UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended ~~June~~September 30, 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

BF GARDEN TAX CREDIT FUND IV L.P.

(Exact name of registrant as specified in its charter)

Delaware

04-3208648

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

101 Arch Street, 13^th Floor Boston, Massachusetts 02110

(Address of principal executive offices) (Zip Code)

(888) 773-1487

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒

No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒

No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated Filer ☐
Non-accelerated filer ☒		Smaller Reporting Company ☒
		Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐

No ☒

Table of Contents

BF GARDEN TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED ~~JUNE~~SEPTEMBER 30, 2021

TABLE OF CONTENTS


			Pages
PART I FINANCIAL INFORMATION

	Item 1. Condensed Financial Statements

		Condensed Balance Sheets	3-30
		Condensed Statements of Operations	~~31-58~~31-86
		Condensed Statements of Changes in ~~Partners'~~Partners’ Capital (Deficit)	~~59-86~~87-114
		Condensed Statements of Cash Flows	~~87-114~~115-142
		Notes to Condensed Financial Statements	~~115-148~~143-176

	Item 2. ~~Management's~~Management’s Discussion and Analysis of Financial Condition and Results of Operations		~~149-165~~177-194

	Item 3. Quantitative and Qualitative Disclosures About Market Risk		~~165~~194

	Item 4. Controls and Procedures		~~165~~194

PART II OTHER INFORMATION

	Item 1. Legal Proceedings		~~165~~196

	Item 1A. Risk Factors		~~165~~196

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		~~165~~196

	Item 3. Defaults Upon Senior Securities		~~165~~196

	Item 4. Mine Safety Disclosures		~~166~~196

	Item 5. Other Information		~~166~~196

	Item 6. Exhibits		~~166~~196

	Signatures		~~167~~197

2

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		10,369,153		10,819,585		11,174,704		10,819,585
Other assets		10,248		10,829		7,338		10,829
	$	10,379,401	$	10,830,414	$	11,182,042	$	10,830,414

LIABILITIES
Accounts payable and accrued expenses	$	0	$	27	$	0	$	27
Accounts payable affiliates (Note C)		11,892,457		12,664,070		11,628,116		12,664,070
Capital contributions payable		785		785		785		785
		11,893,242		12,664,882		11,628,901		12,664,882

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		(1,133,459)		(1,450,880)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 82,874,653 outstanding as of September 30, 2021 and March 31, 2021.						(77,147)		(1,450,880)
General Partner		(380,382)		(383,588)		(369,712)		(383,588)
		(1,513,841)		(1,834,468)		(446,859)		(1,834,468)
	$	10,379,401	$	10,830,414	$	11,182,042	$	10,830,414

The accompanying notes are an integral part of this condensed statement

3

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		(754,767)		(754,767)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,828,200 outstanding as of September 30, 2021 and March 31, 2021.						(754,767)		(754,767)
General Partner		754,767		754,767		754,767		754,767
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

4

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		(898,231)		(898,231)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of September 30, 2021 and March 31, 2021.						(898,231)		(898,231)
General Partner		898,231		898,231		898,231		898,231
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

5

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		(2,448,362)		(2,448,362)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,550,145 outstanding as of September 30, 2021 and March 31, 2021.						(2,448,362)		(2,448,362)
General Partner		2,448,362		2,448,362		2,448,362		2,448,362
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

6

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		(224,264)		(224,264)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,303,327 outstanding as of September 30, 2021 and March 31, 2021.						(224,264)		(224,264)
General Partner		224,264		224,264		224,264		224,264
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

7

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		173,404		173,404
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,150,053 outstanding as of September 30, 2021 and March 31, 2021.						173,404		173,404
General Partner		(173,404)		(173,404)		(173,404)		(173,404)
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

8

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		219,815		219,815
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,016,809 outstanding as of September 30, 2021 and March 31, 2021.						219,815		219,815
General Partner		(219,815)		(219,815)		(219,815)		(219,815)
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

9

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		524,818		531,027		512,301		531,027
Other assets		50		75		0		75
	$	524,868	$	531,102	$	512,301	$	531,102

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		4,398		2,199		0		2,199
Capital contributions payable		0		0		0		0
		4,398		2,199		0		2,199

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		833,607		841,956
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,926,374 outstanding as of September 30, 2021 and March 31, 2021.						825,520		841,956
General Partner		(313,137)		(313,053)		(313,219)		(313,053)
		520,470		528,903		512,301		528,903
	$	524,868	$	531,102	$	512,301	$	531,102

The accompanying notes are an integral part of this condensed statement

10

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		133,264		133,264
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,431,350 outstanding as of September 30, 2021 and March 31, 2021.						133,264		133,264
General Partner		(133,264)		(133,264)		(133,264)		(133,264)
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

11

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		275,140		275,140
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,979,139 outstanding as of September 30, 2021 and March 31, 2021.						275,140		275,140
General Partner		(275,140)		(275,140)		(275,140)		(275,140)
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

12

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		159,291		164,236		138,344		164,236
Other assets		2,099		2,148		2,525		2,148
	$	161,390	$	166,384	$	140,869	$	166,384

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		3,131,245		3,127,627		3,106,534		3,127,627
Capital contributions payable		785		785		785		785
						3,107,319		3,128,412
		3,132,030		3,128,412

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		(2,602,287)		(2,593,761)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,911,725 outstanding as of September 30, 2021 and March 31, 2021.						(2,598,139)		(2,593,761)
General Partner		(368,353)		(368,267)		(368,311)		(368,267)
		(2,970,640)		(2,962,028)		(2,966,450)		(2,962,028)
	$	161,390	$	166,384	$	140,869	$	166,384

The accompanying notes are an integral part of this condensed statement

13

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		(883,119)		(883,119)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,621,200 outstanding as of September 30, 2021 and March 31, 2021.						(883,119)		(883,119)
General Partner		883,119		883,119		883,119		883,119
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

14

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31


	June 30,		March 31,			September 30,		March 31,
	2021		2021			2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0		$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		353,529		353,529
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,375,757 outstanding as of September 30, 2021 and March 31, 2021.							353,529		353,529
General Partner		(353,529)		(353,529)			(353,529)		(353,529)
		0		0			0		0
	$	0	$	0		$	0	$	0

The accompanying notes are an integral part of this condensed statement

15

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		2,634,703		2,640,414		2,627,798		2,640,414
Other assets		49		74		0		74
	$	2,634,752	$	2,640,488	$	2,627,798	$	2,640,488

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		7,302		4,847		0		4,847
Capital contributions payable		0		0		0		0
						0		4,847
		7,302		4,847

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		3,007,540		3,015,649
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,706,298 outstanding as of September 30, 2021 and March 31, 2021.						3,007,884		3,015,649
General Partner		(380,090)		(380,008)		(380,086)		(380,008)
		2,627,450		2,635,641		2,627,798		2,635,641
	$	2,634,752	$	2,640,488	$	2,627,798	$	2,640,488

The accompanying notes are an integral part of this condensed statement

16

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		3,037,007		3,040,636		3,036,157		3,040,636
Other assets		49		74		0		74
	$	3,037,056	$	3,040,710	$	3,036,157	$	3,040,710

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		7,592		4,992		0		4,992
Capital contributions payable		0		0		0		0
						0		4,992
		7,592		4,992

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		3,224,950		3,231,141
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,605,833 outstanding as of September 30, 2021 and March 31, 2021.						3,231,576		3,231,141
General Partner		(195,486)		(195,423)		(195,419)		(195,423)
		3,029,464		3,035,718		3,036,157		3,035,718
	$	3,037,056	$	3,040,710	$	3,036,157	$	3,040,710

The accompanying notes are an integral part of this condensed statement

17

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		123,926		129,067		108,959		129,067
Other assets		49		74		25		74
	$	123,975	$	129,141	$	108,984	$	129,141

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		2,474,399		2,469,776		2,479,022		2,469,776
Capital contributions payable		0		0		0		0
						2,479,022		2,469,776
		2,474,399		2,469,776

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		(2,026,530)		(2,016,839)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,474,319 outstanding as of September 30, 2021 and March 31, 2021.						(2,045,948)		(2,016,839)
General Partner		(323,894)		(323,796)		(324,090)		(323,796)
		(2,350,424)		(2,340,635)		(2,370,038)		(2,340,635)
	$	123,975	$	129,141	$	108,984	$	129,141

The accompanying notes are an integral part of this condensed statement

18

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		0		0		0		0
Capital contributions payable		0		0		0		0
						0		0
		0		0
PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		223,088		223,088
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,277,913 outstanding as of September 30, 2021 and March 31, 2021.						223,088		223,088
General Partner		(223,088)		(223,088)		(223,088)		(223,088)
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

19

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		148,221		148,221
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,083,704 outstanding as of September 30, 2021 and March 31, 2021.						148,221		148,221
General Partner		(148,221)		(148,221)		(148,221)		(148,221)
		0		0		0		0
	$	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


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

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

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		205,359		205,359
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,489,100 outstanding as of September 30, 2021 and March 31, 2021.						205,359		205,359
General Partner		(205,359)		(205,359)		(205,359)		(205,359)
		0		0		0		0
	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

21

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		0		0		0		0
Capital contributions payable		0		0		0		0
						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 June 30, 2021 and March 31, 2021.		188,889		188,889
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,536,200 outstanding as of September 30, 2021 and March 31, 2021.						188,889		188,889
General Partner		(188,889)		(188,889)		(188,889)		(188,889)
		0		0		0		0
	$	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


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		0		0		0		0
Capital contributions payable		0		0		0		0
						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 June 30, 2021 and March 31, 2021.		196,043		196,043
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of September 30, 2021 and March 31, 2021.						196,043		196,043
General Partner		(196,043)		(196,043)		(196,043)		(196,043)
						0		0
		0		0	$	0	$	0

	$	0	$	0

The accompanying notes are an integral part of this condensed statement

23

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		0		0		0		0
Capital contributions payable		0		0		0		0
						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 June 30, 2021 and March 31, 2021.		216,900		216,900
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,611,356 outstanding as of September 30, 2021 and March 31, 2021.						216,900		216,900
General Partner		(216,900)		(216,900)		(216,900)		(216,900)
						0		0
		0		0	$	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


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		370,560		408,743		347,749		408,743
Other assets		94		437		48		437
	$	370,654	$	409,180	$	347,797	$	409,180

LIABILITIES
Accounts payable and accrued expenses	$	0	$	1	$	0	$	1
Accounts payable affiliates (Note C)		2,677,339		2,690,845		2,697,433		2,690,845
Capital contributions payable		0		0		0		0
						2,697,433		2,690,846
		2,677,339		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 June 30, 2021 and March 31, 2021.		(2,034,450)		(2,009,681)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,865,176 outstanding as of September 30, 2021 and March 31, 2021.						(2,076,971)		(2,009,681)
General Partner		(272,235)		(271,985)		(272,665)		(271,985)
						(2,349,636)		(2,281,666)
		(2,306,685)		(2,281,666)	$	347,797	$	409,180

