UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

~~(X)~~☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period endedDecember 31, ~~2017~~
2021

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

~~BOSTON CAPITAL~~BF GARDEN TAX CREDIT FUND IV L.P.

(Exact name of registrant as specified in its charter)

Delaware		04-3208648
(State or other jurisdiction	~~(I.R.S. Employer~~
of incorporation or organization)		(I.R.S. Employer Identification No.)

~~One Boston Place, Suite 2100,~~101 Arch Street, 13^th Floor Boston, Massachusetts ~~02108~~
02110

(Address of principal executive offices) (Zip Code)

~~(617) 624-8900~~ (888) 773-1487

(~~Registrant's~~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

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.

Yesý☒

No 

☐

Indicate by check mark whether the registrant has submitted electronically ~~and posted on its corporate Web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ 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 ~~and post~~ such files).

Yesý☒

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~~“large accelerated filer,~~" "accelerated~~” “accelerated filer,~~" "smaller~~” “smaller reporting company,"” and ~~"emerging~~“emerging growth ~~company"~~company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer □☐
Accelerated Filer □☐
Non-accelerated filer ~~□ (Do not check if a smaller reporting company)~~☒
Smaller Reporting Company ☒
~~Smaller Reporting Company~~ý
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 ☐

Noý☒

Table of Contents

~~BOSTON CAPITAL~~BF GARDEN TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED DECEMBER 31, ~~2017~~2021

TABLE OF CONTENTS

		Pages
PART I FINANCIAL INFORMATION
		~~Pages~~

	Item 1. Condensed Financial Statements

		Condensed Balance Sheets	~~4-31~~3-30
		Condensed Statements of Operations	~~32-87~~31-86
		Condensed Statements of Changes in ~~Partners'~~Partners’ Capital (Deficit)	~~88-97~~87-142
		Condensed Statements of Cash Flows	~~98-125~~143-170
		Notes to Condensed Financial Statements	~~126-162~~171-204

	Item 2. ~~Management's~~Management’s Discussion and Analysis of Financial Condition and Results of Operations	~~163-210~~205-222

	Item 3. Quantitative and Qualitative Disclosures About Market Risk	~~211~~222

	Item 4. Controls and Procedures	~~211~~222

PART II OTHER INFORMATION


	Item 1. Legal Proceedings	~~212~~224

	Item 1A. Risk Factors	~~212~~224

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	~~212~~224

	Item 3. Defaults Upon Senior Securities	~~212~~224

	Item 4. Mine Safety Disclosures	~~212~~224

	Item 5. Other Information	~~212~~

	~~Item 6. Exhibits~~		~~212~~224

	~~Signatures~~		~~213~~
	Item 6. Exhibits	224

	Signatures	225

2

~~Boston Capital~~Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
28,521,120
27,209,997
Notes receivable
-
22,790
Other assets
58,927
164,773
$
28,580,047
$
27,397,560
LIABILITIES
Accounts payable and accrued expenses
$
651,173
$
697,432
Accounts payable affiliates (Note C)
31,587,088
39,637,826
Capital contributions payable
186,846
578,113
32,425,107
40,913,371
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
83,651,080 issued and 83,310,666
outstanding as of December 31, 2017
and March 31, 2017.

2,171,533

(6,338,126)
General Partner
(6,016,593)
(7,177,685)
(3,845,060)
(13,515,811)
$
28,580,047
$
27,397,560


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		4,915,322		10,819,585
Other assets		6,789		10,829
	$	4,922,111	$	10,830,414

LIABILITIES
Accounts payable and accrued expenses	$	0	$	27
Accounts payable affiliates (Note C)		11,482,092		12,664,070
Capital contributions payable		785		785
		11,482,877		12,664,882

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 December 31, 2021 and March 31, 2021.		(6,189,318)		(1,450,880)
General Partner		(371,448)		(383,588)
		(6,560,766)		(1,834,468)
	$	4,922,111	$	10,830,414

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~

3

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
286,465
271,060
Notes receivable
-
-
Other assets
-
-
$
286,465
$
271,060
LIABILITIES
Accounts payable and accrued expenses
$
2,000
$
-
Accounts payable affiliates (Note C)
1,483,509
1,466,902
Capital contributions payable
-
-
1,485,509
1,466,902
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
3,866,700 issued and 3,833,200
outstanding as of December 31, 2017
and March 31, 2017.

(878,801)

(875,631)
General Partner
(320,243)
(320,211)
(1,199,044)
(1,195,842)
$
286,465
$
271,060


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,828,200 outstanding as of December 31, 2021 and March 31, 2021.		(754,767)		(754,767)
General Partner		754,767		754,767
		0		0
	$	0	$	0

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~

4

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of December 31, 2021 and March 31, 2021.		(898,231)		(898,231)
General Partner		898,231		898,231
		0		0
	$	0	$	0

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
-
241,102
Notes receivable
-
-
Other assets
-
-
$
-
$
241,102
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
-
1,321,237
Capital contributions payable
-
-
-
1,321,237
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
1,892,700 issued and 1,879,500
outstanding as of December 31, 2017
and March 31, 2017.

(898,231)

(907,383)
General Partner
898,231
(172,752)
-
(1,080,135)
$
-
$
241,102

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 22~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
225,666
252,064
Notes receivable
-
-
Other assets
-
-
$
225,666
$
252,064
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
2,870,806
2,848,897
Capital contributions payable
-
-
2,870,806
2,848,897
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,564,400 issued and 2,557,045
outstanding as of December 31, 2017
and March 31, 2017.

(2,399,605)

(2,351,781)
General Partner
(245,535)
(245,052)
(2,645,140)
(2,596,833)
$
225,666
$
252,064

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 23~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
1,138,740
659,167
Notes receivable
-
-
Other assets
-
-
$
1,138,740
$
659,167
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
1,617,792
2,089,674
Capital contributions payable
-
-
1,617,792
2,089,674
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
3,336,727 issued and 3,314,827
outstanding as of December 31, 2017
and March 31, 2017.

(189,415)

(1,131,355)
General Partner
(289,637)
(299,152)
(479,052)
(1,430,507)
$
1,138,740
$
659,167

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 24~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
365,067
427,181
Notes receivable
-
-
Other assets
-
-
$
365,067
$
427,181
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 2,154,253
outstanding as of December 31, 2017
and March 31, 2017.

540,668

602,161
General Partner
(175,601)
(174,980)
365,067
427,181
$
365,067
$
427,181

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 25~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
-
344,461
Notes receivable
-
-
Other assets
-
1,250
$
-
$
345,711
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
-
-
Capital contributions payable
-
-
-
-
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
3,026,109 issued and 3,016,809
outstanding as of December 31, 2017
and March 31, 2017.

219,815

565,870
General Partner
(219,815)
(220,159)
-
345,711
$
-
$
345,711

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 26~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
662,931
677,679
Notes receivable
-
-
Other assets
-
-
$
662,931
$
677,679
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 3,977,000
outstanding as of December 31, 2017
and March 31, 2017.

974,644

989,245
General Partner
(311,713)
(311,566)
662,931
677,679
$
662,931
$
677,679

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 27~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
6,788,242
3,606,473
Notes receivable
-
-
Other assets
-
-
$
6,788,242
$
3,606,473
LIABILITIES
Accounts payable and accrued expenses
$
-
$
31,673
Accounts payable affiliates (Note C)
-
-
Capital contributions payable
-
-
-
31,673
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,460,700 issued and 2,446,400
outstanding as of December 31, 2017
and March 31, 2017.

6,926,807

3,745,499
General Partner
(138,565)
(170,699)
6,788,242
3,574,800
$
6,788,242
$
3,606,473

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 28~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
756,082
812,483
Notes receivable
-
-
Other assets
-
-
$
756,082
$
812,483
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 3,990,738
outstanding as of December 31, 2017
and March 31, 2017.

1,030,358

1,086,195
General Partner
(274,276)
(273,712)
756,082
812,483
$
756,082
$
812,483

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 29~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
314,643
345,648
Notes receivable
-
-
Other assets
-
-
$
314,643
$
345,648
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
3,540,832
3,479,192
Capital contributions payable
8,235
8,235
3,549,067
3,487,427
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
3,991,800 issued and 3,965,300
outstanding as of December 31, 2017
and March 31, 2017.

(2,863,433)

(2,771,714)
General Partner
(370,991)
(370,065)
(3,234,424)
(3,141,779)
$
314,643
$
345,648

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 30~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
519,393
270,126
Notes receivable
-
-
Other assets
-
-
$
519,393
$
270,126
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
1,683,848
1,641,976
Capital contributions payable
65,176
105,139
1,749,024
1,747,115
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,651,000 issued and 2,631,000
outstanding as of December 31, 2017
and March 31, 2017.

(990,279)

(1,235,163)
General Partner
(239,352)
(241,826)
(1,229,631)
(1,476,989)
$
519,393
$
270,126

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 31~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
1,993,674
2,047,648
Notes receivable
-
-
Other assets
25,000
25,000
$
2,018,674
$
2,072,648
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
-
-
Capital contributions payable
66,294
66,294
66,294
66,294
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
4,417,857 issued and 4,395,557
outstanding as of December 31, 2017
and March 31, 2017.

2,312,115

2,365,549
General Partner
(359,735)
(359,195)
1,952,380
2,006,354
$
2,018,674
$
2,072,648

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 32~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
1,313,748
837,185
Notes receivable
-
-
Other assets
-
-
$
1,313,748
$
837,185
LIABILITIES
Accounts payable and accrued expenses
$
-
$
2,000
Accounts payable affiliates (Note C)
1,664,448
2,772,531
Capital contributions payable
1,229
1,229
1,665,677
2,775,760
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
4,754,198 issued and 4,740,198
outstanding as of December 31, 2017
and March 31, 2017.

57,954

(1,512,826)
General Partner
(409,883)
(425,749)
(351,929)
(1,938,575)
$
1,313,748
$
837,185

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 33~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
342,899
337,765
Notes receivable
-
-
Other assets
-
-
$
342,899
$
337,765
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
1,239,277
1,190,828
Capital contributions payable
2,650
69,154
1,241,927
1,259,982
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,636,533 issued and 2,626,533
outstanding as of December 31, 2017
and March 31, 2017.

(664,258)

(687,215)
General Partner
(234,770)
(235,002)
(899,028)
(922,217)
$
342,899
$
337,765

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 34~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
393,160
849,078
Notes receivable
-
-
Other assets
-
-
$
393,160
$
849,078
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
2,828,003
3,221,597
Capital contributions payable
-
-
2,828,003
3,221,597
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
3,529,319 issued and 3,517,419
outstanding as of December 31, 2017
and March 31, 2017.

(2,110,105)

(2,048,404)
General Partner
(324,738)
(324,115)
(2,434,843)
(2,372,519)
$
393,160
$
849,078

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 35~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
4,434,679
2,392,767
Notes receivable
-
-
Other assets
-
-
$
4,434,679
$
2,392,767
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
-
551,982
Capital contributions payable
-
-
-
551,982
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
3,300,463 issued and 3,288,363
outstanding as of December 31, 2017
and March 31, 2017.

4,672,357

2,104,402
General Partner
(237,678)
(263,617)
4,434,679
1,840,785
$
4,434,679
$
2,392,767

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 36~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
2,125,621
2,934,317
Notes receivable
-
-
Other assets
-
-
$
2,125,621
$
2,934,317
LIABILITIES
Accounts payable and accrued expenses
$
131,000
$
131,000
Accounts payable affiliates (Note C)
-
767,505
Capital contributions payable
-
-
131,000
898,505
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,106,838 issued and 2,095,704
outstanding as of December 31, 2017
and March 31, 2017.

2,153,338

2,194,117
General Partner
(158,717)
(158,305)
1,994,621
2,035,812
$
2,125,621
$
2,934,317

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 37~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
523,132
2,096,039
Notes receivable
-
-
Other assets
-
-
$
523,132
$
2,096,039
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
504,942
2,043,715
Capital contributions payable
-
138,438
504,942
2,182,153
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,512,500 issued and 2,495,600
outstanding as of December 31, 2017
and March 31, 2017.

233,573

130,312
General Partner
(215,383)
(216,426)
18,190
(86,114)
$
523,132
$
2,096,039

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 38~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
1,469,010
3,042,864
Notes receivable
-
-
Other assets
-
-
$
1,469,010
$
3,042,864
LIABILITIES
Accounts payable and accrued expenses
$
-
$
6,543
Accounts payable affiliates (Note C)
-
1,515,985
Capital contributions payable
-
-
-
1,522,528
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,543,100 issued and 2,540,100
outstanding as of December 31, 2017
and March 31, 2017.

1,672,604

1,723,417
General Partner
(203,594)
(203,081)
1,469,010
1,520,336
$
1,469,010
$
3,042,864

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 39~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
-
1,248,898
Notes receivable
-
-
Other assets
-
-
$
-
$
1,248,898
LIABILITIES
Accounts payable and accrued expenses
$
-
$
6,543
Accounts payable affiliates (Note C)
-
1,154,240
Capital contributions payable
-
-
-
1,160,783
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,292,151 issued and 2,288,351
outstanding as of December 31, 2017
and March 31, 2017.

196,043

283,677
General Partner
(196,043)
(195,562)
-
88,115
$
-
$
1,248,898

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 40~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
725,271
248,318
Notes receivable
-
-
Other assets
-
-
$
725,271
$
248,318
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
2,675,427
2,684,058
Capital contributions payable
102
102
2,675,529
2,684,160
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,630,256 issued and 2,622,756
outstanding as of December 31, 2017
and March 31, 2017.

(1,705,812)

(2,186,540)
General Partner
(244,446)
(249,302)
(1,950,258)
(2,435,842)
$
725,271
$
248,318

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 41~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
1,022,969
322,902
Notes receivable
-
-
Other assets
-
1,218
$
1,022,969
$
324,120
LIABILITIES
Accounts payable and accrued expenses
$
2,000
$
4,500
Accounts payable affiliates (Note C)
3,370,905
3,286,255
Capital contributions payable
100
100
3,373,005
3,290,855
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,891,626 issued and 2,884,126
outstanding as of December 31, 2017
and March 31, 2017.

(2,077,367)

(2,687,899)
General Partner
(272,669)
(278,836)
(2,350,036)
(2,966,735)
$
1,022,969
$
324,120

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~5

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 4222


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,550,145 outstanding as of December 31, 2021 and March 31, 2021.		(2,448,362)		(2,448,362)
General Partner		2,448,362		2,448,362
		0		0
	$	0	$	0

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
1,198,080
1,072,528
Notes receivable
-
22,790
Other assets
11,300
51,003
$
1,209,380
$
1,146,321
LIABILITIES
Accounts payable and accrued expenses
$
1,000
$
-
Accounts payable affiliates (Note C)
-
-
Capital contributions payable
254
73,433
1,254
73,433
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,744,262 issued and 2,736,262
outstanding as of December 31, 2017
and March 31, 2017.

1,436,983

1,303,097
General Partner
(228,857)
(230,209)
1,208,126
1,072,888
$
1,209,380
$
1,146,321

The accompanying notes are an integral part of this condensed statement

6

~~Boston Capital~~Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

~~Series 43~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
594,126
351,638
Notes receivable
-
-
Other assets
18,839
82,514
$
612,965
$
434,152
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
942,792
771,794
Capital contributions payable
26,082
99,265
968,874
871,059
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
3,637,987 issued and 3,632,487
outstanding as of December 31, 2017
and March 31, 2017.

(30,829)

(111,017)
General Partner
(325,080)
(325,890)
(355,909)
(436,907)
$
612,965
$
434,152

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 44~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
84,859
66,324
Notes receivable
-
-
Other assets
-
-
$
84,859
$
66,324
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
2,769,597
2,584,641
Capital contributions payable
-
-
2,769,597
2,584,641
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,701,973 issued and 2,699,473
outstanding as of December 31, 2017
and March 31, 2017.

(2,420,443)

(2,255,686)
General Partner
(264,295)
(262,631)
(2,684,738)
(2,518,317)
$
84,859
$
66,324

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 45~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
727,804
803,153
Notes receivable
-
-
Other assets
-
-
$
727,804
$
803,153
LIABILITIES
Accounts payable and accrued expenses
$
515,173
$
515,173
Accounts payable affiliates (Note C)
2,514,264
2,357,846
Capital contributions payable
16,724
16,724
3,046,161
2,889,743
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
4,014,367 issued and 4,009,667
outstanding as of December 31, 2017
and March 31, 2017.

(1,941,511)

(1,712,062)
General Partner
(376,846)
(374,528)
(2,318,357)
(2,086,590)
$
727,804
$
803,153

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED BALANCE SHEETS~~

~~(Unaudited)~~

~~Series 46~~

December 31,
2017

March 31,
2017
INVESTMENTS IN OPERATING PARTNERSHIPS
$
-
$
-
OTHER ASSETS
Cash and cash equivalents
514,859
651,129
Notes receivable
-
-
Other assets
3,788
3,788
$
518,647
$
654,917
LIABILITIES
Accounts payable and accrued expenses
$
-
$
-
Accounts payable affiliates (Note C)
1,880,646
1,886,971
Capital contributions payable
-
-
1,880,646
1,886,971
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership
interest, $10 stated value per BAC;
101,500,000 authorized BACs;
2,980,998 issued and 2,971,998
outstanding as of December 31, 2017
and March 31, 2017.

(1,085,637)

(956,991)
General Partner
(276,362)
(275,063)
(1,361,999)
(1,232,054)
$
518,647
$
654,917

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

2017

2016
Income

Interest income
$
44,147
$
12,779
Other income

61,482

26,607
105,629
39,386

Share of income from
Operating Partnerships (Note D)

1,055,522

3,579,666

Expenses

Professional fees

26,251

67,759
Fund management fee, net (Note C)

456,851

661,511
General and administrative expenses

259,174

210,384

742,276

939,654

NET INCOME (LOSS)
$
418,875
$
2,679,398

Net income (loss) allocated to
assignees

$

414,684

$

2,652,602

Net income (loss) allocated to general
partner

$

4,191

$

26,796

Net income (loss) per BAC
$
.00
$
.03

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 20~~

2017

2016
Income
Interest income
$
284
$
113
Other income

-

-

284

113

Share of income from
Operating Partnerships (Note D)

42,000

-

Expenses

Professional fees

657

1,425
Fund management fee, net (Note C)

5,336

5,202
General and administrative expenses

6,930

9,204

12,923

15,831

NET INCOME (LOSS)
$
29,361
$
(15,718)

Net income (loss) allocated to
assignees

$

29,067

$

(15,561)

Net income (loss) allocated to general
partner

$

294

$

(157)

Net income (loss) per BAC
$
.01
$
(.00)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 21~~

2017
2016
Income

Interest income
$
81
$
106
Other income

-

-

81

106

Share of income from
Operating Partnerships (Note D)

67,000

-

Expenses

Professional fees

1,314

734
Fund management fee, net (Note C)

2,216

2,718
General and administrative expenses

32,726

5,558

36,256

9,010

NET INCOME (LOSS)
$
30,825
$
(8,904)

Net income (loss) allocated to
assignees

$

30,517

$

(8,815)

Net income (loss) allocated to general
partner

$

308

$

(89)

Net income (loss) per BAC
$
.02
$
(.00)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 22~~

2017

2016
Income

Interest income
$
196
$
86
Other income

-

-

196

86

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

657

1,020
Fund management fee, net (Note C)

7,303

7,302
General and administrative expenses

5,479

7,109

13,439

15,431

NET INCOME (LOSS)
$
(13,243)
$
(15,345)

Net income (loss) allocated to
assignees

$

(13,111)

$

(15,192)

Net income (loss) allocated to general
partner

$

(132)

$

(153)

Net income (loss) per BAC
$
(.01)
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

Series 23


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,303,327 outstanding as of December 31, 2021 and March 31, 2021.		(224,264)		(224,264)
General Partner		224,264		224,264
		0		0
	$	0	$	0

2017

2016
Income

Interest income
$
1,140
$
64
Other income

1,977

-

3,117

64

Share of income from
Operating Partnerships (Note D)

30,296

-

Expenses

Professional fees

657

1,328
Fund management fee, net (Note C)

5,556

9,270
General and administrative expenses

6,533

8,883

12,746

19,481

NET INCOME (LOSS)
$
20,667
$
(19,417)

Net income (loss) allocated to
assignees

$

20,460

$

(19,223)

Net income (loss) allocated to general
partner

$

207

$

(194)

Net income (loss) per BAC
$
.01
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 24~~

2017

2016
Income
Interest income
$
211
$
86
Other income

344

104

555

190

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

657

818
Fund management fee, net (Note C)

12,098

11,858
General and administrative expenses

5,131

6,536

17,886

19,212

NET INCOME (LOSS)
$
(17,331)
$
(19,022)

Net income (loss) allocated to
assignees

$

(17,158)

$

(18,832)

Net income (loss) allocated to general
partner

$

(173)

$

(190)

Net income (loss) per BAC
$
(.01)
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 25~~

2017

2016
Income
Interest income
$
-
$
80
Other income

-

16

-

96

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

1,314

1,104
Fund management fee, net (Note C)

-

5,184
General and administrative expenses

40,074

7,758

41,388

14,046

NET INCOME (LOSS)
$
(41,388)
$
(13,950)

Net income (loss) allocated to
assignees

$

(40,974)

$

(13,810)

Net income (loss) allocated to general
partner

$

(414)

$

(140)

Net income (loss) per BAC
$
(.01)
$
(.00)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 26~~

2017

2016
Income

Interest income
$
530
$
225
Other income

-

4,960

530

5,185

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

657

1,431
Fund management fee, net (Note C)

15,609

21,704
General and administrative expenses

7,656

10,619

23,922

33,754

NET INCOME (LOSS)
$
(23,392)
$
(28,569)

Net income (loss) allocated to
assignees

$

(23,158)

$

(28,283)

Net income (loss) allocated to general
partner

$

(234)

$

(286)

Net income (loss) per BAC
$
(.01)
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 27~~

2017

2016
Income

Interest income
$
8,050
$
2,689
Other income

7,370

-

15,420

2,689

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

2,577

36,567
Fund management fee, net (Note C)

155

21,794
General and administrative expenses

4,895

6,493

7,627

64,854

NET INCOME (LOSS)
$
7,793
$
(62,165)

Net income (loss) allocated to
assignees

$

7,715

$

(61,543)

Net income (loss) allocated to general
partner

$

78

$

(622)

Net income (loss) per BAC
$
.00
$
(.03)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 28~~

2017

2016
Income

Interest income
$
577
$
278
Other income

-

-

577

278

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

657

1,315
Fund management fee, net (Note C)

8,844

(6,156)
General and administrative expenses

6,717

8,756

16,218

3,915

NET INCOME (LOSS)
$
(15,641)
$
(3,637)

Net income (loss) allocated to
assignees

$

(15,485)

$

(3,601)

Net income (loss) allocated to general
partner

$

(156)

$

(36)

Net income (loss) per BAC
$
(.00)
$
(.00)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 29~~

2017

2016
Income

Interest income
$
313
$
149
Other income

-

-

313

149

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

657

1,449
Fund management fee, net (Note C)

20,547

16,596
General and administrative expenses

7,413

9,681

28,617

27,726

NET INCOME (LOSS)
$
(28,304)
$
(27,577)

Net income (loss) allocated to
assignees

$

(28,021)

$

(27,301)

Net income (loss) allocated to general
partner

$

(283)

$

(276)

Net income (loss) per BAC
$
(.01)
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 30~~

2017

2016
Income
Interest income
$
574
$
141
Other income

-

-

574

141

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

657

894
Fund management fee, net (Note C)

10,209

15,021
General and administrative expenses

5,314

6,974

16,180

22,889

NET INCOME (LOSS)
$
(15,606)
$
(22,748)

Net income (loss) allocated to
assignees

$

(15,450)

$

(22,521)

Net income (loss) allocated to general
partner

$

(156)

$

(227)

Net income (loss) per BAC
$
(.01)
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 31~~

2017

2016
Income

Interest income
$
2,325
$
670
Other income

-

-

2,325

670

Share of income from
Operating Partnerships (Note D)

-

791,947

Expenses

Professional fees

657

1,391
Fund management fee, net (Note C)

19,092

37,521
General and administrative expenses

7,199

9,702

26,948

48,614

NET INCOME (LOSS)
$
(24,623)
$
744,003

Net income (loss) allocated to
assignees

$

(24,377)

$

736,563

Net income (loss) allocated to general
partner

$

(246)

$

7,440

Net income (loss) per BAC
$
(.01)
$
.17

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 32~~

2017

2016
Income

Interest income
$
2,148
$
124
Other income

11,000

-

13,148

124

Share of income from
Operating Partnerships (Note D)

128,747

48,900

Expenses

Professional fees

657

1,482
Fund management fee, net (Note C)

17,234

43,080
General and administrative expenses

11,395

10,050

29,286

54,612

NET INCOME (LOSS)
$
112,609
$
(5,588)

Net income (loss) allocated to
assignees

$

111,483

$

(5,532)

Net income (loss) allocated to general
partner

$

1,126

$

(56)

Net income (loss) per BAC
$
.02
$
(.00)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~

~~(Unaudited)~~

~~Series 33~~

2017

2016
Income

Interest income
$
332
$
157
Other income

5,329

-

5,661

157

Share of income from
Operating Partnerships (Note D)

67,454

-

Expenses

Professional fees

657

890
Fund management fee, net (Note C)
(3,186)
16,398
General and administrative expenses

4,891

6,314

2,362

23,602

NET INCOME (LOSS)
$
70,753
$
(23,445)

Net income (loss) allocated to
assignees

$

70,045

$

(23,211)

Net income (loss) allocated to general
partner

$

708

$

(234)

Net income (loss) per BAC
$
.03
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 34~~

2017

2016
Income
Interest income
$
645
$
315
Other income

-

-

645

315

Share of income from
Operating Partnerships (Note D)

-

388,191

Expenses

Professional fees

657

1,934
Fund management fee, net (Note C)

12,365

12,592
General and administrative expenses

5,903

7,768

18,925

22,294
NET INCOME (LOSS)
$
(18,280)
$
366,212

Net income (loss) allocated to
assignees

$

(18,097)

$

362,550

Net income (loss) allocated to general
partner

$

(183)

$

3,662

Net income (loss) per BAC
$
(.01)
$
.10

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 35~~

2017

2016
Income

Interest income
$
5,396
$
2,252
Other income

-

-
5,396
2,252

Share of income from
Operating Partnerships (Note D)

-

162,435

Expenses
Professional fees

657

1,190
Fund management fee, net (Note C)

7,453

21,180
General and administrative expenses

5,576

7,658

13,686

30,028

NET INCOME (LOSS)
$
(8,290)
$
134,659

Net income (loss) allocated to
assignees

$

(8,207)

$

133,312

Net income (loss) allocated to general
partner

$

(83)

$

1,347

Net income (loss) per BAC
$
(.00)
$
.04

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 36~~

2017

2016
Income

Interest income
$
2,465
$
1,895
Other income

-

-

2,465

1,895

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

657

716
Fund management fee, net (Note C)

7,626

7,626
General and administrative expenses

4,272

5,466

12,555

13,808

NET INCOME (LOSS)
$
(10,090)
$
(11,913)

Net income (loss) allocated to
assignees

$

(9,989)

$

(11,794)

Net income (loss) allocated to general
partner

$

(101)

$

(119)

Net income (loss) per BAC
$
(.00)
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 37~~

2017

2016
Income
Interest income
$
1,144
$
1,375
Other income

-

-

1,144

1,375

Share of income from
Operating Partnerships (Note D)

140,415

-

Expenses

Professional fees

657

804
Fund management fee, net (Note C)

10,957

26,424
General and administrative expenses

4,318

5,994

15,932

33,222

NET INCOME (LOSS)
$
125,627
$
(31,847)

Net income (loss) allocated to
assignees

$

124,371

$

(31,529)

Net income (loss) allocated to general
partner

$

1,256

$

(318)

Net income (loss) per BAC
$
.05
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 38~~

2017

2016
Income
Interest income
$
3,593
$
258
Other income

7,020

18,350

10,613

18,608

Share of income from
Operating Partnerships (Note D)

-

1,795,010

Expenses

Professional fees

657

2,100
Fund management fee, net (Note C)

8,034

27,579
General and administrative expenses

4,808

6,312

13,499

35,991

NET INCOME (LOSS)
$
(2,886)
$
1,777,627

Net income (loss) allocated to
assignees

$

(2,857)

$

1,759,851

Net income (loss) allocated to general
partner

$

(29)

$

17,776

Net income (loss) per BAC
$
(.00)
$
.69

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 39~~

2017

2016
Income

Interest income
$
175
$
103
Other income

-

550

175

653

Share of income from
Operating Partnerships (Note D)

17,779

-

Expenses

Professional fees

1,314

1,944
Fund management fee, net (Note C)

1,712

13,623
General and administrative expenses

34,495

5,308

37,521

20,875

NET INCOME (LOSS)
$
(19,567)
$
(20,222)

Net income (loss) allocated to
assignees

$

(19,371)

$

(20,020)

Net income (loss) allocated to general
partner

$

(196)

$

(202)

Net income (loss) per BAC
$
(.01)
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 40~~

2017

2016
Income

Interest income
$
830
$
40
Other income
2,262
-

3,092

40

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

657

785
Fund management fee, net (Note C)

15,119

33,579
General and administrative expenses

5,228

6,820

21,004

41,184

NET INCOME (LOSS)
$
(17,912)
$
(41,144)

Net income (loss) allocated to
assignees

$

(17,733)

$

(40,733)

