February 14, 2003
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Boston Financial Qualified Housing Tax Credits L.P. IV
Report on Form 10-QSB for the Quarter Ended December 31, 2002
File Number 0-19765
Dear Sir/Madam:
Pursuant to the requirements of section 15(d) of the Securities Exchange Act of
1934, filed herewith a copy of subject report.
Very truly yours,
/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller
QH4-Q3.DOC
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2002
-------------------------------------------------
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 0-19765
Boston Financial Qualified Housing Tax Credits L.P. IV
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Massachusetts 04-3044617
- --------------------------------- ----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101 Arch Street, Boston, Massachusetts 02110-1106
- ----------------------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-3911
----------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No .
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION Page No.
- ------------------------------ --------
Item 1. Financial Statements
Balance Sheet (Unaudited) - December 31, 2002 1
Statements of Operations (Unaudited) - For the Three and Nine
Months Ended December 31, 2002 and 2001 2
Statement of Changes in Partners' Equity (Deficiency)
(Unaudited) - For the Nine Months Ended December 31, 2002 3
Statements of Cash Flows (Unaudited) - For the
Nine Months Ended December 31, 2002 and 2001 4
Notes to the Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
Item 3. Controls and Procedures 12
PART II - OTHER INFORMATION
Items 1-6 13
SIGNATURE 14
CERTIFICATIONS 15
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
BALANCE SHEET
December 31, 2002
(Unaudited)
Assets
Cash and cash equivalents $ 358,512
Marketable securities, at fair value 304,282
Investments in Local Limited Partnerships, net (Note 1) 13,815,355
Other assets 3,709
-------------
Total Assets $ 14,481,858
==============
Liabilities and Partners' Equity
Accounts payable to affiliates $ 304,009
Accrued expenses 120,482
-------------
Total Liabilities 424,491
--------------
General, Initial and Investor Limited Partners' Equity 14,053,044
Net unrealized gains on marketable securities 4,323
-------------
Total Partners' Equity 14,057,367
-------------
Total Liabilities and Partners' Equity $ 14,481,858
=============
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended December 31, 2002 and 2001
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31, December 31, December 31,
2002 2001 2002 2001
-------------- -------------- -------------- ---------------
Revenue:
Investment $ 4,711 $ 9,732 $ 17,424 $ 40,142
Recovery of provision for valuation
of advances to Local Limited
Partnerships - (21,940) - 352,080
Other - 2,063 109,135 6,367
------------- ------------- -------------- --------------
Total Revenue 4,711 (10,145) 126,559 398,589
------------- ------------- -------------- --------------
Expenses:
Asset management fee, affiliate 44,063 43,369 132,190 126,165
General and administrative,
(includes reimbursements to an
affiliate of $168,921 and $122,885
in 2002 and 2001, respectively) 54,355 75,208 288,902 222,195
Provision for valuation of advances
in Local Limited Partnerships 13,030 - 186,804 -
Amortization 16,400 16,400 49,202 49,202
------------- ------------- -------------- --------------
Total Expenses 127,848 134,977 657,098 397,562
------------- ------------- -------------- --------------
Income (loss) before equity in income
(losses) of Local Limited Partnerships (123,137) (145,122) (530,539) 1,027
Equity in income (losses) of Local
Limited Partnerships (Note 1) (452,200) 216,779 (324,469) (104,739)
------------- ------------- -------------- --------------
Net Income (Loss) $ (575,337) $ 71,657 $ (855,008) $ (103,712)
============= ============= ============== ==============
Net Income (Loss) allocated:
To General Partners $ (5,753) $ 717 $ (8,550) $ (1,037)
To Limited Partners (569,584) 70,940 (846,458) (102,675)
------------- ------------- -------------- --------------
$ (575,337) $ 71,657 $ (855,008) $ (103,712)
============= ============= ============== ===============
Net Income (Loss) per Limited Partner
Unit (68,043 Units) $ (8.37) $ 1.04 $ (12.44) $ (1.51)
============== ============= ============== =============
The accompanying notes are an integral part of these financial statements.