	$	370,654	$	409,180

The accompanying notes are an integral part of this condensed statement

25

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42


	June 30,		March 31,		September 30,			March 31,
	2021		2021		2021			2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0		$	0

OTHER ASSETS
Cash and cash equivalents		2,317,774		2,318,856		2,392,889			2,318,856
Other assets		555		82		528			82
	$	2,318,329	$	2,318,938	$	2,393,417		$	2,318,938

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0		$	0
Accounts payable affiliates (Note C)		40,786		36,736		44,836			36,736
Capital contributions payable		0		0		0			0
						44,836			36,736
		40,786		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 June 30, 2021 and March 31, 2021.		2,495,705		2,500,317
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,706,362 outstanding as of September 30, 2021 and March 31, 2021.						2,566,032			2,500,317
General Partner		(218,162)		(218,115)		(217,451)	��		(218,115)
						2,348,581			2,282,202
		2,277,543		2,282,202	$	2,393,417		$	2,318,938

	$	2,318,329	$	2,318,938

The accompanying notes are an integral part of this condensed statement

26

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

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

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		0		0		0		0
Capital contributions payable		0		0		0		0
						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 June 30, 2021 and March 31, 2021.		306,854		306,854
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,617,987 outstanding as of September 30, 2021 and March 31, 2021.						306,854		306,854
General Partner		(306,854)		(306,854)		(306,854)		(306,854)
						0		0
		0		0	$	0	$	0

	$	0	$	0

The accompanying notes are an integral part of this condensed statement

27

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		438,148		842,738		1,253,259		842,738
Other assets		99		205		50		205
	$	438,247	$	842,943	$	1,253,309	$	842,943

LIABILITIES
Accounts payable and accrued expenses	$	0	$	26	$	0	$	26
Accounts payable affiliates (Note C)		12,399		399,489		12,399		399,489
Capital contributions payable		0		0		0		0
						12,399		399,515
		12,399		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 June 30, 2021 and March 31, 2021.		659,038		676,442
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,682,873 outstanding as of September 30, 2021 and March 31, 2021.						1,465,949		676,442
General Partner		(233,190)		(233,014)		(225,039)		(233,014)
						1,240,910		443,428
		425,848		443,428	$	1,253,309	$	842,943

	$	438,247	$	842,943

The accompanying notes are an integral part of this condensed statement

28

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		304,393		294,663		315,906		294,663
Other assets		2,395		2,627		170		2,627
	$	306,788	$	297,290	$	316,076	$	297,290

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		1,582,421		1,744,673		1,350,948		1,744,673
Capital contributions payable		0		0		0		0
						1,350,948		1,744,673
		1,582,421		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 June 30, 2021 and March 31, 2021.		(909,215)		(1,079,247)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 3,989,967 outstanding as of September 30, 2021 and March 31, 2021.						(670,861)		(1,079,247)
General Partner		(366,418)		(368,136)		(364,011)		(368,136)
						(1,034,872)		(1,447,383)
		(1,275,633)		(1,447,383)	$	316,076	$	297,290

	$	306,788	$	297,290

The accompanying notes are an integral part of this condensed statement

29

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46


	June 30,		March 31,		September 30,		March 31,
	2021		2021		2021		2021

INVESTMENTS IN OPERATING PARTNERSHIPS	$	0	$	0	$	0	$	0

OTHER ASSETS
Cash and cash equivalents		458,533		449,205		441,342		449,205
Other assets		4,809		5,033		3,992		5,033
	$	463,342	$	454,238	$	445,334	$	454,238

LIABILITIES
Accounts payable and accrued expenses	$	0	$	0	$	0	$	0
Accounts payable affiliates (Note C)		1,954,576		2,182,886		1,936,944		2,182,886
Capital contributions payable		0		0		0		0
						1,936,944		2,182,886
		1,954,576		2,182,886

PARTNERS' CAPITAL (DEFICIT)
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 June 30, 2021 and March 31, 2021.		(1,213,580)		(1,448,620)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,965,635 outstanding as of September 30, 2021 and March 31, 2021.						(1,213,952)		(1,448,620)
General Partner		(277,654)		(280,028)		(277,658)		(280,028)
						(1,491,610)		(1,728,648)
		(1,491,234)		(1,728,648)	$	445,334	$	454,238

	$	463,342	$	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 ~~June~~September 30,

(Unaudited)


	2021		2020		2021		2020

Income
Interest income	$	2,537	$	5,520	$	2,661	$	2,375
Other income		9,941		48,341		55,568		69,667
		12,478		53,861		58,229		72,042

Gain on disposition of Operating Partnerships		484,126		87,000		1,308,405		343,992

Expenses
Professional fees		16,136		63,215		117,767		153,825
Fund management fee, net (Note C)		113,792		206,599		72,421		165,087
General and administrative expenses		46,049		62,441		109,464		96,081
		175,977		332,255		299,652		414,993

NET INCOME (LOSS)	$	320,627	$	(191,394)	$	1,066,982	$	1,041

Net income (loss) allocated to assignees	$	317,421	$	(189,479)	$	1,056,312	$	1,030

Net income (loss) allocated to general partner	$	3,206	$	(1,915)	$	10,670	$	11

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

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 ~~June~~September 30,

(Unaudited)

Series 20


	2021		2020		2021		2020

Income
Interest income	$	0	$	0	$	0	$	0
Other income		0		0		0		0

		0		0		0		0

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		0		0		0		0
Fund management fee, net (Note C)		0		0		0		0
General and administrative expenses		0		0		0		0
						0		0
		0		0

NET INCOME (LOSS)	$	0	$	0	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0	$	0	$	0

Net income (loss) per BAC	$	0	$	0	$	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 ~~June~~September 30,

(Unaudited)

Series 21


	2021		2020		2021		2020

Income
Interest income	$	0	$	0	$	0	$	0
Other income		0		0		0		0

		0		0		0		0

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		0		0		0		0
Fund management fee, net (Note C)		0		0		0		0
General and administrative expenses		0		0		0		0
						0		0
		0		0

NET INCOME (LOSS)	$	—	$	0	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0	$	0	$	0

Net income (loss) per BAC	$	0	$	0	$	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 ~~June~~September 30,

(Unaudited)

Series 22


	2021		2020		2021		2020

Income
Interest income	$	0	$	0	$	0	$	0
Other income		0		0		0		0
		0		0
						0		0

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		0		0		0		0
Fund management fee, net (Note C)		0		0		0		0
General and administrative expenses		0		0		0		0
		0		0		0		0

NET INCOME (LOSS)	$	0	$	0	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0	$	0	$	0

Net income (loss) per BAC	$	0	$	0	$	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 ~~June~~September 30,

(Unaudited)

Series 23


	2021		2020		2021		2020

Income
Interest income	$	0	$	0	$	0	$	0
Other income		0		0		0		0
		0		0
						0		0

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		0		0		0		0
Fund management fee, net (Note C)		0		0		0		0
General and administrative expenses		0		0		0		0
		0		0		0		0

NET INCOME (LOSS)	$	0	$	0	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0	$	0	$	0

Net income (loss) per BAC	$	0	$	0	$	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 ~~June~~September 30,

(Unaudited)

Series 24


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~June~~September 30,

(Unaudited)

Series 25


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~June~~September 30,

(Unaudited)

Series 26


	2021		2020		2021		2020

Income
Interest income	$	130	$	675	$	131	$	169
Other income		0		0		0		0
		130		675
						131		169

Gain on disposition of Operating Partnerships		0		0		20,845		0

Expenses
Professional fees		1,614		5,417		10,105		12,751
Fund management fee, net (Note C)		2,199		4,282		1,466		4,282
General and administrative expenses		4,750		6,641		17,574		8,861
		8,563		16,340		29,145		25,894

NET INCOME (LOSS)	$	(8,433)	$	(15,665)	$	(8,169)	$	(25,725)

Net income (loss) allocated to assignees	$	(8,349)	$	(15,508)	$	(8,087)	$	(25,468)

Net income (loss) allocated to general partner	$	(84)	$	(157)	$	(82)	$	(257)

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

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 ~~June~~September 30,

(Unaudited)

Series 27


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~June~~September 30,

(Unaudited)

Series 28


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~June~~September 30,

(Unaudited)

Series 29


	2021		2020		2021		2020

Income
Interest income	$	38	$	195	$	37	$	55
Other income		0		0		0		0
		38		195		37		55

Gain on disposition of Operating Partnerships		0		9,500		29,999		0

Expenses
Professional fees		1,614		4,847		11,780		8,276
Fund management fee, net (Note C)		2,299		6,854		(212)		6,651
General and administrative expenses		4,737		5,075		14,278		8,852
		8,650		16,776		25,846		23,779

NET INCOME (LOSS)	$	(8,612)	$	(7,081)	$	4,190	$	(23,724)

Net income (loss) allocated to assignees	$	(8,526)	$	(7,010)	$	4,148	$	(23,487)

Net income (loss) allocated to general partner	$	(86)	$	(71)	$	42	$	(237)

Net income (loss) per BAC	$	(.00)	$	(.00)	$	.00	$	(.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 ~~June~~September 30,

(Unaudited)

Series 30


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~June~~September 30,

(Unaudited)

Series 31


	2021		2020

Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~June~~September 30,

(Unaudited)

Series 32


	2021		2020		2021		2020

Income
Interest income	$	659	$	250	$	662	$	65
Other income		0		0		0		10,008
		659		250		662		10,073

Gain on disposition of Operating Partnerships		0		0		23,823		0

Expenses
Professional fees		1,614		4,847		10,105		9,526
Fund management fee, net (Note C)		2,455		15,132		1,636		8,632
General and administrative expenses		4,781		6,598		12,396		8,867
		8,850		26,577		24,137		27,025

NET INCOME (LOSS)	$	(8,191)	$	(26,327)	$	348	$	(16,952)

Net income (loss) allocated to assignees	$	(8,109)	$	(26,064)	$	344	$	(16,782)

Net income (loss) allocated to general partner	$	(82)	$	(263)	$	4	$	(170)

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

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 ~~June~~September 30,

(Unaudited)

Series 33


	2021		2020		2021		2020

Income
Interest income	$	760	$	458	$	764	$	238
Other income		0		0		0		10,008
		760		458
						764		10,246

Gain on disposition of Operating Partnerships		0		0		23,823		0

Expenses
Professional fees		1,614		4,467		8,930		8,001
Fund management fee, net (Note C)		2,600		9,777		1,734		3,277
General and administrative expenses		2,800		5,167		7,230		8,455
		7,014		19,411		17,894		19,733

NET INCOME (LOSS)	$	(6,254)	$	(18,953)	$	6,693	$	(9,487)

Net income (loss) allocated to assignees	$	(6,191)	$	(18,763)	$	6,626	$	(9,393)

��
Net income (loss) allocated to general partner	$	(63)	$	(190)	$	67	$	(94)

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

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 ~~June~~September 30,

(Unaudited)

Series 34


	2021		2020		2021		2020

Income
Interest income	$	30	$	237	$	28	$	49
Other income		0		0		0		0
		30		237
						28		49

