |
| | |
| | |
|
NET INCOME (LOSS) | | $ | 854,807 | | $ | 3,119,392 |
| | |
| | |
|
Net income (loss) allocated to assignees | | $ | 846,259 | | $ | 3,088,198 |
| | | | | |
|
Net income (loss) allocated to general partner | | $ | 8,548 | | $ | 31,194 |
| | | | | | |
Net income (loss) per BAC | | $ | .01 | | $ | .04 |
The accompanying notes are an integral part of this condensed statement
59
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 20
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | |
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | | | | | |
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | |
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
60
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 21
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | | | | | | |
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| |
| | |
| |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
61
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 22
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | |
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | |
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
62
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 23
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | | | | | | |
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
63
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 24
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | |
| | |
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | |
| | |
|
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | |
| | |
|
NET INCOME (LOSS) | | $ | — | | $ | — |
| | |
| | |
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | |
| | |
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | |
| | |
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
64
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 25
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | |
| | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | |
| | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | |
| | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | |
| | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | |
| | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
65
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 26
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
66
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 27
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | | | — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
| |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
67
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 28
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
68
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 29
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Income | | | | | | |
Interest income | | $ | 459 | | $ | 132 |
Other income | |
| 16,876 | |
| — |
| |
| 17,335 | |
| 132 |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| 430,628 | |
| — |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Professional fees | |
| 310 | |
| 8,036 |
Fund management fee, net (Note C) | |
| — | |
| 2,256 |
General and administrative expenses | |
| 90,173 | |
| 33,028 |
| | | 90,483 | | | 43,320 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | 357,480 | | $ | (43,188) |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | 353,905 | | $ | (42,756) |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 3,575 | | $ | (432) |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | .09 | | $ | (.01) |
The accompanying notes are an integral part of this condensed statement
69
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 30
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | | | — | |
| — |
| | | — | | | — |
| |
|
| | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
70
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 31
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
71
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 32
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
| | |
| |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
72
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 33
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
| | |
| |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
73
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 34
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | 232 | | $ | 97 |
Other income | |
| — | |
| — |
| |
| 232 | |
| 97 |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Professional fees | |
| 13,425 | |
| 6,836 |
Fund management fee, net (Note C) | |
| 6,246 | |
| 6,246 |
General and administrative expenses | |
| 40,043 | |
| 26,155 |
| | | 59,714 | | | 39,237 |
| | | | | | |
NET INCOME (LOSS) | | $ | (59,482) | | $ | (39,140) |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | (58,887) | | $ | (38,749) |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | (595) | | $ | (391) |
| |
| | |
| |
Net income (loss) per BAC | | $ | (.02) | | $ | (.01) |
The accompanying notes are an integral part of this condensed statement
74
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 35
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
| | |
| |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
75
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 36
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| |
| | |
| |
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
76
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 37
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | ��� |
| — |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
77
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 38
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
| | |
| |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
| | |
| |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
78
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 39
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| | | | | | |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
79
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 40
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
80
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 41
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| |
| — | |
| — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| |
|
| |
|
|
Expenses | |
| | |
| |
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
81
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 42
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | | | — |
| | | — | | | — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| | | | | |
|
Expenses | |
|
| |
| |
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
82
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 43
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | — |
Other income | |
| — | |
| — |
| | | — | | | — |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| — |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| — |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| — |
| | | — | | | — |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | — | | $ | — |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | — |
| |
| | |
| |
Net income (loss) per BAC | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
83
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 44
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | 437 |
Other income | |
| — | |
| 81,588 |
| | | — | | | 82,025 |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | |
| — | |
| 1,746,178 |
| |
|
| |
|
|
Expenses | |
| | |
|
|
Professional fees | |
| — | |
| 298 |
Fund management fee, net (Note C) | |
| — | |
| — |
General and administrative expenses | |
| — | |
| 72,685 |
| | | — | | | 72,983 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | — | | $ | 1,755,220 |
| |
|
| |
| |
Net income (loss) allocated to assignees | | $ | — | | $ | 1,737,668 |
| |
| | |
|
|
Net income (loss) allocated to general partner | | $ | — | | $ | 17,552 |
| |
|
| |
|
|
Net income (loss) per BAC | | $ | — | | $ | .65 |
The accompanying notes are an integral part of this condensed statement
84
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 45
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | — | | $ | 1,034 |
Other income | |
| — | |
| 58,183 |
| |
| — | |
| 59,217 |
| | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| 1,410,868 |
| |
| | |
| |
Expenses | |
|
| |
|
|
Professional fees | |
| — | |
| 16,735 |
Fund management fee, net (Note C) | |
| — | |
| 3,970 |
General and administrative expenses | |
| — | |
| 29,051 |
| |
| — | |
| 49,756 |
| |
|
| |
|
|
NET INCOME (LOSS) | | $ | — | | $ | 1,420,329 |
| |
| | |
|
|
Net income (loss) allocated to assignees | | $ | — | | $ | 1,406,126 |
| | | | | | |
Net income (loss) allocated to general partner | | $ | — | | $ | 14,203 |
| |
| | |
| |
Net income (loss) per BAC | | $ | — | | $ | .35 |
The accompanying notes are an integral part of this condensed statement
85
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 46
| | | | | | |
|
| 2023 |
| 2022 | ||
Income | | | | | | |
Interest income | | $ | 4,700 | | $ | 748 |
Other income | |
| 23,621 | |
| 2,392 |
| | | 28,321 | | | 3,140 |
| |
|
| |
|
|
Gain on disposition of Operating Partnerships | | | 587,240 | | | 78,621 |
| |
|
| |
|
|
Expenses | |
|
| |
|
|
Professional fees | |
| 19,228 | |
| 13,298 |
Fund management fee, net (Note C) | |
| — | |
| 17,935 |
General and administrative expenses | |
| 39,524 | |
| 24,357 |
| | | 58,752 | | | 55,590 |
| |
| | |
| |
NET INCOME (LOSS) | | $ | 556,809 | | $ | 26,171 |
| |
|
| |
|
|
Net income (loss) allocated to assignees | | $ | 551,241 | | $ | 25,909 |
| |
|
| |
|
|
Net income (loss) allocated to general partner | | $ | 5,568 | | $ | 262 |
| | | | | | |
Net income (loss) per BAC | | $ | .19 | | $ | .01 |
The accompanying notes are an integral part of this condensed statement
86
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 | | $ | (7,446,921) |
| $ | 924,791 |
| $ | (6,522,130) |
| | | | | | | | | |
Contribution | | | — | | | 2,706,879 | | | 2,706,879 |
| | | | | | | | | |
Net income (loss) | | | 950,383 | | | 9,600 | | | 959,983 |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | (6,496,538) | | $ | 3,641,270 | | $ | (2,855,268) |
| | | | | | | | | |
Net income (loss) | | | (104,124) | | | (1,052) | | | (105,176) |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | (6,600,662) | | $ | 3,640,218 | | $ | (2,960,444) |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (7,296,726) | | $ | 891,243 | | $ | (6,405,483) |
| | | | | | | | | |
Distribution | | | (2,957,455) | | | — | | | (2,957,455) |
| | | | | | | | | |
Net income (loss) | | | 3,211,289 | | | 32,437 | | | 3,243,726 |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | (7,042,892) | | | 923,680 | | | (6,119,212) |
| | | | | | | | | |
Net income (loss) | | | (123,091) | | | (1,243) | | | (124,334) |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | (7,165,983) | | $ | 922,437 | | $ | (6,243,546) |
The accompanying notes are an integral part of this condensed statement
87
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 20
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | (754,767) |
| $ | 754,767 |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | (754,767) | | $ | 754,767 | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | (754,767) | | $ | 754,767 | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (754,767) | | $ | 754,767 | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | (754,767) | | | 754,767 | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | (754,767) | | $ | 754,767 | | $ | — |