Net income (loss) allocated to general
partner

$

(179)

$

(411)

Net income (loss) per BAC
$
(.01)
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 41~~

2017

2016
Income

Interest income
$
1,070
$
137
Other income

2,765

-

3,835

137

Share of income from
Operating Partnerships (Note D)

63,058

-

Expenses

Professional fees

657

961
Fund management fee, net (Note C)

37,849

49,440
General and administrative expenses

7,821

8,370

46,327

58,771

NET INCOME (LOSS)
$
20,566
$
(58,634)

Net income (loss) allocated to
assignees

$

20,360

$

(58,048)

Net income (loss) allocated to general
partner

$

206

$

(586)

Net income (loss) per BAC
$
.01
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 42~~

2017

2016
Income

Interest income
$
5,466
$
607
Other income

172

52

5,638

659

Share of income from
Operating Partnerships (Note D)

262,279

-
Expenses

Professional fees

657

870
Fund management fee, net (Note C)

35,049

42,506
General and administrative expenses

6,073

7,558

41,779

50,934

NET INCOME (LOSS)
$
226,138
$
(50,275)

Net income (loss) allocated to
assignees

$

223,877

$

(49,772)

Net income (loss) allocated to general
partner

$

2,261

$

(503)

Net income (loss) per BAC
$
.08
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 43~~

2017

2016
Income

Interest income
$
4,962
$
455
Other income

-

-

4,962

455

Share of income from
Operating Partnerships (Note D)

225,500

-

Expenses

Professional fees

657

1,037
Fund management fee, net (Note C)

54,247

53,693
General and administrative expenses

7,497

9,444

62,401

64,174

NET INCOME (LOSS)
$
168,061
$
(63,719)

Net income (loss) allocated to
assignees

$

166,380

$

(63,082)

Net income (loss) allocated to general
partner

$

1,681

$

(637)

Net income (loss) per BAC
$
.05
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 44~~

2017

2016
Income

Interest income
$
61
$
4
Other income

6,895

2,187

6,956

2,191

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

657

823
Fund management fee, net (Note C)

31,705

60,012
General and administrative expenses

5,377

6,755

37,739

67,590

NET INCOME (LOSS)
$
(30,783)
$
(65,399)

Net income (loss) allocated to
assignees

$

(30,475)

$

(64,745)

Net income (loss) allocated to general
partner

$

(308)

$

(654)

Net income (loss) per BAC
$
(.01)
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 45~~

2017

2016
Income

Interest income
$
854
$
271
Other income

-

388

854

659

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

5,278

1,852
Fund management fee, net (Note C)

68,354

58,020
General and administrative expenses

8,963

11,176

82,595

71,048

NET INCOME (LOSS)
$
(81,741)
$
(70,389)

Net income (loss) allocated to
assignees

$

(80,924)

$

(69,685)
Net income (loss) allocated to general
partner

$

(817)

$

(704)

Net income (loss) per BAC
$
(.02)
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Three Months Ended December 31,~~
~~(Unaudited)~~

~~Series 46~~

2017
2016
Income

Interest income
$
725
$
99
Other income

16,348

-

17,073

99

Share of income from
Operating Partnerships (Note D)

10,994

393,183

Expenses

Professional fees

657

895
Fund management fee, net (Note C)

45,368

47,745
General and administrative expenses

6,490

8,118

52,515

56,758

NET INCOME (LOSS)
$
(24,448)
$
336,524

Net income (loss) allocated to
assignees

$

(24,204)

$

333,159

Net income (loss) allocated to general
partner

$

(244)

$

3,365

Net income (loss) per BAC
$
(.01)
$
.11

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

2017

2016
Income

Interest income
$
80,976
$
39,255
Other income

254,126

219,790
335,102
259,045

Share of income from
Operating Partnerships (Note D)

11,305,952

13,992,959

Expenses

Professional fees

581,933

648,169
Fund management fee, net (Note C)

1,530,568

1,924,211
General and administrative expenses

508,530

504,870

2,621,031

3,077,250

NET INCOME (LOSS)
$
9,020,023
$
11,174,754

Net income (loss) allocated to
assignees

$

8,929,822

$

11,063,009

Net income (loss) allocated to general
partner

$

90,201

$

111,745

Net income (loss) per BAC
$
.11
$
.13

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 20~~

2017

2016
Income
Interest income
$
350
$
334
Other income

-

-

350

334

Share of income from
Operating Partnerships (Note D)

42,000

138,000

Expenses

Professional fees

14,281

13,141
Fund management fee, net (Note C)

14,295

18,075
General and administrative expenses

16,976

21,699

45,552

52,915

NET INCOME (LOSS)
$
(3,202)
$
85,419

Net income (loss) allocated to
assignees

$

(3,170)

$

84,565

Net income (loss) allocated to general
partner

$

(32)

$

854

Net income (loss) per BAC
$
(.00)
$
.02

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 21~~

2017
2016
Income

Interest income
$
137
$
486
Other income

859

859

996

1,345

Share of income from
Operating Partnerships (Note D)

67,000

-

Expenses

Professional fees

12,275

13,453
Fund management fee, net (Note C)

5,603

6,103
General and administrative expenses

40,874

14,649

58,752

34,205

NET INCOME (LOSS)
$
9,244
$
(32,860)

Net income (loss) allocated to
assignees

$

9,152

$

(32,531)

Net income (loss) allocated to general
partner

$

92

$

(329)

Net income (loss) per BAC
$
.00
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 22~~

2017

2016
Income

Interest income
$
361
$
291
Other income

-

-

361

291

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

12,818

15,679
Fund management fee, net (Note C)

21,409

21,406
General and administrative expenses

14,441

17,703

48,668

54,788

NET INCOME (LOSS)
$
(48,307)
$
(54,497)

Net income (loss) allocated to
assignees

$

(47,824)

$

(53,952)

Net income (loss) allocated to general
partner

$

(483)

$

(545)

Net income (loss) per BAC
$
(.02)
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 23~~

2017

2016
Income

Interest income
$
3,364
$
230
Other income

5,932

-

9,296

230

Share of income from
Operating Partnerships (Note D)

989,962

3,550

Expenses

Professional fees

16,579

19,409
Fund management fee, net (Note C)

14,918

23,012
General and administrative expenses

16,306

20,966

47,803

63,387

NET INCOME (LOSS)
$
951,455
$
(59,607)

Net income (loss) allocated to
assignees

$

941,940

$

(59,011)

Net income (loss) allocated to general
partner

$

9,515

$

(596)

Net income (loss) per BAC
$
.28
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 24~~

2017

2016
Income
Interest income
$
372
$
297
Other income

748

3,846

1,120

4,143

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

14,336

13,968
Fund management fee, net (Note C)

34,929

32,407
General and administrative expenses

13,969

17,215

63,234

63,590

NET INCOME (LOSS)
$
(62,114)
$
(59,447)

Net income (loss) allocated to
assignees

$

(61,493)

$

(58,853)

Net income (loss) allocated to general
partner

$

(621)

$

(594)

Net income (loss) per BAC
$
(.03)
$
(.03)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 25~~

2017

2016
Income
Interest income
$
143
$
256
Other income

10,178

10,178

10,321

10,434

Share of income from
Operating Partnerships (Note D)

97,399

-

Expenses

Professional fees

13,993

12,762
Fund management fee, net (Note C)

9,682

11,342
General and administrative expenses

49,639

20,196

73,314

44,300

NET INCOME (LOSS)
$
34,406
$
(33,866)

Net income (loss) allocated to
assignees

$

34,062

$

(33,527)

Net income (loss) allocated to general
partner

$

344

$

(339)

Net income (loss) per BAC
$
.01
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 26~~

2017

2016
Income

Interest income
$
799
$
802
Other income

526

6,176

1,325

6,978

Share of income from
Operating Partnerships (Note D)

80,000

18,500

Expenses

Professional fees

20,884

23,890
Fund management fee, net (Note C)

56,858

65,190
General and administrative expenses

18,331

25,561

96,073

114,641

NET INCOME (LOSS)
$
(14,748)
$
(89,163)

Net income (loss) allocated to
assignees

$

(14,601)

$

(88,271)

Net income (loss) allocated to general
partner

$

(147)

$

(892)

Net income (loss) per BAC
$
(.00)
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 27~~

2017

2016
Income

Interest income
$
19,993
$
6,629
Other income

17,473

6,000

37,466

12,629

Share of income from
Operating Partnerships (Note D)

3,291,567

3,016,000

Expenses

Professional fees

79,116

104,403
Fund management fee, net (Note C)

22,678

74,018
General and administrative expenses

13,797

16,382

115,591

194,803

NET INCOME (LOSS)
$
3,213,442
$
2,833,826

Net income (loss) allocated to
assignees

$

3,181,308

$

2,805,488

Net income (loss) allocated to general
partner

$

32,134

$

28,338

Net income (loss) per BAC
$
1.30
$
1.14

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 28~~

2017

2016
Income

Interest income
$
872
$
884
Other income

446

7,976

1,318

8,860

Share of income from
Operating Partnerships (Note D)

-

5,000

Expenses

Professional fees

16,372

20,687
Fund management fee, net (Note C)

24,532

12,835
General and administrative expenses

16,815

22,425

57,719

55,947

NET INCOME (LOSS)
$
(56,401)
$
(42,087)

Net income (loss) allocated to
assignees

$

(55,837)

$

(41,666)

Net income (loss) allocated to general
partner

$

(564)

$

(421)

Net income (loss) per BAC
$
(.01)
$
(.01)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 29~~

2017

2016
Income

Interest income
$
493
$
606
Other income

-

-

493

606

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

17,325

62,411
Fund management fee, net (Note C)

58,253

53,985
General and administrative expenses

17,560

22,389

93,138

138,785

NET INCOME (LOSS)
$
(92,645)
$
(138,179)

Net income (loss) allocated to
assignees

$

(91,719)

$

(136,797)

Net income (loss) allocated to general
partner

$

(926)

$

(1,382)

Net income (loss) per BAC
$
(.02)
$
(.03)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 30~~

2017

2016
Income

Interest income
$
700
$
503
Other income

1,243

1,243

1,943

1,746

Share of income from
Operating Partnerships (Note D)

265,984

-

Expenses

Professional fees

15,688

19,058
Fund management fee, net (Note C)

(9,082)

42,047
General and administrative expenses

13,963

16,733

20,569

77,838

NET INCOME (LOSS)
$
247,358
$
(76,092)

Net income (loss) allocated to
assignees

$

244,884

$

(75,331)

Net income (loss) allocated to general
partner

$

2,474

$

(761)

Net income (loss) per BAC
$
.09
$
(.03)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 31~~

2017

2016
Income

Interest income
$
4,736
$
2,103
Other income

1,116

590

5,852

2,693

Share of income from
Operating Partnerships (Note D)

45,000

791,947

Expenses

Professional fees

26,529

24,365
Fund management fee, net (Note C)

60,990

107,063
General and administrative expenses

17,307

22,281

104,826

153,709

NET INCOME (LOSS)
$
(53,974)
$
640,931

Net income (loss) allocated to
assignees

$

(53,434)

$

634,522

Net income (loss) allocated to general
partner

$

(540)

$

6,409

Net income (loss) per BAC
$
(.01)
$
.14

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 32~~

2017

2016
Income

Interest income
$
2,930
$
1,143
Other income

11,000

1,800

13,930

2,943

Share of income from
Operating Partnerships (Note D)

1,677,252

48,900

Expenses

Professional fees

19,436

18,628
Fund management fee, net (Note C)

63,474

115,780
General and administrative expenses

21,626

22,959

104,536

157,367

NET INCOME (LOSS)
$
1,586,646
$
(105,524)

Net income (loss) allocated to
assignees

$

1,570,780

$

(104,469)

Net income (loss) allocated to general
partner

$

15,866

$

(1,055)

Net income (loss) per BAC
$
.33
$
(.02)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~

~~(Unaudited)~~

~~Series 33~~

2017

2016
Income

Interest income
$
511
$
1,258
Other income

5,329

1,800

5,840

3,058

Share of income from
Operating Partnerships (Note D)

67,454

-

Expenses

Professional fees

13,651

14,835
Fund management fee, net (Note C)

23,109

41,524
General and administrative expenses

13,345

15,875

50,105

72,234

NET INCOME (LOSS)
$
23,189
$
(69,176)

Net income (loss) allocated to
assignees

$

22,957

$

(68,484)

Net income (loss) allocated to general
partner

$

232

$

(692)

Net income (loss) per BAC
$
.01
$
(.03)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 34~~

2017

2016
Income
Interest income
$
1,448
$
1,114
Other income

1,539

13,230

2,987

14,344

Share of income from
Operating Partnerships (Note D)

-

630,691

Expenses

Professional fees

17,291

18,698
Fund management fee, net (Note C)

32,897

29,061
General and administrative expenses

15,123

18,676

65,311

66,435
NET INCOME (LOSS)
$
(62,324)
$
578,600

Net income (loss) allocated to
assignees

$

(61,701)

$

572,814

Net income (loss) allocated to general
partner

$

(623)

$

5,786

Net income (loss) per BAC
$
(.02)
$
.16

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 35~~

2017

2016
Income

Interest income
$
9,031
$
6,166
Other income

2,818

4,893
11,849
11,059

Share of income from
Operating Partnerships (Note D)

2,653,528

2,543,187

Expenses
Professional fees

16,632

18,070
Fund management fee, net (Note C)

39,956

33,179
General and administrative expenses

14,895

18,647

71,483

69,896

NET INCOME (LOSS)
$
2,593,894
$
2,484,350

Net income (loss) allocated to
assignees

$

2,567,955

$

2,459,507

Net income (loss) allocated to general
partner

$

25,939

$

24,843

Net income (loss) per BAC
$
.78
$
.75

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 36~~

2017

2016
Income

Interest income
$
5,764
$
3,772
Other income

3,968

6,425

9,732

10,197

Share of income from
Operating Partnerships (Note D)

-

2,503,252

Expenses

Professional fees

17,448

16,697
Fund management fee, net (Note C)

20,968

(2,956)
General and administrative expenses

12,507

14,229

50,923

27,970

NET INCOME (LOSS)
$
(41,191)
$
2,485,479

Net income (loss) allocated to
assignees

$

(40,779)

$

2,460,624

Net income (loss) allocated to general
partner

$

(412)

$

24,855

Net income (loss) per BAC
$
(.02)
$
1.17

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 37~~

2017

2016
Income
Interest income
$
4,368
$
2,228
Other income

16,657

4,811

21,025

7,039

Share of income from
Operating Partnerships (Note D)

140,415

1,934,639

Expenses

Professional fees

16,628

13,932
Fund management fee, net (Note C)

27,941

89,661
General and administrative expenses

12,567

15,031

57,136

118,624

NET INCOME (LOSS)
$
104,304
$
1,823,054

Net income (loss) allocated to
assignees

$

103,261

$

1,804,823

Net income (loss) allocated to general
partner

$

1,043

$

18,231

Net income (loss) per BAC
$
.04
$
.72

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 38~~

2017

2016
Income
Interest income
$
6,938
$
571
Other income

17,566

66,141

24,504

66,712

Share of income from
Operating Partnerships (Note D)

-

1,795,010

Expenses

Professional fees

18,459

18,795
Fund management fee, net (Note C)

44,002

87,297
General and administrative expenses

13,369

15,656

75,830

121,748

NET INCOME (LOSS)
$
(51,326)
$
1,739,974

Net income (loss) allocated to
assignees

$

(50,813)

$

1,722,574

Net income (loss) allocated to general
partner

$

(513)

$

17,400

Net income (loss) per BAC
$
(.02)
$
.68

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 39~~

2017

2016
Income

Interest income
$
870
$
378
Other income

386

1,210

1,256

1,588

Share of income from
Operating Partnerships (Note D)

17,779

122,100

Expenses

Professional fees

19,295

17,935
Fund management fee, net (Note C)

5,130

46,920
General and administrative expenses

42,679

13,893

67,104

78,748

NET INCOME (LOSS)
$
(48,069)
$
44,940

Net income (loss) allocated to
assignees

$

(47,588)

$

44,491

Net income (loss) allocated to general
partner

$

(481)

$

449

Net income (loss) per BAC
$
(.02)
$
.02

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 40~~

2017

2016
Income

Interest income
$
923
$
276
Other income
5,172
-

6,095

276

Share of income from
Operating Partnerships (Note D)

588,952

49,000

Expenses

Professional fees

22,111

21,422
Fund management fee, net (Note C)

73,594

97,630
General and administrative expenses

13,758

16,028

109,463

135,080

NET INCOME (LOSS)
$
485,584
$
(85,804)

Net income (loss) allocated to
assignees

$

480,728

$

(84,946)

Net income (loss) allocated to general
partner

$

4,856

$

(858)

Net income (loss) per BAC
$
.18
$
(.03)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 41~~

2017

2016
Income

Interest income
$
1,480
$
492
Other income

13,908

1,302

15,388

1,794

Share of income from
Operating Partnerships (Note D)

782,887

-

Expenses

Professional fees

23,062

24,561
Fund management fee, net (Note C)

141,487

153,988
General and administrative expenses

17,027

18,513

181,576

197,062

NET INCOME (LOSS)
$
616,699
$
(195,268)

Net income (loss) allocated to
assignees

$

610,532

$

(193,315)

Net income (loss) allocated to general
partner

$

6,167

$

(1,953)

Net income (loss) per BAC
$
.21
$
(.07)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 42~~

2017

2016
Income

Interest income
$
6,138
$
3,496
Other income

15,960

472

22,098

3,968

Share of income from
Operating Partnerships (Note D)

262,279

-
Expenses

Professional fees

20,336

26,102
Fund management fee, net (Note C)

113,842

120,924
General and administrative expenses

14,961

17,565

149,139

164,591

NET INCOME (LOSS)
$
135,238
$
(160,623)

Net income (loss) allocated to
assignees

$

133,886

$

(159,017)

Net income (loss) allocated to general
partner

$

1,352

$

(1,606)

Net income (loss) per BAC
$
.05
$
(.06)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 43~~

2017

2016
Income

Interest income
$
5,156
$
3,623
Other income

40,981

1,759

46,137

5,382

Share of income from
Operating Partnerships (Note D)

225,500

-

Expenses

Professional fees

23,379

27,511
Fund management fee, net (Note C)

150,203

135,689
General and administrative expenses

17,057

20,940

190,639

184,140

NET INCOME (LOSS)
$
80,998
$
(178,758)

Net income (loss) allocated to
assignees

$

80,188

$

(176,970)

Net income (loss) allocated to general
partner

$

810

$

(1,788)

Net income (loss) per BAC
$
.02
$
(.05)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 44~~

2017

2016
Income
Interest income
$
74
$
29
Other income

18,760

16,818

18,834

16,847

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

24,884

15,786
Fund management fee, net (Note C)

146,356

180,251
General and administrative expenses

14,015

16,293

185,255

212,330

NET INCOME (LOSS)
$
(166,421)
$
(195,483)

Net income (loss) allocated to
assignees

$

(164,757)

$

(193,528)

Net income (loss) allocated to general
partner

$

(1,664)

$

(1,955)

Net income (loss) per BAC
$
(.06)
$
(.07)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 45~~

2017

2016
Income

Interest income
$
1,752
$
938
Other income

27,833

32,262

29,585

33,200

Share of income from
Operating Partnerships (Note D)

-

-

Expenses

Professional fees

48,168

30,784
Fund management fee, net (Note C)

193,206

166,939
General and administrative expenses

19,978

23,743

261,352

221,466

NET INCOME (LOSS)
$
(231,767)
$
(188,266)

Net income (loss) allocated to
assignees

$

(229,449)

$

(186,383)
Net income (loss) allocated to general
partner

$

(2,318)

$

(1,883)

Net income (loss) per BAC
$
(.06)
$
(.05)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 46~~

2017
2016
Income

Interest income
$
1,273
$
350
Other income

33,728

29,999

35,001

30,349

Share of income from
Operating Partnerships (Note D)

10,994

393,183

Expenses

Professional fees

20,957

21,187
Fund management fee, net (Note C)

139,338

160,841
General and administrative expenses

15,645

18,623

175,940

200,651

NET INCOME (LOSS)
$
(129,945)
$
222,881

Net income (loss) allocated to
assignees

$

(128,646)

$

220,652

Net income (loss) allocated to general
partner

$

(1,299)

$

2,229

Net income (loss) per BAC
$
(.04)
$
.07

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL~~ ~~(DEFICIT)~~

~~Nine Months Ended December 31, 2017~~
~~(Unaudited)~~

Assignees

General
Partner

Total

Partners' capital (deficit),
April 1, 2017

$

(6,338,126)

$

(7,177,685)

$

(13,515,811)

Contributions

-

1,070,891

1,070,891

Distributions

(420,163)

-

(420,163)

Net income (loss)

8,929,822

90,201

9,020,023

Partners' capital (deficit),
December 31, 2017

$

2,171,533

$

(6,016,593)

$

(3,845,060)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)~~

~~Nine Months Ended December 31, 2017~~
~~(Unaudited)~~

Assignees

General
Partner

Total
Series 20

Partners' capital (deficit),
April 1, 2017

$

(875,631)

$

(320,211)

$

(1,195,842)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(3,170)

(32)

(3,202)

Partners' capital deficit),
December 31, 2017

$

(878,801)

$

(320,243)

$

(1,199,044)

Assignees

General
Partner

Total
Series 21

Partners' capital (deficit),
April 1, 2017

$

(907,383)

$

(172,752)

$

(1,080,135)

Contributions

-

1,070,891

1,070,891

Distributions

-

-

-

Net income (loss)

9,152

92

9,244

Partners' capital deficit),
December 31, 2017

$

(898,231)

$

898,231

$

-

Assignees

General
Partner

Total
Series 22

Partners' capital (deficit),
April 1, 2017

$

(2,351,781)

$

(245,052)

$

(2,596,833)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(47,824)

(483)

(48,307)

Partners' capital deficit),
December 31, 2017

$

(2,399,605)

$

(245,535)

$

(2,645,140)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)~~

~~Nine Months Ended December 31, 2017~~
~~(Unaudited)~~

Assignees

General
Partner

Total
Series 23

Partners' capital (deficit),
April 1, 2017

$

(1,131,355)

$

(299,152)

$

(1,430,507)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

941,940

9,515

951,455

Partners' capital (deficit),
December 31, 2017

$

(189,415)

$

(289,637)

$

(479,052)

Assignees

General
Partner

Total
Series 24

Partners' capital deficit),
April 1, 2017

$

602,161

$

(174,980)

$

427,181

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(61,493)

(621)

(62,114)

Partners' capital deficit),
December 31, 2017

$

540,668

$

(175,601)

$

365,067

Assignees

General
Partner

Total
Series 25

Partners' capital deficit),
April 1, 2017

$

565,870

$

(220,159)

$

345,711

Contributions

-

-

-

Distributions

(380,117)

-

(380,117)

Net income (loss)

34,062

344

34,406

Partners' capital deficit),
December 31, 2017

$

219,815

$

(219,815)

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)~~

~~Nine Months Ended December 31, 2017~~
~~(Unaudited)~~

Assignees

General
Partner

Total
Series 26

Partners' capital deficit),
April 1, 2017

$

989,245

$

(311,566)

$

677,679

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(14,601)

(147)

(14,748)

Partners' capital deficit),
December 31, 2017

$

974,644

$

(311,713)

$

662,931

Assignees

General
Partner

Total
Series 27

Partners' capital deficit),
April 1, 2017

$

3,745,499

$

(170,699)

$

3,574,800

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

3,181,308

32,134

3,213,442

Partners' capital deficit),
December 31, 2017

$

6,926,807

$

(138,565)

$

6,788,242

Assignees

General
Partner

Total
Series 28

Partners' capital deficit),
April 1, 2017

$

1,086,195

$

(273,712)

$

812,483

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(55,837)

(564)

(56,401)

Partners' capital deficit),
December 31, 2017

$

1,030,358

$

(274,276)

$

756,082

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)~~

~~Nine Months Ended December 31, 2017~~
~~(Unaudited)~~

Assignees

General
Partner

Total
Series 29

Partners' capital deficit),
April 1, 2017

$

(2,771,714)

$

(370,065)

$

(3,141,779)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(91,719)

(926)

(92,645)

Partners' capital deficit),
December 31, 2017

$

(2,863,433)

$

(370,991)

$

(3,234,424)

Assignees

General
Partner

Total
Series 30

Partners' capital deficit),
April 1, 2017

$

(1,235,163)

$

(241,826)

$

(1,476,989)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

244,884

2,474

247,358

Partners' capital deficit),
December 31, 2017

$

(990,279)

$

(239,352)

$

(1,229,631)

Assignees

General
Partner

Total
Series 31

Partners' capital deficit),
April 1, 2017

$

2,365,549

$

(359,195)

$

2,006,354

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(53,434)

(540)

(53,974)

Partners' capital deficit),
December 31, 2017

$

2,312,115

$

(359,735)

$

1,952,380

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)~~

~~Nine Months Ended December 31, 2017~~
~~(Unaudited)~~

Assignees

General
Partner

Total
Series 32

Partners' capital deficit),
April 1, 2017

$

(1,512,826)

$

(425,749)

$

(1,938,575)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

1,570,780

15,866

1,586,646

Partners' capital deficit),
December 31, 2017

$

57,954

$

(409,883)

$

(351,929)

Assignees

General
Partner

Total
Series 33

Partners' capital deficit),
April 1, 2017

$

(687,215)

$

(235,002)

$

(922,217)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

22,957

232

23,189

Partners' capital deficit),
December 31, 2017

$

(664,258)

$

(234,770)

$

(899,028)

Assignees

General
Partner

Total
Series 34

Partners' capital deficit),
April 1, 2017

$

(2,048,404)

$

(324,115)

$

(2,372,519)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(61,701)

(623)

(62,324)

Partners' capital deficit),
December 31, 2017

$

(2,110,105)

$

(324,738)

$

(2,434,843)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)~~

~~Nine Months Ended December 31, 2017~~
~~(Unaudited)~~

Assignees

General
Partner

Total
Series 35

Partners' capital deficit),
April 1, 2017

$

2,104,402

$

(263,617)

$

1,840,785

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

2,567,955

25,939

2,593,894

Partners' capital deficit),
December 31, 2017

$

4,672,357

$

(237,678)

$

4,434,679

Assignees

General
Partner

Total
Series 36

Partners' capital deficit),
April 1, 2017

$

2,194,117

$

(158,305)

$

2,035,812

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(40,779)

(412)

(41,191)

Partners' capital deficit),
December 31, 2017

$

2,153,338

$

(158,717)

$

1,994,621

Assignees

General
Partner

Total
Series 37

Partners' capital deficit),
April 1, 2017

$

130,312

$

(216,426)

$

(86,114)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

103,261

1,043

104,304

Partners' capital deficit),
December 31, 2017

$

233,573

$

(215,383)

$

18,190

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)~~

~~Nine Months Ended December 31, 2017~~
~~(Unaudited)~~

Assignees

General
Partner

Total
Series 38

Partners' capital deficit),
April 1, 2017

$

1,723,417

$

(203,081)

$

1,520,336

Contributions
-
-
-
Distributions
-
-
-
Net income (loss)
(50,813)
(513)
(51,326)

Partners' capital deficit),
December 31, 2017

$

1,672,604

$

(203,594)

$

1,469,010

Assignees

General
Partner

Total
Series 39

Partners' capital deficit),
April 1, 2017

$

283,677

$

(195,562)

$

88,115

Contributions
-
-
-
Distributions
(40,046)
-
(40,046)
Net income (loss)
(47,588)
(481)
(48,069)

Partners' capital deficit),
December 31, 2017

$

196,043

$

(196,043)

$

-

Assignees

General
Partner

Total
Series 40

Partners' capital deficit),
April 1, 2017

$

(2,186,540)

$

(249,302)

$

(2,435,842)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

480,728

4,856

485,584

Partners' capital deficit),
December 31, 2017

$

(1,705,812)

$

(244,446)

$

(1,950,258)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)~~

~~Nine Months Ended December 31, 2017~~
~~(Unaudited)~~

Assignees

General
Partner

Total
Series 41

Partners' capital deficit),
April 1, 2017

$

(2,687,899)

$

(278,836)

$

(2,966,735)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

610,532

6,167

616,699

Partners' capital deficit),
December 31, 2017

$

(2,077,367)

$

(272,669)

$

(2,350,036)

Assignees

General
Partner

Total
Series 42

Partners' capital deficit),
April 1, 2017

$

1,303,097

$

(230,209)

$

1,072,888

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

133,886

1,352

135,238

Partners' capital deficit),
December 31, 2017

$

1,436,983

$

(228,857)

$

1,208,126

Assignees

General
Partner

Total
Series 43

Partners' capital deficit),
April 1, 2017

$

(111,017)

$

(325,890)

$

(436,907)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

80,188

810

80,998

Partners' capital deficit),
December 31, 2017

$

(30,829)

$

(325,080)

$

(355,909)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)~~

~~Nine Months Ended December 31, 2017~~
~~(Unaudited)~~

Assignees

General
Partner

Total
Series 44

Partners' capital deficit),
April 1, 2017

$

(2,255,686)

$

(262,631)

$

(2,518,317)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(164,757)

(1,664)

(166,421)

Partners' capital deficit),
December 31, 2017

$

(2,420,443)

$

(264,295)

$

(2,684,738)

Assignees

General
Partner

Total
Series 45

Partners' capital deficit),
April 1, 2017

$

(1,712,062)

$

(374,528)

$

(2,086,590)

Contributions
-
-
-
Distributions
-
-
-
Net income (loss)
(229,449)
(2,318)
(231,767)

Partners' capital deficit),
December 31, 2017

$

(1,941,511)

$

(376,846)

$

(2,318,357)

Assignees

General
Partner

Total
Series 46

Partners' capital deficit),
April 1, 2017

$

(956,991)

$

(275,063)

$

(1,232,054)

Contributions

-

-

-

Distributions

-

-

-

Net income (loss)

(128,646)

(1,299)

(129,945)

Partners' capital deficit),
December 31, 2017

$

(1,085,637)

$

(276,362)

$

(1,361,999)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
9,020,023
$
11,174,754
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(11,305,952)

(13,992,959)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

(46,259)

29,567
Decrease (Increase) in other
   assets

1,285

-
(Decrease) Increase in accounts
   payable affiliates

(6,979,847)

(7,429,230)
Net cash (used in) provided by
operating activities

(9,310,750)

(10,217,868)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

(19,011)

-
Proceeds from the disposition of     Operating Partnerships

11,061,047

13,370,012
Net cash (used in) provided by
investing activities

11,042,036

13,370,012
Cash flows from financing activities:
Distributions
(420,163)
-
Net cash used in
financing activities

(420,163)

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

1,311,123

3,152,144
Cash and cash equivalents, beginning

27,209,997

21,728,069
Cash and cash equivalents, ending
$
28,521,120
$
24,880,213

Supplemental schedule of noncash
investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

1,070,891

$

-

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

127,351

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 20~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(3,202)
$
85,419
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(42,000)

(138,000)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

2,000

3,000
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

16,607

19,308
Net cash (used in) provided by
operating activities

(26,595)

(30,273)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

42,000

138,000
Net cash (used in) provided by
investing activities

42,000

138,000
Cash flows from financing activities:
Distributions
-
-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

15,405

107,727
Cash and cash equivalents, beginning

271,060

180,896
Cash and cash equivalents, ending
$
286,465
$
288,623

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~

7

Table of Contents

BF Garden Tax Credit Fund IV L.P.