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		1,614		4,657		8,930		11,904
Fund management fee, net (Note C)		4,623		6,727		1,623		3,727
General and administrative expenses		3,582		5,814		9,089		8,630
		9,819		17,198		19,642		24,261

NET INCOME (LOSS)	$	(9,789)	$	(16,961)	$	(19,614)	$	(24,212)

Net income (loss) allocated to assignees	$	(9,691)	$	(16,791)	$	(19,418)	$	(23,970)

Net income (loss) allocated to general partner	$	(98)	$	(170)	$	(196)	$	(242)

Net income (loss) per BAC	$	(.00)	$	(.00)	$	(.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 ~~June~~September 30,

(Unaudited)

Series 35


	2021		2020		2021		2020

Income
Interest income	$	0	$	0	$	0	$	0
Other income		0		0		0		0
		0		0
						0		0

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		0		0		0		0
Fund management fee, net (Note C)		0		0		0		0
General and administrative expenses		0		0		0		0
		0		0		0		0

NET INCOME (LOSS)	$	0	$	0	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0	$	0	$	0

Net income (loss) per BAC	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

47

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~June~~September 30,

(Unaudited)

Series 36


	2021		2020		2021		2020

Income
Interest income	$	0	$	0	$	0	$	0
Other income		0		0		0		0
		0		0
						0		0

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		0		0		0		0
Fund management fee, net (Note C)		0		0		0		0
General and administrative expenses		0		0		0		0
		0		0		0		0

NET INCOME (LOSS)	$	0	$	0	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0	$	0	$	0

Net income (loss) per BAC	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

48

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~June~~September 30,

(Unaudited)

Series 37


	2021		2020		2021		2020

Income
Interest income	$	0	$	0	$	0	$	0
Other income		0		0		0		0
		0		0
						0		0

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		0		0		0		0
Fund management fee, net (Note C)		0		0		0		0
General and administrative expenses		0		0		0		0
		0		0		0		0

NET INCOME (LOSS)	$	0	$	0	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0	$	0	$	0

Net income (loss) per BAC	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

49

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~June~~September 30,

(Unaudited)

Series 38


	2021		2020		2021		2020

Income
Interest income	$	0	$	0	$	0	$	0
Other income		0		0		0		0
		0		0
						0		0

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		0		0		0		0
Fund management fee, net (Note C)		0		0		0		0
General and administrative expenses		0		0		0		0
		0		0		0		0

NET INCOME (LOSS)	$	0	$	0	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0	$	0	$	0

Net income (loss) per BAC	$	0	$	0	$	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 ~~June~~September 30,

(Unaudited)

Series 39


	2021		2020		2021		2020

Income
Interest income	$	0	$	0	$	0	$	0
Other income		0		0		0		0
		0		0
						0		0

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		0		0		0		0
Fund management fee, net (Note C)		0		0		0		0
General and administrative expenses		0		0		0		0
		0		0		0		0

NET INCOME (LOSS)	$	0	$	0	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0	$	0	$	0

Net income (loss) per BAC	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

51

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~June~~September 30,

(Unaudited)

Series 40


	2021		2020		2021		2020

Income
Interest income	$	0	$	0	$	0	$	0
Other income		0		0		0		0
		0		0
						0		0

Gain on disposition of Operating Partnerships		0		0		0		0

Expenses
Professional fees		0		0		0		0
Fund management fee, net (Note C)		0		0		0		0
General and administrative expenses		0		0		0		0
		0		0		0		0

NET INCOME (LOSS)	$	0	$	0	$	0	$	0

Net income (loss) allocated to assignees	$	0	$	0	$	0	$	0

Net income (loss) allocated to general partner	$	0	$	0	$	0	$	0

Net income (loss) per BAC	$	0	$	0	$	0	$	0

The accompanying notes are an integral part of this condensed statement

52

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~June~~September 30,

(Unaudited)

Series 41


	2021		2020		2021		2020

Income
Interest income	$	93	$	381	$	90	$	138
Other income		0		2,506		0		886
		93		2,887
						90		1,024

Gain on disposition of Operating Partnerships		0		0		0		46,500

Expenses
Professional fees		1,614		5,987		15,305		12,851
Fund management fee, net (Note C)		20,094		26,228		20,094		25,564
General and administrative expenses		3,404		5,448		7,642		8,609
		25,112		37,663		43,041		47,024

NET INCOME (LOSS)	$	(25,019)	$	(34,776)	$	(42,951)	$	500

Net income (loss) allocated to assignees	$	(24,769)	$	(34,428)	$	(42,521)	$	495

Net income (loss) allocated to general partner	$	(250)	$	(348)	$	(430)	$	5

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

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 ~~June~~September 30,

(Unaudited)

Series 42


	2021		2020		2021		2020

Income
Interest income	$	534	$	917	$	587	$	612
Other income		868		0		0		0
		1,402		917
						587		612

Gain on disposition of Operating Partnerships		0		0		94,182		0

Expenses
Professional fees		1,614		5,607		12,955		14,817
Fund management fee, net (Note C)		1,550		19,259		4,050		19,260
General and administrative expenses		2,897		5,151		6,726		8,533
		6,061		30,017		23,731		42,610

NET INCOME (LOSS)	$	(4,659)	$	(29,100)	$	71,038	$	(41,998)

Net income (loss) allocated to assignees	$	(4,612)	$	(28,809)	$	70,327	$	(41,578)

Net income (loss) allocated to general partner	$	(47)	$	(291)	$	711	$	(420)

Net income (loss) per BAC	$	(.00)	$	(.01)	$	.03	$	(.02)

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 ~~June~~September 30,

(Unaudited)

Series 43


	2021		2020		2021		2020

Income
Interest income	$	0	$	1,219	$	0	$	593
Other income		0		874		0		364
		0		2,093
						0		957

Gain on disposition of Operating Partnerships		0		9,000		0		97,800

Expenses
Professional fees		0		6,562		0		15,992
Fund management fee, net (Note C)		0		17,578		0		12,676
General and administrative expenses		0		5,789		0		8,785
		0		29,929		0		37,453

NET INCOME (LOSS)	$	0	$	(18,836)	$	0	$	61,304

Net income (loss) allocated to assignees	$	0	$	(18,648)	$	0	$	60,691

Net income (loss) allocated to general partner	$	0	$	(188)	$	0	$	613

Net income (loss) per BAC	$	0	$	(.01)	$	0	$	.02

The accompanying notes are an integral part of this condensed statement

55

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended ~~June~~September 30,

(Unaudited)

Series 44


	2021		2020		2021		2020

Income
Interest income	$	109	$	421	$	175	$	106
Other income		0		0		25,468		11,054
		109		421		25,643		11,160

Gain on disposition of Operating Partnerships		0		0		815,747		0

Expenses
Professional fees		1,613		5,607		9,429		11,676
Fund management fee, net (Note C)		12,399		24,095		7,142		27,041
General and administrative expenses		3,677		5,315		9,757		8,497
		17,689		35,017		26,328		47,214

NET INCOME (LOSS)	$	(17,580)	$	(34,596)	$	815,062	$	(36,054)

Net income (loss) allocated to assignees	$	(17,404)	$	(34,250)	$	806,911	$	(35,693)

Net income (loss) allocated to general partner	$	(176)	$	(346)	$	8,151	$	(361)

Net income (loss) per BAC	$	(.01)	$	(.01)	$	.30	$	(.01)

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 ~~June~~September 30,

(Unaudited)

Series 45


	2021		2020		2021		2020

Income
Interest income	$	72	$	369	$	73	$	137
Other income		490		22,990		28,990		8,199
		562		23,359		29,063		8,336

Gain on disposition of Operating Partnerships		211,140		0		240,605		199,692

Expenses
Professional fees		1,613		8,657		15,625		30,940
Fund management fee, net (Note C)		27,309		31,504		510		13,068
General and administrative expenses		11,030		6,157		12,772		8,904
		39,952		46,318		28,907		52,912

NET INCOME (LOSS)	$	171,750	$	(22,959)	$	240,761	$	155,116

Net income (loss) allocated to assignees	$	170,032	$	(22,729)	$	238,354	$	153,564

Net income (loss) allocated to general partner	$	1,718	$	(230)	$	2,407	$	1,552

Net income (loss) per BAC	$	.04	$	(.01)	$	.06	$	.04

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 ~~June~~September 30,

(Unaudited)

Series 46


	2021		2020		2021		2020

Income
Interest income	$	112	$	398	$	114	$	213
Other income		8,583		21,971		1,110		29,148
		8,695		22,369		1,224		29,361

Gain on disposition of Operating Partnerships		272,986		68,500		59,381		0

Expenses
Professional fees		1,612		6,560		14,603		17,091
Fund management fee, net (Note C)		38,264		45,163		34,378		40,909
General and administrative expenses		4,391		5,286		12,000		9,088
		44,267		57,009		60,981		67,088

NET INCOME (LOSS)	$	237,414	$	33,860	$	(376)	$	(37,727)

Net income (loss) allocated to assignees	$	235,040	$	33,521	$	(372)	$	(37,349)

Net income (loss) allocated to general partner	$	2,374	$	339	$	(4)	$	(378)

Net income (loss) per BAC	$	.08	$	.01	$	(.00)	$	(.01)

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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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)


			General				2021		2020
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2020	$	(6,042,833)	$	(444,787)	$	(6,487,620)
Income
Interest income							$	5,198	$	7,895
Other income								65,509		118,008
								70,707		125,903
Net income (loss)		(189,479)		(1,915)		(191,394)

Partners’ capital (deficit), June 30, 2020	$	(6,232,312)	$	(446,702)	$	(6,679,014)
Gain on disposition of Operating Partnerships								1,792,531		430,992

Expenses
Professional fees								133,903		217,040
Fund management fee, net (Note C)								186,213		371,686
General and administrative expenses								155,513		158,522
								475,629		747,248

NET INCOME (LOSS)							$	1,387,609	$	(190,353)

Net income (loss) allocated to assignees							$	1,373,733	$	(188,449)

Net income (loss) allocated to general partner							$	13,876	$	(1,904)

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

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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~2021 and 2020~~

(Unaudited)

Series 20

General



Assignees

Partner

Total
Series 20

Partners’ capital (deficit) April 1, 2021

$
(754,767)

$
754,767

$
—

Net income (loss)

0

0

0

Partners’ capital (deficit), June 30, 2021

$
(754,767)

$
754,767

$
0


			General				2021		2020
Income
Interest income							$	0	$	0
Other income								0		0
	Assignees		Partner		Total			0		0
Series 20
Partners’ capital (deficit) April 1, 2020	$	(754,767)	$	754,767	$	0

Net income (loss)		0		0		0
Gain on disposition of Operating Partnerships								0		0

Partners’ capital (deficit), June 30, 2020	$	(754,767)	$	754,767	$	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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 21

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


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 22

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


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 23

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


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 24

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


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 25

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


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 26

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


	2021		2020
Income
Interest income	$	261	$	844
Other income		—		—
		261		844

Gain on disposition of Operating Partnerships		20,845		—

Expenses
Professional fees		11,719		18,168
Fund management fee, net (Note C)		3,665		8,564
General and administrative expenses		22,324		15,502
		37,708		42,234