The accompanying notes are an integral part of this condensed statement
88
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 21
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | (898,231) |
| $ | 898,231 |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | (898,231) | | $ | 898,231 | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | (898,231) | | $ | 898,231 | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (898,231) | | $ | 898,231 | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | (898,231) | | | 898,231 | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners' capital (deficit), September 30,2022 | | $ | (898,231) | | $ | 898,231 | | $ | — |
The accompanying notes are an integral part of this condensed statement
89
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 22
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | (2,448,362) |
| $ | 2,448,362 |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | (2,448,362) | | $ | 2,448,362 | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | (2,448,362) | | $ | 2,448,362 | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (2,448,362) | | $ | 2,448,362 | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | (2,448,362) | | | 2,448,362 | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | (2,448,362) | | $ | 2,448,362 | | $ | — |
The accompanying notes are an integral part of this condensed statement
90
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 23
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | (224,264) |
| $ | 224,264 |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | (224,264) | | $ | 224,264 | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 |
| $ | (224,264) |
| $ | 224,264 |
| $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (224,264) | | $ | 224,264 | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | (224,264) | | | 224,264 | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | (224,264) | | $ | 224,264 | | $ | — |
The accompanying notes are an integral part of this condensed statement
91
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 24
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | 173,404 |
| $ | (173,404) |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | 173,404 | | $ | (173,404) | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 |
| $ | 173,404 |
| $ | (173,404) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 173,404 | | $ | (173,404) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 173,404 | | | (173,404) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 173,404 | | $ | (173,404) | | $ | — |
The accompanying notes are an integral part of this condensed statement
92
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 25
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | 219,815 |
| $ | (219,815) |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | 219,815 | | $ | (219,815) | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 |
| $ | 219,815 |
| $ | (219,815) |
| $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 219,815 | | $ | (219,815) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 219,815 | | | (219,815) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 219,815 | | $ | (219,815) | | $ | — |
The accompanying notes are an integral part of this condensed statement
93
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 26
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | 313,969 |
| $ | (313,969) |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) |
| | — |
| | — |
| | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | 313,969 | | $ | (313,969) | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 |
| $ | 313,969 |
| $ | (313,969) |
| $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 313,969 | | $ | (313,969) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 313,969 | | | (313,969) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 313,969 | | $ | (313,969) | | $ | — |
The accompanying notes are an integral part of this condensed statement
94
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 27
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | 133,264 |
| $ | (133,264) |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | 133,264 | | $ | (133,264) | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 |
| $ | 133,264 | | $ | (133,264) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 133,264 | | $ | (133,264) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 133,264 | | | (133,264) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 133,264 | | $ | (133,264) | | $ | — |
The accompanying notes are an integral part of this condensed statement
95
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 28
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | 275,140 |
| $ | (275,140) |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | 275,140 | | $ | (275,140) | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 |
| $ | 275,140 | | $ | (275,140) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 275,140 | | $ | (275,140) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 275,140 | | | (275,140) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 275,140 | | $ | (275,140) | | $ | — |
The accompanying notes are an integral part of this condensed statement
96
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 29
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | (2,695,068) |
| $ | (369,291) |
| $ | (3,064,359) |
| | | | | | | | | |
Contribution | | | — | | | 2,706,879 | | | 2,706,879 |
| | | | | | | | | |
Net income (loss) |
| | 353,905 |
| | 3,575 |
| | 357,480 |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | (2,341,163) | | $ | 2,341,163 | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | (2,341,163) | | $ | 2,341,163 | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (2,629,677) | | $ | (368,630) | | $ | (2,998,307) |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | (15,879) | | | (160) | | | (16,039) |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | (2,645,556) | | | (368,790) | | | (3,014,346) |
| | | | | | | | | |
Net income (loss) | | | (26,877) | | | (272) | | | (27,149) |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | (2,672,433) | | $ | (369,062) | | $ | (3,041,495) |
The accompanying notes are an integral part of this condensed statement
97
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 30
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | (883,119) |
| $ | 883,119 |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) |
| | — |
| | — |
| | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | (883,119) | | | 883,119 | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | (883,119) | | $ | 883,119 | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (883,119) | | $ | 883,119 | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | (883,119) | | | 883,119 | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | (883,119) | | $ | 883,119 | | $ | — |
The accompanying notes are an integral part of this condensed statement
98
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 31
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | 353,529 |
| $ | (353,529) |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) |
| | — |
| | — |
| | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 353,529 | | | (353,529) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 353,529 | | $ | (353,529) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 353,529 | | $ | (353,529) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 353,529 | | | (353,529) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 353,529 | | $ | (353,529) | | $ | — |
The accompanying notes are an integral part of this condensed statement
99
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 32
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | 380,821 |
| $ | (380,821) |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) |
| | — |
| | — |
| | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 380,821 | | | (380,821) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 |
| $ | 380,821 |
| $ | (380,821) |
| $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 380,821 | | $ | (380,821) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 380,821 | | | (380,821) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 380,821 | | $ | (380,821) | | $ | — |
The accompanying notes are an integral part of this condensed statement
100
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 33
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | 196,294 |
| $ | (196,294) |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 196,294 | | | (196,294) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 196,294 | | $ | (196,294) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 196,294 | | $ | (196,294) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 196,294 | | | (196,294) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 196,294 | | $ | (196,294) | | $ | — |
The accompanying notes are an integral part of this condensed statement
101
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 34
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | (2,149,650) |
| $ | (325,137) |
| $ | (2,474,787) |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | (11,282) | | | (114) | | | (11,396) |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | (2,160,932) | | $ | (325,251) | | $ | (2,486,183) |
| | | | | | | | | |
Net income (loss) | | | (47,605) | | | (481) | | | (48,086) |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | (2,208,537) | | $ | (325,732) | | $ | (2,534,269) |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (2,082,108) | | $ | (324,455) | | $ | (2,406,563) |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | (16,167) | | | (163) | | | (16,330) |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | (2,098,275) | | | (324,618) | | | (2,422,893) |
| | | | | | | | | |
Net income (loss) | | | (22,582) | | | (228) | | | (22,810) |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | (2,120,857) | | $ | (324,846) | | $ | (2,445,703) |
The accompanying notes are an integral part of this condensed statement
102
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 35
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | 223,088 |
| $ | (223,088) |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 223,088 | | | (223,088) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 223,088 | | $ | (223,088) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 223,088 | | $ | (223,088) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 223,088 | | | (223,088) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 223,088 | | $ | (223,088) | | $ | — |
The accompanying notes are an integral part of this condensed statement
103
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 36
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | 148,221 |
| $ | (148,221) |
| $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 148,221 | | | (148,221) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 148,221 | | $ | (148,221) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 148,221 | | $ | (148,221) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 148,221 | | | (148,221) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 148,221 | | $ | (148,221) | | $ | — |
The accompanying notes are an integral part of this condensed statement
104
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 37