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21

24

2017

2016
Cash flows from operating activities:

Net income (loss)
$
9,244
$
(32,860)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(67,000)

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(250,346)

(141,846)
Net cash (used in) provided by
operating activities

(308,102)

(174,706)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

67,000

-
Net cash (used in) provided by
investing activities

67,000

-
Cash flows from financing activities:
Distributions
-
-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(241,102)

(174,706)
Cash and cash equivalents, beginning

241,102

425,168
Cash and cash equivalents, ending
$
-
$
250,462


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,150,053 outstanding as of December 31, 2021 and March 31, 2021.		173,404		173,404
General Partner		(173,404)		(173,404)
		0		0
	$	0	$	0

Supplemental schedule of noncash
investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

1,070,891

$

-

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~

8

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED ~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 22~~BALANCE SHEETS

(Unaudited)

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(48,307)
$
(54,497)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

-

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

21,909

21,906
Net cash (used in) provided by
operating activities

(26,398)

(32,591)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(26,398)

(32,591)
Cash and cash equivalents, beginning

252,064

295,650
Cash and cash equivalents, ending
$
225,666
$
263,059

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 23~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
951,455
$
(59,607)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(989,962)

(3,550)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(471,882)

28,092
Net cash (used in) provided by
operating activities

(510,389)

(35,065)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

989,962

3,550
Net cash (used in) provided by
investing activities

989,962

3,550
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

479,573

(31,515)
Cash and cash equivalents, beginning

659,167

219,677
Cash and cash equivalents, ending
$
1,138,740
$
188,162

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 24~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(62,114)
$
(59,447)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

-

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

-

-
Net cash (used in) provided by
operating activities

(62,114)

(59,447)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(62,114)

(59,447)
Cash and cash equivalents, beginning

427,181

502,552
Cash and cash equivalents, ending
$
365,067
$
443,105

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

Series 25

2017

2016
Cash flows from operating activities:

Net income (loss)
$
34,406
$
(33,866)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(97,399)

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

1,250

-
(Decrease) Increase in accounts
   payable affiliates

-

-
Net cash (used in) provided by
operating activities

(61,743)

(33,866)
Cash flows from investing activities:
Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

97,399

-
Net cash (used in) provided by
investing activities

97,399

-
Cash flows from financing activities:

Distributions

(380,117)

-
Net cash used in
financing activities

(380,117)

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(344,461)

(33,866)
Cash and cash equivalents, beginning

344,461

395,797
Cash and cash equivalents, ending
$
-
$
361,931


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,016,809 outstanding as of December 31, 2021 and March 31, 2021.		219,815		219,815
General Partner		(219,815)		(219,815)
		0		0
	$	0	$	0

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~

~~(Unaudited)~~

~~Series 26~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(14,748)
$
(89,163)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(80,000)

(18,500)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

(960)
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

-

-
Net cash (used in) provided by
operating activities

(94,748)

(108,623)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

80,000

18,500
Net cash (used in) provided by
investing activities

80,000

18,500
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(14,748)

(90,123)
Cash and cash equivalents, beginning

677,679

809,362
Cash and cash equivalents, ending
$
662,931
$
719,239

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 27~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
3,213,442
$
2,833,826
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(3,291,567)

(3,016,000)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

(31,673)

4,000
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

-

-
Net cash (used in) provided by
operating activities

(109,798)

(178,174)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

3,291,567

3,016,000
Net cash (used in) provided by
investing activities

3,291,567

3,016,000
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

3,181,769

2,837,826
Cash and cash equivalents, beginning

3,606,473

899,636
Cash and cash equivalents, ending
$
6,788,242
$
3,737,462

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 28~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(56,401)
$
(42,087)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

-

(5,000)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

(7,500)
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

-

-
Net cash (used in) provided by
operating activities

(56,401)

(54,587)
Cash flows from investing activities:
��
Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

5,000
Net cash (used in) provided by
investing activities

-

5,000
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(56,401)

(49,587)
Cash and cash equivalents, beginning

812,483

884,427
Cash and cash equivalents, ending
$
756,082
$
834,840

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-





	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~

~~(Unaudited)~~

~~Series 29~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(92,645)
$
(138,179)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

-

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

61,640

(91,860)
Net cash (used in) provided by
operating activities

(31,005)

(230,039)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
Cash flows from financing activities:
Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(31,005)

(230,039)
Cash and cash equivalents, beginning

345,648

618,758
Cash and cash equivalents, ending
$
314,643
$
388,719

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 30~~

2017

2016
Cash flows from operating activities:
Net income (loss)
$
247,358
$
(76,092)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(265,984)

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

41,872

52,263
Net cash (used in) provided by
operating activities

23,246

(23,829)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

226,021

-
Net cash (used in) provided by
investing activities

226,021

-
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

249,267

(23,829)
Cash and cash equivalents, beginning

270,126

304,293
Cash and cash equivalents, ending
$
519,393
$
280,464

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 31~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(53,974)
$
640,931
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(45,000)

(791,947)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

(3,000)
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

-

-
Net cash (used in) provided by
operating activities

(98,974)

(154,016)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

45,000

169,000
Net cash provided by
investing activities

45,000

169,000
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(53,974)

14,984
Cash and cash equivalents, beginning

2,047,648

1,351,761
Cash and cash equivalents, ending
$
1,993,674
$
1,366,745

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 32~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
1,586,646
$
(105,524)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(1,677,252)

(48,900)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

(2,000)

(4,500)
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(1,108,083)

(627,550)
Net cash (used in) provided by
operating activities

(1,200,689)

(786,474)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

1,677,252

48,900
Net cash provided by
investing activities

1,677,252

48,900
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

476,563

(737,574)
Cash and cash equivalents, beginning

837,185

1,061,685
Cash and cash equivalents, ending
$
1,313,748
$
324,111

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 33~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
23,189
$
(69,176)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(67,454)

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

48,449

(850,806)
Net cash (used in) provided by
operating activities

4,184

(919,982)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

950

-
Net cash (used in) provided by
investing activities

950

-
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

5,134

(919,982)
Cash and cash equivalents, beginning

337,765

1,266,455
Cash and cash equivalents, ending
$
342,899
$
346,473

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 34~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(62,324)
$
578,600
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

-

(630,691)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

4,230
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(393,594)

(366,202)
Net cash (used in) provided by
operating activities

(455,918)

(414,063)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

630,691
Net cash (used in) provided by
investing activities

-

630,691
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(455,918)

216,628
Cash and cash equivalents, beginning

849,078

674,173
Cash and cash equivalents, ending
$
393,160
$
890,801

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 35~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
2,593,894
$
2,484,350
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(2,653,528)

(2,543,187)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

1,770
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(551,982)

(1,386,580)
Net cash (used in) provided by
operating activities

(611,616)

(1,443,647)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

2,653,528

2,543,187
Net cash (used in) provided by
investing activities

2,653,528

2,543,187
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

2,041,912

1,099,540
Cash and cash equivalents, beginning

2,392,767

1,693,223
Cash and cash equivalents, ending
$
4,434,679
$
2,792,763

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 36~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(41,191)
$
2,485,479
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

-

(2,503,252)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

(2,500)
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(767,505)

(532,657)
Net cash (used in) provided by
operating activities

(808,696)

(552,930)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

2,503,252
Net cash (used in) provided by
investing activities

-

2,503,252
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(808,696)

1,950,322
Cash and cash equivalents, beginning

2,934,317

979,340
Cash and cash equivalents, ending
$
2,125,621
$
2,929,662

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 37~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
104,304
$
1,823,054
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(140,415)

(1,934,639)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(1,538,773)

100,179
Net cash (used in) provided by
operating activities

(1,574,884)

(11,406)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

1,977

1,934,639
Net cash (used in) provided by
investing activities

1,977

1,934,639
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(1,572,907)

1,923,233
Cash and cash equivalents, beginning

2,096,039

340,689
Cash and cash equivalents, ending
$
523,132
$
2,263,922

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 38~~

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(51,326)
$
1,739,974
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

-

(1,795,010)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

(6,543)

(4,779)
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(1,515,985)

76,230
Net cash (used in) provided by
operating activities

(1,573,854)

16,415
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

1,795,010
Net cash (used in) provided by
investing activities

-

1,795,010
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(1,573,854)

1,811,425
Cash and cash equivalents, beginning

3,042,864

333,474
Cash and cash equivalents, ending
$
1,469,010
$
2,144,899

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~9

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED ~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
BALANCE SHEETS

(Unaudited)

Series 39

26

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(48,069)
$
44,940
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(17,779)

(122,100)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

(6,543)

(4,894)
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(1,154,240)

(51,654)
Net cash (used in) provided by
operating activities

(1,226,631)

(133,708)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

17,779

122,100
Net cash (used in) provided by
investing activities

17,779

122,100
Cash flows from financing activities:

Distributions

(40,046)

-
Net cash used in
financing activities

(40,046)

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(1,248,898)

(11,608)
Cash and cash equivalents, beginning

1,248,898

313,691
Cash and cash equivalents, ending
$
-
$
302,083


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		531,027
Other assets		0		75
	$	0	$	531,102

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		2,199
Capital contributions payable		0		0
		0		2,199

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 December 31, 2021 and March 31, 2021.		313,969		841,956
General Partner		(313,969)		(313,053)
		0		528,903
	$	0	$	531,102

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~10

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED ~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~
BALANCE SHEETS

(Unaudited)

Series 4027


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,431,350 outstanding as of December 31, 2021 and March 31, 2021.		133,264		133,264
General Partner		(133,264)		(133,264)
		0		0
	$	0	$	0

2017

2016
Cash flows from operating activities:

Net income (loss)
$
485,584
$
(85,804)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities
Share of (income) from
   Operating Partnerships

(588,952)

(49,000)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

42,200
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(8,631)

(180,817)
Net cash (used in) provided by
operating activities

(111,999)

(273,421)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

588,952

49,000
-
-
Net cash (used in) provided by
investing activities

588,952

49,000
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

476,953

(224,421)
Cash and cash equivalents, beginning

248,318

510,705
Cash and cash equivalents, ending
$
725,271
$
286,284

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~11

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED ~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~
BALANCE SHEETS

(Unaudited)

Series 4128


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,979,139 outstanding as of December 31, 2021 and March 31, 2021.		275,140		275,140
General Partner		(275,140)		(275,140)
		0		0
	$	0	$	0

2017

2016
Cash flows from operating activities:

Net income (loss)
$
616,699
$
(195,268)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(782,887)

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

(2,500)

-
Decrease (Increase) in other
   assets

1,218

-
(Decrease) Increase in accounts
   payable affiliates

84,650

68,444
Net cash (used in) provided by
operating activities

(82,820)

(126,824)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

782,887

-
Net cash (used in) provided by
investing activities

782,887

-
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

700,067

(126,824)
Cash and cash equivalents, beginning

322,902

331,029
Cash and cash equivalents, ending
$
1,022,969
$
204,205

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~

12

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED ~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
BALANCE SHEETS

(Unaudited)

Series 42

29

2017

2016
Cash flows from operating activities:

Net income (loss)
$
135,238
$
(160,623)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(262,279)

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

1,000

-
Decrease (Increase) in other
   assets

(1,183)

-
(Decrease) Increase in accounts
   payable affiliates

-

(2,141,040)
Net cash (used in) provided by
operating activities

(127,224)

(2,301,663)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

(9,503)

-
Proceeds from the disposition of     Operating Partnerships

262,279

-
Net cash (used in) provided by
investing activities

252,776

-
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

125,552

(2,301,663)
Cash and cash equivalents, beginning

1,072,528

3,412,757
Cash and cash equivalents, ending
$
1,198,080
$
1,111,094


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		117,979		164,236
Other assets		2,500		2,148
	$	120,479	$	166,384

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		3,107,662		3,127,627
Capital contributions payable		785		785
		3,108,447		3,128,412

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 December 31, 2021 and March 31, 2021.		(2,619,442)		(2,593,761)
General Partner		(368,526)		(368,267)
		(2,987,968)		(2,962,028)
	$	120,479	$	166,384

Supplemental schedule of noncash
investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

-

$

-

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

63,676

$

-

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~13

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED ~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~
BALANCE SHEETS

(Unaudited)

Series 4330


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,621,200 outstanding as of December 31, 2021 and March 31, 2021.		(883,119)		(883,119)
General Partner		883,119		883,119
		0		0
	$	0	$	0

2017

2016
Cash flows from operating activities:

Net income (loss)
$
80,998
$
(178,758)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(225,500)

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

170,998

(2,029,791)
Net cash (used in) provided by
operating activities

26,496

(2,208,549)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

(9,508)

-
Proceeds from the disposition of     Operating Partnerships

225,500

-
Net cash (used in) provided by
investing activities

215,992

-
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

242,488

(2,208,549)
Cash and cash equivalents, beginning

351,638

2,886,991
Cash and cash equivalents, ending
$
594,126
$
678,442

Supplemental schedule of noncash
investing and financing activities:

The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.

$

-

$

-

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

63,675

$

-

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~14

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED ~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December~~BALANCE SHEETS

(Unaudited)

Series 31
~~(Unaudited)~~

~~Series 44~~


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,375,757 outstanding as of December 31, 2021 and March 31, 2021.		353,529		353,529
General Partner		(353,529)		(353,529)
		0		0
	$	0	$	0

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(166,421)
$
(195,483)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

-

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

184,956

192,398
Net cash (used in) provided by
operating activities

18,535

(3,085)
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
Cash flows from financing activities:
Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

18,535

(3,085)
Cash and cash equivalents, beginning

66,324

44,503
Cash and cash equivalents, ending
$
84,859
$
41,418

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~15

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED ~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
BALANCE SHEETS

(Unaudited)

Series 4532


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		2,640,414
Other assets		0		74
	$	0	$	2,640,488

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		4,847
Capital contributions payable		0		0
		0		4,847

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 December 31, 2021 and March 31, 2021.		380,821		3,015,649
General Partner		(380,821)		(380,008)
		0		2,635,641
	$	0	$	2,640,488

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(231,767)
$
(188,266)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

-

-
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

2,500
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

156,418

228,968
Net cash (used in) provided by
operating activities

(75,349)

43,202
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(75,349)

43,202
Cash and cash equivalents, beginning

803,153

748,100
Cash and cash equivalents, ending
$
727,804
$
791,302

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

The accompanying notes are an integral part of this condensed statement

~~Boston Capital~~16

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED ~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
BALANCE SHEETS

(Unaudited)

Series 4633


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		3,040,636
Other assets		0		74
	$	0	$	3,040,710

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		4,992
Capital contributions payable		0		0
		0		4,992

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 December 31, 2021 and March 31, 2021.		196,294		3,231,141
General Partner		(196,294)		(195,423)
		0		3,035,718
	$	0	$	3,040,710

2017

2016
Cash flows from operating activities:

Net income (loss)
$
(129,945)
$
222,881
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Share of (income) from
   Operating Partnerships

(10,994)

(393,183)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

(6,325)

183,785
Net cash (used in) provided by
operating activities

(147,264)

13,483
Cash flows from investing activities:

Capital contributions paid to
    Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

10,994

393,183
Net cash (used in) provided by
investing activities

10,994

393,183
Cash flows from financing activities:

Distributions

-

-
Net cash used in
financing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(136,270)

406,666
Cash and cash equivalents, beginning

651,129

243,277
Cash and cash equivalents, ending
$
514,859
$
649,943

~~Supplemental schedule of noncash~~ ~~investing and financing activities:~~

	~~The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.~~	$	-	$	-




	~~The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.~~	$	-	$	-

The accompanying notes are an integral part of this condensed statement

17

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		91,661		129,067
Other assets		0		74
	$	91,661	$	129,141

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		2,483,645		2,469,776
Capital contributions payable		0		0
		2,483,645		2,469,776

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 December 31, 2021 and March 31, 2021.		(2,067,675)		(2,016,839)
General Partner		(324,309)		(323,796)
		(2,391,984)		(2,340,635)
	$	91,661	$	129,141

The accompanying notes are an integral part of this condensed statement

18

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,277,913 outstanding as of December 31, 2021 and March 31, 2021.		223,088		223,088
General Partner		(223,088)		(223,088)
		0		0
	$	0	$	0

The accompanying notes are an integral part of this condensed statement

19

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,083,704 outstanding as of December 31, 2021 and March 31, 2021.		148,221		148,221
General Partner		(148,221)		(148,221)
		0		0
	$	0	$	0

The accompanying notes are an integral part of this condensed statement

20

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,489,100 outstanding as of December 31, 2021 and March 31, 2021.		205,359		205,359
General Partner		(205,359)		(205,359)
		0		0
	$	0	$	0

The accompanying notes are an integral part of this condensed statement

21

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,536,200 outstanding as of December 31, 2021 and March 31, 2021.		188,889		188,889
General Partner		(188,889)		(188,889)
		0		0
	$	0	$	0

The accompanying notes are an integral part of this condensed statement

22

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of December 31, 2021 and March 31, 2021.		196,043		196,043
General Partner		(196,043)		(196,043)
		0		0
	$	0	$	0

The accompanying notes are an integral part of this condensed statement

23

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,611,356 outstanding as of December 31, 2021 and March 31, 2021.		216,900		216,900
General Partner		(216,900)		(216,900)
		0		0
	$	0	$	0

The accompanying notes are an integral part of this condensed statement

24

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		334,163		408,743
Other assets		0		437
	$	334,163	$	409,180

LIABILITIES
Accounts payable and accrued expenses	$	0	$	1
Accounts payable affiliates (Note C)		2,717,527		2,690,845
Capital contributions payable		0		0
		2,717,527		2,690,846

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 December 31, 2021 and March 31, 2021.		(2,110,362)		(2,009,681)
General Partner		(273,002)		(271,985)
		(2,383,364)		(2,281,666)
	$	334,163	$	409,180

The accompanying notes are an integral part of this condensed statement

25

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		2,377,116		2,318,856
Other assets		501		82
	$	2,377,617	$	2,318,938

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		48,886		36,736
Capital contributions payable		0		0
		48,886		36,736

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 December 31, 2021 and March 31, 2021.		2,546,381		2,500,317
General Partner		(217,650)		(218,115)
		2,328,731		2,282,202
	$	2,377,617	$	2,318,938

The accompanying notes are an integral part of this condensed statement

26

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		0		0
Other assets		0		0
	$	0	$	0

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		0		0
Capital contributions payable		0		0
		0		0

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,617,987 outstanding as of December 31, 2021 and March 31, 2021.		306,854		306,854
General Partner		(306,854)		(306,854)
		0		0
	$	0	$	0

The accompanying notes are an integral part of this condensed statement

27

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		1,238,678		842,738
Other assets		0		205
	$	1,238,678	$	842,943

LIABILITIES
Accounts payable and accrued expenses	$	0	$	26
Accounts payable affiliates (Note C)		20,334		399,489
Capital contributions payable		0		0
		20,334		399,515

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 December 31, 2021 and March 31, 2021.		1,443,609		676,442
General Partner		(225,265)		(233,014)
		1,218,344		443,428
	$	1,238,678	$	842,943

The accompanying notes are an integral part of this condensed statement

28

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		297,031		294,663
Other assets		0		2,627
	$	297,031	$	297,290

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		1,126,333		1,744,673
Capital contributions payable		0		0
		1,126,333		1,744,673

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 December 31, 2021 and March 31, 2021.		(467,347)		(1,079,247)
General Partner		(361,955)		(368,136)
		(829,302)		(1,447,383)
	$	297,031	$	297,290

The accompanying notes are an integral part of this condensed statement

29

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46


	December 31,		March 31,
	2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		458,694		449,205
Other assets		3,788		5,033
	$	462,482	$	454,238

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0
Accounts payable affiliates (Note C)		1,977,705		2,182,886
Capital contributions payable		0		0
		1,977,705		2,182,886

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,965,635 outstanding as of December 31, 2021 and March 31, 2021.		(1,237,329)		(1,448,620)
General Partner		(277,894)		(280,028)
		(1,515,223)		(1,728,648)
	$	462,482	$	454,238

The accompanying notes are an integral part of this condensed statement

30

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)


	2021		2020

Income
Interest income	$	1,488	$	1,478
Other income		29,678		14,602
		31,166		16,080

Gain (Loss) on disposition of Operating Partnerships		239,636		935,865

Expenses
Professional fees		32,435		83,296
Fund management fee, net (Note C)		87,006		183,794
General and administrative expenses		324,959		46,701
		444,400		313,791

NET INCOME (LOSS)	$	(173,598)	$	638,154

Net income (loss) allocated to assignees	$	(171,862)	$	631,773

Net income (loss) allocated to general partner	$	(1,736)	$	6,381

Net income (loss) per BAC	$	(.00)	$	.01

The accompanying notes are an integral part of this condensed statement

31

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 20


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

32

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 21


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

33

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 22


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

34

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 23


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

35

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 24


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

36

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 25


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

37

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 26


	2021		2020

Income
Interest income	$	0	$	94
Other income		0		0
		0		94

Gain (Loss) on disposition of Operating Partnerships		0		18,800

Expenses
Professional fees		0		5,240
Fund management fee, net (Note C)		0		4,281
General and administrative expenses		74,978		5,489
		74,978		15,010

NET INCOME (LOSS)	$	(74,978)	$	3,884

Net income (loss) allocated to assignees	$	(74,228)	$	3,845

Net income (loss) allocated to general partner	$	(750)	$	39

Net income (loss) per BAC	$	(.02)	$	.00

The accompanying notes are an integral part of this condensed statement

38

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 27


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

39

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 28


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

40

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 29


	2021		2020

Income
Interest income	$	36	$	29
Other income		0		0
		36		29

Gain (Loss) on disposition of Operating Partnerships		0		35,000

Expenses
Professional fees		4,635		4,972
Fund management fee, net (Note C)		1,128		4,629
General and administrative expenses		15,791		5,303
		21,554		14,904

NET INCOME (LOSS)	$	(21,518)	$	20,125

Net income (loss) allocated to assignees	$	(21,303)	$	19,924

Net income (loss) allocated to general partner	$	(215)	$	201

Net income (loss) per BAC	$	(.01)	$	.01

The accompanying notes are an integral part of this condensed statement

41

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 30


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

42

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 31


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

43

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 32


	2021		2020

Income
Interest income	$	0	$	35
Other income		0		0
		0		35

Gain (Loss) on disposition of Operating Partnerships		0		79,208

Expenses
Professional fees		0		5,026
Fund management fee, net (Note C)		0		15,132
General and administrative expenses		73,421		5,465
		73,421		25,623

NET INCOME (LOSS)	$	(73,421)	$	53,620

Net income (loss) allocated to assignees	$	(72,686)	$	53,084

Net income (loss) allocated to general partner	$	(735)	$	536

Net income (loss) per BAC	$	(.02)	$	.01

The accompanying notes are an integral part of this condensed statement

44

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 33


	2021		2020

Income
Interest income	$	0	$	98
Other income		0		0
		0		98

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		3,996
Fund management fee, net (Note C)		0		9,777
General and administrative expenses		87,548		3,279
		87,548		17,052

NET INCOME (LOSS)	$	(87,548)	$	(16,954)

Net income (loss) allocated to assignees	$	(86,673)	$	(16,784)

Net income (loss) allocated to general partner	$	(875)	$	(170)

Net income (loss) per BAC	$	(.03)	$	(.01)

The accompanying notes are an integral part of this condensed statement

45

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 34


	2021		2020

Income
Interest income	$	28	$	24
Other income		0		0
		28		24

Gain (Loss) on disposition of Operating Partnerships		0		20,800

Expenses
Professional fees		4,635		4,463
Fund management fee, net (Note C)		4,623		4,825
General and administrative expenses		12,716		4,266
		21,974		13,554

NET INCOME (LOSS)	$	(21,946)	$	7,270

Net income (loss) allocated to assignees	$	(21,727)	$	7,197

Net income (loss) allocated to general partner	$	(219)	$	73

Net income (loss) per BAC	$	(.01)	$	.01

The accompanying notes are an integral part of this condensed statement

46

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 35


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

47

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 36


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

48

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 37


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

49

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 38


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

50

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 39


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

51

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 40


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

52

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 41


	2021		2020

Income
Interest income	$	100	$	66
Other income		0		0
		100		66

Gain (Loss) on disposition of Operating Partnerships		0		18,000

Expenses
Professional fees		4,633		4,629
Fund management fee, net (Note C)		18,179		26,529
General and administrative expenses		11,016		3,552
		33,828		34,710

NET INCOME (LOSS)	$	(33,728)	$	(16,644)

Net income (loss) allocated to assignees	$	(33,391)	$	(16,478)

Net income (loss) allocated to general partner	$	(337)	$	(166)

Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

53

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 42


	2021		2020

Income
Interest income	$	718	$	289
Other income		0		14,298
		718		14,587

Gain (Loss) on disposition of Operating Partnerships		0		722,454

Expenses
Professional fees		4,633		4,367
Fund management fee, net (Note C)		4,050		11,801
General and administrative expenses		11,885		3,236
		20,568		19,404

NET INCOME (LOSS)	$	(19,850)	$	717,637

Net income (loss) allocated to assignees	$	(19,651)	$	710,461

Net income (loss) allocated to general partner	$	(199)	$	7,176

Net income (loss) per BAC	$	(.01)	$	.26

The accompanying notes are an integral part of this condensed statement

54

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 43


	2021		2020

Income
Interest income	$	0	$	242
Other income		0		304
		0		546

Gain (Loss) on disposition of Operating Partnerships		0		79,835

Expenses
Professional fees		0		5,075
Fund management fee, net (Note C)		0		3,940
General and administrative expenses		0		4,188
		0		13,203

NET INCOME (LOSS)	$	0	$	67,178

Net income (loss) allocated to assignees	$	0	$	66,507

Net income (loss) allocated to general partner	$	0	$	671

Net income (loss) per BAC	$	0	$	.02

The accompanying notes are an integral part of this condensed statement

55

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 44


	2021		2020

Income
Interest income	$	374	$	49
Other income		0		0
		374		49

Gain (Loss) on disposition of Operating Partnerships		0		(83,058)

Expenses
Professional fees		4,634		4,427
Fund management fee, net (Note C)		7,935		29,565
General and administrative expenses		10,371		3,456
		22,940		37,448

NET INCOME (LOSS)	$	(22,566)	$	(120,457)

Net income (loss) allocated to assignees	$	(22,340)	$	(119,253)

Net income (loss) allocated to general partner	$	(226)	$	(1,204)

Net income (loss) per BAC	$	(.01)	$	(.04)

The accompanying notes are an integral part of this condensed statement

56

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 45


	2021		2020

Income
Interest income	$	101	$	91
Other income		0		0
		101		91

Gain (Loss) on disposition of Operating Partnerships		239,636		0

Expenses
Professional fees		4,632		35,429
Fund management fee, net (Note C)		15,016		28,713
General and administrative expenses		14,519		4,637
		34,167		68,779

NET INCOME (LOSS)	$	205,570	$	(68,688)

Net income (loss) allocated to assignees	$	203,514	$	(68,001)

Net income (loss) allocated to general partner	$	2,056	$	(687)

Net income (loss) per BAC	$	.05	$	(.02)

The accompanying notes are an integral part of this condensed statement

57

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 46


	2021		2020

Income
Interest income	$	131	$	461
Other income		29,678		0
		29,809		461

Gain (Loss) on disposition of Operating Partnerships		0		44,826

Expenses
Professional fees		4,633		5,672
Fund management fee, net (Note C)		36,075		44,602
General and administrative expenses		12,714		3,830
		53,422		54,104

NET INCOME (LOSS)	$	(23,613)	$	(8,817)