NET INCOME (LOSS)	$	(16,602)	$	(41,390)

Net income (loss) allocated to assignees	$	(16,436)	$	(40,976)

Net income (loss) allocated to general partner	$	(166)	$	(414)

Net income (loss) per BAC	$	(.00)	$	(.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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 27

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


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~2021 and 2020~~

(Unaudited)

Series 28

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


			General				2021		2020
Income
Interest income							$	0	$	0
Other income								0		0
	Assignees		Partner		Total			0		0
Series 28
Partners’ capital (deficit) April 1, 2020	$	275,140	$	(275,140)	$	0

Net income (loss)		0		0		0
Gain on disposition of Operating Partnerships								0		0

Partners’ capital (deficit), June 30, 2020	$	275,140	$	(275,140)	$	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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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)

Series 29

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)


	2021		2020

Income
Interest income	$	75	$	250
Other income		—		—
		75		250

Gain on disposition of Operating Partnerships		29,999		9,500

Expenses
Professional fees		13,394		13,123
Fund management fee, net (Note C)		2,087		13,505
General and administrative expenses		19,015		13,927
		34,496		40,555

NET INCOME (LOSS)	$	(4,422)	$	(30,805)

Net income (loss) allocated to assignees	$	(4,378)	$	(30,497)

Net income (loss) allocated to general partner	$	(44)	$	(308)

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

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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~2021 and 2020~~

(Unaudited)

Series 30

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

$
0


			General				2021		2020
Income
Interest income							$	0	$	0
Other income								0		0
	Assignees		Partner		Total			0		0
Series 30
Partners’ capital (deficit) April 1, 2020	$	(883,119)	$	883,119	$	0

Net income (loss)		0		0		0
Gain on disposition of Operating Partnerships								0		0

Partners’ capital (deficit), June 30, 2020	$	(883,119)	$	883,119	$	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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~2021 and 2020~~

(Unaudited)

Series 31

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


			General				2021		2020
Income
Interest income							$	0	$	0
Other income								0		0
	Assignees		Partner		Total			0		0
Series 31
Partners’ capital (deficit) April 1, 2020	$	353,529	$	(353,529)	$	0

Net income (loss)		0		0		0
Gain on disposition of Operating Partnerships								0		0

Partners’ capital (deficit), June 30, 2020	$	353,529	$	(353,529)	$	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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CONDENSED STATEMENTS OF ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 32

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


	2021		2020
Income
Interest income	$	1,321	$	315
Other income		—		10,008
		1,321		10,323

Gain on disposition of Operating Partnerships		23,823		—

Expenses
Professional fees		11,719		14,373
Fund management fee, net (Note C)		4,091		23,764
General and administrative expenses		17,177		15,465
		32,987		53,602

NET INCOME (LOSS)	$	(7,843)	$	(43,279)

Net income (loss) allocated to assignees	$	(7,765)	$	(42,846)

Net income (loss) allocated to general partner	$	(78)	$	(433)

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

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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 33

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


	2021		2020
Income
Interest income	$	1,524	$	696
Other income		—		10,008
		1,524		10,704

Gain on disposition of Operating Partnerships		23,823		—

Expenses
Professional fees		10,544		12,468
Fund management fee, net (Note C)		4,334		13,054
General and administrative expenses		10,030		13,622
		24,908		39,144

NET INCOME (LOSS)	$	439	$	(28,440)

Net income (loss) allocated to assignees	$	435	$	(28,156)

Net income (loss) allocated to general partner	$	4	$	(284)

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

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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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)

Series 34

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)


	2021		2020
Income
Interest income	$	58	$	286
Other income		—		—
		58		286

Gain on disposition of Operating Partnerships		—		—

Expenses
Professional fees		10,544		16,561
Fund management fee, net (Note C)		6,246		10,454
General and administrative expenses		12,671		14,444
		29,461		41,459

NET INCOME (LOSS)	$	(29,403)	$	(41,173)

Net income (loss) allocated to assignees	$	(29,109)	$	(40,761)

Net income (loss) allocated to general partner	$	(294)	$	(412)

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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 35

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


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~2021 and 2020~~

(Unaudited)

Series 36

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


			General				2021		2020
Income
Interest income							$	0	$	0
Other income								0		0
	Assignees		Partner		Total			0		0
Series 36
Partners’ capital (deficit) April 1, 2020	$	148,221	$	(148,221)	$	0

Net income (loss)		0		0		0
Gain on disposition of Operating Partnerships								0		0

Partners’ capital (deficit), June 30, 2020	$	148,221	$	(148,221)	$	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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~2021 and 2020~~

(Unaudited)

Series 37

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)

$
—


			General				2021		2020
Income
Interest income							$	0	$	0
Other income								0		0
	Assignees		Partner		Total			0		0
Series 37
Partners’ capital (deficit) April 1, 2020	$	205,359	$	(205,359)	$	0

Net income (loss)		0		0		0
Gain on disposition of Operating Partnerships								0		0

Partners’ capital (deficit), June 30, 2020	$	205,359	$	(205,359)	$	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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 38

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


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~2021 and 2020~~

(Unaudited)

Series 39

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)

$
—


			General				2021		2020
Income
Interest income							$	0	$	0
Other income								0		0
	Assignees		Partner		Total			0		0
Series 39
Partners’ capital (deficit) April 1, 2020	$	196,043	$	(196,043)	$	0

Net income (loss)		0		0		0
Gain on disposition of Operating Partnerships								0		0

Partners' capital (deficit), June 30, 2020	$	196,043	$	(196,043)	$	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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 40

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


	2021		2020
Income
Interest income	$	0	$	0
Other income		0		0
		0		0

Gain 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 ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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)

Series 41

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)


	2021		2020
Income
Interest income	$	183	$	519
Other income		–		3,392
		183		3,911

Gain on disposition of Operating Partnerships		—		46,500

Expenses
Professional fees		16,919		18,838
Fund management fee, net (Note C)		40,188		51,792
General and administrative expenses		11,046		14,057
		68,153		84,687

NET INCOME (LOSS)	$	(67,970)	$	(34,276)

Net income (loss) allocated to assignees	$	(67,290)	$	(33,933)

Net income (loss) allocated to general partner	$	(680)	$	(343)

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

The accompanying notes are an integral part of this condensed statement

81

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 42

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


	2021		2020
Income
Interest income	$	1,121	$	1,529
Other income		868		—
		1,989		1,529

Gain on disposition of Operating Partnerships		94,182		—

Expenses
Professional fees		14,569		20,424
Fund management fee, net (Note C)		5,600		38,519
General and administrative expenses		9,623		13,684
		29,792		72,627

NET INCOME (LOSS)	$	66,379	$	(71,098)

Net income (loss) allocated to assignees	$	65,715	$	(70,387)

Net income (loss) allocated to general partner	$	664	$	(711)

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

The accompanying notes are an integral part of this condensed statement

82

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~2021 and 2020~~

(Unaudited)

Series 43

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)

$
—


			General				2021		2020
Income
Interest income							$	0	$	1,812
Other income								0		1,238
	Assignees		Partner		Total			0		3,050
Series 43
Partners’ capital (deficit) April 1, 2020	$	1,723,649	$	(307,358)	$	1,416,291

Net income (loss)		(18,648)		(188)		(18,836)
Gain on disposition of Operating Partnerships								0		106,800

Partners' capital (deficit), June 30, 2020	$	1,705,001	$	(307,546)	$	1,397,455
Expenses
Professional fees								0		22,554
Fund management fee, net (Note C)								0		30,254
General and administrative expenses								0		14,574
								0		67,382

NET INCOME (LOSS)							$	0	$	42,468

Net income (loss) allocated to assignees							$	0	$	42,043

Net income (loss) allocated to general partner							$	0	$	425

Net income (loss) per BAC							$	0	$	.01

The accompanying notes are an integral part of this condensed statement

83

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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

Series 44

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)


	2021		2020
Income
Interest income	$	284	$	527
Other income		25,468		11,054
		25,752		11,581

Gain on disposition of Operating Partnerships		815,747		—

Expenses
Professional fees		11,042		17,283
Fund management fee, net (Note C)		19,541		51,136
General and administrative expenses		13,434		13,812
		44,017		82,231

NET INCOME (LOSS)	$	797,482	$	(70,650)

Net income (loss) allocated to assignees	$	789,507	$	(69,943)

Net income (loss) allocated to general partner	$	7,975	$	(707)

Net income (loss) per BAC	$	.29	$	(.03)

The accompanying notes are an integral part of this condensed statement

84

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CONDENSED STATEMENTS OF ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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)

Series 45

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)


	2021		2020
Income
Interest income	$	145	$	506
Other income		29,480		31,189
		29,625		31,695

Gain on disposition of Operating Partnerships		451,745		199,692

Expenses
Professional fees		17,238		39,597
Fund management fee, net (Note C)		27,819		44,572
General and administrative expenses		23,802		15,061
		68,859		99,230

NET INCOME (LOSS)	$	412,511	$	132,157

Net income (loss) allocated to assignees	$	408,386	$	130,835

Net income (loss) allocated to general partner	$	4,125	$	1,322

Net income (loss) per BAC	$	.10	$	.03

The accompanying notes are an integral part of this condensed statement

85

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CONDENSED STATEMENTS OF ~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)~~OPERATIONS

~~Three~~Six Months Ended ~~June~~September 30, ~~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)

Series 46

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)


	2021		2020
Income
Interest income	$	226	$	611
Other income		9,693		51,119
		9,919		51,730

Gain on disposition of Operating Partnerships		332,367		68,500

Expenses
Professional fees		16,215		23,651
Fund management fee, net (Note C)		72,642		86,072
General and administrative expenses		16,391		14,374
		105,248		124,097

NET INCOME (LOSS)	$	237,038	$	(3,867)

Net income (loss) allocated to assignees	$	234,668	$	(3,828)

Net income (loss) allocated to general partner	$	2,370	$	(39)

Net income (loss) per BAC	$	.08	$	(.00)

The accompanying notes are an integral part of this condensed statement

86

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 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)

2021

2020

Cash flows from operating activities:

Net income (loss)

$
320,627

$
(191,394)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

(484,126)

(87,000)
Changes in assets and liabilities

(Increase) Decrease in other assets

581

0
(Decrease) Increase in accounts payable and accrued expenses

(27)

(6,500)
(Decrease) Increase in accounts payable affiliates

(771,613)

(332,735)

Net cash provided by (used in) operating activities

(934,558)

(617,629)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

484,126

87,000

Net cash provided by investing activities

484,126

87,000

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(450,432)

(530,629)

Cash and cash equivalents, beginning

10,819,585

6,622,109

Cash and cash equivalents, ending

$
10,369,153

$
6,091,480


			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)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 20~~

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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	$	0


			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

The accompanying notes are an integral part of this condensed statement

88

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 21~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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

The accompanying notes are an integral part of this condensed statement

89

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 22~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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