STATEMENT OF CHANGES IN PARTNERS' EQUITY (Deficiency)
For the Nine Months Ended December 31, 2002
(Unaudited)
Initial Investor Net
General Limited Limited Unrealized
Partners Partners Partners Gains Total
------------- ------------- ------------ ------------- -------------
Balance at March 31, 2002 $ (442,006) $ 5,000 $ 15,345,058 $ 7,398 $ 14,915,450
------------- ------------- ------------ ------------- -------------
Comprehensive Loss:
Change in net unrealized gains
on marketable securities
available for sale - - - (3,075) (3,075)
Net Loss (8,550) - (846,458) - (855,008)
------------- ------------- ------------- ------------- -------------
Comprehensive Loss (8,550) - (846,458) (3,075) (858,083)
------------- ------------- ------------- ------------- -------------
Balance at December 31, 2002 $ (450,556) $ 5,000 $ 14,498,600 $ 4,323 $ 14,057,367
============== ============= ============= ============= =============
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CASH FLOWS
For the Nine Months Ended December 31, 2002 and 2001
(Unaudited)
2002 2001
------------- -------------
Net cash used for operating activities $ (638,267) $ (449,207)
Net cash provided by investing activities 248,865 803,395
------------- -------------
Net increase (decrease) in cash and cash equivalents (389,402) 354,188
Cash and cash equivalents, beginning 747,914 418,233
------------- -------------
Cash and cash equivalents, ending $ 358,512 $ 772,421
============= =============
The accompanying notes are an integral part of these financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
Notes to the Financial Statements
(Unaudited)
The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-QSB and do not include all of the
information and note disclosures required by accounting principles generally
accepted in the United States of America. These statements should be read in
conjunction with the financial statements and notes thereto included with the
Partnership's Form 10-KSB for the year ended March 31, 2002. In the opinion of
management, these financial statements include all adjustments, consisting only
of normal recurring adjustments, necessary to present fairly the Partnership's
financial position and results of operations. The results of operations for the
periods may not be indicative of the results to be expected for the year.
The Managing General Partner of the Partnership has elected to report results of
the Local Limited Partnerships in which the Partnership has a limited
partnership interest on a 90 day lag basis because the Local Limited
Partnerships report their results on a calendar year basis. Accordingly, the
financial information of the Local Limited Partnerships that is included in the
accompanying financial statements is as of September 30, 2002 and 2001.
1. Investments in Local Limited Partnerships
The Partnership has limited partnership interests in twenty-two Local Limited
Partnerships which were organized for the purpose of owning and operating
multi-family housing complexes, all of which are government-assisted. Upon
dissolution of the Local Limited Partnerships, proceeds will be distributed
according to the respective Local Limited Partnership agreements.
The following is a summary of investments in Local Limited Partnerships at
December 31, 2002:
Capital contributions and advances paid to Local Limited Partnerships
and purchase price paid to withdrawing partners of Local Limited Partnerships $ 43,937,141
Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
unrecognized losses of $10,238,608) (25,645,323)
Cumulative cash distributions received from Local Limited Partnerships (3,687,289)
--------------
Investments in Local Limited Partnerships before adjustment 14,604,529
Excess of investment costs over the underlying assets acquired:
Acquisition fees and expenses 3,613,837
Cumulative amortization of acquisition fees and expenses (1,088,512)
--------------
Investments in Local Limited Partnerships before reserve for valuation 17,129,854
Reserve for valuation of investments in Local Limited Partnerships (3,314,499)
--------------
Investments in Local Limited Partnerships $ 13,815,355
==============
For the nine months ended December 31, 2002, the Partnership advanced $186,804
to one Local Limited Partnership, all of which was reserved. The Partnership has
recorded a reserve for valuation for its investments in certain Local Limited
Partnerships because there is evidence of non-temporary declines in the
recoverable amounts of these Local Limited Partnerships.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
Notes to the Financial Statements (continued)
(Unaudited)
1. Investments in Local Limited Partnerships (continued)
----------------------------------------------------
The Partnership's share of the net losses of the Local Limited Partnerships for
the nine months ended December 31, 2002 is $1,378,138. For the nine months ended
December 31, 2002, the Partnership has not recognized $1,053,669 of equity in
losses relating to certain Local Limited Partnerships where cumulative equity in
losses and cumulative distributions exceeded its total investments in these
Local Limited Partnerships.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Certain matters discussed herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The
Partnership intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements and is including this statement
for purposes of complying with these safe harbor provisions. Although the
Partnership believes the forward-looking statements are based on reasonable
assumptions, the Partnership can give no assurance that its expectations will be
attained. Actual results and timing of certain events could differ materially
from those projected in or contemplated by the forward-looking statements due to
a number of factors, including, without limitation, general economic and real
estate conditions and interest rates.