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 | | $ | 205,359 | | $ | (205,359) | | $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 205,359 | | | (205,359) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 205,359 | | $ | (205,359) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 205,359 | | $ | (205,359) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 205,359 | | | (205,359) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 205,359 | | $ | (205,359) | | $ | — |
The accompanying notes are an integral part of this condensed statement
105
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 38
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 | | $ | 188,889 | | $ | (188,889) | | $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 188,889 | | | (188,889) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 188,889 | | $ | (188,889) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 188,889 | | $ | (188,889) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 188,889 | | | (188,889) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 188,889 | | $ | (188,889) | | $ | — |
The accompanying notes are an integral part of this condensed statement
106
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 39
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 | | $ | 196,043 | | $ | (196,043) | | $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 196,043 | | | (196,043) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 196,043 | | $ | (196,043) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 196,043 | | $ | (196,043) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 196,043 | | | (196,043) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 196,043 | | $ | (196,043) | | $ | — |
The accompanying notes are an integral part of this condensed statement
107
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 40
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 | | $ | 216,900 | | $ | (216,900) | | $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 216,900 | | | (216,900) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 216,900 | | $ | (216,900) | | $ | — |
| | | | | | | | | |
|
| | |
| General |
| | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 |
| $ | 216,900 |
| $ | (216,900) |
| $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 216,900 | | | (216,900) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 216,900 | | $ | (216,900) | | $ | — |
The accompanying notes are an integral part of this condensed statement
108
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 41
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 | | $ | (987,713) | | $ | 987,713 | | $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | (987,713) | | | 987,713 | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | (987,713) | | $ | 987,713 | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (987,713) | | $ | 987,713 | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | (987,713) | | | 987,713 | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | (987,713) | | $ | 987,713 | | $ | — |
The accompanying notes are an integral part of this condensed statement
109
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 42
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 | | $ | 216,680 | | $ | (216,680) | | $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 216,680 | | | (216,680) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | �� | |
Partners’ capital (deficit),September 30, 2023 | | $ | 216,680 | | $ | (216,680) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 216,680 | | $ | (216,680) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 216,680 | | | (216,680) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 216,680 | | $ | (216,680) | | $ | — |
The accompanying notes are an integral part of this condensed statement
110
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 43
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 | | $ | 306,854 | | $ | (306,854) | | $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | | 306,854 | | | (306,854) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 306,854 | | $ | (306,854) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 306,854 | | $ | (306,854) | | $ | — |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 306,854 | | | (306,854) | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 306,854 | | $ | (306,854) | | $ | — |
The accompanying notes are an integral part of this condensed statement
111
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 44
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 | | $ | 207,874 | | $ | (207,874) | | $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | 207,874 | | $ | (207,874) | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 207,874 | | $ | (207,874) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | 1,427,661 | | $ | (225,426) | | $ | 1,202,235 |
| | | | | | | | | |
Distribution | | | (2,957,455) | | | — | | | (2,957,455) |
| | | | | | | | | |
Net income (loss) | | | 1,737,668 | | | 17,552 | | | 1,755,220 |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 207,874 | | | (207,874) | | | — |
| | | | | | | | | |
Net income (loss) | | | – | | | – | | | – |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 207,874 | | $ | (207,874) | | $ | – |
The accompanying notes are an integral part of this condensed statement
112
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 45
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 | | $ | 348,522 | | $ | (348,522) | | $ | — |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | 348,522 | | $ | (348,522) | | $ | — |
| | | | | | | | | |
Net income (loss) | | | — | | | — | | | — |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | 348,522 | | $ | (348,522) | | $ | — |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (488,806) | | $ | (362,172) | | $ | (850,978) |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | 1,436,440 | | | 14,509 | | | 1,450,949 |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | 947,634 | | | (347,663) | | | 599,971 |
| | | | | | | | | |
Net income (loss) | | | (30,314) | | | (306) | | | (30,620) |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | 917,320 | | $ | (347,969) | | $ | 569,351 |
| | | | | | | | | |
The accompanying notes are an integral part of this condensed statement
113
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Six Months Ended September 30, 2023 and 2022
(Unaudited)
Series 46
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2023 |
| $ | (710,413) |
| $ | (272,571) |
| $ | (982,984) |
| | | | | | | | | |
Contribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) |
| | 607,760 |
| | 6,139 |
| | 613,899 |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2023 | | $ | (102,653) | | $ | (266,432) | | $ | (369,085) |
| | | | | | | | | |
Net income (loss) | | | (56,519) | | | (571) | | | (57,090) |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2023 | | $ | (159,172) | | $ | (267,003) | | $ | (426,175) |
| | | | | | | | | |
| | | | | General | | | | |
|
| Assignees |
| Partner |
| Total | |||
| | | | | | | | | |
Partners’ capital (deficit) April 1, 2022 | | $ | (1,075,610) | | $ | (276,260) | | $ | (1,351,870) |
| | | | | | | | | |
Distribution | | | — | | | — | | | — |
| | | | | | | | | |
Net income (loss) | | | 69,227 | | | 699 | | | 69,926 |
| | | | | | | | | |
Partners’ capital (deficit), June 30, 2022 | | | (1,006,383) | | | (275,561) | | | (1,281,944) |
| | | | | | | | | |
Net income (loss) | | | (43,318) | | | (437) | | | (43,755) |
| | | | | | | | | |
Partners’ capital (deficit), September 30, 2022 | | $ | (1,049,701) | | $ | (275,998) | | $ | (1,325,699) |
The accompanying notes are an integral part of this condensed statement
114
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
Net income (loss) | | $ | 854,807 | | $ | 3,119,392 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| (1,017,868) | |
| (3,235,667) |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| 2,828 | |
| (198) |
(Decrease) Increase in accounts payable and accrued expenses | | | — | | | 1 |
(Decrease) Increase in accounts payable affiliates | |
| (965,676) | |
| (1,418,723) |
Net cash (used in) provided by operating activities | |
| (1,125,909) | |
| (1,535,195) |
Cash flows from investing activities: | |
| | |
| |
Proceeds from the disposition of Operating Partnerships | |
| 1,017,083 | |
| 3,235,667 |
Net cash provided by investing activities | |
| 1,017,083 | |
| 3,235,667 |
Cash flows from financing activities: | |
| — | |
| — |
Distributions | |
| — | |
| (2,957,455) |
Net cash used in financing activities | |
| — | |
| (2,957,455) |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (108,826) | |
| (1,256,983) |
Cash and cash equivalents, beginning | |
| 508,245 | |
| 2,370,898 |
Cash and cash equivalents, ending | | $ | 399,419 | | $ | 1,113,915 |
| | | | | | |
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. | | $ | 2,706,879 | | $ | — |
The accompanying notes are an integral part of this condensed statement
115
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |
| | |
| |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | |
| | |
| |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | |
|
| |
|
|
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
|
| |
|
|
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
116
BF Garden Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | |
| | |
| |
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
| | |
| |
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | |
| | |
| |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
117
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | |
|
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | |
| | |
| |
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
| | |
| |
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
118
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | |
| | |
| |
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
| | |
| |
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
119
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | |
| | |
| |
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
| | |
| |
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
120
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | |
| |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |
| | | | |
Gain on disposition of Operating Partnerships | |
| — | | | — |
Changes in assets and liabilities | |
| | | | |
(Increase) Decrease in other assets | |
| — | | | — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | | | — |
(Decrease) Increase in accounts payable affiliates | |
| — | | | — |
Net cash (used in) provided by operating activities | |
| — | | | — |
Cash flows from investing activities: | |
| | | | |
Proceeds from the disposition of Operating Partnerships | |
| — | | | — |
Net cash provided by investing activities | |
| — | | | — |
Cash flows from financing activities: | |
| | | | |
Distributions | |
| — | | | — |
Net cash used in financing activities | |
| — | | | — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | | | — |
Cash and cash equivalents, beginning | |
| — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
121
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 26
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | |
| | |
| |
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
| | |
| |
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
122
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 27
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | |
|
| |
| |
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
| | | | |
Distributions | |
| — | | | — |
Net cash used in financing activities | |
| — | |
| — |
| | | | |
| |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
123
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 28