The accompanying notes are an integral part of this condensed statement

90

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 23~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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

The accompanying notes are an integral part of this condensed statement

91

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 24~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


				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

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 ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 25~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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

The accompanying notes are an integral part of this condensed statement

93

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 26~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
(8,433)

$
(15,665)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

0

0
Changes in assets and liabilities

(Increase) Decrease in other assets

25

0
(Decrease) Increase in accounts payable and accrued expenses

0
(Decrease) Increase in accounts payable affiliates

2,199

0

Net cash provided by (used in) operating activities

(6,209)

(15,665)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing activities

0

0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(6,209)

(15,665)

Cash and cash equivalents, beginning

531,027

576,004

Cash and cash equivalents, ending

$
524,818

$
560,339


			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

The accompanying notes are an integral part of this condensed statement

94

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 27~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:



Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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

The accompanying notes are an integral part of this condensed statement

95

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 28~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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

The accompanying notes are an integral part of this condensed statement

96

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 29~~


			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)

2021

2020

Cash flows from operating activities:

Net income (loss)

$
(8,612)

$
(7,081)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

0

(9,500)
Changes in assets and liabilities

(Increase) Decrease in other assets

49

0
(Decrease) Increase in accounts payable and accrued expenses

0

0
(Decrease) Increase in accounts payable affiliates

3,618

6,854

Net cash provided by (used in) operating activities

(4,945)

(9,727)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

0

9,500

Net cash provided by investing activities

0

9,500

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(4,945)

(227)

Cash and cash equivalents, beginning

164,236

157,446

Cash and cash equivalents, ending

$
159,291

$
157,219


			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)

The accompanying notes are an integral part of this condensed statement

97

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 30~~

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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	$	0


			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

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 31~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in ) operating activities

0

0

Cash flows from investing activities:



Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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

The accompanying notes are an integral part of this condensed statement

99

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 32~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
(8,191)

$
(26,327)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

0

0
Changes in assets and liabilities

(Increase) Decrease in other assets

25

0
(Decrease) Increase in accounts payable and accrued expenses

0

0
(Decrease) Increase in accounts payable affiliates

2,455

15,132

Net cash provided by (used in) operating activities

(5,711)

(11,195)

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing activities

0

0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(5,711)

(11,195)

Cash and cash equivalents, beginning

2,640,414

193,203

Cash and cash equivalents, ending

$
2,634,703

$
182,008


			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

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 33~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
(6,254)

$
(18,953)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

0

0
Changes in assets and liabilities

(Increase) Decrease in other assets

25

0
(Decrease) Increase in accounts payable and accrued expenses

0

0
(Decrease) Increase in accounts payable affiliates

2,600

0

Net cash provided by (used in) operating activities

(3,629)

(18,953)

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing activities

0

0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(3,629)

(18,953)

Cash and cash equivalents, beginning

3,040,636

561,941

Cash and cash equivalents, ending

$
3,037,007

$
542,988


			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

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 34~~


			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)

2021

2020

Cash flows from operating activities:

Net income (loss)

$
(9,789)

$
(16,961)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

0

0
Changes in assets and liabilities

(Increase) Decrease in other assets

25

0
(Decrease) Increase in accounts payable and accrued expenses

0

0
(Decrease) Increase in accounts payable affiliates

4,623

6,727

Net cash provided by (used in) operating activities

(5,141)

(10,234)

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing activities

0

0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(5,141)

(10,234)

Cash and cash equivalents, beginning

129,067

148,344

Cash and cash equivalents, ending

$
123,926

$
138,110


			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)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 35~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 36~~

	��
				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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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

The accompanying notes are an integral part of this condensed statement

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 37~~

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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)	$	—


			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

The accompanying notes are an integral part of this condensed statement

105

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 38~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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

The accompanying notes are an integral part of this condensed statement

106

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 39~~

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing 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


			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)	$	—


			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, 2020		196,043		(196,043)		0

Net income (loss)		0		0		0

Partners’ capital (deficit), September 30, 2020	$	196,043	$	(196,043)	$	0

The accompanying notes are an integral part of this condensed statement

107

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 40~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain 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 provided by (used in) operating activities

0

0

Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing activities

0

0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

0

0

Cash and cash equivalents, beginning

—

—

Cash and cash equivalents, ending

$
0

$
0


			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

The accompanying notes are an integral part of this condensed statement

108

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 41~~


			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)

2021

2020

Cash flows from operating activities:

Net income (loss)

$
(25,019)

$
(34,776)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

0

0
Changes in assets and liabilities

(Increase) Decrease in other assets

343

0
(Decrease) Increase in accounts payable and accrued expenses

(1)

0
(Decrease) Increase in accounts payable affiliates

(13,506)

28,521

Net cash provided by (used in) operating activities

(38,183)

(6,255)

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing activities

0

0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(38,183)

(6,255)

Cash and cash equivalents, beginning

408,743

352,239

Cash and cash equivalents, ending

$
370,560

$
345,984


			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)

The accompanying notes are an integral part of this condensed statement

109

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 42~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
(4,659)

$
(29,100)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

0

0
Changes in assets and liabilities

(Increase) Decrease in other assets

(473)

0
(Decrease) Increase in accounts payable and accrued expenses

0

0
(Decrease) Increase in accounts payable affiliates

4,050

0

Net cash provided by (used in) operating activities

(1,082)

(29,100)

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing activities

0

0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(1,082)

(29,100)

Cash and cash equivalents, beginning

2,318,856

1,607,893

Cash and cash equivalents, ending

$
2,317,774

$
1,578,793


			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

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 43~~

2021

2020

Cash flows from operating activities:

Net income (loss)

$
0

$
(18,836)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

0

(9,000)
Changes in assets and liabilities

(Increase) Decrease in other assets

0

0
(Decrease) Increase in accounts payable and accrued expenses

0

3,000
(Decrease) Increase in accounts payable affiliates

0

0

Net cash provided by (used in) operating activities

0

(24,836)

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

0

9,000

Net cash provided by investing activities

0

9,000

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

0

(15,836)

Cash and cash equivalents, beginning

0

1,416,291

Cash and cash equivalents, ending

$
0

$
1,400,455


			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)	$	—


			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

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 44~~


			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

2021

2020

Cash flows from operating activities:

Net income (loss)

$
(17,580)

$
(34,596)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

0

0
Changes in assets and liabilities

(Increase) Decrease in other assets

106

0
(Decrease) Increase in accounts payable and accrued expenses

(26)

(4,000)
(Decrease) Increase in accounts payable affiliates

(387,090)

30,315

Net cash provided by (used in) operating activities

(404,590)

(8,281)

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

0

0

Net cash provided by investing activities

0

0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(404,590)

(8,281)

Cash and cash equivalents, beginning

842,738

321,693

Cash and cash equivalents, ending

$
438,148

$
313,412


			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)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF ~~CASH FLOWS~~CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

~~Three~~Six Months Ended ~~June~~September 30, 2021 and 2020

(Unaudited)

~~Series 45~~


			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)

2021

2020

Cash flows from operating activities:

Net income (loss)

$
171,750

$
(22,959)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Gain on disposition of Operating Partnerships

(211,140)

0
Changes in assets and liabilities

(Increase) Decrease in other assets

232

0
(Decrease) Increase in accounts payable and accrued expenses

0

(12,000)
(Decrease) Increase in accounts payable affiliates

(162,252)

(468,773)

Net cash provided by (used in) operating activities

(201,410)

(503,732)

Cash flows from investing activities:





Proceeds from the disposition of Operating Partnerships

211,140

0

Net cash provided by investing activities

211,140

0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

9,730

(503,732)

Cash and cash equivalents, beginning

294,663

859,371

Cash and cash equivalents, ending

$
304,393

$
355,639


			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)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 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)


			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)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

~~Three~~Six Months Ended ~~June~~September 30,

(Unaudited)


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	1,387,609	$	(190,353)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(1,792,531)		(430,992)
Changes in assets and liabilities
(Increase) Decrease in other assets		3,491		(13,650)
(Decrease) Increase in accounts payable and accrued expenses		(27)		9,218
(Decrease) Increase in accounts payable affiliates		(1,035,954)		(108,130)
Net cash provided by (used in) operating activities		(1,437,412)		(733,907)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		1,792,531		430,992
Net cash provided by investing activities		1,792,531		430,992

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		355,119		(302,915)
Cash and cash equivalents, beginning		10,819,585		6,622,109
Cash and cash equivalents, ending	$	11,174,704	$	6,319,194

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 20


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 21


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 22


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 23


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 24


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 25


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 26


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(16,602)	$	(41,390)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(20,845)		0
Changes in assets and liabilities
(Increase) Decrease in other assets		75		0
(Decrease) Increase in accounts payable and accrued expenses		0		165
(Decrease) Increase in accounts payable affiliates		(2,199)		4,282
Net cash provided by (used in) operating activities		(39,571)		(36,943)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		20,845		0
Net cash provided by investing activities		20,845		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(18,726)		(36,943)
Cash and cash equivalents, beginning		531,027		576,004
Cash and cash equivalents, ending	$	512,301	$	539,061

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 27


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 28


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 29


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(4,422)	$	(30,805)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(29,999)		(9,500)
Changes in assets and liabilities
(Increase) Decrease in other assets		(377)		0
(Decrease) Increase in accounts payable and accrued expenses		0		159
(Decrease) Increase in accounts payable affiliates		(21,093)		13,505
Net cash provided by (used in) operating activities		(55,891)		(26,641)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		29,999		9,500
Net cash provided by investing activities		29,999		9,500

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(25,892)		(17,141)
Cash and cash equivalents, beginning		164,236		157,446
Cash and cash equivalents, ending	$	138,344	$	140,305

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 30


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 31


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 32


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(7,843)	$	(43,279)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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		163
(Decrease) Increase in accounts payable affiliates		(4,847)		30,264
Net cash provided by (used in) operating activities		(36,439)		(12,852)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		23,823		0
Net cash provided by investing activities		23,823		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(12,616)		(12,852)
Cash and cash equivalents, beginning		2,640,414		193,203
Cash and cash equivalents, ending	$	2,627,798	$	180,351

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 33


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	439	$	(28,440)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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		89
(Decrease) Increase in accounts payable affiliates		(4,992)		9,777
Net cash provided by (used in) operating activities		(28,302)		(18,574)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		23,823		0
Net cash provided by investing activities		23,823		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(4,479)		(18,574)
Cash and cash equivalents, beginning		3,040,636		561,941
Cash and cash equivalents, ending	$	3,036,157	$	543,367

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 34


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(29,403)	$	(41,173)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		0		0
Changes in assets and liabilities
(Increase) Decrease in other assets		49		0
(Decrease) Increase in accounts payable and accrued expenses		0		122
(Decrease) Increase in accounts payable affiliates		9,246		13,454
Net cash provided by (used in) operating activities		(20,108)		(27,597)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing activities		0		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(20,108)		(27,597)
Cash and cash equivalents, beginning		129,067		148,344
Cash and cash equivalents, ending	$	108,959	$	120,747