Net income (loss) allocated to assignees	$	(23,377)	$	(8,729)

Net income (loss) allocated to general partner	$	(236)	$	(88)

Net income (loss) per BAC	$	(.01)	$	(.00)

The accompanying notes are an integral part of this condensed statement

58

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)


	2021		2020

Income
Interest income	$	6,686	$	9,373
Other income		95,187		132,610
		101,873		141,983

Gain (Loss) on disposition of Operating Partnerships		2,032,167		1,366,857

Expenses
Professional fees		166,338		300,336
Fund management fee, net (Note C)		273,219		555,480
General and administrative expenses		480,472		205,223
		920,029		1,061,039

NET INCOME (LOSS)	$	1,214,011	$	447,801

Net income (loss) allocated to assignees	$	1,201,871	$	443,324

Net income (loss) allocated to general partner	$	12,140	$	4,477

Net income (loss) per BAC	$	.01	$	.01

The accompanying notes are an integral part of this condensed statement

59

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 20


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

60

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 21


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

61

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 22


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

62

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 23


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

63

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 24


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

64

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 25


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

65

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 26


	2021		2020
Income
Interest income	$	261	$	938
Other income		—		—
		261		938

Gain (Loss) on disposition of Operating Partnerships		20,845		18,800

Expenses
Professional fees		11,719		23,408
Fund management fee, net (Note C)		3,665		12,845
General and administrative expenses		97,302		20,991
		112,686		57,244

NET INCOME (LOSS)	$	(91,580)	$	(37,506)

Net income (loss) allocated to assignees	$	(90,664)	$	(37,131)

Net income (loss) allocated to general partner	$	(916)	$	(375)

Net income (loss) per BAC	$	(.02)	$	(.01)

The accompanying notes are an integral part of this condensed statement

66

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 27


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

67

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 28


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

68

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 29


	2021		2020

Income
Interest income	$	111	$	279
Other income		—		—
		111		279

Gain (Loss) on disposition of Operating Partnerships		29,999		44,500

Expenses
Professional fees		18,029		18,095
Fund management fee, net (Note C)		3,215		18,134
General and administrative expenses		34,806		19,230
		56,050		55,459

NET INCOME (LOSS)	$	(25,940)	$	(10,680)

Net income (loss) allocated to assignees	$	(25,681)	$	(10,573)

Net income (loss) allocated to general partner	$	(259)	$	(107)

Net income (loss) per BAC	$	(.01)	$	(.00)

The accompanying notes are an integral part of this condensed statement

69

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 30


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

70

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 31


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

71

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 32


	2021		2020
Income
Interest income	$	1,321	$	350
Other income		—		10,008
		1,321		10,358

Gain (Loss) on disposition of Operating Partnerships		23,823		79,208

Expenses
Professional fees		11,719		19,399
Fund management fee, net (Note C)		4,091		38,896
General and administrative expenses		90,598		20,930
		106,408		79,225

NET INCOME (LOSS)	$	(81,264)	$	10,341

Net income (loss) allocated to assignees	$	(80,451)	$	10,238

Net income (loss) allocated to general partner	$	(813)	$	103

Net income (loss) per BAC	$	(.02)	$	.00

The accompanying notes are an integral part of this condensed statement

72

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 33


	2021		2020
Income
Interest income	$	1,524	$	794
Other income		—		10,008
		1,524		10,802

Gain (Loss) on disposition of Operating Partnerships		23,823		—

Expenses
Professional fees		10,544		16,464
Fund management fee, net (Note C)		4,334		22,831
General and administrative expenses		97,578		16,901
		112,456		56,196

NET INCOME (LOSS)	$	(87,109)	$	(45,394)

Net income (loss) allocated to assignees	$	(86,238)	$	(44,940)

Net income (loss) allocated to general partner	$	(871)	$	(454)

Net income (loss) per BAC	$	(.03)	$	(.02)

The accompanying notes are an integral part of this condensed statement

73

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 34


	2021		2020
Income
Interest income	$	86	$	310
Other income		—		—
		86		310

Gain (Loss) on disposition of Operating Partnerships		—		20,800

Expenses
Professional fees		15,179		21,024
Fund management fee, net (Note C)		10,869		15,279
General and administrative expenses		25,387		18,710
		51,435		55,013

NET INCOME (LOSS)	$	(51,349)	$	(33,903)

Net income (loss) allocated to assignees	$	(50,836)	$	(33,564)

Net income (loss) allocated to general partner	$	(513)	$	(339)

Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

74

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 35


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

75

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 36


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

76

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 37


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

77

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 38


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

78

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 39


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

79

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 40


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain (Loss) on disposition of Operating Partnerships		0		0

Expenses
Professional fees		0		0
Fund management fee, net (Note C)		0		0
General and administrative expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0

Net income (loss) per BAC	$	0	$	0

The accompanying notes are an integral part of this condensed statement

80

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 41


	2021		2020
Income
Interest income	$	283	$	585
Other income		—		3,392
		283		3,977

Gain (Loss) on disposition of Operating Partnerships		—		64,500

Expenses
Professional fees		21,552		23,467
Fund management fee, net (Note C)		58,367		78,321
General and administrative expenses		22,062		17,609
		101,981		119,397

NET INCOME (LOSS)	$	(101,698)	$	(50,920)

Net income (loss) allocated to assignees	$	(100,681)	$	(50,411)

Net income (loss) allocated to general partner	$	(1,017)	$	(509)

Net income (loss) per BAC	$	(.04)	$	(.02)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 42


	2021		2020
Income
Interest income	$	1,839	$	1,818
Other income		868		14,298
		2,707		16,116

Gain (Loss) on disposition of Operating Partnerships		94,182		722,454

Expenses
Professional fees		19,202		24,791
Fund management fee, net (Note C)		9,650		50,320
General and administrative expenses		21,508		16,920
		50,360		92,031

NET INCOME (LOSS)	$	46,529	$	646,539

Net income (loss) allocated to assignees	$	46,064	$	640,074

Net income (loss) allocated to general partner	$	465	$	6,465

Net income (loss) per BAC	$	.02	$	.24

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 43


	2021		2020
Income
Interest income	$	0	$	2,054
Other income		0		1,542
		0		3,596

Gain (Loss) on disposition of Operating Partnerships		0		186,635

Expenses
Professional fees		0		27,629
Fund management fee, net (Note C)		0		34,194
General and administrative expenses		0		18,762
		0		80,585

NET INCOME (LOSS)	$	0	$	109,646

Net income (loss) allocated to assignees	$	0	$	108,550

Net income (loss) allocated to general partner	$	0	$	1,096

Net income (loss) per BAC	$	0	$	.03

The accompanying notes are an integral part of this condensed statement

83

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CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 44


	2021		2020
Income
Interest income	$	658	$	576
Other income		25,468		11,054
		26,126		11,630

Gain (Loss) on disposition of Operating Partnerships		815,747		(83,058)

Expenses
Professional fees		15,676		21,710
Fund management fee, net (Note C)		27,476		80,701
General and administrative expenses		23,805		17,268
		66,957		119,679

NET INCOME (LOSS)	$	774,916	$	(191,107)

Net income (loss) allocated to assignees	$	767,167	$	(189,196)

Net income (loss) allocated to general partner	$	7,749	$	(1,911)

Net income (loss) per BAC	$	.29	$	(.07)

The accompanying notes are an integral part of this condensed statement

84

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CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 45


	2021		2020
Income
Interest income	$	246	$	597
Other income		29,480		31,189
		29,726		31,786

Gain (Loss) on disposition of Operating Partnerships		691,381		199,692

Expenses
Professional fees		21,870		75,026
Fund management fee, net (Note C)		42,835		73,285
General and administrative expenses		38,321		19,698
		103,026		168,009

NET INCOME (LOSS)	$	618,081	$	63,469

Net income (loss) allocated to assignees	$	611,900	$	62,834

Net income (loss) allocated to general partner	$	6,181	$	635

Net income (loss) per BAC	$	.15	$	.02

The accompanying notes are an integral part of this condensed statement

85

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CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 46


	2021		2020
Income
Interest income	$	357	$	1,072
Other income		39,371		51,119
		39,728		52,191

Gain (Loss) on disposition of Operating Partnerships		332,367		113,326

Expenses
Professional fees		20,848		29,323
Fund management fee, net (Note C)		108,717		130,674
General and administrative expenses		29,105		18,204
		158,670		178,201

NET INCOME (LOSS)	$	213,425	$	(12,684)

Net income (loss) allocated to assignees	$	211,291	$	(12,557)

Net income (loss) allocated to general partner	$	2,134	$	(127)

Net income (loss) per BAC	$	.07	$	(.00)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2021	$	(1,450,880)	$	(383,588)	$	(1,834,468)

Net income (loss)		317,421		3,206		320,627

Partners’ capital (deficit), June 30, 2021		(1,133,459)		(380,382)		(1,513,841)

Net income (loss)		1,056,312		10,670		1,066,982

Partners’ capital (deficit), September 30, 2021		(77,147)		(369,712)		(446,859)

Distribution		(5,940,309)		—		(5,940,309)

Net income (loss)		(171,862)		(1,736)		(173,598)

Partners’ capital (deficit), December 31, 2021	$	(6,189,318)	$	(371,448)	$	(6,560,766)

The accompanying notes are an integral part of this condensed statement

87

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2020	$	(6,042,833)	$	(444,787)	$	(6,487,620)

Net income (loss)		(189,479)		(1,915)		(191,394)

Partners’ capital (deficit), June 30, 2020		(6,232,312)		(446,702)		(6,679,014)

Net income (loss)		1,030		11		1,041

Partners’ capital (deficit), September 30, 2020		(6,231,282)		(446,691)		(6,677,973)

Net income (loss)		631,773		6,381		638,154

Partners’ capital (deficit), December 31, 2020	$	(5,599,509)	$	(440,310)	$	(6,039,819)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 20
Partners’ capital (deficit) April 1, 2021	$	(754,767)	$	754,767	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2021		(754,767)		754,767		—

Net income (loss)		—		—		—

Partners' capital (deficit), September 30,2021		(754,767)		754,767		—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), December 31, 2021	$	(754,767)	$	754,767	$	0

The accompanying notes are an integral part of this condensed statement

89

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 20
Partners’ capital (deficit) April 1, 2020	$	(754,767)	$	754,767	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		(754,767)		754,767		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		(754,767)		754,767		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	(754,767)	$	754,767	$	0

The accompanying notes are an integral part of this condensed statement

90

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 21
Partners’ capital (deficit) April 1, 2021	$	(898,231)	$	898,231	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		(898,231)		898,231		0

Net income (loss)		0		0		0

Partners' capital (deficit), September 30,2021		(898,231)		898,231		0

Distribution		0		0		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2021	$	(898,231)	$	898,231	$	0

The accompanying notes are an integral part of this condensed statement

91

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 21
Partners’ capital (deficit) April 1, 2020	$	(898,231)	$	898,231	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		(898,231)		898,231		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		(898,231)		898,231		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	(898,231)	$	898,231	$	0

The accompanying notes are an integral part of this condensed statement

92

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 22
Partners’ capital (deficit) April 1, 2021	$	(2,448,362)	$	2,448,362	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		(2,448,362)		2,448,362		0

Net income (loss)		0		0		0

Partners' capital (deficit), September 30,2021		(2,448,362)		2,448,362		0

Distribution		0		0		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2021	$	(2,448,362)	$	2,448,362	$	0

The accompanying notes are an integral part of this condensed statement

93

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 22
Partners’ capital (deficit) April 1, 2020	$	(2,448,362)	$	2,448,362	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		(2,448,362)		2,448,362		0

Net income (loss)		0		0		0

Partners' capital (deficit), September 30,2020		(2,448,362)		2,448,362		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	(2,448,362)	$	2,448,362	$	0

The accompanying notes are an integral part of this condensed statement

94

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 23
Partners’ capital (deficit) April 1, 2021	$	(224,264)	$	224,264	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		(224,264)		224,264		0

Net income (loss)		0		0		0

Partners' capital (deficit), September 30,2021		(224,264)		224,264		0

Distribution		0		0		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2021	$	(224,264)	$	224,264	$	0

The accompanying notes are an integral part of this condensed statement

95

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 23
Partners’ capital (deficit) April 1, 2020	$	(224,264)	$	224,264	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		(224,264)		224,264		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		(224,264)		224,264		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	(224,264)	$	224,264	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 24
Partners’ capital (deficit) April 1, 2021	$	173,404	$	(173,404)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		173,404		(173,404)		0

Net income (loss)		0		0		0

Partners' capital (deficit), September 30,2021		173,404		(173,404)		0

Distribution		0		0		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2021	$	173,404	$	(173,404)	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 24
Partners’ capital (deficit) April 1, 2020	$	173,404	$	(173,404)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		173,404		(173,404)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		173,404		(173,404)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	173,404	$	(173,404)	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 25
Partners’ capital (deficit) April 1, 2021	$	219,815	$	(219,815)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		219,815		(219,815)		0

Net income (loss)		0		0		0

Partners' capital (deficit), September 30,2021		219,815		(219,815)		0

Distribution		0		0		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2021	$	219,815	$	(219,815)	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 25
Partners’ capital (deficit) April 1, 2020	$	219,815	$	(219,815)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		219,815		(219,815)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		219,815		(219,815)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	219,815	$	(219,815)	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 26
Partners’ capital (deficit) April 1, 2021	$	841,956	$	(313,053)	$	528,903

Net income (loss)		(8,349)		(84)		(8,433)

Partners’ capital (deficit), June 30, 2021		833,607		(313,137)		520,470

Net income (loss)		(8,087)		(82)		(8,169)

Partners' capital (deficit), September 30,2021		825,520		(313,219)		512,301

Distribution		(437,323)		0		(437,323)

Net income (loss)		(74,228)		(750)		(74,978)

Partners’ capital (deficit), December 31, 2021	$	313,969	$	(313,969)	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 26
Partners’ capital (deficit) April 1, 2020	$	888,586	$	(312,582)	$	576,004

Net income (loss)		(15,508)		(157)		(15,665)

Partners’ capital (deficit), June 30, 2020		873,078		(312,739)		560,339

Net income (loss)		(25,468)		(257)		(25,725)

Partners’ capital (deficit), September 30, 2020		847,610		(312,996)		534,614

Net income (loss)		3,845		39		3,884

Partners’ capital (deficit), December 31, 2020	$	851,455	$	(312,957)	$	538,498

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 27
Partners’ capital (deficit) April 1, 2021	$	133,264	$	(133,264)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		133,264		(133,264)		0

Net income (loss)		0		0		0

Partners' capital (deficit), September 30,2021		133,264		(133,264)		0

Distribution		0		0		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2021	$	133,264	$	(133,264)	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 27
Partners’ capital (deficit) April 1, 2020	$	133,264	$	(133,264)	$	0

Net income (loss)		—		0		0

Partners’ capital (deficit), June 30, 2020		133,264		(133,264)		0

Net income (loss)		—		0		0

Partners’ capital (deficit), September 30, 2020		133,264		(133,264)		0

Net income (loss)		—		0		0

Partners’ capital (deficit), December 31, 2020	$	133,264	$	(133,264)	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 28
Partners’ capital (deficit) April 1, 2021	$	275,140	$	(275,140)	$	0

Net income (loss)		—		—		0

Partners’ capital (deficit), June 30, 2021		275,140		(275,140)		0

Net income (loss)		—		—		0

Partners' capital (deficit), September 30,2021		275,140		(275,140)		0

Distribution		—		—		0

Net income (loss)		—		—		0

Partners’ capital (deficit), December 31, 2021	$	275,140	$	(275,140)	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 28
Partners’ capital (deficit) April 1, 2020	$	275,140	$	(275,140)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		275,140		(275,140)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		275,140		(275,140)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	275,140	$	(275,140)	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 29
Partners’ capital (deficit) April 1, 2021	$	(2,593,761)	$	(368,267)	$	(2,962,028)

Net income (loss)		(8,526)		(86)		(8,612)

Partners’ capital (deficit), June 30, 2021		(2,602,287)		(368,353)		(2,970,640)

Net income (loss)		4,148		42		4,190

Partners’ capital (deficit), September 30, 2021		(2,598,139)		(368,311)		(2,966,450)

Distribution		—		—		—

Net income (loss)		(21,303)		(215)		(21,518)

Partners’ capital (deficit), December 31, 2021	$	(2,619,442)	$	(368,526)	$	(2,987,968)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 29
Partners’ capital (deficit) April 1, 2020	$	(2,581,075)	$	(368,139)	$	(2,949,214)

Net income (loss)		(7,010)		(71)		(7,081)

Partners’ capital (deficit), June 30, 2020		(2,588,085)		(368,210)		(2,956,295)

Net income (loss)		(23,487)		(237)		(23,724)

Partners’ capital (deficit), September 30, 2020		(2,611,572)		(368,447)		(2,980,019)

Net income (loss)		19,924		201		20,125

Partners’ capital (deficit), December 31, 2020	$	(2,591,648)	$	(368,246)	$	(2,959,894)

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 30
Partners’ capital (deficit) April 1, 2021	$	(883,119)	$	883,119	$	0

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2021		(883,119)		883,119		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2021		(883,119)		883,119		—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), December 31, 2021	$	(883,119)	$	883,119	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 30
Partners’ capital (deficit) April 1, 2020	$	(883,119)	$	883,119	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		(883,119)		883,119		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		(883,119)		883,119		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	(883,119)	$	883,119	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 31
Partners’ capital (deficit) April 1, 2021	$	353,529	$	(353,529)	$	0

Net income (loss)		—		—		0

Partners' capital (deficit), June 30,2021		353,529		(353,529)		0

Net income (loss)		—		—		0

Partners’ capital (deficit), September 30, 2021		353,529		(353,529)		0

Distribution		—		—		0

Net income (loss)		—		—		0

Partners’ capital (deficit), December 31, 2021	$	353,529	$	(353,529)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 31
Partners’ capital (deficit) April 1, 2020	$	353,529	$	(353,529)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		353,529		(353,529)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		353,529		(353,529)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	353,529	$	(353,529)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 32
Partners’ capital (deficit) April 1, 2021	$	3,015,649	$	(380,008)	$	2,635,641

Net income (loss)		(8,109)		(82)		(8,191)

Partners’ capital (deficit), June 30, 2021		3,007,540		(380,090)		2,627,450

Net income (loss)		344		4		348

Partners’ capital (deficit), September 30, 2021		3,007,884		(380,086)		2,627,798

Distribution		(2,554,377)		—		(2,554,377)

Net income (loss)		(72,686)		(735)		(73,421)

Partners’ capital (deficit), December 31, 2021	$	380,821	$	(380,821)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 32
Partners’ capital (deficit) April 1, 2020	$	514,959	$	(405,267)	$	109,692

Net income (loss)		(26,064)		(263)		(26,327)

Partners’ capital (deficit), June 30, 2020		488,895		(405,530)		83,365

Net income (loss)		(16,782)		(170)		(16,952)

Partners’ capital (deficit), September 30, 2020		472,113		(405,700)		66,413

Net income (loss)		53,084		536		53,620

Partners’ capital (deficit), December 31, 2020	$	525,197	$	(405,164)	$	120,033

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 33
Partners’ capital (deficit) April 1, 2021	$	3,231,141	$	(195,423)	$	3,035,718

Net income (loss)		(6,191)		(63)		(6,254)

Partners’ capital (deficit), June 30, 2021		3,224,950		(195,486)		3,029,464

Net income (loss)		6,626		67		6,693

Partners’ capital (deficit), September 30, 2021		3,231,576		(195,419)		3,036,157

Distribution		(2,948,609)		—		(2,948,609)

Net income (loss)		(86,673)		(875)		(87,548)

Partners’ capital (deficit), December 31, 2021	$	196,294	$	(196,294)	$	—

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 33
Partners’ capital (deficit) April 1, 2020	$	782,102	$	(220,161)	$	561,941

Net income (loss)		(18,763)		(190)		(18,953)

Partners’ capital (deficit), June 30, 2020		763,339		(220,351)		542,988

Net income (loss)		(9,393)		(94)		(9,487)

Partners’ capital (deficit), September 30, 2020		753,946		(220,445)		533,501

Net income (loss)		(16,784)		(170)		(16,954)

Partners’ capital (deficit), December 31, 2020	$	737,162	$	(220,615)	$	516,547

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 34
Partners’ capital (deficit) April 1, 2021	$	(2,016,839)	$	(323,796)	$	(2,340,635)

Net income (loss)		(9,691)		(98)		(9,789)

Partners’ capital (deficit), June 30, 2021		(2,026,530)		(323,894)		(2,350,424)

Net income (loss)		(19,418)		(196)		(19,614)

Partners’ capital (deficit), September 30, 2021		(2,045,948)		(324,090)		(2,370,038)

Distribution		—		—		—

Net income (loss)		(21,727)		(219)		(21,946)

Partners’ capital (deficit), December 31, 2021	$	(2,067,675)	$	(324,309)	$	(2,391,984)

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 34
Partners’ capital (deficit) April 1, 2020	$	(1,973,967)	$	(323,363)	$	(2,297,330)

Net income (loss)		(16,791)		(170)		(16,961)

Partners’ capital (deficit), June 30, 2020		(1,990,758)		(323,533)		(2,314,291)

Net income (loss)		(23,970)		(242)		(24,212)

Partners’ capital (deficit), September 30, 2020		(2,014,728)		(323,775)		(2,338,503)

Net income (loss)		7,197		73		7,270

Partners’ capital (deficit), December 31, 2020	$	(2,007,531)	$	(323,702)	$	(2,331,233)

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 35
Partners’ capital (deficit) April 1, 2021	$	223,088	$	(223,088)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		223,088		(223,088)		0

Net income (loss)		—		—		0

Partners’ capital (deficit), September 30, 2021		223,088		(223,088)		0

Distribution		—		—		0

Net income (loss)		—		—		0

Partners’ capital (deficit), December 31, 2021	$	223,088	$	(223,088)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 35
Partners’ capital (deficit) April 1, 2020	$	223,088	$	(223,088)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		223,088		(223,088)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		223,088		(223,088)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	223,088	$	(223,088)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 36
Partners’ capital (deficit) April 1, 2021	$	148,221	$	(148,221)	$	0

Net income (loss)		—		—		0

Partners’ capital (deficit), June 30, 2021		148,221		(148,221)		0

Net income (loss)		—		—		0

Partners’ capital (deficit), September 30, 2021		148,221		(148,221)		0

Distribution		—		—		0

Net income (loss)		—		—		0

Partners’ capital (deficit), December 31, 2021	$	148,221	$	(148,221)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 36
Partners’ capital (deficit) April 1, 2020	$	148,221	$	(148,221)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		148,221		(148,221)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		148,221		(148,221)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	148,221	$	(148,221)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 37
Partners’ capital (deficit) April 1, 2021	$	205,359	$	(205,359)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		205,359		(205,359)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2021		205,359		(205,359)		—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), December 31, 2021	$	205,359	$	(205,359)	$	—

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 37
Partners’ capital (deficit) April 1, 2020	$	205,359	$	(205,359)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		205,359		(205,359)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		205,359		(205,359)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	205,359	$	(205,359)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 38
Partners’ capital (deficit) April 1, 2021	$	188,889	$	(188,889)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		188,889		(188,889)		0

Net income (loss)		—		—		0

Partners’ capital (deficit), September 30, 2021		188,889		(188,889)		0

Distribution		—		—		0

Net income (loss)		—		—		0

Partners’ capital (deficit), December 31, 2021	$	188,889	$	(188,889)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 38
Partners’ capital (deficit), April 1, 2020	$	188,889	$	(188,889)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		188,889		(188,889)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		188,889		(188,889)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	188,889	$	(188,889)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 39
Partners’ capital (deficit) April 1, 2021	$	196,043	$	(196,043)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		196,043		(196,043)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2021		196,043		(196,043)		—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), December 31, 2021	$	196,043	$	(196,043)	$	—

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 39
Partners’ capital (deficit) April 1, 2020	$	196,043	$	(196,043)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2018		196,043		(196,043)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		196,043		(196,043)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	196,043	$	(196,043)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 40
Partners’ capital (deficit) April 1, 2021	$	216,900	$	(216,900)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2021		216,900		(216,900)		0

Net income (loss)		—		—		0

Partners’ capital (deficit), September 30, 2021		216,900		(216,900)		0

Distribution		—		—		0

Net income (loss)		—		—		0

Partners’ capital (deficit), December 31, 2021	$	216,900	$	(216,900)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 40
Partners’ capital (deficit) April 1, 2020	$	216,900	$	(216,900)	$	0

Net income (loss)		0		0		0

Partners’ capital (deficit), June 30, 2020		216,900		(216,900)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020		216,900		(216,900)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), December 31, 2020	$	216,900	$	(216,900)	$	0

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 41
Partners’ capital (deficit) April 1, 2021	$	(2,009,681)	$	(271,985)	$	(2,281,666)

Net income (loss)		(24,769)		(250)		(25,019)

Partners’ capital (deficit), June 30, 2021		(2,034,450)		(272,235)		(2,306,685)

Net income (loss)		(42,521)		(430)		(42,951)

Partners' capital (deficit), September 30,2021		(2,076,971)		(272,665)		(2,349,636)

Distribution		—		—		—

Net income (loss)		(33,391)		(337)		(33,728)

Partners’ capital (deficit), December 31, 2021	$	(2,110,362)	$	(273,002)	$	(2,383,364)

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 41
Partners’ capital (deficit) April 1, 2020	$	(2,023,466)	$	(272,124)	$	(2,295,590)

Net income (loss)		(34,428)		(348)		(34,776)

Partners’ capital (deficit), June 30, 2020		(2,057,894)		(272,472)		(2,330,366)

Net income (loss)		495		5		500

Partners’ capital (deficit), September 30, 2020		(2,057,399)		(272,467)		(2,329,866)

Net income (loss)		(16,478)		(166)		(16,644)

Partners’ capital (deficit), December 31, 2020	$	(2,073,877)	$	(272,633)	$	(2,346,510)

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 42
Partners’ capital (deficit) April 1, 2021	$	2,500,317	$	(218,115)	$	2,282,202

Net income (loss)		(4,612)		(47)		(4,659)

Partners’ capital (deficit), June 30, 2021		2,495,705		(218,162)		2,277,543

Net income (loss)		70,327		711		71,038

Partners’ capital (deficit), September 30, 2021		2,566,032		(217,451)		2,348,581

Distribution		—		—		—

Net income (loss)		(19,651)		(199)		(19,850)

Partners’ capital (deficit),December 31, 2021	$	2,546,381	$	(217,650)	$	2,328,731

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 42
Partners’ capital (deficit) April 1, 2020	$	1,843,687	$	(224,748)	$	1,618,939

Net income (loss)		(28,809)		(291)		(29,100)

Partners’ capital (deficit), June 30, 2020		1,814,878		(225,039)		1,589,839

Net income (loss)		(41,578)		(420)		(41,998)

Partners’ capital (deficit), September 30, 2020		1,773,300		(225,459)		1,547,841

Net income (loss)		710,461		7,176		717,637

Partners’ capital (deficit), December 31, 2020	$	2,483,761	$	(218,283)	$	2,265,478

The accompanying notes are an integral part of this condensed statement

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Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 43
Partners’ capital (deficit) April 1, 2021	$	306,854	$	(306,854)	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2021		306,854		(306,854)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2021		306,854		(306,854)		—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), December 31, 2021	$	306,854	$	(306,854)	$	—

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 43
Partners’ capital (deficit) April 1, 2020	$	1,723,649	$	(307,358)	$	1,416,291

Net income (loss)		(18,648)		(188)		(18,836)

Partners’ capital (deficit), June 30, 2020		1,705,001		(307,546)		1,397,455

Net income (loss)		60,691		613		61,304

Partners’ capital (deficit), September 30, 2020		1,765,692		(306,933)		1,458,759

Net income (loss)		66,507		671		67,178

Partners’ capital (deficit), December 31, 2020	$	1,832,199	$	(306,262)	$	1,525,937

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 44
Partners’ capital (deficit) April 1, 2021	$	676,442	$	(233,014)	$	443,428

Net income (loss)		(17,404)		(176)		(17,580)

Partners’ capital (deficit), June 30, 2021		659,038		(233,190)		425,848

Net income (loss)		806,911		8,151		815,062

Partners’ capital (deficit), September 30, 2021		1,465,949		(225,039)		1,240,910

Distribution		—		—		—

Net income (loss)		(22,340)		(226)		(22,566)

Partners’ capital (deficit), December 31, 2021	$	1,443,609	$	(225,265)	$	1,218,344

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 44
Partners’ capital (deficit) April 1, 2020	$	192,920	$	(237,898)	$	(44,978)

Net income (loss)		(34,250)		(346)		(34,596)

Partners’ capital (deficit), June 30, 2020		158,670		(238,244)		(79,574)

Net income (loss)		(35,693)		(361)		(36,054)

Partners’ capital (deficit), September 30, 2020		122,977		(238,605)		(115,628)

Net income (loss)		(119,253)		(1,204)		(120,457)

Partners’ capital (deficit), December 31, 2020	$	3,724	$	(239,809)	$	(236,085)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 45
Partners’ capital (deficit) April 1, 2021	$	(1,079,247)	$	(368,136)	$	(1,447,383)

Net income (loss)		170,032		1,718		171,750

Partners’ capital (deficit), June 30, 2021		(909,215)		(366,418)		(1,275,633)

Net income (loss)		238,354		2,407		240,761

Partners’ capital (deficit), September 30, 2021		(670,861)		(364,011)		(1,034,872)