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | | | | | | |
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
| | |
| |
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
124
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 29
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | 357,480 | | $ | (43,188) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| (430,628) | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| 2,582 | |
| (28) |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| (406,423) | |
| 2,256 |
Net cash (used in) provided by operating activities | |
| (476,989) | |
| (40,960) |
Cash flows from investing activities: | |
| | | | |
Proceeds from the disposition of Operating Partnerships | |
| 429,843 | |
| — |
Net cash provided by investing activities | |
| 429,843 | |
| — |
Cash flows from financing activities: | |
| | |
| |
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (47,146) | |
| (40,960) |
Cash and cash equivalents, beginning | |
| 47,146 | | | 108,768 |
Cash and cash equivalents, ending | | $ | — | | $ | 67,808 |
| | | | | | |
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. | | $ | 2,706,879 | | $ | — |
The accompanying notes are an integral part of this condensed statement
125
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 30
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | | | — |
Changes in assets and liabilities | |
| | | | |
(Increase) Decrease in other assets | |
| — | | | — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | | | — |
(Decrease) Increase in accounts payable affiliates | |
| — | | | — |
Net cash (used in) provided by operating activities | |
| — | | | — |
Cash flows from investing activities: | |
|
| |
|
|
Proceeds from the disposition of Operating Partnerships | |
| — | | | — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
|
| |
|
|
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
126
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 31
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | | | — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | | | — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | | | — |
Cash flows from investing activities: | |
|
| |
| |
Proceeds from the disposition of Operating Partnerships | |
| — | | | — |
Net cash provided by investing activities | |
| — | | | — |
Cash flows from financing activities: | |
|
| |
| |
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | | | — |
Cash and cash equivalents, beginning | |
| — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
127
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 32
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |
| | |
| |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | |
| | |
| |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | | | — |
Net cash (used in) provided by operating activities | |
| — | | | — |
Cash flows from investing activities: | |
| | |
| |
Proceeds from the disposition of Operating Partnerships | |
| — | | | — |
Net cash provided by investing activities | |
| — | | | — |
Cash flows from financing activities: | |
| | |
| |
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | | | — |
Cash and cash equivalents, beginning | |
| — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
128
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 33
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | | | — |
Net cash (used in) provided by operating activities | |
| — | | | — |
Cash flows from investing activities: | | |
| | |
|
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
|
| |
|
|
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | | | — |
Cash and cash equivalents, beginning | |
| — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
129
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 34
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | (59,482) | | $ | (39,140) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| 54 | |
| (28) |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| 29,246 | | | 9,246 |
Net cash (used in) provided by operating activities | |
| (30,182) | | | (29,922) |
Cash flows from investing activities: | |
|
| |
|
|
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
|
| |
|
|
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (30,182) | | | (29,922) |
Cash and cash equivalents, beginning | |
| 31,891 | | | 81,705 |
Cash and cash equivalents, ending | | $ | 1,709 | | $ | 51,783 |
| | | | | | |
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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
130
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 35
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | | | — | | | — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | | | — |
Cash flows from investing activities: | | |
| | |
|
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | | |
| | |
|
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | | | — |
Cash and cash equivalents, beginning | |
| — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
131
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 36
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | | | — | | | — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | | | — |
Cash flows from investing activities: | |
|
| |
|
|
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | |
|
| |
|
|
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | | | — |
Cash and cash equivalents, beginning | |
| — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
132
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 37
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | | | — | | | — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | | | | | | |
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
| | | | | | |
Cash flows from financing activities: | | | | | | |
Distributions | | | — | | | — |
Net cash used in financing activities | | | — | | | — |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | — | | | — |
Cash and cash equivalents, beginning | | | — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
133
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 38
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | | | — | | | — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | | | | | | |
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | | | | | | |
Distributions | | | — | | | — |
Net cash used in financing activities | | | — | | | — |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | | | — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
134
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 39
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | | | — | | | — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | | | — | | | — |
Cash flows from investing activities: | | | | | | |
Proceeds from the disposition of Operating Partnerships | | | — | | | — |
Net cash provided by investing activities | | | — | | | — |
| |
| | |
| |
Cash flows from financing activities: | | | | | | |
Distributions | | | — | | | — |
Net cash used in financing activities | | | — | | | — |
| |
| | |
| |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | — | | | — |
Cash and cash equivalents, beginning | | | — | | | — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
135
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 40
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | | | — | | | — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | | | | | | |
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | | | | | | |
Distributions | |
| — | |
| — |
Net cash used in financing activities | |
| — | |
| — |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
136
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 41
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | |
|
| |
|
|
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | | | | | | |
Distributions | | | — | | | — |
Net cash used in financing activities | | | — | | | — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
137
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 42
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | | |
| | |
|
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | | | | | | |
Distributions | | | — | | | — |
Net cash used in financing activities | | | — | | | — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
138
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 43
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | — |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| — |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | | | — | | | — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| — |
Net cash (used in) provided by operating activities | |
| — | |
| — |
Cash flows from investing activities: | |
|
| |
|
|
Proceeds from the disposition of Operating Partnerships | |
| — | |
| — |
Net cash provided by investing activities | |
| — | |
| — |
Cash flows from financing activities: | | | | | | |
Distributions | | | — | | | — |
Net cash used in financing activities | | | — | | | — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| — |
Cash and cash equivalents, beginning | |
| — | |
| — |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
Supplemental schedule of noncash investing and financing activities | | | | | | |
The 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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
139
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 44
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | 1,755,220 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| (1,746,178) |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | |
| — | |
| — |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| (28,269) |
Net cash (used in) provided by operating activities | |
| — | |
| (19,227) |
Cash flows from investing activities: | | |
| | |
|
Proceeds from the disposition of Operating Partnerships | |
| — | |
| 1,746,178 |
Net cash provided by investing activities | |
| — | |
| 1,746,178 |
Cash flows from financing activities: | | | | | | |
Distributions | | | — | | | (2,957,455) |
Net cash used in financing activities | | | — | | | (2,957,455) |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| (1,230,504) |
Cash and cash equivalents, beginning | |
| — | |
| 1,230,504 |
Cash and cash equivalents, ending | | $ | — | | $ | — |
| | | | | | |
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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
140
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 45
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | — | | $ | 1,420,329 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| — | |
| (1,410,868) |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | | | — | | | (29) |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| — |
(Decrease) Increase in accounts payable affiliates | |
| — | |
| (1,130,104) |
Net cash (used in) provided by operating activities | |
| — | |
| (1,120,672) |
Cash flows from investing activities: | |
|
| |
|
|
Proceeds from the disposition of Operating Partnerships | |
| — | |
| 1,410,868 |
Net cash provided by investing activities | |
| — | |
| 1,410,868 |
Cash flows from financing activities: | | | | | | |
Distributions | | | — | | | — |
Net cash used in financing activities | | | — | | | — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| — | |
| 290,196 |
Cash and cash equivalents, beginning | |
| — | |
| 287,530 |
Cash and cash equivalents, ending | | $ | — | | $ | 577,726 |
| | | | | | |
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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
141
BF Garden Tax Credit Fund IV L.P.
CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 46
| | | | | | |
|
| 2023 |
| 2022 | ||
| | | | | | |
Cash flows from operating activities: | | | | | | |
| | | | | | |
Net income (loss) | | $ | 556,809 | | $ | 26,171 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | | | | | | |
Gain on disposition of Operating Partnerships | |
| (587,240) | |
| (78,621) |
Changes in assets and liabilities | | | | | | |
(Increase) Decrease in other assets | | | 192 | | | (113) |
(Decrease) Increase in accounts payable and accrued expenses | |
| — | |
| 1 |
(Decrease) Increase in accounts payable affiliates | |
| (588,499) | |
| (271,852) |
Net cash (used in) provided by operating activities | |
| (618,738) | |
| (324,414) |
Cash flows from investing activities: | | |
| | |
|
Proceeds from the disposition of Operating Partnerships | |
| 587,240 | |
| 78,621 |
Net cash provided by investing activities | |
| 587,240 | |
| 78,621 |
Cash flows from financing activities: | | | | | | |
Distributions | | | — | | | — |
Net cash used in financing activities | | | — | | | — |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| (31,498) | |
| (245,793) |
Cash and cash equivalents, beginning | |
| 429,208 | |
| 662,391 |
Cash and cash equivalents, ending | | $ | 397,710 | | $ | 416,598 |
| | | | | | |
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. | | $ | — | | $ | — |
The accompanying notes are an integral part of this condensed statement
142
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2023
(Unaudited)
NOTE A – ORGANIZATION
BF Garden Tax Credit Fund IV L.P. (formerly known as Boston Capital Tax Credit Fund IV L.P.) (the “Fund”) was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes (“Operating Partnerships”). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.
Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the “Public Offering”) of the Fund’s beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.
143
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE A – ORGANIZATION - (continued)
Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:
| | | | | | | |
Series |
| Closing Date |
| BACs Sold |
| Equity Raised | |
Series 20 |
| June 24, 1994 |
| 3,866,700 | | $ | 38,667,000 |
Series 21 |
| December 31, 1994 |
| 1,892,700 | | $ | 18,927,000 |
Series 22 |
| December 28, 1994 |
| 2,564,400 | | $ | 25,644,000 |
Series 23 | | June 23, 1995 |
| 3,336,727 | | $ | 33,366,000 |
Series 24 | | September 22, 1995 |
| 2,169,878 | | $ | 21,697,000 |
Series 25 | | December 29, 1995 |
| 3,026,109 | | $ | 30,248,000 |
Series 26 | | June 25, 1996 |
| 3,995,900 | | $ | 39,959,000 |
Series 27 | | September 17, 1996 |
| 2,460,700 | | $ | 24,607,000 |
Series 28 | | January 29, 1997 |
| 4,000,738 | | $ | 39,999,000 |
Series 29 | | June 10, 1997 |
| 3,991,800 | | $ | 39,918,000 |
Series 30 | | September 10, 1997 |
| 2,651,000 | | $ | 26,490,750 |
Series 31 | | January 18, 1998 |
| 4,417,857 | | $ | 44,057,750 |
Series 32 | | June 23, 1998 |
| 4,754,198 | | $ | 47,431,000 |
Series 33 | | September 21, 1998 |
| 2,636,533 | | $ | 26,362,000 |
Series 34 | | February 11, 1999 |
| 3,529,319 | | $ | 35,273,000 |
Series 35 | | June 28, 1999 |
| 3,300,463 | | $ | 33,004,630 |
Series 36 | | September 28, 1999 |
| 2,106,838 | | $ | 21,068,375 |
Series 37 | | January 28, 2000 |
| 2,512,500 | | $ | 25,125,000 |
Series 38 | | July 31, 2000 |
| 2,543,100 | | $ | 25,431,000 |
Series 39 | | January 31, 2001 |
| 2,292,151 | | $ | 22,921,000 |
Series 40 | | July 31, 2001 |
| 2,630,256 | | $ | 26,269,256 |
Series 41 | | January 31, 2002 |
| 2,891,626 | | $ | 28,916,260 |
Series 42 | | July 31, 2002 |
| 2,744,262 | | $ | 27,442,620 |
Series 43 | | December 31, 2002 |
| 3,637,987 | | $ | 36,379,870 |
Series 44 | | April 30, 2003 |
| 2,701,973 | | $ | 27,019,730 |
Series 45 | | September 16, 2003 |
| 4,014,367 | | $ | 40,143,670 |
Series 46 | | December 19, 2003 |
| 2,980,998 | | $ | 29,809,980 |
The Fund concluded its public offering of BACs in the Fund on December 19, 2003.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of September 30, 2023 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.
The Fund’s accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023.
144
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS
The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended September 30, 2023 and 2022, are as follows:
| | | | | | |
|
| 2023 |
| 2022 | ||
Series 29 | | $ | — | | $ | 1,128 |
Series 34 | |
| 4,623 | |
| 4,623 |
Series 45 | |
| — | |
| 3,970 |
Series 46 | | | 9,363 | | | 18,735 |
| | $ | 13,986 | | $ | 28,456 |
The fund management fees paid for the six months ended September 30, 2023 and 2022 are as follows:
| | | | | | |
|
| 2023 |
| 2022 | ||
Series 29 | | $ | 406,799 | | $ | — |
Series 44 | | | — | | | 30,914 |
Series 45 | |
| — | |
| 1,142,803 |
Series 46 | | | 610,141 | | | 316,695 |
| | $ | 1,016,940 | | $ | 1,490,412 |
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 six months ended September 30, 2023 and 2022 was $2,706,879 and $-, 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.
145
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At September 30, 2023 and 2022, the Fund has limited partnership interests in 3 and 7 Operating Partnerships, respectively, which own or are constructing apartment complexes.