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 35


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 36


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 37


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 38


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 39


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 40


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain 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 provided by (used in) operating activities		0		0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		0
Net cash provided by investing 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

Six Months Ended September 30,

(Unaudited)

Series 41


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	(67,970)	$	(34,276)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		0		(46,500)
Changes in assets and liabilities
(Increase) Decrease in other assets		389		0
(Decrease) Increase in accounts payable and accrued expenses		(1)		2,599
(Decrease) Increase in accounts payable affiliates		6,588		56,378
Net cash provided by (used in) operating activities		(60,994)		(21,799)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		46,500
Net cash provided by investing activities		0		46,500

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(60,994)		24,701
Cash and cash equivalents, beginning		408,743		352,239
Cash and cash equivalents, ending	$	347,749	$	376,940

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 42


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	66,379	$	(71,098)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(94,182)		0
Changes in assets and liabilities
(Increase) Decrease in other assets		(446)		0
(Decrease) Increase in accounts payable and accrued expenses		0		88
(Decrease) Increase in accounts payable affiliates		8,100		19,260
Net cash provided by (used in) operating activities		(20,149)		(51,750)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		94,182		0
Net cash provided by investing activities		94,182		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		74,033		(51,750)
Cash and cash equivalents, beginning		2,318,856		1,607,893
Cash and cash equivalents, ending	$	2,392,889	$	1,556,143

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 43


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	0	$	42,468
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		0		(106,800)
Changes in assets and liabilities
(Increase) Decrease in other assets		0		(13,650)
(Decrease) Increase in accounts payable and accrued expenses		0		15,996
(Decrease) Increase in accounts payable affiliates		0		19,371
Net cash provided by (used in) operating activities		0		(42,615)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		0		106,800
Net cash provided by investing activities		0		106,800

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0		64,185
Cash and cash equivalents, beginning		0		1,416,291
Cash and cash equivalents, ending	$	0	$	1,480,476

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 44


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	797,482	$	(70,650)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(815,747)		0
Changes in assets and liabilities
(Increase) Decrease in other assets		155		0
(Decrease) Increase in accounts payable and accrued expenses		(26)		(3,907)
(Decrease) Increase in accounts payable affiliates		(387,090)		60,630
Net cash provided by (used in) operating activities		(405,226)		(13,927)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		815,747		0
Net cash provided by investing activities		815,747		0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		410,521		(13,927)
Cash and cash equivalents, beginning		842,738		321,693
Cash and cash equivalents, ending	$	1,253,259	$	307,766

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 45


	2021		2020

Cash flows from operating activities:

Net income (loss)	$	412,511	$	132,157
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(451,745)		(199,692)
Changes in assets and liabilities
(Increase) Decrease in other assets		2,457		0
(Decrease) Increase in accounts payable and accrued expenses		0		(6,360)
(Decrease) Increase in accounts payable affiliates		(393,725)		(429,873)
Net cash provided by (used in) operating activities		(430,502)		(503,768)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		451,745		199,692
Net cash provided by investing activities		451,745		199,692

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		21,243		(304,076)
Cash and cash equivalents, beginning		294,663		859,371
Cash and cash equivalents, ending	$	315,906	$	555,295

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 46


	2021		2020		2021		2020

Cash flows from operating activities:

Net income (loss)	$	237,414	$	33,860	$	237,038	$	(3,867)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(272,986)		(68,500)		(332,367)		(68,500)
Changes in assets and liabilities
(Increase) Decrease in other assets		224		0		1,041		0
(Decrease) Increase in accounts payable and accrued expenses		0		6,500		0		104
(Decrease) Increase in accounts payable affiliates		(228,310)		48,489		(245,942)		94,822

Net cash provided by (used in) operating activities		(263,658)		20,349		(340,230)		22,559

Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		272,986		68,500		332,367		68,500

Net cash provided by investing activities		272,986		68,500		332,367		68,500

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		9,328		88,849		(7,863)		91,059

Cash and cash equivalents, beginning		449,205		427,684		449,205		427,684

Cash and cash equivalents, ending	$	458,533	$	516,533	$	441,342	$	518,743

The accompanying notes are an integral part of this condensed statement

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NOTES TO CONDENSED FINANCIAL STATEMENTS

~~June~~September 30, 2021

(Unaudited)

NOTE A – ORGANIZATION

BF Garden Tax Credit Fund IV L.P. (formerly known as Boston Capital Tax Credit Fund IV L.P.) (the ~~"Fund"~~“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 December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the ~~"Public Offering"~~“Public Offering”) of the 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

~~June~~September 30, 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
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~~blancaNOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of ~~June~~September 30, 2021 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund’s accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended ~~June~~September 30, 2021 and 2020, are as follows:


	2021		2020		2021		2020
Series 26	$	2,199	$	4,282	$	1,466	$	4,282
Series 29		3,618		6,854		2,788		6,651
Series 32		2,455		15,132		1,636		15,132
Series 33		2,600		9,777		1,734		9,777
Series 34		4,623		6,727		4,623		6,727
Series 41		20,094		28,521		20,094		27,857
Series 42		4,050		19,259		4,050		19,260
Series 43		0		21,348		0		19,371
Series 44		12,399		30,315		12,399		30,315
Series 45		28,713		38,900		21,603		38,900
Series 46		44,676		48,489		41,178		46,333
	$	125,427	$	229,604	$	111,571	$	224,605

The fund management fees paid for the ~~three~~six months ended ~~June~~September 30, 2021 and 2020 are as follows:


	2021		2020		2021		2020
Series 26	$	0	$	4,282	$	5,864	$	4,282
Series 29						27,499		0
Series 32						8,938		0
Series 33		0		9,777		9,326		9,777
Series 41		33,600		0		33,600		0
Series 42		0		19,259		0		19,259
Series 43		0		21,348		0		21,348
Series 44		399,489		0		411,888		0
Series 45		190,965		507,673		444,041		507,673
Series 46		272,986		0		331,796		0
	$	897,040	$	562,339	$	1,272,952	$	562,339

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At ~~June~~September 30, 2021 and 2020, the Fund has limited partnership interests in 2921 and 6555 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at ~~June~~September 30, 2021 and 2020 are as follows:


	2021	2020	2021	2020
Series 20	0	0	0	0
Series 21	0	0	0	0
Series 22	0	0	0	0
Series 23	0	0	0	0
Series 24	0	0	0	0
Series 25	0	0	0	0
Series 26	1	3	0	3
Series 27	0	0	0	0
Series 28	0	0	0	0
Series 29	2	4	1	4
Series 30	0	0	0	0
Series 31	0	0	0	0
Series 32	1	3	0	3
Series 33	1	2	0	2
Series 34	1	2	1	2
Series 35	0	0	0	0
Series 36	0	0	0	0
Series 37	0	0	0	0
Series 38	0	0	0	0
Series 39	0	0	0	0
Series 40	0	0	0	0
Series 41	2	8	2	7
Series 42	2	6	2	6
Series 43	0	10	0	3
Series 44	2	3	1	3
Series 45	8	13	6	11
Series 46	9	11	8	11
	29	65	21	55

Under the terms of the Fund’s investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at ~~June~~September 30, 2021 and 2020, are as follows:


	2021		2020
Series 29	$	785	$	785
Series 42		0		254
	$	785	$	1,039

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Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the ~~three~~six months ended ~~June~~September 30, 2021 the Fund disposed of ~~four~~twelve Operating Partnerships. A summary of the dispositions by series for September 30, 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 42	0	0		94,182		94,182
Series 44	0	1		815,747		815,747
Series 45	4	1		451,745		451,745
Series 46	1	1		332,367		332,367
Total	9	3	$	1,792,531	$	1,792,531

During the six months ended September 30, 2020 the Fund disposed of thirteen Operating Partnerships. A summary of the dispositions by Series for ~~June 30, 2021 is as follows:~~

Operating

Sale of





Partnership

Underlying

Fund Proceeds

Interest

Operating

from

Gain (loss) on


Transferred

Partnership

Disposition

Disposition
Series 45

3

0

$
211,140

$
211,140
Series 46

1

0

272,986

272,986
Total

4

0

$
484,126

$
484,126

~~During the three months ended June 30, 2020 the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for June~~September 30, 2020 is as follows:


	Operating	Sale of					Operating	Sale of
	Partnership	Underlying	Fund Proceeds				Partnership	Underlying	Fund Proceeds
	Interest	Operating	from		Gain on		Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition		Disposition		Transferred	Partnership	Disposition		Disposition
Series 29	1	0	$	9,500	$	9,500	1	0	$	9,500	$	9,500
Series 41							1	0		46,500		46,500
Series 43	1	0		9,000		9,000	8	0		106,800		106,800
Series 45							1	1		199,692		199,692
Series 46	1	0		68,500		68,500	1	0		68,500		68,500
Total	3	0	$	87,000	$	87,000	12	1	$	430,992	$	430,992

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.

~~119~~147

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund’s fiscal year ends March 31st for each year, while all the Operating Partnerships’ fiscal years are the calendar year. Pursuant to the provisions of each Operating ~~Partnership 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 quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the ~~three~~six months ended ~~March 31,~~June 30, 2021.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)


	2021		2020		2021		2020
Revenues
Rental	$	3,418,577	$	6,174,994	$	5,723,174	$	10,846,001
Interest and other		67,262		141,707		109,126		247,297
		3,485,839		6,316,701		5,832,300		11,093,298

Expenses
Interest		635,919		1,056,994		1,059,698		1,972,450
Depreciation and amortization		691,976		1,393,692		1,110,830		2,456,942
Operating expenses		2,203,776		4,321,460		3,621,179		7,446,917
		3,531,671		6,772,146		5,791,707		11,876,309

NET INCOME (LOSS)	$	(45,832)	$	(455,445)	$	40,593	$	(783,011)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(45,374)	$	(450,891)	$	40,188	$	(775,180)

Net income (loss) allocated to other Partners	$	(458)	$	(4,554)	$	405	$	(7,831)

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.

~~120~~148

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 20


	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.

~~121~~149

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 21


	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.

~~122~~150

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~123~~151

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~124~~152

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~125~~153

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~126~~154

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 26


	2021		2020		2021		2020
Revenues
Rental	$	44,297	$	108,570	$	0	$	217,139
Interest and other		215		1,225		0		2,449
		44,512		109,795		0		219,588

Expenses
Interest		12,798		13,666		0		27,332
Depreciation and amortization		10,901		27,578		0		55,156
Operating expenses		35,830		111,496		0		222,991
		59,529		152,740		0		305,479

NET INCOME (LOSS)	$	(15,017)	$	(42,945)	$	0	$	(85,891)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(14,867)	$	(42,516)	$	0	$	(85,032)

Net income (loss) allocated to other Partners	$	(150)	$	(429)	$	0	$	(859)

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.