Distribution		—		—		—

Net income (loss)		203,514		2,056		205,570

Partners’ capital (deficit), December 31, 2021	$	(467,347)	$	(361,955)	$	(829,302)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 45
Partners’ capital (deficit) April 1, 2020	$	(1,135,758)	$	(368,707)	$	(1,504,465)

Net income (loss)		(22,729)		(230)		(22,959)

Partners’ capital (deficit), June 30, 2020		(1,158,487)		(368,937)		(1,527,424)

Net income (loss)		153,564		1,552		155,116

Partners’ capital (deficit), September 30, 2020		(1,004,923)		(367,385)		(1,372,308)

Net income (loss)		(68,001)		(687)		(68,688)

Partners’ capital (deficit), December 31, 2020	$	(1,072,924)	$	(368,072)	$	(1,440,996)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 46
Partners’ capital (deficit) April 1, 2021	$	(1,448,620)	$	(280,028)	$	(1,728,648)

Net income (loss)		235,040		2,374		237,414

Partners’ capital (deficit), June 30, 2021		(1,213,580)		(277,654)		(1,491,234)

Net income (loss)		(372)		(4)		(376)

Partners’ capital (deficit), September 30, 2021		(1,213,952)		(277,658)		(1,491,610)

Distribution		—		—		—

Net income (loss)		(23,377)		(236)		(23,613)

Partners’ capital (deficit), December 31, 2021	$	(1,237,329)	$	(277,894)	$	(1,515,223)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)


			General
	Assignees		Partner		Total
Series 46
Partners’ capital (deficit) April 1, 2020	$	(1,399,379)	$	(279,531)	$	(1,678,910)

Net income (loss)		33,521		339		33,860

Partners’ capital (deficit), June 30, 2020		(1,365,858)		(279,192)		(1,645,050)

Net income (loss)		(37,349)		(378)		(37,727)

Partners’ capital (deficit), September 30, 2020		(1,403,207)		(279,570)		(1,682,777)

Net income (loss)		(8,729)		(88)		(8,817)

Partners’ capital (deficit), December 31, 2020	$	(1,411,936)	$	(279,658)	$	(1,691,594)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	1,214,011	$	447,801
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		(2,032,167)		(1,366,857)
Changes in assets and liabilities
(Increase) Decrease in other assets		4,040		11,300
(Decrease) Increase in accounts payable and accrued expenses		(27)		54,875
(Decrease) Increase in accounts payable affiliates		(1,181,978)		(305,814)
Net cash (used in) provided by operating activities		(1,996,121)		(1,158,695)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		2,032,167		1,366,603
Net cash (used in) provided by investing activities		2,032,167		1,366,603
Cash flows from financing activities:
Distributions		(5,940,309)		0
Net cash used in financing activities		(5,940,309)		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(5,904,263)		207,908
Cash and cash equivalents, beginning		10,819,585		6,622,109
Cash and cash equivalents, ending	$	4,915,322	$	6,830,017

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 20


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 21


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 22


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 23


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 24


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 25


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 26


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(91,580)	$	(37,506)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		(20,845)		(18,800)
Changes in assets and liabilities
(Increase) Decrease in other assets		75		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		(2,199)		8,563
Net cash (used in) provided by operating activities		(114,549)		(47,743)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		20,845		18,800
Net cash (used in) provided by investing activities		20,845		18,800
Cash flows from financing activities:
Distributions		(437,323)		0
Net cash used in financing activities		(437,323)		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(531,027)		(28,943)
Cash and cash equivalents, beginning		531,027		576,004
Cash and cash equivalents, ending	$	0	$	547,061

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 27


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 28


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 29


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(25,940)	$	(10,680)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		(29,999)		(44,500)
Changes in assets and liabilities
(Increase) Decrease in other assets		(352)		0
(Decrease) Increase in accounts payable and accrued expenses		0		11,000
(Decrease) Increase in accounts payable affiliates		(19,965)		18,134
Net cash (used in) provided by operating activities		(76,256)		(26,046)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		29,999		44,500
Net cash (used in) provided by investing activities		29,999		44,500
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(46,257)		18,454
Cash and cash equivalents, beginning		164,236		157,446
Cash and cash equivalents, ending	$	117,979	$	175,900

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 30


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 31


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 32


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(81,264)	$	10,341
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		(23,823)		(79,208)
Changes in assets and liabilities
(Increase) Decrease in other assets		74		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		(4,847)		45,396
Net cash (used in) provided by operating activities		(109,860)		(23,471)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		23,823		79,208
Net cash (used in) provided by investing activities		23,823		79,208
Cash flows from financing activities:
Distributions		(2,554,377)		0
Net cash used in financing activities		(2,554,377)		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,640,414)		55,737
Cash and cash equivalents, beginning		2,640,414		193,203
Cash and cash equivalents, ending	$	0	$	248,940

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 33


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(87,109)	$	(45,394)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		(23,823)		0
Changes in assets and liabilities
(Increase) Decrease in other assets		74		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		(4,992)		19,554
Net cash (used in) provided by operating activities		(115,850)		(25,840)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		23,823		0
Net cash (used in) provided by investing activities		23,823		0
Cash flows from financing activities:
Distributions		(2,948,609)		0
Net cash used in financing activities		(2,948,609)		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(3,040,636)		(25,840)

Cash and cash equivalents, beginning		3,040,636		561,941

Cash and cash equivalents, ending	$	0	$	536,101

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 34


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(51,349)	$	(33,903)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		(20,800)
Changes in assets and liabilities
(Increase) Decrease in other assets		74		0
(Decrease) Increase in accounts payable and accrued expenses		0		2,000
(Decrease) Increase in accounts payable affiliates		13,869		19,479
Net cash (used in) provided by operating activities		(37,406)		(33,224)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		20,800
Net cash (used in) provided by investing activities		0		20,800
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(37,406)		(12,424)
Cash and cash equivalents, beginning		129,067		148,344
Cash and cash equivalents, ending	$	91,661	$	135,920

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 35


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 36


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0

Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 37


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in)provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0

Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 38


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 39


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0

Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 40


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		0		0
Net cash (used in) provided by operating activities		0		0
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		0
Net cash (used in) provided by investing activities		0		0
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		0
Cash and cash equivalents, beginning		0		0
Cash and cash equivalents, ending	$	0	$	0

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 41


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(101,698)	$	(50,920)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		(64,500)
Changes in assets and liabilities
(Increase) Decrease in other assets		437		0
(Decrease) Increase in accounts payable and accrued expenses		(1)		2,500
(Decrease) Increase in accounts payable affiliates		26,682		82,907
Net cash (used in) provided by operating activities		(74,580)		(30,013)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		64,500
Net cash (used in) provided by investing activities		0		64,500
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(74,580)		34,487
Cash and cash equivalents, beginning		408,743		352,239
Cash and cash equivalents, ending	$	334,163	$	386,726

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 42


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	46,529	$	646,539
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		(94,182)		(722,454)
Changes in assets and liabilities
(Increase) Decrease in other assets		(419)		11,300
(Decrease) Increase in accounts payable and accrued expenses		0		23,000
(Decrease) Increase in accounts payable affiliates		12,150		32,686
Net cash (used in) provided by operating activities		(35,922)		(8,929)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		94,182		722,200
Net cash (used in) provided by investing activities		94,182		722,200
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		58,260		713,271
Cash and cash equivalents, beginning		2,318,856		1,607,893
Cash and cash equivalents, ending	$	2,377,116	$	2,321,164

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 43


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	109,646
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		0		(186,635)
Changes in assets and liabilities
(Increase) Decrease in other assets		0		0
(Decrease) Increase in accounts payable and accrued expenses		0		26,875
(Decrease) Increase in accounts payable affiliates		0		24,186
Net cash (used in) provided by operating activities		0		(25,928)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		0		186,635
Net cash (used in) provided by investing activities		0		186,635
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		160,707
Cash and cash equivalents, beginning		0		1,416,291
Cash and cash equivalents, ending	$	0	$	1,576,998

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 44


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	774,916	$	(191,107)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		(815,747)		83,058
Changes in assets and liabilities
(Increase) Decrease in other assets		205		0
(Decrease) Increase in accounts payable and accrued expenses		(26)		(4,000)
(Decrease) Increase in accounts payable affiliates		(379,155)		6,503
Net cash (used in) provided by operating activities		(419,807)		(105,546)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		815,747		(83,058)
Net cash (used in) provided by investing activities		815,747		(83,058)
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		395,940		(188,604)
Cash and cash equivalents, beginning		842,738		321,693
Cash and cash equivalents, ending	$	1,238,678	$	133,089

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 45


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	618,081	$	63,469
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		(691,381)		(199,692)
Changes in assets and liabilities
(Increase) Decrease in other assets		2,627		0
(Decrease) Increase in accounts payable and accrued expenses		0		(6,500)
(Decrease) Increase in accounts payable affiliates		(618,340)		(635,876)
Net cash (used in) provided by operating activities		(689,013)		(778,599)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		691,381		199,692
Net cash (used in) provided by investing activities		691,381		199,692
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,368		(578,907)
Cash and cash equivalents, beginning		294,663		859,371
Cash and cash equivalents, ending	$	297,031	$	280,464

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 46


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	213,425	$	(12,684)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
(Gain) loss on disposition of Operating Partnerships		(332,367)		(113,326)
Changes in assets and liabilities
(Increase) Decrease in other assets		1,245		0
(Decrease) Increase in accounts payable and accrued expenses		0		0
(Decrease) Increase in accounts payable affiliates		(205,181)		72,654
Net cash (used in) provided by operating activities		(322,878)		(53,356)
Cash flows from investing activities:
Proceeds (loss) from the disposition of Operating Partnerships		332,367		113,326
Net cash (used in) provided by investing activities		332,367		113,326
Cash flows from financing activities:
Distributions		0		0
Net cash used in financing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		9,489		59,970
Cash and cash equivalents, beginning		449,205		427,684
Cash and cash equivalents, ending	$	458,694	$	487,654

The accompanying notes are an integral part of this condensed statement

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS

December 31, 2021

(Unaudited)

NOTE A – ORGANIZATION

BF Garden Tax Credit Fund IV L.P. (formerly known as Boston Capital Tax Credit Fund IV L.P.

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE A - ORGANIZATION~~

~~Boston Capital Tax Credit Fund IV L.P.~~) (the ~~"Fund"~~“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"~~Partnerships”). Effective as of ~~June 1, 2001 there was~~December 15, 2020, Corporate Investment Holdings, Inc., a ~~restructuring and,~~Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as ~~a result,~~Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the ~~Fund's~~ general partner ~~was reorganized~~of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as ~~follows.~~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 ~~general~~assignor limited partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now ~~wholly-owned~~wholly owned by ~~John P. Manning.~~
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"~~“Public Offering”) of the ~~Fund's~~Fund’s beneficial assignee certificates ~~("BACs"~~(“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.

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(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

~~Boston Capital Tax Credit Fund IV L.P.~~


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

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE A - ORGANIZATION (continued)~~

Series
Closing Date
BACs Sold
Equity Raised
Series 29
June 10, 1997
3,991,800
$39,918,000
Series 30
September 10, 1997
2,651,000
$26,490,750
Series 31
January 18, 1998
4,417,857
$44,057,750
Series 32
June 23, 1998
4,754,198
$47,431,000
Series 33
September 21, 1998
2,636,533
$26,362,000
Series 34
February 11, 1999
3,529,319
$35,273,000
Series 35
June 28, 1999
3,300,463
$33,004,630
Series 36
September 28, 1999
2,106,838
$21,068,375
Series 37
January 28, 2000
2,512,500
$25,125,000
Series 38
July 31, 2000
2,543,100
$25,431,000
Series 39
January 31, 2001
2,292,151
$22,921,000
Series 40
July 31, 2001
2,630,256
$26,269,256
Series 41
January 31, 2002
2,891,626
$28,916,260
Series 42
July 31, 2002
2,744,262
$27,442,620
Series 43
December 31, 2002
3,637,987
$36,379,870
Series 44
April 30, 2003
2,701,973
$27,019,730
Series 45
September 16, 2003
4,014,367
$40,143,670
Series 46
December 19, 2003
2,980,998
$29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, ~~2017~~2021 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating ~~Partnership's~~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~~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~~Fund’s Annual Report on Form 10-K for the fiscal year ended March 31, ~~2017.~~
2021.

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~~Boston Capital~~BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, ~~2017~~
2021

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund ~~has entered into several transactions with various affiliates of the general partner of the Fund, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and~~originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as ~~follows:~~

Andisclosed 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 has~~Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited ~~Partnership.~~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, ~~to Boston Capital Asset Management Limited Partnership,~~ the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended December 31, ~~2017~~2021 and ~~2016,~~2020, are as follows:

2017
2016
Series 20
$ 5,536
$ 5,535
Series 21
2,216
2,718
Series 22
7,303
7,302
Series 23
5,556
9,270
Series 24
12,588
12,588
Series 25
-
5,934
Series 26
15,609
22,545
Series 27
8,915
25,794
Series 28
8,844
8,844
Series 29
20,547
20,547
Series 30
12,609
17,421
Series 31
19,092
37,521
Series 32
23,234
43,080
Series 33
15,654
16,398
Series 34
12,365
16,707
Series 35
10,653
22,065
Series 36
7,626
7,626
Series 37
10,957
26,424
Series 38
18,234
34,779
Series 39
1,712
13,623
Series 40
26,594
33,579
Series 41
49,564
56,148
Series 42
40,788
42,870
Series 43
55,612
57,693
Series 44
57,825
57,825
Series 45
70,359
70,800
Series 46
52,299
59,021

$572,291
$734,657


	2021		2020
Series 26	$	0	$	4,281
Series 29		1,128		4,629
Series 32		0		15,132
Series 33		0		9,777
Series 34		4,623		6,025
Series 41		20,094		26,529
Series 42		4,050		13,426
Series 43		0		4,815
Series 44		7,935		30,315
Series 45		15,021		28,713
Series 46		40,761		46,332
	$	93,612	$	189,974

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE C - RELATED PARTY TRANSACTIONS (continued)~~

The fund management fees paid for the nine months ended December 31, ~~2017~~2021 and ~~2016~~2020 are as follows:

2017
2016
Series 21
    $  258,000
$  150,000
Series 23
488,550
-
Series 24
37,764
37,764
Series 25
11,374
17,802
Series 26
60,699
70,531
Series 27
33,438
90,648
Series 28
26,532
35,835
Series 29
-
153,500
Series 31
62,490
112,563
Series 32
1,184,057
756,790
Series 33
-
900,000
Series 34
430,691
291,000
Series 35
597,597
1,460,603
Series 36
790,383
571,611
Series 37
1,574,732
-
Series 38
1,570,687
32,421
Series 39
938,915
102,774
Series 40
93,700
287,722
Series 41
70,500
100,000
Series 42
126,528
2,269,650
Series 43
-
2,202,870
Series 46
  163,222
        -
$8,519,859
$9,644,084


	2021		2020
Series 26	$	5,864	$	4,282
Series 29		27,499		0
Series 32		8,938		0
Series 33		9,326		9,777
Series 41		33,600		0
Series 42		0		19,259
Series 43		0		21,348
Series 44		411,888		84,442
Series 45		683,677		742,389
Series 46		331,796		68,500
	$	1,512,588	$	949,997

~~Boston Capital~~

173

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, ~~2017~~
2021

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, ~~2017~~2021 and ~~2016,~~2020, the Fund has limited partnership interests in ~~179~~18 and ~~219~~40 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, ~~2017~~2021 and ~~2016~~2020 are as follows:

2017
2016
Series 20
2
3
Series 21
-
2
Series 22
3
3
Series 23
3
5
Series 24
6
6
Series 25
-
4
Series 26
9
13
Series 27
3
5
Series 28
5
5
Series 29
8
8
Series 30
6
8
Series 31
8
10
Series 32
6
8
Series 33
4
5
Series 34
4
4
Series 35
2
4
Series 36
3
3
Series 37
1
3
Series 38
4
6
Series 39
-
3
Series 40
9
11
Series 41
14
18
Series 42
13
15
Series 43
18
19
Series 44
7
7
Series 45
27
27
Series 46
14
14

179
219


	2021	2020
Series 20	0	0
Series 21	0	0
Series 22	0	0
Series 23	0	0
Series 24	0	0
Series 25	0	0
Series 26	0	1
Series 27	0	0
Series 28	0	0
Series 29	1	2
Series 30	0	0
Series 31	0	0
Series 32	0	2
Series 33	0	2
Series 34	1	1
Series 35	0	0
Series 36	0	0
Series 37	0	0
Series 38	0	0
Series 39	0	0
Series 40	0	0
Series 41	1	6
Series 42	2	2
Series 43	0	0
Series 44	1	3
Series 45	4	11
Series 46	8	10
	18	40

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS - (continued)~~

Under the terms of the ~~Fund's~~Fund’s investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at December 31, ~~2017~~2021 and ~~2016,~~2020, are as follows:

2017
2016
Series 29
$ 8,235
$ 8,235
Series 30
65,176
105,139
Series 31
66,294
66,294
Series 32
1,229
1,229
Series 33
2,650
69,154
Series 37
-
138,438
Series 40
102
102
Series 41
100
100
Series 42
254
73,433
Series 43
26,082
99,265
Series 45
16,724
16,724

$186,846
$578,113


	2021		2020
Series 29	$	785	$	785

~~Boston Capital~~

174

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, ~~2017~~
2021

(Unaudited)

NOTE D - ~~INVESTMENTS~~INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the nine months ended December 31, ~~2017~~2021 the Fund disposed of ~~thirty~~fifteen Operating Partnerships. A summary of the dispositions by series for December 31, 2021 is as follows:


	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 26	1	0	$	20,845	$	20,845
Series 29	1	0		29,999		29,999
Series 32	1	0		23,823		23,823
Series 33	1	0		23,823		23,823
Series 41	1	0		—		—
Series 42	0	0		94,182		94,182
Series 44	0	1		815,747		815,747
Series 45	6	1		691,381		691,381
Series 46	1	1		332,367		332,367
Total	12	3	$	2,032,167	$	2,032,167

During the nine months ended December 31, 2020 the Fund disposed of twenty-eight Operating Partnerships. A summary of the dispositions by Series for December 31, ~~2017~~2020 is as follows:


	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	(loss) from		Gain (loss) on
	Transferred	Partnership	Disposition *		Disposition
Series 26	2	0	$	18,800	$	18,800
Series 29	3	0		44,500		44,500
Series 32	1	0		79,208		79,208
Series 34	1	0		20,800		20,800
Series 41	2	0		64,500		64,500
Series 42	3	1		722,200		722,454
Series 43	11	0		186,635		186,635
Series 44	0	0		(83,058)		(83,058)
Series 45	1	1		199,692		199,692
Series 46	2	0		113,326		113,326
Total	26	2	$	1,366,603	$	1,366,857

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Fund Proceeds from Disposition *

Gain on Disposition
Series 20
1
-
$
42,000
$
42,000
Series 21
2
-
67,000
67,000
Series 23
-
1
989,962
989,962
Series 25
4

-

97,399

97,399
Series 26
4

-

80,000

80,000
Series 27
1

1

3,291,567

3,291,567
Series 30
1

1

226,021

265,984
Series 31
2

-

45,000

45,000
Series 32
-

1

1,677,252

1,677,252
Series 33
1

-

950

67,454
Series 35
1

-

2,653,528

2,653,528
Series 37
1

-

1,977

140,415
Series 39
1

-

17,779

17,779
Series 40
1

-

588,952

588,952
Series 41
3

-

782,887

782,887
Series 42
2

-

262,279

262,279
Series 43
1

-

225,500

225,500
Series 46
-

-

10,994

10,994
Total
26

4

$
11,061,047

$
11,305,952

* Fund proceeds from disposition does not include ~~$39,963, $66,504 and $138,438~~$254, which was due to a ~~writeoff~~write-off of capital contribution payable as of December 31, ~~2017,~~2020, for Series ~~30, Series 33 and Series 37, respectively.~~

42.

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the ~~Fund's~~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.

175

Table of Contents

~~Boston Capital~~BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, ~~2017~~
2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

~~During the nine months ended December 31, 2016 the Fund disposed of thirty-nine Operating Partnerships. A summary of the dispositions by Series for December 31, 2016 is as follows:~~

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Fund Proceeds from Disposition *

Gain on Disposition
Series 20
-
1
$
138,000
$
138,000
Series 23
1

-

3,550

3,550
Series 26
1

-

18,500

18,500
Series 27
1

1

3,016,000

3,016,000
Series 28
1

-

5,000

5,000
Series 31
7

-

169,000

791,947
Series 32
2

-

48,900

48,900
Series 34
3

-

630,691

630,691
Series 35
1

1

2,543,187

2,543,187
Series 36
3

1

2,503,252

2,503,252
Series 37
3

-

1,934,639

1,934,639
Series 38
1

1

1,795,010

1,795,010
Series 39
4

-

122,100

122,100
Series 40
3

-

49,000

49,000
Series 44
-

1

-

-
Sereis 45
1

-

-

-
Series 46
-

1

393,183

393,183
Total
32

7

$
13,370,012

$
13,992,959

* Fund proceeds from disposition does not include $622,947 recorded as a receivable as of December 31, 2016, for Series 31.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~The Fund's~~Fund’s fiscal year ends March 31st for each year, while all the Operating ~~Partnerships'~~Partnerships’ fiscal years are the calendar year. Pursuant to the provisions of each Operating ~~Partnership Agreement,~~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~~Partnership’s quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the nine months ended September 30, ~~2017.~~

2021.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,
~~(Unaudited)~~

2017
2016

Revenues

Rental
$  39,192,976
$  51,924,209

Interest and other
   1,235,063
   2,034,484

  40,428,039
  53,958,693

Expenses

Interest
6,754,119
9,129,281

Depreciation and amortization
10,698,194
14,396,782

Operating expenses
  28,924,546
  37,800,040

  46,376,859
  61,326,103

NET LOSS
$ (5,948,820)
$ (7,367,410)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$ (5,889,331)

$ (7,293,736)

Net loss allocated to other
Partners

$    (59,489)

$    (73,674)

* Amounts include $(5,889,331) and $(7,293,736) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
(Unaudited)


	2021		2020
Revenues
Rental	$	7,472,044	$	13,472,129
Interest and other		147,786		252,018
		7,619,830		13,724,147

Expenses
Interest		1,429,567		2,594,439
Depreciation and amortization		1,446,981		2,828,896
Operating expenses		4,605,616		8,606,678
		7,482,164		14,030,013

NET INCOME (LOSS)	$	137,666	$	(305,866)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	136,289	$	(302,809)

Net income (loss) allocated to other Partners	$	1,377	$	(3,057)

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 20~~

2017
2016
Revenues

Rental
$   352,045
$   467,857

Interest and other
    24,048
    25,198

   376,093
   493,055

Expenses

Interest
32,617
50,048

Depreciation and amortization
91,765
122,081

Operating expenses
   315,661
   371,567

   440,043
   543,696

NET LOSS
$  (63,950)
$  (50,641)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (63,310)

$  (50,135)

Net loss allocated to other
Partners

$     (640)

$     (506)

* Amounts include $(63,310) and $(50,135) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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~~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.

176

Table of Contents

~~Boston Capital~~BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, ~~2017~~
2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 2120


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

		~~2017~~	~~2016~~
~~Revenues~~
	~~Rental~~	~~$ -~~	~~$ 379,750~~
	~~Interest and other~~	-	~~2,462~~
		-	~~382,212~~

~~Expenses~~
	~~Interest~~	-	~~36,545~~
	~~Depreciation and amortization~~	-	~~62,275~~
	~~Operating expenses~~	-	~~284,189~~
		-	~~383,009~~

~~NET LOSS~~		$ -	$ ~~(797)~~

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ -	$ ~~(789)~~

~~Net loss allocated to other~~ ~~Partners~~		$ -	$ ~~(8)~~

* Amounts include $- and $(789) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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~~Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

177

Table of Contents

~~Boston Capital~~BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, ~~2017~~
2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 22

2017
2016
Revenues

Rental
$   382,584
$   380,419

Interest and other
    13,663
   15,355

   396,247
   395,774

Expenses

Interest
34,025
38,301

Depreciation and amortization
103,504
84,013

Operating expenses
   311,606
   322,022

   449,135
   444,336

NET LOSS
$  (52,888)
$  (48,562)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (52,359)

$  (48,076)

Net loss allocated to other
Partners

$     (529)

$     (486)

21

* Amounts include $(52,359) and $(48,076) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

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~~Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

178

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 22


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

179

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 23


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

180

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 24


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

181

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 25


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

182

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 26


	2021		2020
Revenues
Rental	$	0	$	134,928
Interest and other		0		3,659
		0		138,587

Expenses
Interest		0		39,660
Depreciation and amortization		0		32,702
Operating expenses		0		117,134
		0		189,496

NET INCOME (LOSS)	$	0	$	(50,909)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	(50,400)

Net income (loss) allocated to other Partners	$	0	$	(509)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

183

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 27


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

184

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 28


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

185

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 29


	2021		2020
Revenues
Rental	$	232,847	$	404,414
Interest and other		—		17,415
		232,847		421,829

Expenses
Interest		20,033		63,653
Depreciation and amortization		30,701		67,110
Operating expenses		236,855		372,500
		287,589		503,263

NET INCOME (LOSS)	$	(54,742)	$	(81,434)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(54,195)	$	(80,620)

Net income (loss) allocated to other Partners	$	(547)	$	(814)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

186

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 30


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

187

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 31


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

188

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 32


	2021		2020
Revenues
Rental	$	0	$	622,470
Interest and other		0		14,241
		0		636,711

Expenses
Interest		0		107,406
Depreciation and amortization		0		147,657
Operating expenses		0		481,661
		0		736,724

NET INCOME (LOSS)	$	0	$	(100,013)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	(99,013)

Net income (loss) allocated to other Partners	$	0	$	(1,000)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

189

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 33


	2021		2020
Revenues
Rental	$	0	$	673,366
Interest and other		0		23,746
		0		697,112

Expenses
Interest		0		111,984
Depreciation and amortization		0		144,102
Operating expenses		0		518,342
		0		774,428

NET INCOME (LOSS)	$	0	$	(77,316)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	(76,543)

Net income (loss) allocated to other Partners	$	0	$	(773)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

190

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 34


	2021		2020
Revenues
Rental	$	428,730	$	365,156
Interest and other		16,679		12,279
		445,409		377,435

Expenses
Interest		65,027		66,036
Depreciation and amortization		63,958		64,097
Operating expenses		272,129		293,248
		401,114		423,381

NET INCOME (LOSS)	$	44,295	$	(45,946)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	43,852	$	(45,487)

Net income (loss) allocated to other Partners	$	443	$	(459)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

191

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 35


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

192

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 36


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

193

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 37


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

194

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 38


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

195

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 39


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

196

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 40


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

197

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 41


	2021		2020
Revenues
Rental	$	1,678,479	$	2,134,683
Interest and other		25,707		29,990
		1,704,186		2,164,673

Expenses
Interest		323,621		407,844
Depreciation and amortization		227,435		381,604
Operating expenses		1,033,973		1,376,860
		1,585,029		2,166,308

NET INCOME (LOSS)	$	119,157	$	(1,635)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	117,965	$	(1,619)

Net income (loss) allocated to other Partners	$	1,192	$	(16)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

198

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 42


	2021		2020
Revenues
Rental	$	359,247	$	345,969
Interest and other		6,069		5,103
		365,316		351,072

Expenses
Interest		54,397		55,986
Depreciation and amortization		88,640		89,026
Operating expenses		232,081		232,964
		375,118		377,976

NET INCOME (LOSS)	$	(9,802)	$	(26,904)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(9,704)	$	(26,635)

Net income (loss) allocated to other Partners	$	(98)	$	(269)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

199

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 43


	2021		2020
Revenues
Rental	$	0	$	0
Interest and other		0		0
		0		0

Expenses
Interest		0		0
Depreciation and amortization		0		0
Operating expenses		0		0
		0		0

NET INCOME (LOSS)	$	0	$	0

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	0

Net income (loss) allocated to other Partners	$	0	$	0

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

200

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 44


	2021		2020
Revenues
Rental	$	786,198	$	2,726,860
Interest and other		4,290		30,766
		790,488		2,757,626

Expenses
Interest		159,737		652,971
Depreciation and amortization		165,704		509,427
Operating expenses		380,716		1,180,114
		706,157		2,342,512

NET INCOME (LOSS)	$	84,331	$	415,114

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	83,488	$	410,963

Net income (loss) allocated to other Partners	$	843	$	4,151

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

201

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 45


	2021		2020
Revenues
Rental	$	911,953	$	2,679,976
Interest and other		8,939		37,178
		920,892		2,717,154

Expenses
Interest		154,513		405,974
Depreciation and amortization		286,050		670,899
Operating expenses		612,938		1,953,016
		1,053,501		3,029,889

NET INCOME (LOSS)	$	(132,609)	$	(312,735)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(131,283)	$	(309,608)

Net income (loss) allocated to other Partners	$	(1,326)	$	(3,127)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

202

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 46


	2021		2020
Revenues
Rental	$	3,074,590	$	3,384,307
Interest and other		86,102		77,641
		3,160,692		3,461,948

Expenses
Interest		652,239		682,925
Depreciation and amortization		584,493		722,272
Operating expenses		1,836,924		2,080,839
		3,073,656		3,486,036

NET INCOME (LOSS)	$	87,036	$	(24,088)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	86,166	$	(23,847)

Net income (loss) allocated to other Partners	$	870	$	(241)