The breakdown of Operating Partnerships within the Fund at September 30, 2023 and 2022 are as follows:
| | | | |
|
| 2023 |
| 2022 |
Series 20 |
| — |
| — |
Series 21 |
| — |
| — |
Series 22 |
| — |
| — |
Series 23 |
| — |
| — |
Series 24 |
| — |
| — |
Series 25 |
| — |
| — |
Series 26 |
| — |
| — |
Series 27 |
| — |
| — |
Series 28 |
| — |
| — |
Series 29 |
| — |
| 1 |
Series 30 |
| — |
| — |
Series 31 |
| — |
| — |
Series 32 |
| — |
| — |
Series 33 |
| — |
| — |
Series 34 |
| 1 |
| 1 |
Series 35 |
| — |
| — |
Series 36 |
| — |
| — |
Series 37 |
| — |
| — |
Series 38 |
| — |
| — |
Series 39 |
| — |
| — |
Series 40 |
| — |
| — |
Series 41 |
| — |
| — |
Series 42 |
| — |
| — |
Series 43 |
| — |
| — |
Series 44 |
| — |
| — |
Series 45 |
| — |
| 1 |
Series 46 |
| 2 |
| 4 |
|
| 3 |
| 7 |
Under the terms of the Fund’s investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at September 30, 2023 and 2022, are as follows:
| | | | | | |
|
| 2023 |
| 2022 | ||
Series 29 | | $ | — | | $ | 785 |
146
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
During the six months ended September 30, 2023 the Fund disposed of two Operating Partnerships. A summary of the dispositions by series for September 30, 2023 is as follows:
| | | | | | | | | | |
| | Operating | | Sale of | | |
| | |
|
| | Partnership | | Underlying | | Fund Proceeds | | | | |
| | Interest | | Operating | | from | | Gain on | ||
|
| Transferred |
| Partnership |
| Disposition * |
| Disposition | ||
Series 29 | | — | | 1 | | $ | 429,843 | | $ | 430,628 |
Series 46 | | — | | 1 | |
| 587,240 | |
| 587,240 |
Total | | — | | 2 | | $ | 1,017,083 | | $ | 1,017,868 |
* | Fund proceeds from disposition does not include $785, which was due to a write-off of capital contributions payable as of September 30, 2023, for Series 29. |
During the six months ended September 30, 2022 the Fund disposed of seven Operating Partnerships. A summary of the dispositions by series for September 30, 2022 is as follows:
| | | | | | | | | | |
| | Operating | | Sale of | | | | | | |
| | Partnership | | Underlying | | Fund Proceeds | | | | |
| | Interest | | Operating | | from | | Gain on | ||
|
| Transferred |
| Partnership |
| Disposition |
| Disposition | ||
Series 44 | | — | | 1 | | $ | 1,746,178 | | $ | 1,746,178 |
Series 45 | | 1 | | 2 | | | 1,410,868 | | | 1,410,868 |
Series 46 | | 3 | | — | | | 78,621 | | | 78,621 |
Total | | 4 | | 3 | | $ | 3,235,667 | | $ | 3,235,667 |
The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.
147
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
The Fund’s fiscal year ends March 31st for each year, while all the Operating Partnerships’ fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership’s quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2023.
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | |
| | |
|
Rental | | $ | 753,172 | | $ | 1,273,851 |
Interest and other | | | 15,959 | | | 33,464 |
| |
| 769,131 | | | 1,307,315 |
| | | | | | |
Expenses | | | | |
| |
Interest | |
| 77,827 | |
| 202,002 |
Depreciation and amortization | |
| 155,336 | |
| 311,636 |
Operating expenses | | | 543,904 | | | 995,009 |
| | | 777,067 | | | 1,508,647 |
| | | | | | |
NET INCOME (LOSS) | | $ | (7,936) | | $ | (201,332) |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | (7,857) | | $ | (199,319) |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | (79) | | $ | (2,013) |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
148
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 20
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | | | — | |
| — |
| | | — | |
| — |
| | | | | | |
Expenses | | |
| |
|
|
Interest | | | — | |
| — |
Depreciation and amortization | | | — | |
| — |
Operating expenses | | | — | |
| — |
| | | — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
149
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 21
| | | | | | |
|
| 2023 | | 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | | | — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| | | — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
150
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 22
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
151
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 23
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
152
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 24
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | | | — |
| |
| | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
153
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 25
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
154
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 26
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
| |
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
155
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 27
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
156
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 28
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| |
| | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
157
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 29
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | 162,975 |
Interest and other | |
| — | |
| — |
| |
| — | |
| 162,975 |
| | | | | | |
Expenses | |
|
| |
| |
Interest | |
| — | |
| 12,230 |
Depreciation and amortization | |
| — | |
| 27,154 |
Operating expenses | |
| — | |
| 159,531 |
| |
| — | |
| 198,915 |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | (35,940) |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | (35,581) |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | (359) |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
158
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 30
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
159
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 31
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | | | — | |
| — |
| | | — | |
| — |
| | | | | | |
Expenses | | |
| |
|
|
Interest | | | — | |
| — |
Depreciation and amortization | | | — | |
| — |
Operating expenses | | | — | |
| — |
| | | — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
160
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 32
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
161
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 33
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
162
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 34
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | 313,380 | | $ | 297,031 |
Interest and other | |
| 11,974 | |
| 17,954 |
| |
| 325,354 | |
| 314,985 |
| | | | | | |
Expenses | |
| | |
| |
Interest | |
| 41,931 | |
| 42,952 |
Depreciation and amortization | |
| 44,215 | |
| 43,289 |
Operating expenses | |
| 225,447 | |
| 184,147 |
| |
| 311,593 | |
| 270,388 |
| | | | | | |
NET INCOME (LOSS) | | $ | 13,761 | | $ | 44,597 |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | 13,623 | | $ | 44,151 |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | 138 | | $ | 446 |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
163
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 35
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
| |
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
164
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 36
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
| |
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
165
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 37
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
166
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 38
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
167
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 39
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
168
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 40
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
169
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 41
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
170
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 42
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
|
| |
|
|
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
171
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 43
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
| | |
| |
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
172
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 44
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | — |
Interest and other | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
Expenses | |
| | |
| |
Interest | |
| — | |
| — |
Depreciation and amortization | |
| — | |
| — |
Operating expenses | |
| — | |
| — |
| |
| — | |
| — |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | — |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | — |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
173
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 45
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | — | | $ | 66,559 |
Interest and other | |
| — | |
| 823 |
| |
| — | |
| 67,382 |
| | | | | | |
Expenses | |
| | |
| |
Interest | |
| — | |
| 21,885 |
Depreciation and amortization | |
| — | |
| 27,408 |
Operating expenses | |
| — | |
| 97,274 |
| |
| — | |
| 146,567 |
| | | | | | |
NET INCOME (LOSS) | | $ | — | | $ | (79,185) |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | — | | $ | (78,393) |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | — | | $ | (792) |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
174
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)
Series 46
| | | | | | |
|
| 2023 |
| 2022 | ||
Revenues | | | | | | |
Rental | | $ | 439,792 | | $ | 747,286 |
Interest and other | |
| 3,985 | |
| 14,687 |
| |
| 443,777 | |
| 761,973 |
| | | | | | |
Expenses | |
| | |
| |
Interest | |
| 35,896 | |
| 124,935 |
Depreciation and amortization | |
| 111,121 | |
| 213,785 |
Operating expenses | |
| 318,457 | |
| 554,057 |
| |
| 465,474 | |
| 892,777 |
| | | | | | |
NET INCOME (LOSS) | | $ | (21,697) | | $ | (130,804) |
| | | | | | |
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P. | | $ | (21,480) | | $ | (129,496) |
| | | | | | |
Net income (loss) allocated to other Partners | | $ | (217) | | $ | (1,308) |
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
NOTE E - TAXABLE LOSS
The Fund’s taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.
NOTE F - INCOME TAXES
The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2019 remain open.
175
BF Garden Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2023
(Unaudited)
NOTE G - 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.