~~127~~155

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~128~~156

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~129~~157

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 29


	2021		2020		2021		2020
Revenues
Rental	$	136,253	$	208,972	$	155,232	$	417,945
Interest and other		592		6,445		—		12,890
		136,845		215,417		155,232		430,835

Expenses
Interest		21,193		33,626		13,356		67,252
Depreciation and amortization		21,958		37,182		20,468		74,363
Operating expenses		122,238		184,989		157,903		369,978
		165,389		255,797		191,727		511,593

NET INCOME (LOSS)	$	(28,544)	$	(40,380)	$	(36,495)	$	(80,758)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(28,259)	$	(39,976)	$	(36,130)	$	(79,950)

Net income (loss) allocated to other Partners	$	(285)	$	(404)	$	(365)	$	(808)

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.

~~130~~158

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~131~~159

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~132~~160

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 32


	2021		2020		2021		2020
Revenues
Rental	$	43,182	$	292,621	$	0	$	585,243
Interest and other		893		4,873		0		9,746
		44,075		297,494		0		594,989

Expenses
Interest		11,759		44,187		0		88,374
Depreciation and amortization		12,916		87,094		0		174,189
Operating expenses		31,049		250,700		0		501,400
		55,724		381,981		0		763,963

NET INCOME (LOSS)	$	(11,649)	$	(84,487)	$	0	$	(168,974)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(11,532)	$	(83,642)	$	0	$	(167,284)

Net income (loss) allocated to other Partners	$	(117)	$	(845)	$	0	$	(1,690)

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.

~~133~~161

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 33


	2021		2020		2021		2020
Revenues
Rental	$	57,341	$	224,455	$	0	$	448,911
Interest and other		3,137		7,915		0		15,830
		60,478		232,370		0		464,741

Expenses
Interest		13,233		37,328		0		74,656
Depreciation and amortization		11,767		48,034		0		96,068
Operating expenses		45,261		172,781		0		345,562
		70,261		258,143		0		516,286

NET INCOME (LOSS)	$	(9,783)	$	(25,773)	$	0	$	(51,545)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(9,685)	$	(25,515)	$	0	$	(51,030)

Net income (loss) allocated to other Partners	$	(98)	$	(258)	$	0	$	(515)

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.

~~134~~162

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 34


	2021		2020		2021		2020
Revenues
Rental	$	142,910	$	163,362	$	285,820	$	326,724
Interest and other		5,560		5,670		11,120		11,341
		148,470		169,032		296,940		338,065

Expenses
Interest		21,676		24,983		43,352		49,965
Depreciation and amortization		21,319		38,249		42,639		76,498
Operating expenses		90,710		140,447		181,419		280,893
		133,705		203,679		267,410		407,356

NET INCOME (LOSS)	$	14,765	$	(34,647)	$	29,530	$	(69,291)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	14,617	$	(34,301)	$	29,235	$	(68,598)

Net income (loss) allocated to other Partners	$	148	$	(346)	$	295	$	(693)

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.

~~135~~163

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~136~~164

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~137~~165

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~138~~166

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~139~~167

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~140~~168

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 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.

~~141~~169

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 41


	2021		2020		2021		2020
Revenues
Rental	$	611,601	$	804,868	$	1,223,203	$	1,524,961
Interest and other		10,421		20,306		20,842		38,570
		622,022		825,174		1,244,045		1,563,531

Expenses
Interest		111,343		142,009		222,686		275,662
Depreciation and amortization		95,199		153,428		190,398		280,652
Operating expenses		388,026		536,406		776,052		1,014,090
		594,568		831,843		1,189,136		1,570,404

NET INCOME (LOSS)	$	27,454	$	(6,669)	$	54,909	$	(6,873)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	27,179	$	(6,602)	$	54,360	$	(6,804)

Net income (loss) allocated to other Partners	$	275	$	(67)	$	549	$	(69)

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.

~~142~~170

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 42


	2021		2020		2021		2020
Revenues
Rental	$	119,749	$	482,450	$	239,498	$	964,900
Interest and other		2,023		22,177		4,046		44,353
		121,772		504,627		243,544		1,009,253

Expenses
Interest		18,132		93,920		36,265		187,840
Depreciation and amortization		29,547		122,288		59,093		244,575
Operating expenses		77,360		390,678		154,721		781,356
		125,039		606,886		250,079		1,213,771

NET INCOME (LOSS)	$	(3,267)	$	(102,259)	$	(6,535)	$	(204,518)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(3,234)	$	(101,236)	$	(6,470)	$	(202,473)

Net income (loss) allocated to other Partners	$	(33)	$	(1,023)	$	(65)	$	(2,045)

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.

~~143~~171

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 43


	2021		2020		2021		2020
Revenues
Rental	$	0	$	625,563	$	0	$	430,480
Interest and other		0		16,770		0		13,457
		0		642,333		0		443,937

Expenses
Interest		0		51,066		0		31,491
Depreciation and amortization		0		169,541		0		170,133
Operating expenses		0		510,237		0		396,077
		0		730,844		0		597,701

NET INCOME (LOSS)	$	0	$	(88,511)	$	0	$	(153,764)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	0	$	(87,626)	$	0	$	(152,226)

Net income (loss) allocated to other Partners	$	0	$	(885)	$	0	$	(1,538)

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.

~~144~~172

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 44


	2021		2020		2021		2020
Revenues
Rental	$	379,351	$	908,953	$	524,132	$	1,817,906
Interest and other		4,604		10,255		2,860		20,511
		383,955		919,208		526,992		1,838,417

Expenses
Interest		81,617		217,657		106,491		435,314
Depreciation and amortization		78,103		169,809		110,470		339,618
Operating expenses		183,341		393,371		253,811		786,743
		343,061		780,837		470,772		1,561,675

NET INCOME (LOSS)	$	40,894	$	138,371	$	56,220	$	276,742

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	40,485	$	136,987	$	55,658	$	273,975

Net income (loss) allocated to other Partners	$	409	$	1,384	$	562	$	2,767

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.

~~145~~173

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 45


	2021		2020		2021		2020
Revenues
Rental	$	791,250	$	1,154,815	$	1,245,563	$	1,786,650
Interest and other		9,654		19,363		12,857		24,785
		800,904		1,174,178		1,258,420		1,811,435

Expenses
Interest		116,210		165,201		202,722		270,649
Depreciation and amortization		192,641		277,464		298,100		447,266
Operating expenses		568,111		880,025		872,657		1,302,011
		876,962		1,322,690		1,373,479		2,019,926

NET INCOME (LOSS)	$	(76,058)	$	(148,512)	$	(115,059)	$	(208,491)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(75,297)	$	(147,027)	$	(113,908)	$	(206,406)

Net income (loss) allocated to other Partners	$	(761)	$	(1,485)	$	(1,151)	$	(2,085)

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.

~~146~~174

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

~~Three~~Six Months Ended ~~March 31,~~June 30,

(Unaudited)

Series 46


	2021		2020		2021		2020
Revenues
Rental	$	1,092,643	$	1,200,365	$	2,049,726	$	2,325,142
Interest and other		30,163		26,708		57,401		53,365
		1,122,806		1,227,073		2,107,127		2,378,507

Expenses
Interest		227,958		233,351		434,826		463,915
Depreciation and amortization		217,625		263,025		389,662		498,424
Operating expenses		661,850		750,330		1,224,616		1,445,816
		1,107,433		1,246,706		2,049,104		2,408,155

NET INCOME (LOSS)	$	15,373	$	(19,633)	$	58,023	$	(29,648)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	15,219	$	(19,437)	$	57,443	$	(29,352)

Net income (loss) allocated to other Partners	$	154	$	(196)	$	580	$	(296)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE E - TAXABLE LOSS

The Fund’s taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2016 remain open.

~~147~~175

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~June~~September 30, 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 ~~Partnership~~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

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

The COVID-19 pandemic as ~~describe~~described in Note G continues to be widespread globally and domestically in the United States. The Fund is not able to estimate the length or severity of the pandemic and its related financial impact to the Fund, if any.

~~148~~176

Table of Contents

Item 2.~~Management's~~Management’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 looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, 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~~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 ~~three~~six months ended ~~June~~September 30, 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 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 ~~June~~September 30, 2021 were ~~$125,427~~$111,571 and total fund management fees accrued as of ~~June~~September 30, 2021 were ~~$11,892,457.~~$11,628,116. During the ~~three~~six months ended ~~June~~September 30, 2021, ~~$897,040~~$1,272,952 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 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.

~~149~~177

Table of 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 ~~June~~September 30, 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 all 24 of the Operating Partnerships.

Prior to the quarter ended ~~June~~September 30, 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 ~~June~~September 30, 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 all 29 of the Operating Partnerships.

Prior to the quarter ended ~~June~~September 30, 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 all 22 of the Operating Partnerships.

Prior to the quarter ended ~~June~~September 30, 2021, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

178

Table of Contents

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in all 24 of the Operating Partnerships.

Prior to the quarter ended ~~June~~September 30, 2021, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

~~150~~

Table of Contents

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since sold its interest in all 20 of the Operating Partnerships.

Prior to the quarter ended ~~June~~September 30, 2021, Series 30 had released all payments of its capital contributions to the Operating Partnerships.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since sold its interest in all 27 of the Operating Partnerships.

~~151~~

Table of Contents

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041. Series 36 has since sold its interest in all 11 of the Operating Partnerships.

Prior to the quarter ended ~~June~~September 30, 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 all 7 of the Operating Partnerships.

Prior to the quarter ended ~~June~~September 30, 2021, Series 37 had released all payments of its capital contributions to the Operating Partnerships.

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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 21 of the Operating Partnerships and 2 remain.

During the quarter ended ~~June~~September 30, 2021, Series 42 applied $254 of contributions payable to a prior year disposition, and has now released all payments of its capital contributions to the Operating Partnerships.