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 23~~

2017
2016
Revenues

Rental
$   316,873
$1,404,840

Interest and other
    15,894
    48,308

   332,767
1,453,148

Expenses

Interest
18,061
114,138

Depreciation and amortization
67,348
468,885

Operating expenses
   263,411
1,146,498

   348,820
1,729,521

NET LOSS
$  (16,053)
$ (276,373)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (15,892)

$ (273,608)

Net loss allocated to other
Partners

$     (161)

$   (2,765)

* Amounts include $(15,892) and $(273,608) for 2017 and 2016, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 24~~

2017
2016
Revenues

Rental
$   768,883
$   770,493

Interest and other
    15,362
    14,924

   784,245
   785,417

Expenses

Interest
67,689
68,965

Depreciation and amortization
211,044
205,010

Operating expenses
   620,298
   606,482

   899,031
   880,457

NET LOSS
$ (114,786)
$  (95,040)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$ (113,638)

$  (94,090)

Net loss allocated to other
Partners

$   (1,148)

$     (950)

* Amounts include $(113,638) and $(94,090) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 25~~

		~~2017~~	~~2016~~
~~Revenues~~
	~~Rental~~	~~$ -~~	~~$ 644,357~~
	~~Interest and other~~	-	~~20,795~~
		-	~~665,152~~

~~Expenses~~
	~~Interest~~	-	~~76,186~~
	~~Depreciation and amortization~~	-	~~121,323~~
	~~Operating expenses~~	-	~~494,613~~
		-	~~692,122~~

~~NET LOSS~~		$ -	$ ~~(26,970)~~

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ -	$ ~~(26,700)~~

~~Net loss allocated to other~~ ~~Partners~~		$ -	$ ~~(270)~~

* Amounts include $- and $(26,700) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 26~~

2017
2016
Revenues

Rental
$ 1,258,324
$ 1,680,959

Interest and other
    22,706
    37,896

1,281,030
1,718,855

Expenses

Interest
208,522
272,097

Depreciation and amortization
321,930
432,391

Operating expenses
1,099,558
1,446,677

1,630,010
2,151,165

NET LOSS
$ (348,980)
$ (432,310)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$ (345,490)

$ (427,987)

Net loss allocated to other
Partners

$   (3,490)

$   (4,323)

* Amounts include $(345,490) and $(427,987) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 27~~

2017
2016
Revenues

Rental
$   563,566
$ 2,048,745

Interest and other
     7,923
     9,002

   571,489
2,057,747

Expenses

Interest
32,644
363,382

Depreciation and amortization
165,370
455,020

Operating expenses
   457,051
  1,396,897

   655,065
2,215,299

NET LOSS
$  (83,576)
$ (157,552)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (82,740)

$ (155,976)

Net loss allocated to other
Partners

$     (836)

$   (1,576)

* Amounts include $(82,740) and $(155,976) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 28~~

2017
2016
Revenues

Rental
$    751,710
$    736,324

Interest and other
     18,953
     14,925

    770,663
    751,249

Expenses

Interest
122,273
113,463

Depreciation and amortization
169,333
173,079

Operating expenses
    587,874
    655,453

    879,480
    941,995

NET LOSS
$  (108,817)
$  (190,746)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (107,729)

$  (188,839)

Net loss allocated to other
Partners

$    (1,088)

$    (1,907)

* Amounts include $(107,729) and $(188,839) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 29~~

2017
2016
Revenues

Rental
$  1,311,305
$  1,423,670

Interest and other
    126,151
    108,448

  1,437,456
  1,532,118

Expenses

Interest
295,053
307,632

Depreciation and amortization
371,636
367,084

Operating expenses
  1,166,408
  1,153,171

  1,833,097
  1,827,887

NET LOSS
$  (395,641)
$  (295,769)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (391,685)

$  (292,811)

Net loss allocated to other
Partners

$    (3,956)

$    (2,958)

* Amounts include $(391,685) and $(292,811) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 30~~

2017
2016
Revenues

Rental
$   772,562
$ 1,124,928

Interest and other
    18,959
    81,835

   791,521
1,206,763

Expenses

Interest
70,220
132,921

Depreciation and amortization
217,874
303,986

Operating expenses
   606,608
   927,999

   894,702
1,364,906

NET LOSS
$ (103,181)
$ (158,143)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$ (102,149)

$ (156,562)

Net loss allocated to other
Partners

$   (1,032)

$   (1,581)

* Amounts include $(102,149) and $(156,562) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 31~~

2017
2016
Revenues

Rental
$  1,132,079
$  2,384,452

Interest and other
     33,083
    188,273

  1,165,162
  2,572,725

Expenses

Interest
107,647
236,725

Depreciation and amortization
385,046
707,858

Operating expenses
  1,013,004
  1,911,268

  1,505,697
  2,855,851

NET LOSS
$  (340,535)
$  (283,126)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (337,130)

$  (280,295)

Net loss allocated to other
Partners

$    (3,405)

$    (2,831)

* Amounts include $(337,130) and $(280,295) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 32~~

2017
2016
Revenues

Rental
$  1,475,541
$  2,468,262

Interest and other
     35,824
    278,117

  1,511,365
  2,746,379

Expenses

Interest
240,025
388,448
Depreciation and amortization
455,816
779,977

Operating expenses
  1,192,506
  2,010,447

  1,888,347
  3,178,872

NET LOSS
$  (376,982)
$  (432,493)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (373,212)

$  (428,168)

Net loss allocated to other
Partners

$    (3,770)

$    (4,325)

* Amounts include $(373,212) and $(428,168) for 2017 and 2016, respectively,of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 33~~

2017
2016
Revenues

Rental
$ 1,040,194
$ 1,030,707

Interest and other
    36,781
    34,834

1,076,975
1,065,541

Expenses

Interest
179,339
173,255

Depreciation and amortization
260,563
284,822

Operating expenses
   784,939
   777,630

1,224,841
1,235,707

NET LOSS
$ (147,866)
$ (170,166)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$ (146,387)

$ (168,464)

Net loss allocated to other
Partners

$   (1,479)

$   (1,702)

* Amounts include $(146,387) and $(168,464) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 34~~

2017
2016
Revenues

Rental
$   728,809
$ 1,029,229

Interest and other
    26,259
    32,598

   755,068
1,061,827

Expenses

Interest
78,197
156,982

Depreciation and amortization
206,720
283,865

Operating expenses
   565,852
   841,070

   850,769
1,281,917

NET LOSS
$  (95,701)
$ (220,090)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (94,744)

$ (217,889)

Net loss allocated to other
Partners

$     (957)

$   (2,201)

* Amounts include $(94,744) and $(217,889) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 35~~

2017
2016
Revenues

Rental
$   829,380
$ 1,684,024

Interest and other
    22,600
    60,075

   851,980
1,744,099

Expenses

Interest
138,051
329,373

Depreciation and amortization
254,427
602,766

Operating expenses
   482,739
1,057,585

   875,217
1,989,724

NET LOSS
$  (23,237)
$ (245,625)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (23,005)

$ (243,169)

Net loss allocated to other
Partners

$     (232)

$   (2,456)

* Amounts include $(23,005) and $(243,169) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 36~~

2017
2016
Revenues

Rental
$   483,137
$   473,966

Interest and other
    13,767
    13,853

   496,904
   487,819

Expenses

Interest
96,625
87,368

Depreciation and amortization
126,835
146,670

Operating expenses
   372,348
   367,176

   595,808
   601,214

NET LOSS
$  (98,904)
$ (113,395)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (97,915)

$ (112,261)

Net loss allocated to other
Partners

$     (989)

$   (1,134)

* Amounts include $(97,915) and $(112,261) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 37~~

2017
2016
Revenues

Rental
$   588,136
$ 1,824,071

Interest and other
    58,474
    93,131

   646,610
1,917,202

Expenses

Interest
96,219
390,254

Depreciation and amortization
197,321
622,199

Operating expenses
   441,915
1,368,577

   735,455
2,381,030

NET LOSS
$  (88,845)
$ (463,828)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (87,957)

$ (459,190)

Net loss allocated to other
Partners

$     (888)

$   (4,638)

* Amounts include $(87,957) and $(459,190) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 38~~

2017
2016
Revenues

Rental
$ 1,331,140
$ 2,435,309

Interest and other
    16,255
    67,401

1,347,395
2,502,710

Expenses

Interest
185,342
430,695

Depreciation and amortization
279,470
583,791

Operating expenses
   960,761
1,692,637

1,425,573
2,707,123

NET LOSS
$  (78,178)
$ (204,413)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (77,396)

$ (202,369)

Net loss allocated to other
Partners

$     (782)

$   (2,044)

* Amounts include $(77,396) and $(202,369) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 39~~

		~~2017~~	~~2016~~
~~Revenues~~
	~~Rental~~	~~$ -~~	~~$ 1,039,650~~
	~~Interest and other~~	-	~~43,692~~
		-	~~1,083,342~~

~~Expenses~~
	~~Interest~~	-	~~214,492~~
	~~Depreciation and amortization~~	-	~~243,036~~
	~~Operating expenses~~	-	~~727,512~~
		-	~~1,185,040~~

~~NET LOSS~~		$ -	$ ~~(101,698)~~

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ -	$ ~~(100,681)~~

~~Net loss allocated to other~~ ~~Partners~~		$ -	$ ~~(1,017)~~

* Amounts include $- and $(100,681) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 40~~

2017
2016
Revenues

Rental
$ 1,677,092
$ 2,063,291

Interest and other
    37,872
    40,671

1,714,964
2,103,962

Expenses

Interest
342,476
431,037

Depreciation and amortization
493,185
610,754

Operating expenses
1,380,725
1,411,808

2,216,386
2,453,599

NET LOSS
$ (501,422)
$ (349,637)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$ (496,408)

$ (346,141)

Net loss allocated to other
Partners

$   (5,014)

$   (3,496)

* Amounts include $(496,408) and $(346,141) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 41~~

2017
2016
Revenues

Rental
$ 3,731,606
$ 4,092,808

Interest and other
    78,700
   105,538

3,810,306
4,198,346

Expenses

Interest
774,931
835,787

Depreciation and amortization
893,311
1,017,190

Operating expenses
2,606,559
2,752,748

4,274,801
4,605,725

NET LOSS
$ (464,495)
$ (407,379)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$ (459,850)

$ (403,305)

Net loss allocated to other
Partners

$   (4,645)

$   (4,074)

* Amounts include $(459,850) and $(403,305) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 42~~

2017
2016
Revenues

Rental
$ 2,581,674
$ 2,696,145

Interest and other
   103,563
   212,506

2,685,237
2,908,651

Expenses

Interest
560,478
575,368

Depreciation and amortization
801,778
844,726

Operating expenses
1,918,744
2,089,988

3,281,000
3,510,082

NET LOSS
$ (595,763)
$ (601,431)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$ (589,805)

$ (595,417)

Net loss allocated to other
Partners

$   (5,958)

$   (6,014)

* Amounts include $(589,805) and $(595,417) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 43~~

2017
2016
Revenues

Rental
$ 3,823,594
$ 3,876,925

Interest and other
   186,172
   164,754

4,009,766
4,041,679

Expenses

Interest
586,218
585,992

Depreciation and amortization
1,263,725
1,312,092

Operating expenses
2,952,130
2,959,326

4,802,073
4,857,410

NET LOSS
$ (792,307)
$ (815,731)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$ (784,384)

$ (807,574)

Net loss allocated to other
Partners

$   (7,923)

$   (8,157)

* Amounts include $(784,384) and $(807,574) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 44~~

2017
2016
Revenues

Rental
$  4,397,610
$  4,391,077

Interest and other
    136,412
    120,037

  4,534,022
  4,511,114

Expenses

Interest
1,051,820
1,077,199

Depreciation and amortization
1,025,862
1,079,209

Operating expenses
  2,635,539
  2,519,646

  4,713,221
  4,676,054
NET LOSS
$  (179,199)
$  (164,940)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (177,407)

$  (163,291)

Net loss allocated to other
Partners

$    (1,792)

$    (1,649)

* Amounts include $(177,407) and $(163,291) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 45~~

2017
2016
Revenues

Rental
$  5,430,265
$  5,379,892

Interest and other
    110,355
    106,730

  5,540,620
  5,486,622

Expenses

Interest
727,734
766,156

Depreciation and amortization
1,476,660
1,506,167

Operating expenses
  3,931,531
  3,831,853

  6,135,925
  6,104,176

NET LOSS
$  (595,305)
$  (617,554)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$  (589,352)

$  (611,378)

Net loss allocated to other
Partners

$    (5,953)

$    (6,176)

* Amounts include $(589,352) and $(611,378) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

~~NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)~~

~~COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS~~
~~Nine Months Ended September 30,~~
~~(Unaudited)~~

~~Series 46~~

2017
2016
Revenues

Rental
$ 3,464,867
$ 3,992,059

Interest and other
    75,287
    93,126

3,540,154
4,085,185

Expenses

Interest
707,913
876,472

Depreciation and amortization
857,671
976,513

Operating expenses
2,256,779
2,675,201

3,822,363
4,528,186

NET LOSS
$ (282,209)
$ (443,001)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*

$ (279,387)

$ (438,571)

Net loss allocated to other
Partners

$   (2,822)

$   (4,430)

* Amounts include $(279,387) and $(438,571) for 2017 and 2016, respectively, of net loss not recognized under the equity method of accounting.

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.

~~Boston Capital Tax Credit Fund IV L.P.~~

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~
~~December 31, 2017~~
~~(Unaudited)~~

NOTE E - TAXABLE LOSS

The ~~Fund's~~Fund’s taxable loss ~~for calendar year ended December 31, 2017~~ 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~~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 ~~2013~~2016 remain open.

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Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE G – CONTINGENCY

The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Fund will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined.

NOTE H - SUBSEQUENT EVENTS

~~Subsequent to December 31, 2017,~~Events that occur after the ~~Fund has entered into an agreement to transfer~~balance sheet date but before the ~~interest in three operating limited partnerships. The estimated transfer price and other terms for the dispositions of the operating limited partnerships have been determined. The estimated proceeds~~financial statements were available to be ~~received~~issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the ~~operating limited partnership is $755,204. The estimated gain on the transfer of the operating limited partnership is $750,204and is expected to be~~balance sheet date are recognized in the ~~fourth quarter~~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 ~~fiscal year ending March 31, 2018.~~the Fund through the date the financial statements were issued, and concluded that, other than the subsequent event discussed below, no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

204

Table of Contents

Item 2. ~~Management~~'sManagement’s Discussions and Analysis of Financial Condition and
Results of Operations

This ~~Management's~~Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, ~~hopes, beliefs,~~ expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are ~~"forward~~“forward looking ~~statements"~~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"~~“Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, ~~2017.~~2021. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

BF Garden Tax Credit Fund IV L.P., a Delaware limited partnership formerly known as Boston Capital Tax Credit Fund IV L.P. (the “Fund”), was organized as of October 5, 1993 to invest as a limited partner in operating partnerships (the “Operating Partnerships”), each of which owns or leases and operates an apartment complex exclusively or partially for low- and moderate-income tenants. Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s General Partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Liquidity

The Fund's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid for the nine months ended December 31, ~~2017~~2021 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves. These sources of liquidity, along with the ~~Fund's~~Fund’s working capital reserve, are available to meet the obligations of the Partnership. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended December 31, ~~2017~~2021 were ~~$572,291~~$93,612 and total fund management fees accrued as of December 31, ~~2017~~2021 were ~~$32,440,446.~~$11,482,092. During the nine months ended December 31, ~~2017, $8,519,859~~2021, $1,512,588 of the accrued fund management fees were paid. Pursuant to the ~~Partnership Agreement,~~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~~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.

205

~~Liquidity (continued)~~

AsTable of December 31, 2017, an affiliate of the general partner of the Fund advanced a total of $217,533 to Series 44 to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable affiliates. During the nine months ended December 31, 2017, $11,480 was advanced to Series 44 from an affiliate of the general partner, as well as $220,455 and $54,659 was paid back from Series 39 and Series 45, respectively, to an affiliate of the general partner. All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.Contents

Capital Resources

The Fund offered ~~BACs~~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~~holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of December 31, ~~2017.~~
2021.

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 22all 24 of the Operating ~~Partnerships and 2 remain.~~
Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in all 14 of the Operating Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, 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 26all 29 of the Operating ~~Partnerships and 3 remain.~~
Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, 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 19all 22 of the Operating ~~Partnerships and 3 remain.~~
Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, 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 18all 24 of the Operating ~~Partnerships and 6 remain.~~
Partnerships.

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Table of Contents

Prior to the quarter ended December 31, ~~2017,~~2021, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in all 22 of the Operating Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, 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 36all 45 of the Operating ~~Partnerships and 9 remain.~~

Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, 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 13all 16 of the Operating ~~Partnerships and 3 remain.~~
Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, 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 21all 26 of the Operating ~~Partnerships and 5 remain.~~
Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, 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 1421 of the Operating Partnerships and ~~8 remain.~~
1 remains.

During the quarter ended December 31, ~~2017,~~2021, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 21 Operating ~~Partnerships~~Partnership in the amount of ~~$8,235~~$785 as of December 31, ~~2017.~~2021. The remaining contributions will be released when the Operating ~~Partnerships have~~Partnership has achieved the conditions set forth in ~~their respective~~its partnership ~~agreements.~~
agreement.

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 ~~disposed of~~sold its interest in 14all 20 of the Operating ~~Partnerships and 6 remain.~~
Partnerships.

~~During~~207

Table of Contents

Prior to the quarter ended December 31, ~~2017,~~2021, Series 30 ~~did not record any releases~~had released all payments of its capital ~~contributions. Series 30 has outstanding~~ contributions ~~payable~~ to 2the Operating Partnerships in the amount of $65,176 as of December 31, 2017. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.
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 ~~disposed of~~sold its interest in 19all 27 of the Operating ~~Partnerships and 8 remain.~~
Partnerships.

~~During~~Prior to the quarter ended December 31, ~~2017,~~2021, Series 31 ~~did not record any releases~~had released all payments of its capital ~~contributions. Series 31 has outstanding~~ contributions ~~payable~~ to 3 Operating Partnerships in the amount of $66,294 as of December 31, 2017. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of one Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $41,294 will be released when the Operating ~~Partnerships have achieved the conditions set forth in their respective partnership agreements.~~

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 11all 17 of the Operating Partnerships and ~~6 remain. The series has also purchased~~ membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. In December 2010, the investment general partner sold its membership interests and a gain on the sale of the membership interests has been recorded in the amount of $499,998 as of December 31, 2010. Under the terms of these Assignments of Membership Interests dated December 1, 1998, the series is entitledinterests.

Prior to various profits, losses, tax credits, cash flow, proceeds from capital transactions and capital accounts as defined in the individual Operating Partnership Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

~~During~~ the quarter ended December 31, ~~2017,~~2021, Series 32 ~~did not record any releases~~had released all payments of its capital ~~contributions. Series 32 has outstanding~~ contributions ~~payable~~ to ~~1 Operating Partnership in the amount of $1,229 as of December 31, 2017. The remaining contributions will be released when~~ the Operating ~~Partnership has achieved the conditions set forth in its partnership agreement.~~
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 6all 10 of the Operating ~~Partnerships and 4 remain.~~
Partnerships.

~~During~~Prior to the quarter ended December 31, ~~2017,~~2021, Series 33 ~~did not record any releases~~had released all payments of its capital ~~contributions. Series 33 has outstanding~~ contributions ~~payable~~ to ~~1 Operating Partnership in the amount of $2,650 as of December 31, 2017. The remaining contributions will be released when~~ the Operating ~~Partnership has achieved the conditions set forth in its partnership agreement.~~
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 1013 of the Operating Partnerships and ~~4 remain.~~
1 remains.

Prior to the quarter ended December 31, ~~2017,~~2021, 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 9all 11 of the Operating ~~Partnerships and 2 remain.~~
Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041. Series 36 has since sold its interest in 8all 11 of the Operating ~~Partnerships and 3 remain.~~
Partnerships.

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Table of Contents

Prior to the quarter ended December 31, ~~2017,~~2021, 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 6all 7 of the Operating ~~Partnerships and 1 remains.~~Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, 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 6all 10 of the Operating Partnerships and 4 remain. In addition, the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.
Partnerships.

Prior to the quarter ended December 31, ~~2017,~~2021, Series 38 had released all payments of its capital contributions to the Operating ~~Partnerships.~~Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492. Series 39 has since sold its interest in all 9 of the Operating Partnerships. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended December 31, ~~2017,~~2021, Series 39 had released all payments of its capital contributions to the Operating ~~Partnerships.~~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 7all 16 of the Operating ~~Partnerships and 9 remain. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds~~Partnerships.

Prior to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

~~During~~ the quarter ended December 31, ~~2017,~~2021, Series 40 ~~did not record any releases~~had released all payments of its capital ~~contributions. Series 40 has outstanding~~ contributions ~~payable~~ to ~~1 Operating Partnership in the amount of $102 as of December 31, 2017. The remaining contributions will be released when~~ the Operating ~~Partnership has achieved~~Partnerships, and the ~~conditions set forth in its partnership agreement.~~
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 922 of the Operating Partnerships and ~~14 remain. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds~~1 remains.

Prior to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

~~During~~ the quarter ended December 31, ~~2017,~~2021, Series 41 ~~did not record any releases~~had released all payments of its capital ~~contributions. Series 41 has outstanding~~ contributions ~~payable~~ to ~~1 Operating Partnership in the amount of $100 as of December 31, 2017. The remaining contributions will be released when~~ the Operating ~~Partnership has achieved the conditions set forth in its partnership agreement.~~
Partnerships.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in 1021 of the Operating Partnerships and 132 remain.

~~During~~209

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Prior to the quarter ended December 31, ~~2017,~~2021, Series 42 had released ~~$9,503~~all payments of its capital ~~contributions. Series 42 has outstanding~~ contributions ~~payable~~ to ~~1 Operating Partnership in the amount of $254 as of December 31, 2017. The remaining contributions will be released when~~ the Operating ~~Partnership has achieved the conditions set forth in its partnership agreement.~~
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 ~~June~~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 5all 23 of the Operating ~~Partnerships and 18 remain. The Fund also committed and used $805,160 of Series 43 net offering proceeds~~Partnerships.

Prior to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of Series 43 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

~~During~~ the quarter ended December 31, ~~2017,~~2021, Series 43 had released ~~$9,508~~all payments of its capital ~~contributions. Series 43 has outstanding~~ contributions ~~payable~~ to ~~1 Operating Partnership in the amount of $26,082 as of December 31, 2017. The remaining contributions will be released when~~ the Operating ~~Partnership has achieved~~Partnerships, and the ~~conditions set forth in its partnership agreement.~~

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 39 of the Operating Partnerships and 7 remain. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

1 remains.

Prior to the quarter ended December 31, ~~2017,~~2021, 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 427 of the Operating Partnerships and 274 remain. ~~In addition, the Fund committed and used $302,862 of Series 45 net offering proceeds~~

Prior to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

~~During~~ the quarter ended December 31, ~~2017,~~2021, Series 45 ~~did not record any releases~~had released all payments of its capital ~~contributions. Series 45 has outstanding~~ contributions ~~payable~~ to ~~1 Operating Partnership in the amount of $16,724 as of December 31, 2017. The remaining contributions will be released when~~ the Operating ~~Partnership has achieved the conditions set forth in its partnership agreement.~~

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 17 of the Operating Partnerships and 148 remain. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended December 31, ~~2017,~~2021, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of December 31, ~~2017~~2021 and ~~2016,~~2020, the Fund held limited partnership interests in ~~179~~18 and ~~219~~40 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~~“Qualified Occupancy."” Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, 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 ~~amount equal to .5~~annual fund management fee of.5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships,

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less the amount of ~~various~~certain asset management and reporting fees paid by the Operating Partnerships. The fund management ~~fees net of reporting~~ fees incurred and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, ~~2017,~~2021 are as follows:

	3 Months Gross Fund Management Fee	3 Months Asset Management and Reporting Fee	3 Months Fund Management Fee Net of Asset Management and Reporting Fee

								��
									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 20	$ 5,536	$ 200	$ 5,336	$	—	$	—		$	—
Series 21	2,216	-	2,216		—		—			—
Series 22	7,303	-	7,303		—		—			—
Series 23	5,556	-	5,556		—		—			—
Series 24	12,588	490	12,098		—		—			—
Series 25	-	-	-		—		—			—
Series 26	15,609	-	15,609		—		—			—
Series 27	8,915	8,760	155		—		—			—
Series 28	8,844	-	8,844		—		—			—
Series 29	20,547	-	20,547		1,128		—			1,128
Series 30	12,609	2,400	10,209		—		—			—
Series 31	19,092	-	19,092		—		—			—
Series 32	23,234	6,000	17,234		—		—			—
Series 33	15,654	18,840	(3,186)		—		—			—
Series 34	12,365	-	12,365		4,623		—			4,623
Series 35	10,653	3,200	7,453		—		—			—
Series 36	7,626	-	7,626		—		—			—
Series 37	10,957	-	10,957		—		—			—
Series 38	18,234	10,200	8,034		—		—			—
Series 39	1,712	-	1,712		—		—			—
Series 40	26,594	11,475	15,119		—		—			—
Series 41	49,564	11,715	37,849		20,094		1,915			18,179
Series 42	40,788	5,739	35,049		4,050		—			4,050
Series 43	55,612	1,365	54,247		—		—			—
Series 44	57,825	26,120	31,705		7,935		—			7,935
Series 45	70,359	2,005	68,354		15,021		5			15,016
Series 46	52,299	6,931	45,368		40,761		4,686			36,075
	$572,291	$115,440	$456,851
				$	93,612	$	6,606		$	87,006

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					9 Months
	9 Months		9 Months		Fund Management Fee Net
	Gross Fund		Asset Management and		of Asset Management and
	Management Fee		Reporting Fee		Reporting Fee
Series 20	$	—	$	—	$	—
Series 21		—		—		—
Series 22		—		—		—
Series 23		—		—		—
Series 24		—		—		—
Series 25		—		—		—
Series 26		3,665		—		3,665
Series 27		—		—		—
Series 28		—		—		—
Series 29		7,534		4,319		3,215
Series 30		—		—		—
Series 31		—		—		—
Series 32		4,091		—		4,091
Series 33		4,334		—		4,334
Series 34		13,869		3,000		10,869
Series 35		—		—		—
Series 36		—		—		—
Series 37		—		—		—
Series 38		—		—		—
Series 39		—		—		—
Series 40		—		—		—
Series 41		60,282		1,915		58,367
Series 42		12,150		2,500		9,650
Series 43		—		—		—
Series 44		32,733		5,257		27,476
Series 45		65,337		22,502		42,835
Series 46		126,615		17,898		108,717
	$	330,610	$	57,391	$	273,219

9 Months
Gross Fund
Management Fee

9 Months
Asset Management and
Reporting Fee
9 Months
Fund Management Fee Net
of Asset Management and
Reporting Fee
Series 20
$   16,607
$  2,312
$   14,295
Series 21
7,654
2,051
5,603
Series 22
21,909
500
21,409
Series 23
16,668
1,750
14,918
Series 24
37,764
2,835
34,929
Series 25
11,374
1,692
9,682
Series 26
60,699
3,841
56,858
Series 27
33,438
10,760
22,678
Series 28
26,532
2,000
24,532
Series 29
61,640
3,387
58,253
Series 30
41,872
50,954
(9,082)
Series 31
62,490
1,500
60,990
Series 32
75,974
12,500
63,474
Series 33
48,449
25,340
23,109
Series 34
37,097
4,200
32,897
Series 35
45,615
5,659
39,956
Series 36
22,878
1,910
20,968
Series 37
35,959
8,018
27,941
Series 38
54,702
10,700
44,002
Series 39
5,130
-
5,130
Series 40
85,069
11,475
73,594
Series 41
155,150
13,663
141,487
Series 42
126,528
12,686
113,842
Series 43
170,998
20,795
150,203
Series 44
173,476
27,120
146,356
Series 45
211,077
17,871
193,206
Series 46
  156,897
17,559
  139,338

$1,803,646
$273,078
$1,530,568

The ~~Fund's~~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~~Fund’s investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 20

The series did not have any properties as of December 31, 2021 and 2020.

Series 21

The series did not have any properties as of December 31, 2021 and 2020.

Series 22

The series did not have any properties as of December 31, 2021 and 2020.

Series 23

The series did not have any properties as of December 31, 2021 and 2020.

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Series 24

The series did not have any properties as of December 31, 2021 and 2020.

Series 25

The series did not have any properties as of December 31, 2021 and 2020.

Series 26

As of December 31, ~~2017~~2020, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of December 31, 2021.

For the nine month periods ended December 31, 2021 and ~~2016,~~2020, Series 26 reflects a net loss from Operating Partnerships of $(-) and $(50,909), respectively, which includes depreciation and amortization of $- and $32,702, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2020, the investment general partner transferred its interest in New Devonshire II, L.P., with cash proceeds to the investment partnership of $11,200. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of December 31, 2020.

In December 2020, the investment general partner transferred its interest in New Devonshire West, L.P., with cash proceeds to the investment partnership of $7,600. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of December 31, 2020.

In August 2021, the investment general partner transferred its interest in Brookhaven Apartments Partnership, A Louisiana Partners, with cash proceeds to the investment partnership of $20,845. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of December 31, 2021.

Series 27

The series did not have any properties as of December 31, 2021 and 2020.

Series 28

The series did not have any properties as of December 31, 2021 and 2020.

Series 29

As of December 31, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of ~~2 properties~~1 property at December 31, ~~2017, all of~~2021, which ~~were~~was at 100% Qualified Occupancy.