176
Item 2.Management’s Discussions and Analysis of Financial Condition and Results of Operations
This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements speak only as of the date of this Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
BF Garden Tax Credit Fund IV L.P., a Delaware limited partnership formerly known as Boston Capital Tax Credit Fund IV L.P. (the “Fund”), was organized as of October 5, 1993 to invest as a limited partner in operating partnerships (the “Operating Partnerships”), each of which owns or leases and operates an apartment complex exclusively or partially for low- and moderate-income tenants. Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s General Partner. Also, effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.
Liquidity
The Fund’s former sources of funds were (i) the proceeds of the Offering, (ii) interest earned on capital contributions held pending investment and on working capital, and (iii) cash distributions from operations of the Operating Partnerships in which the Fund invested. The Fund’s current sources of liquidity include (i) interest on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund invested. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.
The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, 2023 were $13,986 and total fund management fees accrued as of September 30, 2023 were $3,342,945. During the six months ended September 30, 2023, $1,016,940 of the accrued fund management fees were paid. Pursuant to the Fund’s partnership agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund’s working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third-party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.
An affiliate of the General Partner made advances to the Fund totaling $20,000 to temporarily cover operating expenses of the Fund, all of which is outstanding as of September 30, 2023. The advance does not bear interest, is unsecured and is payable on demand.
177
Capital Resources
The Fund offered beneficial assignee certificates (“BACs”) in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,980,998 BACs from investors admitted as BAC holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of September 30, 2023.
Series 20
The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970. Series 20 has since sold its interest in all 24 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 20 had released all payments of its capital contributions to the Operating Partnerships.
Series 21
The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in all 14 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 21 had released all payments of its capital contributions to the Operating Partnerships.
Series 22
The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in all 29 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 22 had released all payments of its capital contributions to the Operating Partnerships.
Series 23
The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in all 22 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 23 had released all payments of its capital contributions to the Operating Partnerships.
Series 24
The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in all 24 of the Operating Partnerships.
178
Prior to the quarter ended September 30, 2023, Series 24 had released all payments of its capital contributions to the Operating Partnerships.
Series 25
The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in all 22 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 25 had released all payments of its capital contributions to the Operating Partnerships.
Series 26
The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in all 45 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 26 had released all payments of its capital contributions to the Operating Partnerships.
Series 27
The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574. Series 27 has since sold its interest in all 16 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 27 had released all payments of its capital contributions to the Operating Partnerships.
Series 28
The Fund commenced offering BACs in Series 28 on September 30, 1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983. Series 28 has since sold its interest in all 26 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 28 had released all payments of its capital contributions to the Operating Partnerships.
Series 29
The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in all 22 of the Operating Partnerships.
As a result of the sale of all operating limited partnerships an affiliate of the general partner has forgiven asset management fees payable of the series. The total forgiveness of debt for the six months ended September 30, 2023 was $2,706,879 for Series 29. 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.
Prior to the quarter ended September 30, 2023, Series 29 had released all payments of its capital contributions to the Operating Partnerships.
179
Series 30
The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since sold its interest in all 20 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 30 had released all payments of its capital contributions to the Operating Partnerships.
Series 31
The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since sold its interest in all 27 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 31 had released all payments of its capital contributions to the Operating Partnerships.
Series 32
The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in all 17 of the Operating Partnerships and membership interests.
Prior to the quarter ended September 30, 2023, Series 32 had released all payments of its capital contributions to the Operating Partnerships.
Series 33
The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100. Series 33 has since sold its interest in all 10 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 33 had released all payments of its capital contributions to the Operating Partnerships.
Series 34
The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978. Series 34 has since sold its interest in 13 of the Operating Partnerships and 1 remains.
Prior to the quarter ended September 30, 2023, Series 34 had released all payments of its capital contributions to the Operating Partnerships.
Series 35
The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391. Series 35 has since sold its interest in all 11 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 35 had released all payments of its capital contributions to the Operating Partnerships.
180
Series 36
The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041. Series 36 has since sold its interest in all 11 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 36 had released all payments of its capital contributions to the Operating Partnerships.
Series 37
The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142. Series 37 has since sold its interest in all 7 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 37 had released all payments of its capital contributions to the Operating Partnerships.
Series 38
The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. Series 38 has since sold its interest in all 10 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 38 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.
Series 39
The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492. Series 39 has since sold its interest in all 9 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 39 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.
Series 40
The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,030,772. Series 40 has since sold its interest in all 16 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 40 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.
Series 41
The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. Series 41 has since sold its interest in all 23 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 41 had released all payments of its capital contributions to the Operating Partnerships.
181
Series 42
The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in all 23 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 42 had released all payments of its capital contributions to the Operating Partnerships.
Series 43
The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in September 30, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. Series 43 has since sold its interest in all 23 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 43 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.
Series 44
The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. Series 44 has since sold its interest in all 10 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 44 had released all payments of its capital contributions to the Operating Partnerships.
Series 45
The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. Series 45 has since sold its interest in all 31 of the Operating Partnerships.
Prior to the quarter ended September 30, 2023, Series 45 had released all payments of its capital contributions to the Operating Partnerships.
Series 46
The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. Series 46 has since sold its interest in 13 of the Operating Partnerships and 2 remain.
Prior to the quarter ended September 30, 2023, Series 46 had released all payments of its capital contributions to the Operating Partnerships.
Results of Operations
As of September 30, 2023 and 2022, the Fund held limited partnership interests in 3 and 7 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as “Qualified Occupancy.” Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.
182
The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, formerly an affiliate of the Fund’s general partner. As part of the sale disclosed in Note A, the fund management fee is now with BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the Fund’s general partner, in an annual fund management fee of.5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, 2023 are as follows:
| | | | | | | | | |
|
| | |
| | |
| 3 Months | |
| | 3 Months | | 3 Months | | Fund Management Fee Net | |||
| | Gross Fund | | Asset Management and | | of Asset Management and | |||
|
| Management Fee |
| Reporting Fee |
| Reporting Fee | |||
Series 29 | | $ | — | | $ | — | | $ | — |
Series 34 | |
| 4,623 | |
| — | |
| 4,623 |
Series 46 | |
| 9,363 | |
| — | |
| 9,363 |
| | $ | 13,986 | | $ | — | | $ | 13,986 |
| | | | | | | | | |
|
| | |
| | |
| 6 Months | |
| | 6 Months | | 6 Months | | Fund Management Fee Net | |||
| | Gross Fund | | Asset Management and | | of Asset Management and | |||
|
| Management Fee |
| Reporting Fee |
| Reporting Fee | |||
Series 29 | | $ | 376 | | $ | 376 | | $ | — |
Series 34 | |
| 9,246 | |
| 3,000 | |
| 6,246 |
Series 46 | |
| 21,642 | |
| 21,642 | |
| — |
| | $ | 31,264 | | $ | 25,018 | | $ | 6,246 |
The Fund’s investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund’s investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.
Series 20
The series did not have any properties as of September 30, 2023 and 2022.
Series 21
The series did not have any properties as of September 30, 2023 and 2022.
Series 22
The series did not have any properties as of September 30, 2023 and 2022.
Series 23
The series did not have any properties as of September 30, 2023 and 2022.
Series 24
The series did not have any properties as of September 30, 2023 and 2022.
Series 25
The series did not have any properties as of September 30, 2023 and 2022.
183
Series 26
The series did not have any properties as of September 30, 2023 and 2022.
Series 27
The series did not have any properties as of September 30, 2023 and 2022.