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Results of Operations

As of ~~June~~September 30, 2021 and 2020, the Fund held limited partnership interests in 2921 and 6555 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 annual fund management fee of.5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended ~~June~~September 30, 2021 are as follows:


					3 Months						3 Months
	3 Months		3 Months		Fund Management Fee Net		3 Months		3 Months		Fund Management Fee Net
	Gross Fund		Asset Management and		of Asset Management and		Gross Fund		Asset Management and		of Asset Management and
	Management Fee		Reporting Fee		Reporting Fee		Management Fee		Reporting Fee		Reporting Fee
Series 20	$	—	$	—	$	—	$	—	$	—	$	—
Series 21		—		—		—		—		—		—
Series 22		—		—		—		—		—		—
Series 23		—		—		—		—		—		—
Series 24		—		—		—		—		—		—
Series 25		—		—		—		—		—		—
Series 26		2,199		—		2,199		1,466		—		1,466
Series 27		—		—		—		—		—		—
Series 28		—		—		—		—		—		—
Series 29		3,618		1,319		2,299		2,788		3,000		(212)
Series 30		—		—		—		—		—		—
Series 31		—		—		—		—		—		—
Series 32		2,455		—		2,455		1,636		—		1,636
Series 33		2,600		—		2,600		1,734		—		1,734
Series 34		4,623		—		4,623		4,623		3,000		1,623
Series 35		—		—		—		—		—		—
Series 36		—		—		—		—		—		—
Series 37		—		—		—		—		—		—
Series 38		—		—		—		—		—		—
Series 39		—		—		—		—		—		—
Series 40		—		—		—		—		—		—
Series 41		20,094		—		20,094		20,094		—		20,094
Series 42		4,050		2,500		1,550		4,050		—		4,050
Series 43		—		—		—		—		—		—
Series 44		12,399		—		12,399		12,399		5,257		7,142
Series 45		28,713		1,404		27,309		21,603		21,093		510
Series 46		44,676		6,412		38,264		41,178		6,800		34,378
	$	125,427	$	11,635	$	113,792	$	111,571	$	39,150	$	72,421

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					6 Months
	6 Months		6 Months		Fund Management Fee Net
	Gross Fund		Asset Management and		of Asset Management and
	Management Fee		Reporting Fee		Reporting Fee
Series 20	$	—	$	—	$	—
Series 21		—		—		—
Series 22		—		—		—
Series 23		—		—		—
Series 24		—		—		—
Series 25		—		—		—
Series 26		3,665		—		3,665
Series 27		—		—		—
Series 28		—		—		—
Series 29		6,406		4,319		2,087
Series 30		—		—		—
Series 31		—		—		—
Series 32		4,091		—		4,091
Series 33		4,334		—		4,334
Series 34		9,246		3,000		6,246
Series 35		—		—		—
Series 36		—		—		—
Series 37		—		—		—
Series 38		—		—		—
Series 39		—		—		—
Series 40		—		—		—
Series 41		40,188		—		40,188
Series 42		8,100		2,500		5,600
Series 43		—		—		—
Series 44		24,798		5,257		19,541
Series 45		50,316		22,497		27,819
Series 46		85,854		13,212		72,642
	$	236,998	$	50,785	$	186,213

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.

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Series 24

The series did not have any properties as of ~~June~~September 30, 2021 and 2020.

Series 25

The series did not have any properties as of ~~June~~September 30, 2021 and 2020.

Series 26

As of ~~June~~September 30, ~~2021 and~~ 2020, the average Qualified Occupancy for the series was 100%. The series ~~had a total~~did not have any properties as of ~~1 property at June~~September 30, ~~2021, which was at 100% Qualified Occupancy.~~2021.

For the ~~three~~six month periods ended ~~June~~September 30, 2021 and 2020, Series 26 reflects a net loss from Operating Partnerships of ~~$(15,017)~~$(-) and ~~$(42,945)~~$(85,891), respectively, which includes depreciation and amortization of ~~$10,901~~$- and ~~$27,578,~~$55,156, 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.

~~The~~In August 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~~transferred its ~~LIHTC compliance period and there is therefore no risk to past credit delivery.~~

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 September 30, 2021.

Series 27

The series did not have any properties as of ~~June~~September 30, 2021 and 2020.

Series 28

The series did not have any properties as of ~~June~~September 30, 2021 and 2020.

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In October 2020, the investment general partner transferred its interest in Ozark Associates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $396,535 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $3,000 was for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,000 were returned to cash reserves held by Series 29. 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 $13,000 as of December 31, 2020.

In October 2020, the investment general partner of transferred its interest 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 $919,015 and cash proceeds to the investment partnership of $30,000 of the total proceeds received, $8,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,000 were returned to cash reserves held by Series 29. 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 $22,000 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, 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 30

The series did not have any properties as of ~~June~~September 30, 2021 and 2020.

Series 31

The series did not have any properties as of ~~June~~September 30, 2021 and 2020.

Series 32

As of ~~June~~September 30, ~~2021 and~~ 2020, the average Qualified Occupancy for the series was 100%. The series ~~had a total~~did not have any properties as of ~~1 property at June~~September 30, ~~2021, which was at 100% Qualified Occupancy.~~2021.

For the ~~three~~six month periods ended ~~June~~September 30, 2021 and 2020, Series 32 reflects a net loss from Operating Partnerships of ~~$(11,649)~~$(-) and ~~$(84,487)~~$(168,974), respectively, which includes depreciation and amortization of ~~$12,916~~$- and ~~$87,094,~~$174,189, 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, represents reporting fees due to an affiliate of the

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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 ~~June~~September 30, ~~2021 and~~ 2020, the average Qualified Occupancy for the series was 100%. The series ~~had a total~~did not have any properties as of ~~1 property at June~~September 30, ~~2021, which was at 100% Qualified Occupancy.~~2021.

For the ~~three~~six month periods ended ~~June~~September 30, 2021 and 2020, Series 33 reflects a net loss from Operating Partnerships of ~~$(9,783)~~$(-) and ~~$(25,773)~~$(51,545), respectively, which includes depreciation and amortization of ~~$11,767~~$- and ~~$48,034,~~$96,068, 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, represents 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 ~~June~~September 30, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at ~~June~~September 30, 2021, which was at 100% Qualified Occupancy.

For the ~~three~~six month periods ended ~~June~~September 30, 2021 and 2020, Series 34 reflects a net income (loss) from the Operating Partnerships of ~~$14,765~~$29,530 and ~~$(34,647)~~$(69,291), respectively, which includes depreciation and amortization of ~~$21,319~~$42,639 and ~~$38,249,~~$76,498, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2020, the investment general partner transferred its interest in 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 ~~June~~September 30, 2021 and 2020.

Series 36

The series did not have any properties as of ~~June~~September 30, 2021 and 2020.

Series 37

The series did not have any properties as of ~~June~~September 30, 2021 and 2020.

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Series 39

The series did not have any properties as of ~~June~~September 30, 2021 and 2020.

Series 40

The series did not have any properties as of ~~June~~September 30, 2021 and 2020.

Series 41

As of ~~June~~September 30, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at ~~June~~September 30, 2021, all of which were at 100% Qualified Occupancy.

For the ~~three~~six month periods ended ~~June~~September 30, 2021 and 2020, Series 41 reflects a net income (loss) from Operating Partnerships of ~~$27,454~~$54,909 and ~~$(6,669)~~$(6,873), respectively, which includes depreciation and amortization of ~~$95,199~~$190,398 and ~~$153,428,~~$280,652, 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 $895,911 and cash proceeds to the investment partnership of $49,000. 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 $46,500 were returned to cash reserves held by Series 41. 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 $46,500 as of September 30, 2020.

In December 2020, the investment general partner transferred its interest in 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.

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.

Marwood Senior Associates, LLC

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For the ~~three~~six month periods ended ~~June~~September 30, 2021 and 2020, Series 42 reflects a net loss from Operating Partnerships of ~~$(3,267)~~$(6,535) and ~~$(102,259)~~$(204,518), respectively, which includes depreciation and amortization of ~~$29,547~~$59,093 and ~~$122,288,~~$244,575, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In July 2020, the operating general partner 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 $1,014,143 and cash proceeds to the investment partnership of $130,000. Of the total proceeds received by the investment partnership, $5,000 was paid for expenses related to the sale, which include third party legal costs. In addition $11,300 was applied to advances outstanding. The remaining proceeds from the sale of $113,700 will be returned to cash reserves held by Series 42. 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 $113,700 as of December 31, 2020. In September 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 October 2020, the investment general partner transferred its interest 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 $112,922 and cash proceeds to the investment partnership of $31,500 of the total proceeds received, $6,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $25,000 were returned to cash reserves held by Series 42. 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 $25,000 as of December 31, 2020

In November 2020, the investment general partner transferred its interest in 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.

The investment general partner will continue to monitor the following Operating ~~Partnerships~~Partnership because of operational or other issues. However, ~~these~~this Operating ~~Partnerships have all~~Partnership has exited ~~their~~its LIHTC compliance period and there is therefore no risk to past credit delivery.

Marwood Senior Associates, LLC

~~Chester Townhouses Phase II Apartments~~

Series 43

As of ~~June~~September 30, 2020, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of ~~June~~September 30, 2021.

For the ~~three~~six month periods ended ~~June~~September 30, 2021 and 2020, Series 43 reflects a net loss from Operating Partnerships of $(-) and ~~$(88,511)~~$(153,764), respectively, which includes depreciation and amortization of $- and ~~$169,541,~~$170,133, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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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 ~~June~~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 ~~June~~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 $1,200,885 and cash proceeds to the investment partnership of $12,000. 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 $9,000 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 $9,000 as of ~~June~~September 30, 2020.

In September 2020, the investment general partner transferred its interest in Charlevoix Apartments LDHA, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,013,428 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 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 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.

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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 ~~June~~September 30, 2021 and 2020, the average Qualified Occupancy was 100%. The series had a total of ~~2 properties~~1 property at ~~June~~September 30, 2021, ~~all of~~ which ~~were~~was at 100% Qualified Occupancy.

For the ~~three~~six month periods ended ~~June~~September 30, 2021 and 2020, Series 44 reflects a net income from Operating Partnerships of ~~$40,894~~$56,220 and ~~$138,371,~~$276,742, respectively, which includes depreciation and amortization of ~~$78,103~~$110,470 and ~~$169,809,~~$339,618, 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 ~~June~~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 used from the cash reserves.

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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

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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~~Partnership because of operational or other issues. However, ~~these~~this Operating ~~Partnerships have all~~Partnership has exited ~~their~~its LIHTC compliance period and there is therefore no risk to past credit delivery.

Harbet Avenue Limited Partnership

~~University Plaza Investment Group, LLLP~~

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Off Balance Sheet Arrangements

None.

Principal Accounting Policies

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.

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 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 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 exposure to loss on these partnerships is

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(c) Certifications

The Certifications of the Principal Executive Officer and Principal Financial Officer of the Fund required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as Exhibits 31.a, 31.b, 32.a and 32.b to this Quarterly Report on Form 10-Q, are applicable to each series individually and the Fund as a whole.

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PART II - OTHER INFORMATION

Item 1.Legal Proceedings

None

Item 1A.Risk Factors

There have been no material changes from the risk factors set forth under Part I, Item 1A. “Risk Factors” in our Form 10-K for the fiscal year ended March 31, 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


		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herewith
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of 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 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 Marie Reynolds, Principal Accounting and Financial Officer, filed herewith
		101. The following materials from the BF Garden Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended ~~June~~September 30, 2021 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in ~~Partners'~~Partners’ Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herewith
		104. Cover Page Interactive Data File (formatted in iXBRL and included in Exhibit 101).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


BF Garden Tax Credit Fund IV L.P.
By:	BF Garden Associates IV L.P.,
	its General Partner
	By:	Corporate Investment Holdings, Inc.,
		its General Partner



Date:~~August 12,~~ November 10, 2021	By:	/s/ Gregory Voyentzie

		Gregory Voyentzie
		President (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:


DATE:	SIGNATURE:	TITLE:

~~August 12,~~November 10, 2021	/s/ Gregory Voyentzie	President (Principal Executive Officer),
	Gregory Voyentzie	Corporate Investment Holdings, Inc.

~~August 12,~~November 10, 2021	/s/ Marie Reynolds	Treasurer (Principal Accounting and Financial Officer),
	Marie Reynolds	Corporate Investment Holdings, Inc.