For the nine month periodsended December 31, ~~2017~~2021 and ~~2016,~~2020, Series 2029 reflects a net loss from Operating Partnerships of ~~$(63,950)~~$(54,742) and ~~$(50,641)~~$(81,434), respectively, which includes depreciation and amortization of ~~$91,765~~$30,701 and ~~$122,081,~~$67,110, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2016, the operating general partner of Franklinton Elderly Housing entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $1,655,869, which included the outstanding mortgage balance of approximately $1,514,869 and cash proceeds to the investment partnership of $141,000. Of the total proceeds received by the investment partnership, $3,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $138,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $138,000 as of September 30, 2016.

~~In December 2017,~~April 2020, the investment general partner transferred its interest in Fair Oaks Lane Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,279,482 and cash proceeds to the investment partnership of $44,000. Of the total proceeds received, $2,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $42,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $42,000 as of December 31, 2017.

~~Series 21~~

~~As of December 31, 2016, the average Qualified Occupancy for the series was 100%.The series did not have any properties as of December 31, 2017.~~

For the nine month periods ended December 31, 2017 and 2016, Series 21 reflects a net loss from Operating Partnerships of $- and $(797), respectively, which includes depreciation and amortization of $- and $62,275, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2017, the investment general partner transferred its interest in Better Homes of Havelock Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,591,112 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $57,500 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $57,500 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Liveoak Village Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $672,305 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,500 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,500 as of December 31, 2017.

~~Series 22~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 22 reflects a net loss from Operating Partnerships of $(52,888) and $(48,562), respectively, which includes depreciation and amortization of $103,504 and $84,013, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

~~Series 23~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 23 reflects a net loss from Operating Partnerships of $(16,053) and $(276,373), respectively, which includes depreciation and amortization of $67,348 and $468,885, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2016, the investment general partner of Boston Capital Tax Credit Fund III - Series 16 and Series 23 transferred their respective interests in Mid City Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,890,361 and cash proceeds to the investment partnerships of $124,955 and $4,545, for Series 16 and Series 23, respectively. Of the total proceeds received, $27,340 and $995, for Series 16 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $97,615 and $3,550, for Series 16 and Series 23, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $97,615 and $3,550, for Series 16 and Series 23, respectively, as of June 30, 2016.

In March 2017, the investment general partner transferred its interest in Colonna Redevelopment Company to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $375,000 and cash proceeds to the investment partnership of $500,000. Of the total proceeds received, $15,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $485,000 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $485,000 as of March 31, 2017.

In January 2017, the operating general partner of Sacramento SRO Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 21, 2017. The sales price of the property was $3,800,000, which included the outstanding mortgage balance of approximately $2,701,113 and cash proceeds to the investment partnership of $964,665. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $959,665 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $959,665 as of June 30, 2017. In October 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $30,297 which was returned to the cash reserves.

~~Series 24~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 24 reflects a net loss from Operating Partnerships of $(114,786) and $(95,040), respectively, which includes depreciation and amortization of $211,044 and $205,010, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

~~Series 25~~

~~As of December 31, 2016, the average Qualified Occupancy for the series was 100%.The series did not have any properties as of December 31, 2017.~~

For the nine month periods ended December 31, 2017 and 2016, Series 25 reflects a net loss from Operating Partnerships of $- and $(26,970), respectively, which includes depreciation and amortization of $- and $121,323, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

~~In September 2017, the investment general partner transferred its interest in Ethel~~Poplarville Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $736,238 and cash proceeds to the investment partnership of $21,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,500 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,500 as of September 30, 2017.

In August 2017, the investment general partner transferred its interest in Horse Cave Family Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $753,559$356,220 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,500 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,500 as of September 30, ~~2017.~~2020.

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In ~~September 2017,~~October 2020, the investment general partner transferred its interest in ~~Shannon Housing,~~Ozark Associates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately ~~$1,157,526~~$396,535 and cash proceeds to the investment partnership of ~~$36,000.~~$16,000. Of the total proceeds received, ~~$1,500~~$3,000 was ~~paid to BCAMLP~~ for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately ~~$34,500~~$13,000 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of ~~$34,500~~$13,000 as of ~~September 30, 2017.~~

December 31, 2020.

In ~~September 2017,~~October 2020, the investment general partner of transferred its interest ~~in West Point Housing,~~Westfield Apartments Partnership, A LA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately ~~$638,133~~$919,015 and cash proceeds to the investment partnership of ~~$35,311. Of~~$30,000 of the total proceeds received, ~~$1,412~~$8,000 was paid ~~to BCAMLP~~ for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately ~~$33,899~~$22,000 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of ~~$33,899~~$22,000 as of December 31, 2020.

In August 2021, the investment general partner transferred its interest in Palmetto Place Apartments Partnership, A LA Partnership, with cash proceeds to the investment partnership of $29,999. These proceeds were returned to cash reserves held by Series 29 and recorded as a gain on transfer as of September 30, ~~2017.~~2021.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnerships has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Lincoln Hotel Partnership, A California Limited Partnership

Series 26
30

The series did not have any properties as of December 31, 2021 and 2020.

Series 31

The series did not have any properties as of December 31, 2021 and 2020.

Series 32

As of December 31, ~~2017~~2020, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of December 31, 2021.

For the nine month periods ended December 31, 2021 and ~~2016,~~2020, Series 32 reflects a net loss from Operating Partnerships of $(-) and $(100,013), respectively, which includes depreciation and amortization of $- and $147,657, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2020, the investment general partner transferred its interest in Parkside Plaza LLP, with cash proceeds to the investment partnership of $79,208 and $792, for Series 32 and Series 43, respectively. These proceeds were returned to cash reserves held by Series 32 and Series 43 and recorded as a gain on transfer as of December 31, 2020.

In January 2021, the investment general partner sold its interest in Kiest Townhomes, L.P., with cash proceeds to the investment partnership of $2,530,007 and $2,530,007, for Series 32 and Series 33, respectively. Of the total proceeds received by the investment partnership, $37,987 and $37,987, for Series 32 and Series 33, respectively, represent reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $2,492,020 and $2,492,020, for Series 32 and Series 33, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.

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In August 2021, the investment general partner transferred its interest in Pecan Manor Apartments Partnership, A Louisiana Partnership in Commendam, with cash proceeds to the investment partnership of $23,823. These proceeds were returned to cash reserves held by Series 32 and recorded as a gain on transfer as of September 30, 2021.

Series 33

As of December 31, 2020, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of December 31, 2021.

For the nine month periods ended December 31, 2021 and 2020, Series 33 reflects a net loss from Operating Partnerships of $(-) and $(77,316), respectively, which includes depreciation and amortization of $- and $144,102, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2021, the investment general partner sold its interest in Kiest Townhomes, L.P., with cash proceeds to the investment partnership of $2,530,007 and $2,530,007, for Series 32 and Series 33, respectively. Of the total proceeds received by the investment partnership, $37,987 and $37,987, for Series 32 and Series 33, respectively, represent reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $2,492,020 and $2,492,020, for Series 32 and Series 33, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.

In August 2021, the investment general partner transferred its interest in Forest Park Apartments Partnership, A Louisiana Partnership in Commendam, with cash proceeds to the investment partnership of $23,823. These proceeds were returned to cash reserves held by Series 33 and recorded as a gain on transfer as of September 30, 2021.

Series 34

As of December 31, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of ~~9 properties~~1 property at December 31, ~~2017, all of~~2021, which ~~were~~was at 100% Qualified Occupancy.

For the nine month periods ended December 31, ~~2017~~2021 and ~~2016,~~2020, Series 2634 reflects a net ~~loss~~income (loss) from the Operating Partnerships of ~~$(348,980)~~$44,295 and ~~$(432,310)~~$(45,946), respectively, which includes depreciation and amortization of ~~$321,930~~$63,958 and ~~$432,391,~~$64,097, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In ~~July 2016,~~November 2020, the investment general partner transferred its interest in ~~Holly Hills Properties,~~Montour Falls Village Limited Partnership, with cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership, and $2,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,800 were returned to cash reserves held by Series 34. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $20,800 as of December 31, 2020.

Series 35

The series did not have any properties as of December 31, 2021 and 2020.

Series 36

The series did not have any properties as of December 31, 2021 and 2020.

Series 37

The series did not have any properties as of December 31, 2021 and 2020.

Series 38

The series did not have any properties as of December 31, 2021 and 2020.

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Series 39

The series did not have any properties as of December 31, 2021 and 2020.

Series 40

The series did not have any properties as of December 31, 2021 and 2020.

Series 41

As of December 31, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at December 31, 2021, which was at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2021 and 2020, Series 41 reflects a net income (loss) from Operating Partnerships of $119,157 and $(1,635), respectively, which includes depreciation and amortization of $227,435 and $381,604, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In August 2020, the investment general partner transferred its interest in Cranberry Cove Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately ~~$794,392~~$895,911 and cash proceeds to the investment partnership of ~~$22,500.~~$49,000. Of the total proceeds received, ~~$4,000~~$2,500 was paid ~~to BCAMLP~~ for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately ~~$18,500~~$46,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a41. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of ~~$18,500~~$46,500 as of September 30, ~~2016.~~

2020.

In ~~September 2017,~~December 2020, the investment general partner transferred its interest in ~~Mason Housing,~~Cedar Grove Apartments, Phase I Limited Partnership, with cash proceeds to the investment partnership of $18,000. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of December 31, 2020.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Fulton Limited Partnership, with cash proceeds to the investment partnership of $8,400. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Mendota Limited Partnership, with cash proceeds to the investment partnership of $12,600. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Mt. Carroll Limited Partnership, with cash proceeds to the investment partnership of $6,300. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Franklin Grove Limited Partnership, with cash proceeds to the investment partnership of $6,300. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.

In December 2021, the investment general partner transferred its interest in Halfmoon BDC, Limited Partnership, with no cash proceeds to the investment partnership for Series 41 and Series 45, respectively.

In January 2022, the investment general partner of Series 41 and Series 42 transferred their respective interest in Marwood Senior Associates, LLC, with cash proceeds to the investment partnership of $1,151,653 and $128,346, for Series 41 and Series 42, respectively. These proceeds of $1,151,653 and $128,346, for Series 41 and Series 42, respectively, were returned to cash reserves and recorded as a gain on transfer as of January 31, 2022.

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Series 42

As of December 31, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at December 31, 2021, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2021 and 2020, Series 42 reflects a net loss from Operating Partnerships of $(9,802) and $(26,904), respectively, which includes depreciation and amortization of $88,640 and $89,026, respectively. This is an ~~entity affiliated with~~interim period estimate; it is not indicative of the final year-end results.

In July 2020, the operating general partner ~~for its assumption~~ of Lynnelle Landing Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2020. The sales price of the property was $1,650,000, which included the outstanding mortgage balance of approximately ~~$849,683~~$1,014,143 and cash proceeds to the investment partnership of ~~$18,000.~~$130,000. Of the total proceeds received ~~$1,500~~by the investment partnership, $5,000 was paid ~~to BCAMLP~~ for expenses related to the ~~transfer,~~sale, which include third party legal costs. In addition, $11,300 was applied to advances outstanding. The remaining proceeds from the sale of ~~approximately $16,500 were~~$113,700 will be returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of ~~$16,500~~$113,700 as of December 31, 2020. In September ~~30, 2017.~~

2021, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $94,182 which was returned to the cash reserves.

In ~~September 2017,~~October 2020, the investment general partner transferred its interest ~~in Maxton Green Associates~~Wingfield Apartments Partnership II, A LA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately ~~$802,661~~$112,922 and cash proceeds to the investment partnership of ~~$16,000. Of~~$31,500 of the total proceeds received, ~~$1,500~~$6,500 was paid ~~to BCAMLP~~ for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately ~~$14,500~~$25,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of ~~$14,500~~$25,000 as of ~~September 30, 2017.~~

December 31, 2020

In ~~September 2017,~~November 2020, the investment general partner transferred its interest in ~~Meridian Housing~~Strawberry Lane, LLC, with cash proceeds to the investment partnership of $70,000. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $67,500 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $67,500 as of December 31, 2020. In addition, equity outstanding for the Operating Partnership in the amount of $254 for Series 42 was recorded as gain on the sale of the Operating Partnership as of December 31, 2020.

In November 2020, the investment general partner transferred its interest in Parkhurst Place Limited Partnership, with cash proceeds to the investment partnership of $525,000. Of the total proceeds received, $9,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $516,000 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $516,000 as of December 31, 2020.

In January 2022, the investment general partner of Series 41 and Series 42 transferred their respective interest in Marwood Senior Associates, LLC, with cash proceeds to the investment partnership of $1,151,653 and $128,346, for Series 41 and Series 42, respectively. These proceeds of $1,151,653 and $128,346, for Series 41 and Series 42, respectively, were returned to cash reserves and recorded as a gain on transfer as of January 31, 2022.

In January 2022, the investment general partner sold its interest in New Chester Townhouses II, A Limited Partnership, with cash proceeds to the investment partnership of $25,350. These proceeds were returned to cash reserves held by Series 42 and recorded as a gain on sale as of January 31, 2022.

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Series 43

The series did not have any properties as of December 31, 2021 and 2020.

In March 2019, the operating general partner of Alexander Mills, LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 31, 2019. The sales price of the property was $21,216,275, which included the outstanding mortgage balance of approximately $11,408,365 and cash proceeds to the investment partnerships of $1,065,532 and $1,302,317 for Series 43 and Series 44, respectively. Of the total proceeds received by the investment partnerships, $4,950 and $6,050 for Series 43 and Series 44, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $21,924 and $26,795 for Series 43 and Series 44, respectively, which was returned to the cash reserves. In December 2020, the investment partnership incurred an additional fee in the amount of $67,957 and $83,058 for Series 43 and Series 44, respectively, which was paid from the cash reserves.

In September 2020, the investment general partner transferred its interest in Pyramid Seven Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately ~~$651,291~~$1,200,885 and cash proceeds to the investment partnership of ~~$36,000.~~$12,000. Of the total proceeds received, ~~$1,500~~$3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately ~~$34,500~~$9,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of ~~$34,500~~$9,000 as of September 30, ~~2017.~~

2020.

In September ~~2017,~~2020, the investment general partner transferred its interest in ~~Timmonsville Green Associates~~Charlevoix Apartments LDHA, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately ~~$970,535~~$1,013,428 and cash proceeds to the investment partnership of ~~$16,000.~~$8,000. Of the total proceeds received, ~~$1,500~~$2,500 was paid ~~to BCAMLP~~ for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately ~~$14,500~~$5,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of ~~$14,500~~$5,500 as of September 30, ~~2017.~~2020.

In September 2020, the investment general partner transferred its interest in Cloverlane Apartments – Lakeview Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $61,559 and cash proceeds to the investment partnership of $70,800. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $68,300 were returned to cash reserves held by Series 43.A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $68,300 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in Lakewood Apartments – Saranac Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $684,395 and cash proceeds to the investment partnership of $4,800. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,300 were returned to cash reserves held by Series 43.A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,300 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in Parkside Apartments – Coleman LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $357,178 and cash proceeds to the investment partnership of $8,000. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,500 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $5,500 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in Riverview Apartments – Blissfield LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $515,806 and cash proceeds to the investment partnership of $6,400 of the total proceeds received, $2,500 was paid for

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expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,900 were returned to cash reserves held by Series 43.A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in Strawberry Lake Apartments – Norway LDHA LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $652,289 and cash proceeds to the investment partnership of $6,400. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,900 were returned to cash reserves held by Series 43.A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in New Chester Townhouses II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $630,455 and cash proceeds to the investment partnership of $13,650. Of the total proceeds received, $4,375 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $875 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $8,400 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $8,400 as of September 30, 2020.

In November 2020, the investment general partner transferred its interest in Stottville Limited Partnership, with cash proceeds to the investment partnership of $28,000. Of the total proceeds received, $2,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $26,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $26,000 as of December 31, 2020.

In November 2020, the investment general partner transferred its interest in Lyceum Housing Limited Partnership, with cash proceeds to the investment partnership of $130,000. Of the total proceeds received, $9,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $121,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $121,000 as of December 31, 2020.

In December 2020, the investment general partner transferred its interest in Parkside Plaza LLP, with cash proceeds to the investment partnership of $79,208 and $792, for Series 32 and Series 43, respectively. These proceeds were returned to cash reserves held by Series 32 and Series 43 and recorded as a gain on transfer as of December 31, 2020.

Series 44

As of December 31, 2021 and 2020, the average Qualified Occupancy was 100%. The series had a total of 1 property at December 31, 2021, which was at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2021 and 2020, Series 44 reflects a net income from Operating Partnerships of $84,331 and $415,114, respectively, which includes depreciation and amortization of $165,704 and $509,427, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2019, the operating general partner of Alexander Mills, LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 31, 2019. The sales price of the property was $21,216,275, which included the outstanding mortgage balance of approximately $11,408,365 and cash proceeds to the investment partnerships of $1,065,532 and $1,302,317 for Series 43 and Series 44, respectively. Of the total proceeds received by the investment partnerships, $4,950 and $6,050 for Series 43 and Series 44, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $21,924 and $26,795 for Series 43 and Series 44, respectively, which was returned to the cash

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reserves. In December 2020, the investment partnership incurred an additional fee in the amount of $67,957 and $83,058 for Series 43 and Series 44, respectively, which was used from the cash reserves.

In March 2021, the investment general partner of Series 44 and BF Garden Tax Credit Fund V - Series 49 transferred their respective interest in Post Oak East Apartments, L.P., with cash proceeds to the investment partnership of $715,894 and $210,826, for Series 44 and Series 49, respectively. Of the total proceeds received by the investment partnership, $20,664 and $6,082, for Series 44 and Series 49, respectively, represent reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $695,230 and $204,744, for Series 44 and Series 49, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.

In September 2021, the investment general partner sold its interest in North Forty Aspen Plus, L.P., with cash proceeds to the investment partnership of $815,747. These proceeds were returned to cash reserves held by Series 44 and recorded as a gain on sale as of September 30, 2021.

Series 45

As of December 31, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2021, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2021 and 2020, Series 45 reflects a net loss from Operating Partnerships of $(132,609) and $(312,735), respectively, which includes depreciation and amortization of $286,050 and $670,899, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2020, the operating general partner of Ridge Crest Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 3, 2020. The sales price of the property was $4,000,000, which included the outstanding mortgage balance of approximately $2,878,985. Cash proceeds from the sale resulted in a total cash payment to the investment partnership of $210,224. Of the total proceeds received by the investment partnership, $22,432 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $3,000 was paid for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $184,792 will be returned to cash reserves held by Series 45. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $184,792 as of September 30, 2020. In January 2021, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $15,025 which was returned to the cash reserves.

In September 2020, the investment general partner transferred its interest Mill Race Apartments - Plainwell Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $726,236 and cash proceeds to the investment partnership of $17,400 of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,900 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,900 as of September 30, 2020.

In June 2021, the investment general partner of Series 45 and BF Garden Tax Credit Fund V - Series 47 transferred their respective interest in Dawn Springs Villa LP, with cash proceeds to the investment partnership of $22,749 and $12,249, for Series 45 and Series 47, respectively. These proceeds of $22,749 and $12,249, for Series 45 and Series 47, respectively, were returned to cash reserves and recorded as a gain on transfer as of June 30, 2021.

In June 2021, the investment general partner transferred its interest in London Village, Limited, with cash proceeds to the investment partnership of $173,991. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of June 30, 2021.

In June 2021, the investment general partner transferred its interest in Heritage Christian Home III, LP, with cash proceeds to the investment partnership of $14,400. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of June 30, 2021.

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In September 2021, the investment general partner transferred its interest in Childress Apartments, LTD., with cash proceeds to the investment partnership of $39,999. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of September 30, 2021.

In September 2021, the investment general partner of Series 45 and Series 46 sold their respective interest in Bartlett Bayou, L.P., with cash proceeds to the investment partnership of $200,606 and $59,381, for Series 45 and Series 46, respectively. These proceeds of $200,606 and $59,381, for Series 45 and Series 46, respectively, were returned to cash reserves and recorded as a gain on sale as of September 30, 2021.

In December 2021, the investment general partner transferred its interest in Halfmoon BDC, Limited Partnership, with no cash proceeds to the investment partnership for Series 41 and Series 45, respectively.

In December 2021, the investment general partner transferred its interest in Willow Oak and Oroville Apartments, with cash proceeds to the investment partnership of $239,636. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of December 31, 2021.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Harbet Avenue Limited Partnership

Series 46

As of December 31, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at December 31, 2021, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2021 and 2020, Series 46 reflects a net income (loss) from Operating Partnerships of $87,036 and $(24,088), respectively, which includes depreciation and amortization of $584,493 and $722,272, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2020, the investment general partner transferred its interest in Clayton Station, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $638,421 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $6,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $68,500 were returned to cash reserves held by Series 46. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $68,500 as of June 30, 2020.

In December 2020, the investment general partner transferred its interest in Wagoner Village Apartments, Limited Partnership, with cash proceeds to the investment partnership of $44,826. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of December 31, 2020.

In June 2021, the investment general partner transferred its interest in Sandy Hill, Limited, with cash proceeds to the investment partnership of $272,986. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of June 30, 2021.

In September 2021, the investment general partner of Series 45 and Series 46 sold their respective interest in Bartlett Bayou, L.P., with cash proceeds to the investment partnership of $200,606 and $59,381, for Series 45 and Series 46, respectively. These proceeds of $200,606 and $59,381, for Series 45 and Series 46, respectively, were returned to cash reserves and recorded as a gain on sale as of September 30, 2021.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Beckwood Manor One Limited Partnership~~

~~Southwind Apartments, A L.D.H.A.~~

~~T.R. Bobb Apartments Partnership, A L.D.H.A.~~

~~Brookhaven Apartments Partnership, A LP~~

~~Beauregard Apartments Partnership, A L.D.H.A.~~

~~Warrensburg Heights~~Linden–Shawnee Partners, L.P.

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~~Series 27~~

AsTable of ~~December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total~~Contents

Ocean East of ~~3 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 27 reflects a net loss from Operating Partnerships of $(83,576) and $(157,552), respectively, which includes depreciation and amortization of $165,370 and $455,020, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2016, the operating general partner of Centrum - Fairfax II LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on June 20, 2016. The sales price of the property was $9,550,000, which included the outstanding mortgage balance of approximately $4,907,553 and cash proceeds to the investment partnership of $3,000,000. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,995,000 will be returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $2,995,000 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Sunday Sun Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,703 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,000 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $21,000 as of September 30, 2016.

In October 2016, the investment general partner transferred 50% of its interest in Canisteo Manor, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $438,188 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 27. The remaining 50% investment limited partner interest in the Operating Partnership was transferred in November 2017 for the assumption of approximately $438,188 of the remaining outstanding mortgage balance and nominal consideration. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

In December 2016, the operating general partner of Wayne Housing Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 27, 2017. The sales price of the property was $12,800,000, which included the outstanding mortgage balance of approximately $5,844,046 and cash proceeds to the investment partnership of $3,291,567 which were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $3,291,567 as of June 30, 2017.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Angelou Court~~

~~Series 28~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 28 reflects a net loss from Operating Partnerships of $(108,817) and $(190,746), respectively, which includes depreciation and amortization of $169,333 and $173,079, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2016, the investment general partner transferred its interest in Senior Suites Chicago Austin Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,875,732 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $5,000 as of June 30, 2016.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Maplewood Apartments Partnership, A LA Partnership~~

~~Series 29~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 29 reflects a net loss from Operating Partnerships of $(395,641) and $(295,769), respectively, which includes depreciation and amortization of $371,636 and $367,084, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Edgewood Apartments Partnership, A Louisiana Partnership~~

~~Westfield Apartments Partnership, A Louisiana Partnership~~

~~Harbor Pointe/MHT LDHA~~

~~The Lincoln Hotel~~

~~Poplarville Housing Inc.~~

~~Series 30~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 30 reflects a net loss from Operating Partnerships of $(103,181) and $(158,143), respectively, which includes depreciation and amortization of $217,874 and $303,986, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

~~In February 2017, the operating general partner of Linden Partners II,~~Portland, LLC entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 28, 2017. The sales price of the property was $1,125,000, which included the outstanding mortgage balance of approximately $681,507 and cash proceeds to the investment partnership of $192,168. Of the total proceeds received by the investment partnership, $40,738 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $3,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $148,430 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $148,430 as of June 30, 2017. In July 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $2,091 which was returned to the cash reserves.

In June 2017, the investment general partner transferred its interest in C.V.V.A. Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,432,770 and cash proceeds to the investment partnership of $78,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,500 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. The transfer proceeds were not received as of June 30, 2017, so a receivable in the amount of $75,500 was recorded. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $75,500 as of June 30, 2017. In addition, equity outstanding for the Operating Partnership in the amount of $39,963 for Series 30 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2017.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Bellwood Four Limited Partnership~~

~~JMC Limited Liability Company~~

~~Series 31~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 31 reflects a net loss from Operating Partnerships of $(340,535) and $(283,126), respectively, which includes depreciation and amortization of $385,046 and $707,858, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred its interest in Eagles Ridge Terrace Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,391,732 and cash proceeds to the investment partnership of $72,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $69,500 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $69,500 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Henderson Terrace Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $399,366 and cash proceeds to the investment partnership of $19,200. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,700 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,700 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Lakeview Little Elm Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $340,752 and cash proceeds to the investment partnership of $19,200. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,700 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,700 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Mesquite Trails Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $523,176 and cash proceeds to the investment partnership of $28,800. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $26,300 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $26,300 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Pilot Point Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $587,525 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,500 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $29,500 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Seagraves Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $354,789 and cash proceeds to the investment partnership of $12,800. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $10,300 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $10,300 as of December 31, 2016.

In November 2016, the investment general partner transferred its interest in Silver Creek Apartments/MHT, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,332,447 and cash proceeds to the investment partnership of $627,947. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $622,947 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. The transfer proceeds were received in the first quarter of 2017; so a receivable in the amount of $622,947 was recorded as of December 31, 2016. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $622,947 as of December 31, 2016. In March 2017, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $85,464, which were returned to the cash reserves held by the Series.

In September 2017, the investment general partner transferred its interest in Ellisville Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $508,068 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,500 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Hattiesburg Housing, Inc. to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $773,195 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,500 were returned to cash reserves held by Series 31.The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,500 as of September 30, 2017.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Canton Housing One, L.P.~~

~~Canton Housing Two, L.P.~~

~~Canton Housing Three, L.P.~~

~~Canton Housing Four, L.P.~~

~~Series 32~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at December 31, 2017, all of which were at 100% Qualified Occupancy~~

For the nine month periods ended December 31, 2017 and 2016, Series 32 reflects a net loss from Operating Partnerships of $(376,982) and $(432,493), respectively, which includes depreciation and amortization of $455,816 and $779,977, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred its interest in Indiana Development Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,129,504 and cash proceeds to the investment partnership of $47,500. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,000 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $45,000 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Granada Rose, Limited Partnership, a Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $124,650 and cash proceeds to the investment partnership of $6,400. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,900 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of December 31, 2016.

In November 2016, the operating general partner of Cogic Village LDHA Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on February 8, 2017. The sales price of the property was $3,275,000, which included the outstanding mortgage balance of approximately $1,991,521, and cash proceeds to the investment partnership of $522,652. Of the total proceeds received by the investment partnership, $2,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $520,652 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $520,652 as of March 31, 2017. In June 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $14,506 which was returned to the cash reserves.

In July 2017, the operating general partner of Courtside Housing Associates, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 12, 2017. The sales price of the property was $3,625,000, which included the outstanding mortgage balance of approximately $600,000 and cash proceeds to the investment partnership of $1,536,999. Of the total proceeds received by the investment partnership, $3,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,533,999 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,533,999 as of September 30, 2017.

In August 2015, the operating general partner of Pearl Partners, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2015. In December 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $128,747 which was returned to the cash reserves.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Pecan Manor Apartments~~

~~Parkside Plaza, LLP~~

~~Series 33~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 33 reflects a net loss from Operating Partnerships of $(147,866) and $(170,166), respectively, which includes depreciation and amortization of $260,563 and $284,822, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In October 2017, the investment general partner transferred their respective interests in Stearns Assisted Housing Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $435,500 and cash proceeds to the investment partnerships of $1,583 and $3,295 for Series 33 and Series 37, respectively. Of the total proceeds received, $633 and $1,318 for Series 33 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $950 and $1,977 for Series 33 and Series 37, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $950 and $1,977 for Series 33 and Series 37, respectively, as of December 31, 2017.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Harbor Pointe/MHT LDHA~~

~~Series 34~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 34 reflects a net loss from Operating Partnerships of $(95,701) and $(220,090), respectively, which includes depreciation and amortization of $206,720 and $283,865, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In May 2016, the investment general partner transferred its interest in Northwood Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $500,053 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $27,500 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $27,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Kerrville Meadows Apartments, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,144,914 and cash proceeds to the investment partnership of $225,000. Of the total proceeds received, $10,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $215,000 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $215,000 as of September 30, 2016.