Series 28
The series did not have any properties as of September 30, 2023 and 2022.
Series 29
The series did not have any properties as of September 30, 2023.
For the six-month periods ended September 30, 2023 and 2022, Series 29 reflects a net loss from Operating Partnerships of $- and $(35,940), respectively, which includes depreciation and amortization of $- and $27,154, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In April 2023, the investment general partner sold its interest in Lincoln Hotel Partnership, A California Limited Partnership, with cash proceeds to the investment partnership of $429,843. These proceeds were returned to cash reserves held by Series 29 and recorded as a gain on sale as of June 30, 2023. In addition, equity outstanding for the Operating Partnership in the amount of $785 for Series 29 was recorded as gain on the sale of the Operating Partnership as of June 30, 2023.
Series 30
The series did not have any properties as of September 30, 2023 and 2022.
Series 31
The series did not have any properties as of September 30, 2023 and 2022.
Series 32
The series did not have any properties as of September 30, 2023 and 2022.
Series 33
The series did not have any properties as of September 30, 2023 and 2022.
Series 34
The series had a total of 1 property at September 30, 2023.
For the six-month periods ended September 30, 2023 and 2022, Series 34 reflects a net income from the Operating Partnerships of $13,761 and $44,597, respectively, which includes depreciation and amortization of $44,215 and $43,289, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
Series 35
The series did not have any properties as of September 30, 2023 and 2022.
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Series 36
The series did not have any properties as of September 30, 2023 and 2022.
Series 37
The series did not have any properties as of September 30, 2023 and 2022.
Series 38
The series did not have any properties as of September 30, 2023 and 2022.
Series 39
The series did not have any properties as of September 30, 2023 and 2022.
Series 40
The series did not have any properties as of September 30, 2023 and 2022.
Series 41
The series did not have any properties as of September 30, 2023 and 2022.
Series 42
The series did not have any properties as of September 30, 2023 and 2022.
Series 43
The series did not have any properties as of September 30, 2023 and 2022.
Series 44
The series did not have any properties as of September 30, 2023 and 2022.
In April 2022, the investment general partner sold its interest in Aurora Village Associates, LLP, with cash proceeds to the investment partnership of $1,746,178. These proceeds were returned to cash reserves held by Series 44 and recorded as a gain on sale as of June 30, 2022.
Series 45
The series did not have any properties as of September 30, 2023.
For the six month periods ended September 30, 2023 and 2022, Series 45 reflects a net loss from Operating Partnerships of $- and $(79,185), respectively, which includes depreciation and amortization of $- and $27,408, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In April 2022, the investment general partner sold its interest in Kings Point Investment Group, LLLP, with cash proceeds to the investment partnership of $1,153,431. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on sale as of June 30, 2022.
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In April 2022, the investment general partner sold its interest in University Plaza Investment Group, LLLP, with cash proceeds to the investment partnership of $252,438. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on sale as of June 30, 2022.
In July 2022, the investment general partner transferred its interest in Farmington Associates I, L.P., with cash proceeds to the investment partnership of $4,999. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of September 30, 2022.
In October 2022, the investment general partner transferred its interest in Harbet Avenue Limited Partnership, with cash proceeds to the investment partnership of $990. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of December 31, 2022.
Series 46
The series had a total of 2 properties at September 30, 2023.
For the six-month periods ended September 30, 2023 and 2022, Series 46 reflects a net loss from Operating Partnerships of $(21,697) and $(130,804), respectively, which includes depreciation and amortization of $111,121 and $213,785, respectively. This is an interim period estimate; it is not indicative of the final year-end results.
In May 2022, the investment general partner transferred its interest in Jacksonville Square Housing, Ltd. with cash proceeds to the investment partnership of $32,998. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of June 30, 2022.
In May 2022, the investment general partner transferred its interest in Panola Housing, Ltd. with cash proceeds to the investment partnership of $23,999. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of June 30, 2022.
In June 2022, the investment general partner of Series 46 and BF Garden Tax Credit Fund V - Series 49 transferred their respective interest in Linden - Shawnee Partners, Limited Partnership, with cash proceeds to the investment partnership of $21,624 and $3,375, for Series 46 and Series 49, respectively. These proceeds of $21,624 and $3,375, for Series 46 and Series 49, respectively, were returned to cash reserves and recorded as a gain on transfer as of June 30, 2022.
In November 2022, the investment general partner transferred its interest in Rosehill Place of Topeka, L.L.C. with cash proceeds to the investment partnership of $359,620. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of December 31, 2022.
In June 2023, the investment general partner sold its interest in Saint Martin Apartments L.P., with cash proceeds to the investment partnership of $587,240. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on sale as of June 30, 2023.
Critical Accounting Estimates
In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (“VIE”) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.
Based on this guidance, management has determined that while the Operating Partnerships in which the Fund invests meet the definition of a VIE, the Operating Partnerships should not be consolidated with the Fund because the Fund does not have the power to direct the activities of the Operating Partnerships which are significant to their performance and is therefore not a primary beneficiary of the Operating Partnerships. The Fund currently records the amount of its investment in these partnerships as an asset on its balance
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sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on the investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.
Item 3Quantitative and Qualitative Disclosures About Market Risk
Not Applicable
Item 4Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this report, the Fund’s general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Corporate Investment Holdings, Inc., carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund’s Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund’s disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to the Fund’s management, including the Fund’s Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
(b) Changes in Internal Controls
There were no changes in the Fund’s or any series’ internal control over financial reporting that occurred during the quarter ended September 30, 2023 that materially affected, or are reasonably likely to materially affect, the Fund’s or any series’ internal control over financial reporting.
(c) Certifications
The Certifications of the Principal Executive Officer and Principal Financial Officer of the Fund required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as Exhibits 31.a, 31.b, 32.a and 32.b to this Quarterly Report on Form 10-Q, are applicable to each series individually and the Fund as a whole.
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PART II - OTHER INFORMATION
Item 1. | Legal Proceedings |
None
Item 1A. | Risk Factors |
There have been no material changes from the risk factors set forth under Part I, Item 1A. “Risk Factors” in our Form 10-K for the fiscal year ended March 31, 2023.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
None
Item 3.Defaults Upon Senior Securities
None
Item 4.Mine Safety Disclosures
Not Applicable
Item 5.Other Information
None
Item 6.Exhibits
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| 101. The following materials from the BF Garden Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners’ Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herewith |
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| 104. Cover Page Interactive Data File (formatted in iXBRL and included in Exhibit 101). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| BF Garden Tax Credit Fund IV L.P. | |||
| By: | BF Garden Associates IV L.P., its | ||
| | General Partner | ||
| | By: | Corporate Investment Holdings, Inc., | |
| | | its General Partner | |
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Date: November 9, 2023 | | | By: | /s/ Gregory Voyentzie |
| | | | Gregory Voyentzie |
| | | | President (Principal Executive Officer) |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:
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DATE: | SIGNATURE: |
| TITLE: |
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November 9, 2023 | /s/ Gregory Voyentzie | | President (Principal Executive Officer), |
| Gregory Voyentzie | | Corporate Investment Holdings, Inc. |
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November 9, 2023 | /s/ Marie Reynolds | | Treasurer (Principal Accounting and Financial Officer), |
| Marie Reynolds | | Corporate Investment Holdings, Inc. |
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