Accounting Policies
The Partnership's accounting polices include those that relate to its
recognition of investments in Local Limited Partnerships using the equity method
of accounting. The Partnership's policy is as follows:
The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting because the Partnership does not have control
over the major operating and financial policies of the Local Limited
Partnerships in which it invests. Under the equity method, the investment is
carried at cost, adjusted for the Partnership's share of net income or loss and
for cash distributions from the Local Limited Partnerships; equity in income or
loss of the Local Limited Partnerships is included currently in the
Partnership's operations. Under the equity method, a Local Limited Partnership
investment will not be carried below zero. To the extent that equity in losses
are incurred when the Partnership's carrying value of the respective Local
Limited Partnership has been reduced to a zero balance, the losses will be
suspended and offset against future income. Income from Partnership investments
where cumulative equity in losses plus cumulative distributions have exceeded
the total investment in Local Limited Partnerships will not be recorded until
all of the related unrecorded losses have been offset. To the extent that a
Local Limited Partnership with a carrying value of zero distributes cash to the
Partnership, that distribution is recorded as income on the books of the
Partnership and is included in "Other Revenue" in the accompanying financial
statements.
Liquidity and Capital Resources
At December 31, 2002, the Partnership had cash and cash equivalents of $358,512,
as compared to $747,914 at March 31, 2002. The decrease is primarily
attributable to cash used for operating activities and advances to a Local
Limited Partnership. The decrease is partially offset by proceeds from sales and
maturities of marketable securities and cash distributions received from Local
Limited Partnerships.
The Managing General Partner originally designated 4% of the Gross Proceeds as
Reserves, as defined in the Partnership Agreement. The Reserves were established
to be used for working capital of the Partnership and contingencies related to
the ownership of Local Limited Partnership interests. The Managing General
Partner may increase or decrease such Reserves from time to time, as it deems
appropriate. At December 31, 2002, on a cash basis, approximately $663,000 of
cash, cash equivalents and marketable securities has been designated as
Reserves. As of December 31, 2002, net claims against these Reserves total
approximately $421,000 making Reserves available after claims approximately
$242,000.
To date, professional fees relating to various Property issues totaling
approximately $1,419,000 have been paid from Reserves. To date, Reserve funds in
the amount of approximately $304,000 also have been used to make additional
capital contributions to one Local Limited Partnership. In the event a Local
Limited Partnership encounters operating difficulties requiring additional
funds, the Managing General Partner might deem it in its best interest to
voluntarily provide such funds in order to protect its investment. As of
December 31, 2002, the Partnership has advanced approximately $1,288,000 to
Local Limited Partnerships to fund operating deficits.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Liquidity and Capital Resources (continued)
- ------------------------------------------
The Managing General Partner believes that the investment income earned on the
Reserves, along with cash distributions received from Local Limited
Partnerships, to the extent available, will be sufficient to fund the
Partnership's ongoing operations. Reserves may be used to fund Partnership
operating deficits, if the Managing General Partner deems funding appropriate.
If Reserves are not adequate to cover the Partnership's operations, the
Partnership will seek other financing sources including, but not limited to, the
deferral of Asset Management Fees paid to an affiliate of the Managing General
Partner or working with Local Limited Partnerships to increase cash
distributions. To date, the Partnership has used approximately $952,000 of
operating funds to replenish Reserves.
Since the Partnership invests as a limited partner, the Partnership has no
contractual obligation to provide additional funds to Local Limited Partnerships
beyond its specified investment. Thus, at December 31, 2002, the Partnership had
no contractual or other obligation to any Local Limited Partnership which had
not been paid or provided for.
Cash Distributions
No cash distributions were made during the nine months ended December 31, 2002.
Results of Operations
Three Month Period
The Partnership's results of operations for the three months ended December 31,
2002 resulted in a net loss of $575,337, as compared to net income of $71,657
for the same period in 2001. The change between years is primarily attributable
to an increase in equity in losses of Local Limited Partnerships. The equity in
losses between years changed due to increased operating expenses at several
Local Limited Partnerships.
Nine Month Period
The Partnership's results of operations for the nine months ended December 31,
2002 resulted in a net loss of $855,008, as compared to a net loss of $103,712
for the same period in 2001. The change between years is primarily attributable
to a recovery of provision for valuation of advances to Local Limited
Partnerships of $352,080 for the reimbursement during 2001 of advances made to
one Local Limited Partnership in previous years, an increase in general and
administrative expenses and an increase in equity in losses of Local Limited
Partnerships. The increase in general and administrative expense is primarily
due to a change in the estimate of amounts due to an affiliate of the General
Partner for operational and administrative expenses necessary for the operation
of the Partnership related to the year ended March 31 2002, which are being
expensed in the nine months ended December 31, 2002. Also, during the 2002
period, the Partnership recorded a provision for valuation of advances to Local
Limited Partnerships of $186,804. The change in equity in losses of Local
Limited Partnerships in the result of increased operating expenses at several
Local Limited Partnerships.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Property Discussions
The Partnership's investment portfolio consists of limited partnership interests
in twenty-two Local Limited Partnerships, each of which owns and operates a
multi-family apartment complex. Beginning in 2004 and continuing through 2006,
the compliance period of the 22 properties in which the Partnership has an
interest will expire. The Managing General Partner has negotiated agreements
that will ultimately transfer ownership of the Partnership's interest in the
Local Limited Partnership to the Local General Partner with respect to 4 of
these investments. It is unlikely that the disposition of any of these 4 Local
Limited Partnership interests will generate any material cash distributions to
the Partnership. For further information regarding these investments, please
refer to the Annual Report.