In December 2016, the investment general partner transferred their respective interests in Washington Courtyards Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,958,317 and cash proceeds to the investment partnerships of $394,536 and $165,090 for Series 34 and Series 35, respectively. Of the total proceeds received, $2,115 and $885 for Series 34 and Series 35, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $4,230 and $1,770 for Series 34 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $388,191 and $162,435 for Series 34 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $388,191 and $162,435 for Series 34 and Series 35, respectively, as of December 31, 2016.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

~~RHP 96-I, L.P.~~

~~Belmont Affordable Housing II, LP~~

~~Series 35~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 35 reflects a net loss from Operating Partnerships of $(23,237) and $(245,625), respectively, which includes depreciation and amortization of $254,427 and $602,766, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2016, the operating general partner of Wedgewood Park Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $13,900,000, which included the outstanding mortgage balance of approximately $4,364,386 and cash proceeds to the investment partnerships of $2,333,553 and $2,333,553 for Series 35 and Series 36, respectively. Of the total proceeds received by the investment partnerships, $37,500 and $37,500 for Series 35 and Series 36, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale. Of the remaining proceeds, $1,250 and $1,250 for Series 35 and Series 36, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, as of June 30, 2016. In September 2016, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $85,949 and $85,949 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series. In January 2017, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $12,121 and $12,121 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series.

In December 2016, the investment general partner transferred their respective interests in Washington Courtyards Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,958,317 and cash proceeds to the investment partnerships of $394,536 and $165,090 for Series 34 and Series 35, respectively. Of the total proceeds received, $2,115 and $885 for Series 34 and Series 35, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $4,230 and $1,770 for Series 34 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $388,191 and $162,435 for Series 34 and Series 35, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $388,191 and $162,435 for Series 34 and Series 35, respectively, as of December 31, 2016.

In November 2016, the operating general partner of Columbia Woods, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on February 6, 2017. The sales price of the property was $7,450,000, which included the outstanding mortgage balance of approximately $3,865,108 and cash proceeds to the investment partnerships of $168,307 and $422,243 for Series 35 and Series 37, respectively. Of the total proceeds received by the investment partnerships, $2,850 and $7,150 for Series 35 and Series 37, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $165,457 and $415,093 for Series 35 and Series 37, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $165,457 and $415,093 for Series 35 and Series 37, respectively, as of March 31, 2017.

In September 2017, the investment general partner transferred its interest in Cypress Point Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,480,787 and cash proceeds to the investment partnership of $2,656,528. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,653,528 were returned to cash reserves held by Series 35. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,653,528 as of September 30, 2017.

~~Series 36~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 36 reflects a net loss from Operating Partnerships of $(98,904) and $(113,395), respectively, which includes depreciation and amortization of $126,835 and $146,670, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In May 2016, the investment general partner transferred its interest in Paris Place Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,065,498 and cash proceeds to the investment partnership of $80,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,000 were returned to cash reserves held by Series 36. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $75,000 as of June 30, 2016.

In May 2016, the investment general partner transferred its interest in Valleyview Estates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $259,710 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,000 were returned to cash reserves held by Series 36. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $45,000 as of June 30, 2016.

In March 2016, the operating general partner of Wedgewood Park Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $13,900,000, which included the outstanding mortgage balance of approximately $4,364,386 and cash proceeds to the investment partnerships of $2,333,553 and $2,333,553 for Series 35 and Series 36, respectively. Of the total proceeds received by the investment partnerships, $37,500 and $37,500 for Series 35 and Series 36, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale. Of the remaining proceeds, $1,250 and $1,250 for Series 35 and Series 36, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, as of June 30, 2016. In September 2016, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $85,949 and $85,949 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series. In January 2017, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $12,121 and $12,121 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series.

In June 2016, the investment general partner of Series 36 and Series 37 transferred their respective interests in Senior Suites Chicago Washington Heights Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,321,470 and cash proceeds to the investment partnerships of $5,000 and $5,000 for Series 36 and Series 37, respectively. Of the total proceeds received, $2,500 and $2,500 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 and $2,500 for Series 36 and Series 37, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,500 and $2,500 for Series 36 and Series 37, respectively, as of June 30, 2016.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Wingfield Apartments Limited Partnership~~

~~Ashton Ridge L.D.H.A., L.P.~~

~~Series 37~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at December 31, 2017, which was at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 37 reflects a net loss from Operating Partnerships of $(88,845) and $(463,828), respectively, which includes depreciation and amortization of $197,321 and $622,199, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded as of December 31, 2016.

In June 2016, the investment general partner of Series 36 and Series 37 transferred their respective interests in Senior Suites Chicago Washington Heights Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,321,470 and cash proceeds to the investment partnerships of $5,000 and $5,000 for Series 36 and Series 37, respectively. Of the total proceeds received, $2,500 and $2,500 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 and $2,500 for Series 36 and Series 37, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,500 and $2,500 for Series 36 and Series 37, respectively, as of June 30, 2016.

In September 2016, the investment general partner transferred its interest in FAH Silver Pond Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,695,732 and cash proceeds to the investment partnership of $1,932,139. The proceeds of approximately $1,932,139 were returned to cash reserves held by Series 37. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $1,932,139 as of September 30, 2016.

In November 2016, the operating general partner of Columbia Woods, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on February 6, 2017. The sales price of the property was $7,450,000, which included the outstanding mortgage balance of approximately $3,865,108 and cash proceeds to the investment partnerships of $168,307 and $422,243 for Series 35 and Series 37, respectively. Of the total proceeds received by the investment partnerships, $2,850 and $7,150 for Series 35 and Series 37, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $165,457 and $415,093 for Series 35 and Series 37, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $165,457 and $415,093 for Series 35 and Series 37, respectively, as of March 31, 2017.

In October 2017, the investment general partner transferred their respective interests in Stearns Assisted Housing Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $435,500 and cash proceeds to the investment partnerships of $1,583 and $3,295 for Series 33 and Series 37, respectively. Of the total proceeds received, $633 and $1,318 for Series 33 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $950 and $1,977 for Series 33 and Series 37, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $950 and $1,977 for Series 33 and Series 37, respectively, as of December 31, 2017.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Ashton Ridge L.D.H.A., L.P.~~

~~Series 38~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2017, all of which were at 100% qualified occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 38 reflects a net loss from Operating Partnerships of $(78,178) and $(204,413), respectively, which includes depreciation and amortization of $279,470 and $583,791, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2016, the operating general partner of Columbia Creek, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 3, 2017. The sales price of the property was $12,700,000, which included the outstanding mortgage balance of approximately $4,897,221 and cash proceeds to the investment partnerships of $1,112,310 and $1,157,711 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $4,900 and $5,100 for Series 38 and Series 39, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, were returned to cash reserves held by Series 38 and Series 39, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, as of March 31, 2017.

In June 2016, the operating general partner of Andover Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated third party buyer and the transaction closed on November 15, 2016. The sales price of the property was $4,402,000, which included the outstanding mortgage balance of approximately $2,136,141 and cash proceeds to the investment partnership of $1,790,410. Of the total proceeds received by the investment partnership, $2,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,787,910 was returned to cash reserves held by Series 38. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,787,910 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Edna Vanderbilt, LP, A Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $216,530 and cash proceeds to the investment partnership of $9,600. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,100 were returned to cash reserves held by Series 38. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $7,100 as of December 31, 2016.

In October 2016, the operating general partner of Arbors at Eagle Crest LDHA LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 26, 2017. The sales price of the property was $3,700,000, which included the outstanding mortgage balance of approximately $2,078,128 and cash proceeds to the investment partnerships of $377,821 and $377,821 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $6,543 and $6,543 for Series 38 and Series 39, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $371,278 and $371,278 for Series 38 and Series 39, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $371,278 and $371,278 for Series 38 and Series 39, respectively, as of March 31, 2017.

~~Series 39~~

~~As of December 31, 2016, the average Qualified Occupancy for the series was 100%.The series did not have any properties as of December 31, 2017.~~

For the nine month periods ended December 31, 2017 and 2016, Series 39 reflects net loss from Operating Partnerships of $- and $(101,698), respectively, which includes depreciation and amortization of $- and $243,036, respectively. This is an interim period estimate; it is not indicative of the final year end results.

In November 2016, the operating general partner of Columbia Creek, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 3, 2017. The sales price of the property was $12,700,000, which included the outstanding mortgage balance of approximately $4,897,221 and cash proceeds to the investment partnerships of $1,112,310 and $1,157,711 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $4,900 and $5,100 for Series 38 and Series 39, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, were returned to cash reserves held by Series 38 and Series 39, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, as of March 31, 2017

In May 2016, the investment general partner transferred its interest in Hillview, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $771,823 and cash proceeds to the investment partnership of $25,500. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,500 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Daystar Village, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $634,353 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $70,500 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $70,500 as of September 30, 2016.

In August 2016, the investment general partner transferred its interest in Tally Ho Apartments Partnership, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $479,836 and cash proceeds to the investment partnership of $22,100. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,100 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,100 as of September 30, 2016.

In July 2016, the investment general partner transferred its interest in Austin Acres, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $793,420 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $12,000 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $12,000 as of September 30, 2016.

In October 2016, the operating general partner of Arbors at Eagle Crest LDHA LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 26, 2017. The sales price of the property was $3,700,000, which included the outstanding mortgage balance of approximately $2,078,128 and cash proceeds to the investment partnerships of $377,821 and $377,821 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $6,543 and $6,543 for Series 38 and Series 39, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $371,278 and $371,278 for Series 38 and Series 39, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $371,278 and $371,278 for Series 38 and Series 39, respectively, as of March 31, 2017.

In December 2017, the investment general partner transferred its interest in Timber Trails I Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $717,617 and cash proceeds to the investment partnership of $22,779. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,779 were returned to cash reserves held by Series 39. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,779 as of December 31, 2017.

~~Series 40~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at December 31, 2017, all of which at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 40 reflects a net loss from Operating Partnerships of $(501,422) and $(349,637), respectively, which includes depreciation and amortization of $493,185 and $610,754, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded as of December 31, 2016.

In May 2016, the investment general partner transferred its interest in Londontown Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $385,627 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,500 were returned to cash reserves held by Series 40. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Southbrook Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $333,131 and cash proceeds to the investment partnership of $32,500. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,500 were returned to cash reserves held by Series 40. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,500 as of September 30, 2016.

In January 2017, the investment general partner transferred its interest in Azle Fountainhead, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $924,937 and cash proceeds to the investment partnership of $47,200. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $44,700 were returned to cash reserves held by Series 40. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $44,700 as of March 31, 2017.

In August 2017, the investment general partner transferred their respective interests in Springfield Metro, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $23,195,469 and cash proceeds to the investment partnerships of $589,289 and $720,242 for Series 40 and Series 41, respectively. Of the total proceeds received, $337 and $413 for Series 40 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $588,952 and $719,829 for Series 40 and Series 41, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $588,952 and $719,829 for Series 40 and Series 41, respectively, as of September 30, 2017.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

~~MA No 2~~

~~Center Place Apartments II Limited Partnership~~

~~Oakland Partnership~~

~~Series 41~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 41 reflects a net loss from Operating Partnerships of $(464,495) and $(407,379), respectively, which includes depreciation and amortization of $893,311 and $1,017,190, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period will expire on December 31, 2017.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period expired on December 31, 2017.

In March 2017, the investment general partner transferred its interest in Sunshine Village Apartments, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $680,145 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $70,500 were returned to cash reserves held by Series 41. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $70,500 as of March 31, 2017.

In August 2017, the investment general partner transferred their respective interests in Springfield Metro, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $23,195,469 and cash proceeds to the investment partnerships of $589,289 and $720,242 for Series 40 and Series 41, respectively. Of the total proceeds received, $337 and $413 for Series 40 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $588,952 and $719,829 for Series 40 and Series 41, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $588,952 and $719,829 for Series 40 and Series 41, respectively, as of September 30, 2017.

In December 2017, the investment general partner transferred its interest in Bienville Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $677,463 and cash proceeds to the investment partnership of $18,179. Of the total proceeds received, $1,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,179 were returned to cash reserves held by Series 41. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,179 as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Red Hill Apartments I Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $753,606 and cash proceeds to the investment partnership of $46,879. Of the total proceeds received, $1,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,879 were returned to cash reserves held by Series 41. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $45,879 as of December 31, 2017.

In January 2018, the investment general partner transferred their respective interests in San Diego/Fox Hollow, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,277,023 and cash proceeds to the investment partnerships of $245,497, $166,126 and $343,581 for Series 41, Series 42 and Series 43, respectively. Of the total proceeds received, $1,625, $1,100 and $2,275 for Series 41, Series 42 and Series 43, respectively, will paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $243,872, $165,026 and $341,306 for Series 41, Series 42 and Series 43, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

~~Bienville Partnership, A L.P.~~

~~San Diego/Fox Hollow, LP~~

~~Series 42~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 13 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 42 reflects a net loss from Operating Partnerships of $(595,763) and $(601,431), respectively, which includes depreciation and amortization of $801,778 and $844,726, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period expired on December 31, 2017.

In November 2017, the investment general partner transferred their respective interests in Dorchester Court LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,993,006 and cash proceeds to the investment partnerships of $230,000 and $230,000 for Series 42 and Series 43, respectively. Of the total proceeds received, $4,500 and $4,500 for Series 42 and Series 43, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $225,500 and $225,500 for Series 42 and Series 43, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $225,500 and $225,500 for Series 42 and Series 43, respectively, as of December 31, 2017.

In December 2017, the investment general partner transferred its interest in Natchez Place Apartments II Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $726,453 and cash proceeds to the investment partnership of $37,779. Of the total proceeds received, $1,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,779 were returned to cash reserves held by Series 42. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $36,779 as of December 31, 2017.

In January 2018, the investment general partner transferred their respective interests in San Diego/Fox Hollow, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,277,023 and cash proceeds to the investment partnerships of $245,497, $166,126 and $343,581 for Series 41, Series 42 and Series 43, respectively. Of the total proceeds received, $1,625, $1,100 and $2,275 for Series 41, Series 42 and Series 43, respectively, will paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $243,872, $165,026 and $341,306 for Series 41, Series 42 and Series 43, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

~~San Diego/Fox Hollow LP.~~

~~Wingfield Apartments Partnership II, LP~~

~~Series 43~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 43 reflects a net loss from Operating Partnerships of $(792,307) and $(815,731), respectively, which includes depreciation and amortization of $1,263,725 and $1,312,092, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2017, the investment general partner transferred their respective interests in Dorchester Court LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,993,006 and cash proceeds to the investment partnerships of $230,000 and $230,000 for Series 42 and Series 43, respectively. Of the total proceeds received, $4,500 and $4,500 for Series 42 and Series 43, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $225,500 and $225,500 for Series 42 and Series 43, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $225,500 and $225,500 for Series 42 and Series 43, respectively, as of December 31, 2017.

In January 2018, the investment general partner transferred their respective interests in San Diego/Fox Hollow, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,277,023 and cash proceeds to the investment partnerships of $245,497, $166,126 and $343,581 for Series 41, Series 42 and Series 43, respectively. Of the total proceeds received, $1,625, $1,100 and $2,275 for Series 41, Series 42 and Series 43, respectively, will paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $243,872, $165,026 and $341,306 for Series 41, Series 42 and Series 43, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

~~San Diego/Fox Hollow LP.~~

~~Parkside Plaza, LLP~~

~~Series 44~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy was 100%. The series had a total of 7 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 44 reflects a net loss from Operating Partnerships of $(179,199) and $(164,940), respectively, which includes depreciation and amortization of $1,025,862 and $1,079,209, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. In September 2013, the court-appointed receiver for the Operating Partnership entered into an agreement to sell the property to a third-party buyer for $1,173,000; the sale transaction closed on November 26, 2013. After payment of the outstanding real estate taxes, the remaining proceeds of $210,000 were paid to the first mortgage lender. There were no cash proceeds to the investment partnership. The buyer agreed to operate the property in accordance with the land use and regulatory agreement as well as Section 42 of the Tax Code; therefore, resulting in no tax credit recapture or interest penalties for the investment limited partner stemming from the sale. The investment limited partners will; however, lose federal tax credits in 2013 and 2014 totaling $30,660 and $131,253, respectively, in addition to the recapture in 2012 totaling $281,707, equivalent to $104 per 1,000 BACs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Despite the sale of the property, the low income housing tax credit compliance period for the tax credits received remains unchanged and will expire on December 31, 2018.

United Development Limited Partnership 2001 (Families First II) is a 66-unit single family house development located in West Memphis, AR. Due to low occupancy, deferred maintenance, high operating expenses and high debt service, the partnership operates below breakeven. The operating general partner, whose operating deficit guarantee has expired, provides limited oversight of property operations. For the most part, it was the third party property management company and the investment general partner who directed property operations starting in January 2014. Beginning in the fourth quarter of 2013 and continuing through October 23, 2015, the investment limited partner had advanced $201,849 from fund reserves to Families First II to finance operating deficits. No further advances were made by the investment limited partner during the remainder of the fourth quarter of 2015 or during the first half of 2016. Starting in November 2015, mortgage payments were not made by the Operating Partnership. As a result, the lender issued a default notice on December 8, 2015, and accelerated payment of the mortgage note. On February 10, 2016 the court appointed a receiver to manage the property. The foreclosure on the property occurred on July 21, 2016. The tax credit recapture costs and interest penalties as a result of the foreclosure sale is estimated at $780,762. This is equivalent to recapture costs and interest penalties of $289 per 1,000 BACs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the Operating Partnership has been reported. Note that the 15-year low income housing tax credit compliance period for Families First II would have expired on December 31, 2018.

~~Series 45~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 27 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 45 reflects a net loss from Operating Partnerships of $(595,305) and $(617,554), respectively, which includes depreciation and amortization of $1,476,660 and $1,506,167 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded as of December 31, 2016.

Brookside Square Limited Partnership (Brookside Square Apartments) is a 32-unit property located in Boykins, VA. On June 18, 2017 a guest of the property, while trying to park the car, drove into unit 202 causing significant structural damage. There were no injuries reported, and as a result of the accident units 202 and 203 were condemned by the building inspector. One resident was evicted as a result of the accident and one resident was relocated to a vacant unit. The management agent hired a contractor to complete the repairs at a cost of $20,443. The work started October 3, 2017 and completed on November 3, 2017. The property received full reimbursement for the claim, and loss of rents in the amount of $2,108. The property operated above breakeven with occupancy of 94% as of December 31, 2017. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2018. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Brookside Square Limited Partnership subsequent to December 31, 2017.

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. Due to a workout agreement with the Lender, VHDA, the property was operating above breakeven. However, the workout agreement ended May 1, 2016. The property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations in conjunction with the Virginia Housing Development Authority. The operating general partner's has an unlimited operating deficit guarantee. The low income housing tax credit compliance period expires on December 31, 2019.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period expired on December 31, 2017.

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. The property operated below breakeven in 2016 due to high operating expenses. An increase in legal costs and a drop in occupancy at the beginning of 2017 caused below breakeven operations to continue through the third quarter. Occupancy improved to 98% in December 2017 and averaged 96% for the year. Increased revenues combined with a decrease in operating expenses in the fourth quarter allowed the property to operate slightly above breakeven. The investment general partner will continue to work with the operating general partner and the management company to maintain improved operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

Borger Fountainhead L.P. (La Mirage Apartments) is a 48-unit family property in Borger, Texas. The property operated below breakeven in 2016 due to high maintenance and administrative expenses and low occupancy. Occupancy has improved to 93% in 2017 and maintenance and administrative expenses have both decreased. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period will expire on December 31, 2018. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Borger Fountainhead, Limited Partnership subsequent to December 31, 2017.

Heritage Christian Home III, L.P. (Heritage Christian Home III, LP) is a 12-unit assisted living single room occupancy property for adults with developmental disabilities located in Rochester, NY. The property operated below breakeven in 2016 due to the allocation of staff salaries that had not been previously allocated to the property. Previously the salaries were funded by the operating general partner and guarantor. The staffs' salaries are now allocated to the property and any resulting operating deficits will be funded by the operating general partner. Due to the increased administrative expense, the property continued to operate below breakeven in 2017. The operating general partners operating deficit guarantee is unlimited in time and amount. The 15-year low income housing tax credit compliance period for Heritage Christian Home III, LP expired on December 31, 2017.

Reese I Limited Partnership (Reese Village Apartments) is a 40-unit property located in Emporia, VA. The property operated below breakeven in 2017 with occupancy of 93% as of December 31, 2017. The property is aging, and requiring significant replacements and repairs for each unit turn, which is the leading cause of the below breakeven operations. Management also replaced the manager and maintenance man for poor performance in 2017. With a new on-site management team in place, and more careful monitoring of expenses, the property will work towards breakeven operations. The investment general partner will work with the operating general partner on ways to reduce operating expenses. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period will expire on December 31, 2019.

~~Series 46~~

~~As of December 31, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at December 31, 2017, all of which were at 100% Qualified Occupancy.~~

For the nine month periods ended December 31, 2017 and 2016, Series 46 reflects a net loss from Operating Partnerships of $(282,209) and $(443,001), respectively, which includes depreciation and amortization of $857,671 and $976,513, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Panola Housing, Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property operated below breakeven in 2016 largely due to high operating expenses. The property continued to operate below breakeven through the fourth quarter of 2017. High operating expenses are the main cause of the below breakeven operations. The investment general partner continues to work with the operating general partner and the management company to reduce expenses. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. The property operated below breakeven in 2016 due to high operating expenses. An increase in legal costs and a drop in occupancy at the beginning of 2017 caused below breakeven operations to continue through the third quarter. Occupancy improved to 98% in December 2017 and averaged 96% for the year. Increased revenues combined with a decrease in operating expenses in the fourth quarter allowed the property to operate slightly above breakeven. The investment general partner will continue to work with the operating general partner and the management company to maintain improved operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

Linden-Shawnee Partners, Limited Partnership (Linden's Apartments) is a 54-unit family property in Shawnee, OK. Operations were below breakeven in 2016, largely due to management's inability to increase rents and retain current tenants, while incurring additional operating expenses. The investment general partner will continue to work with the operating general partner and management company to improve occupancy and overall operations. The operating general partner's operating deficit guarantee expires on December 31, 2020. The 15-year low income housing tax credit compliance period expires on December 31, 2020.

On November 22, 2016, the operating general partner of Agent Kensington Limited Partnership sold the property to an unrelated third party buyer. The sales price of the property was $6,625,000, which included the outstanding mortgage balance of approximately $4,023,594 and cash proceeds to the investment partnership of $398,183. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $393,183 were returned to cash reserves held by Series 46. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $393,183 as of December 31, 2016. In December 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $10,994 which was returned to the cash reserves.

Saint Martin Apartments, L.P. (Saint Martin Apartments) is a 40-unit family property in McComb, MS. The property operated slightly above breakeven in 2016 but operated below breakeven through the fourth quarter of 2017, mainly due to low occupancy. The investment limited partner will continue to work with the operating general partner on improving occupancy and will monitor operations. The 15-year low income housing tax credit compliance period for Saint Martin Apartments, L.P. expires on December 31, 2020.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies ~~and Estimates~~

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended March 31, 2017 and 2016. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

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)~~(“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~~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.

~~Principal Accounting Policies and Estimates - continued~~

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the ~~Fund's~~Fund’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The ~~Fund's~~Fund’s balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The ~~Fund's~~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

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Table of Contents

There were no changes in the Fund’s or any series’ internal controls over financial reporting that occurred during the quarter ended December 31, 2021 that materially affected, or are reasonably likely to materially affect, the Fund’s or any series’ internal controls 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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Table of Contents

~~Item 3~~	~~Quantitative and Qualitative Disclosures About Market Risk~~

	~~Not Applicable~~

~~Item 4~~	~~Controls 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 C&M Management 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 internal control over financial reporting that occurred during the quarter ended December 31, 2017 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

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, 2021.

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

~~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, 2017.~~

~~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~~

		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of ~~John P. Manning,~~Gregory Voyentzie, Principal Executive Officer, filed herewith

			31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of ~~Marc N. Teal,~~Marie Reynolds, Principal Accounting and Financial Officer, filed herewith

			32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of ~~John P. Manning,~~Gregory Voyentzie, Principal Executive Officer, filed herewith

			32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of ~~Marc N. Teal,~~Marie Reynolds, Principal Accounting and Financial Officer, filed herewith

		101. The following materials from the ~~Boston Capital~~BF Garden Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, ~~2017~~2021 formatted in Inline Extensible Business Reporting Language ~~(XBRL)~~(iXBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in ~~Partners'~~Partners’ Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed ~~herein~~herewith
		104. Cover Page Interactive Data File (formatted in iXBRL and included in Exhibit 101).

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Table of Contents

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.


	~~Boston Capital~~BF Garden Tax Credit Fund IV L.P.

	By:	~~Boston Capital~~BF Garden Associates IV L.P. ~~General Partner~~,


	~~By:~~	~~BCA Associates Limited Partnership~~	its General Partner

	By:	~~C&M Management,~~Corporate Investment Holdings, Inc. ,
			its General Partner


Date: February ~~13, 2018~~11, 2022			By:	/s/ ~~John P. Manning~~ ~~John P. Manning~~Gregory Voyentzie

				Gregory Voyentzie
				President (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:


DATE:	SIGNATURE:		TITLE:

February ~~13, 2018~~11, 2022	/s/ ~~John P. Manning~~Gregory Voyentzie	~~Director,~~	President (Principal Executive Officer), ~~C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.~~
	~~John P. Manning~~Gregory Voyentzie		Corporate Investment Holdings, Inc.






February ~~13, 2018~~11, 2022	/s/ ~~Marc N. Teal~~ ~~Marc N. Teal~~Marie Reynolds	~~Sr. Vice President, Chief Financial Officer~~	Treasurer (Principal Accounting and Financial Officer) ~~C&M Management Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) BCTC IV Assignor Corp.~~,
	Marie Reynolds		Corporate Investment Holdings, Inc.

225

Large accelerated filer □☐		Accelerated Filer □☐
Non-accelerated filer ~~□ (Do not check if a smaller reporting company)~~☒		Smaller Reporting Company ☒
		~~Smaller Reporting Company~~ý
		Emerging Growth Company □ ☐


		December 31, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		28,521,120		27,209,997
Notes receivable		-		22,790
Other assets		58,927		164,773

	$	28,580,047	$	27,397,560




LIABILITIES

Accounts payable and accrued expenses	$	651,173	$	697,432
Accounts payable affiliates (Note C)		31,587,088		39,637,826
Capital contributions payable		186,846		578,113

		32,425,107		40,913,371


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 83,310,666 outstanding as of December 31, 2017 and March 31, 2017.		2,171,533		(6,338,126)
General Partner		(6,016,593)		(7,177,685)

		(3,845,060)		(13,515,811)

	$	28,580,047	$	27,397,560

		2017		2016

Income
Interest income	$	44,147	$	12,779
Other income		61,482		26,607

		105,629		39,386



Share of income from Operating Partnerships (Note D)		1,055,522		3,579,666


Expenses
Professional fees		26,251		67,759
Fund management fee, net (Note C)		456,851		661,511
General and administrative expenses		259,174		210,384

		742,276		939,654


NET INCOME (LOSS)	$	418,875	$	2,679,398




Net income (loss) allocated to assignees	$	414,684	$	2,652,602




Net income (loss) allocated to general partner	$	4,191	$	26,796




Net income (loss) per BAC	$	.00	$	.03


		Assignees		General Partner		Total


Partners' capital (deficit), April 1, 2017	$	(6,338,126)	$	(7,177,685)	$	(13,515,811)

Contributions		-		1,070,891		1,070,891

Distributions		(420,163)		-		(420,163)

Net income (loss)		8,929,822		90,201		9,020,023


Partners' capital (deficit), December 31, 2017	$	2,171,533	$	(6,016,593)	$	(3,845,060)

Supplemental schedule of noncash investing and financing activities:

	The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	1,070,891	$	-




	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	127,351	$	-

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition

Series 20	1	-	$	42,000	$	42,000
Series 21	2	-		67,000		67,000
Series 23	-	1		989,962		989,962
Series 25	4	-		97,399		97,399
Series 26	4	-		80,000		80,000
Series 27	1	1		3,291,567		3,291,567
Series 30	1	1		226,021		265,984
Series 31	2	-		45,000		45,000
Series 32	-	1		1,677,252		1,677,252
Series 33	1	-		950		67,454
Series 35	1	-		2,653,528		2,653,528
Series 37	1	-		1,977		140,415
Series 39	1	-		17,779		17,779
Series 40	1	-		588,952		588,952
Series 41	3	-		782,887		782,887
Series 42	2	-		262,279		262,279
Series 43	1	-		225,500		225,500
Series 46	-	-		10,994		10,994
Total	26	4	$	11,061,047	$	11,305,952

	9 Months Gross Fund Management Fee	9 Months Asset Management and Reporting Fee	9 Months Fund Management Fee Net of Asset Management and Reporting Fee

Series 20	$ 16,607	$ 2,312	$ 14,295
Series 21	7,654	2,051	5,603
Series 22	21,909	500	21,409
Series 23	16,668	1,750	14,918
Series 24	37,764	2,835	34,929
Series 25	11,374	1,692	9,682
Series 26	60,699	3,841	56,858
Series 27	33,438	10,760	22,678
Series 28	26,532	2,000	24,532
Series 29	61,640	3,387	58,253
Series 30	41,872	50,954	(9,082)
Series 31	62,490	1,500	60,990
Series 32	75,974	12,500	63,474
Series 33	48,449	25,340	23,109
Series 34	37,097	4,200	32,897
Series 35	45,615	5,659	39,956
Series 36	22,878	1,910	20,968
Series 37	35,959	8,018	27,941
Series 38	54,702	10,700	44,002
Series 39	5,130	-	5,130
Series 40	85,069	11,475	73,594
Series 41	155,150	13,663	141,487
Series 42	126,528	12,686	113,842
Series 43	170,998	20,795	150,203
Series 44	173,476	27,120	146,356
Series 45	211,077	17,871	193,206
Series 46	156,897	17,559	139,338
	$1,803,646	$273,078	$1,530,568