The Managing General Partner will continue to pursue the disposition of the
Partnership's remaining Local Limited Partnership interests. It is unlikely that
the Managing General Partner's efforts will result in the Partnership disposing
of all of its remaining Local Limited Partnership interests concurrently with
the expiration of the each property's compliance period. The Partnership shall
dissolve and its affairs shall be wound up upon the disposition of all the Local
Limited Partnership interests and other assets of the Partnership.
A majority of the Properties in which the Partnership has an interest have
stabilized operations and operate above break-even. A few Properties generate
cash flow deficits that the Local General Partners of those Properties fund
through project expense loans, subordinated loans or operating escrows. However,
some Properties have persistent operating difficulties that could either: i)
have an adverse impact on the Partnership's liquidity; ii) result in their
foreclosure or iii) result in the Managing General Partner deeming it
appropriate for the Partnership to dispose of its interest in the Property.
Also, the Managing General Partner, in the normal course of the Partnership's
business, may desire to dispose of the Partnership's interest in certain
Properties. The following Property discussion focuses only on such Properties.
The Local General Partner of Buena Vista, located in Buena Vista, Georgia, and
Greentree Village, located in Greenville, Georgia, expressed to the Managing
General Partner some concerns over the long-term financial health of the
Properties. In response to these concerns and to reduce possible future risk,
the Managing General Partner reached agreement with the Local General Partner on
a plan that will ultimately transfer ownership of the Properties to the Local
General Partner. The plan includes provisions to minimize the risk of recapture.
The Properties have generated the majority of their total Tax Credits. The
Managing General Partner has not yet transferred any of the Partnership's
interest in these Properties.
In June of 1998, the Managing General Partner was informed that the Local
General Partner of Bentley Court, located in Columbia, South Carolina was
indicted on various criminal charges and pled guilty on certain counts. The
Managing General Partner has replaced the Local General Partner and replaced the
site management company. Further, an IRS audit of the 1993 tax return for the
Property questioned the treatment of certain items and had findings of
non-compliance in 1993. The IRS then expanded the scope of the audit to include
the 1994 and 1995 tax returns. As a result, the IRS disallowed the Property's
Tax Credits for each of these years. On behalf of the Partnership, the Managing
General Partner retained counsel to appeal the IRS's findings in order to
minimize the loss of Credits. In the opinion of the Managing General Partner,
there is a substantial risk that Bentley Court and, consequently, the
Partnership will suffer significant Tax Credit recapture and/or Credit
disallowance. However, it is not possible to quantify the risk at this time. As
a result of the continuing tax issues at this Property, The Managing General
Partner has decided to fully reserve the Partnership's investment in Bentley
Court.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Property Discussions (continued)
- -------------------------------
On April 28, 2000, the Managing General Partner, on behalf of the Partnership,
filed suit against the former Local General Partner of Bentley Court and certain
affiliates of the former Local General Partner alleging mismanagement of the
Local Limited Partnership. During May 2001, the former Local General Partner
authorized the release of funds held in escrow in the amount of approximately
$640,000 to the Partnership which amount was used to reimburse the Partnership
for advances made in previous years.
During 2001, fire destroyed two of the buildings at Bentley Court, which
comprise 32 of the 273 units at the Property, and the destroyed buildings were
determined to be a total loss. Insurance proceeds covered the cost to rebuild
both buildings and the reconstructed units were ready for occupancy during late
2001. Currently, weak market conditions have caused Bentley Court to be unable
to establish a stabilized occupancy. The property operates at a deficit and the
Managing General Partner has advanced Partnership Reserves to enable the
Property to stay current on its financial obligations.
BK Apartments, located in Jamestown, North Dakota, continues to operate at a
deficit. As previously reported, in November 1997, due to concerns about the
Property's long-term viability, the Managing General Partner consummated a
transfer of 50% of the Partnership's interest in capital and profits of BK
Apartments Limited Partnership to the Local General Partner. The Managing
General Partner also has the right to put the Partnership's remaining interest
to the new Local General Partner any time after September 1, 2001. The Property
generated its final year of Tax Credits in 2001 and the Partnership retained its
full share of the Property's Tax Credits through such time period. The Local
General Partner subsequently transferred its general partner interest to a new
nonprofit general partner. In addition, the new Local General Partner has the
right to call the remaining interest after the Tax Credit period has expired.
The Property currently operates below break-even and the new Local General
Partner has funded the deficits.
Although the neighborhood in which 46 & Vincennes (Chicago, Illinois) is located
improved in the last few years, potential tenants are reluctant to occupy the
Property due to its location. As a result, maintaining occupancy, and therefore,
revenues, continues to be an issue. Advances from the Local General Partner's
Developer Escrow have enabled the Property to stay current on its loan
obligations.
During 1994, the Local General Partner at the Dorsett (Philadelphia,
Pennsylvania) transferred its interest in the Property. The IRS subsequently
conducted a compliance audit at the Property and has taken the position that the
Property is subject to recapture due to non-compliance issues. The Managing
General Partner disagrees with the IRS and is working to resolve the matter.
However, in the opinion of the Managing General Partner, there is a substantial
risk that the Dorsett and the Partnership could suffer significant Tax Credit
recapture or Tax Credit disallowance. However, it is not possible to quantify
the potential amount at this time. Further, the Property suffers from poor
location and security issues. Vandalism has caused an increase in maintenance
and repair expenses and has negatively affected the Property's occupancy levels
and tenant profile.
The Managing General Partner has negotiated an agreement to transfer of the
Local General Partner interest in West Pine (Imperial, Pennsylvania) to the
Allegheny County Housing Authority ("ACHA"). The transaction is contingent upon
receiving approval from the U.S. Department of Housing and Urban Development
("HUD"). Should the potential transaction receive HUD approval, the Managing
General Partner would also execute a disposition agreement for the Partnership's
interest in the Property to an affiliate of the ACHA. West Pine generated its
final year of Tax Credits during 2001.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Property Discussions (continued)
- -------------------------------
The Partnership has implemented policies and practices for assessing potential
impairment of its investments in Local Limited Partnerships. Real estate experts
analyze the investments to determine if impairment indicators exist. If so, the
carrying value is compared to the undiscounted future cash flows expected to be
derived from the asset. If there is a significant impairment in carrying value,
a provision to write down the asset to fair value will be recorded in the
Partnership's financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
CONTROLS AND PROCEDURES
Controls and Procedures
Based on the Partnership's evaluation within 90 days prior to filing this Form
10-QSB, the Partnership's director has concluded that the Partnership's
disclosure controls and procedures are effective to ensure that information
required to be disclosed in the reports that the Partnership files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission's rules and forms.
There have been no significant changes in the Partnership's internal controls or
in other factors that could significantly affect those controls subsequent to
the date of their evaluation.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
PART II OTHER INFORMATION
Items 1-5 Not applicable
Item 6 Exhibits and reports on Form 8-K
(a) Exhibits
99.1 Certification of Jenny Netzer pursuant to section 906
of the Sarbanes-Oxley Act of 2002
(b) Reports on Form 8-K - No reports on Form 8-K were filed
during the quarter ended December 31, 2002.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
SIGNATURE
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, thereunto duly authorized.
DATED: February 14, 2003 BOSTON FINANCIAL QUALIFIED HOUSING
TAX CREDITS L.P. IV
By: Arch Street VIII, Inc.,
its Managing General Partner
/s/Jenny Netzer
--------------------------------
Jenny Netzer
Principal, Head of Housing and
Community Investment
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
I, Jenny Netzer, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of Boston Financial
Qualified Housing Tax Credits L.P. IV:
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this
quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a. designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report
is being prepared;
b. evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and
c. presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based
on our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalents functions):
a. all significant deficiencies in the design or operation of internal
controls which could adversely affect registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weaknesses in
internal controls; and
b. any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's
internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies and material
weaknesses.
Date: February 14, 2003 /s/Jenny Netzer
-------------------------------
Jenny Netzer
Principal, Head of Housing and
Community Investment
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Boston Financial Qualified Housing
Tax Credits L.P. IV (the "Partnership") on Form 10-QSB for the period ending
December 31, 2002 as filed with the Securities and Exchange Commission on the
date hereof (the "Report"), the undersigned, the Principal, hereby certifies
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:
1. the Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and
2. the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations
of the Partnership.
/s/Jenny Netzer
---------------------------
Jenny Netzer
Principal, Head of Housing and
Community Investment
Date: February 14, 2003