UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, ~~2022~~2023

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 0-26200

BF GARDEN TAX CREDIT FUND IV L.P.

(Exact name of registrant as specified in its charter)

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

~~101 Arch~~225 Franklin Street, 1328^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	None	None

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

Yes ☒

No ☐

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

Yes ☒

No ☐

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

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

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

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

Yes ☐

No ☒

Table of Contents

BF GARDEN TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, ~~2022~~2023

TABLE OF CONTENTS

		Pages
PART I FINANCIAL INFORMATION

	Item 1. Condensed Financial Statements

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

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	~~177-189~~177-187

	Item 3. Quantitative and Qualitative Disclosures About Market Risk	~~189~~187

	Item 4. Controls and Procedures	~~189~~187

PART II OTHER INFORMATION

	Item 1. Legal Proceedings	~~190~~188

	Item 1A. Risk Factors	~~190~~188

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	~~190~~188

	Item 3. Defaults Upon Senior Securities	~~190~~188

	Item 4. Mine Safety Disclosures	~~190~~188

	Item 5. Other Information	~~190~~188

	Item 6. Exhibits	~~190~~188

	Signatures	~~191~~189

2

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		1,113,915		2,370,898		399,419		508,245
Other assets		6,486		6,288		3,083		5,911
	$	1,120,401	$	2,377,186	$	402,502	$	514,156

LIABILITIES
Accounts payable and accrued expenses	$	1	$	—	$	1	$	1
Accounts payable affiliates (Note C)		7,363,161		8,781,884		3,362,945		7,035,500
Capital contributions payable		785		785		—		785
		7,363,947		8,782,669		3,362,946		7,036,286

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 82,874,653 outstanding as of September 30, 2022 and March 31, 2022.		(7,165,983)		(7,296,726)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 82,874,653 outstanding as of September 30, 2023 and March 31, 2023.						(6,600,662)		(7,446,921)
General Partner		922,437		891,243		3,640,218		924,791
		(6,243,546)		(6,405,483)		(2,960,444)		(6,522,130)
	$	1,120,401	$	2,377,186	$	402,502	$	514,156

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,828,200 outstanding as of September 30, 2022 and March 31, 2022.		(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, 2023 and March 31, 2023.						(754,767)		(754,767)
General Partner		754,767		754,767		754,767		754,767
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of September 30, 2022 and March 31, 2022.		(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, 2023 and March 31, 2023.						(898,231)		(898,231)
General Partner		898,231		898,231		898,231		898,231
		—		—		—		—
	$	—	$	—	$	—	$	—

The accompanying notes are an integral part of this condensed statement

5

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BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,550,145 outstanding as of September 30, 2022 and March 31, 2022.		(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, 2023 and March 31, 2023.						(2,448,362)		(2,448,362)
General Partner		2,448,362		2,448,362		2,448,362		2,448,362
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,303,327 outstanding as of September 30, 2022 and March 31, 2022.		(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, 2023 and March 31, 2023.						(224,264)		(224,264)
General Partner		224,264		224,264		224,264		224,264
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,			March 31,		September 30,		March 31,
	2022			2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—		$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,150,053 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.							173,404		173,404
General Partner		(173,404)			(173,404)		(173,404)		(173,404)
		—	��		—		—		—
	$	—		$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,016,809 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.						219,815		219,815
General Partner		(219,815)		(219,815)		(219,815)		(219,815)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,926,374 outstanding as of September 30, 2022 and March 31, 2022.		313,969		313,969
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,926,374 outstanding as of September 30, 2023 and March 31, 2023.						313,969		313,969
General Partner		(313,969)		(313,969)		(313,969)		(313,969)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,431,350 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.						133,264		133,264
General Partner		(133,264)		(133,264)		(133,264)		(133,264)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,979,139 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.						275,140		275,140
General Partner		(275,140)		(275,140)		(275,140)		(275,140)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		67,808		108,768		—		47,146
Other assets		2,528		2,500		—		2,582
	$	70,336	$	111,268	$	—	$	49,728

LIABILITIES
Accounts payable and accrued expenses	$	—	$	—	$	—	$	—
Accounts payable affiliates (Note C)		3,111,046		3,108,790		—		3,113,302
Capital contributions payable		785		785		—		785
		3,111,831		3,109,575		—		3,114,087

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,911,725 outstanding as of September 30, 2022 and March 31, 2022.		(2,672,433)		(2,629,677)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,911,725 outstanding as of September 30, 2023 and March 31, 2023.						(2,341,163)		(2,695,068)
General Partner		(369,062)		(368,630)		2,341,163		(369,291)
		(3,041,495)		(2,998,307)		—		(3,064,359)
	$	70,336	$	111,268	$	—	$	49,728

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,621,200 outstanding as of September 30, 2022 and March 31, 2022.		(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, 2023 and March 31, 2023.						(883,119)		(883,119)
General Partner		883,119		883,119		883,119		883,119
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,375,757 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.						353,529		353,529
General Partner		(353,529)		(353,529)		(353,529)		(353,529)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,706,298 outstanding as of September 30, 2022 and March 31, 2022.		380,821		380,821
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,706,298 outstanding as of September 30, 2023 and March 31, 2023.						380,821		380,821
General Partner		(380,821)		(380,821)		(380,821)		(380,821)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,605,833 outstanding as of September 30, 2022 and March 31, 2022.		196,294		196,294
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,605,833 outstanding as of September 30, 2023 and March 31, 2023.						196,294		196,294
General Partner		(196,294)		(196,294)		(196,294)		(196,294)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		51,783		81,705		1,709		31,891
Other assets		28		—		28		82
	$	51,811	$	81,705	$	1,737	$	31,973

LIABILITIES
Accounts payable and accrued expenses	$	—	$	—	$	—	$	—
Accounts payable affiliates (Note C)		2,497,514		2,488,268		2,536,006		2,506,760
Capital contributions payable		—		—		—		—
		2,497,514		2,488,268		2,536,006		2,506,760

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,474,319 outstanding as of September 30, 2022 and March 31, 2022.		(2,120,857)		(2,082,108)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,474,319 outstanding as of September 30, 2023 and March 31, 2023.						(2,208,537)		(2,149,650)
General Partner		(324,846)		(324,455)		(325,732)		(325,137)
		(2,445,703)		(2,406,563)		(2,534,269)		(2,474,787)
	$	51,811	$	81,705	$	1,737	$	31,973

The accompanying notes are an integral part of this condensed statement

18

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,277,913 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.						223,088		223,088
General Partner		(223,088)		(223,088)		(223,088)		(223,088)
		—		—		—		—
	$	—	$	—	$	—	$	—

The accompanying notes are an integral part of this condensed statement

19

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,083,704 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.						148,221		148,221
General Partner		(148,221)		(148,221)		(148,221)		(148,221)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,489,100 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.						205,359		205,359
General Partner		(205,359)		(205,359)		(205,359)		(205,359)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,536,200 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2022.						188,889		188,889
General Partner		(188,889)		(188,889)		(188,889)		(188,889)
		—		—		—		—
	$	—	$	—	$	—	$	—

The accompanying notes are an integral part of this condensed statement

22

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.						196,043		196,043
General Partner		(196,043)		(196,043)		(196,043)		(196,043)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,611,356 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.						216,900		216,900
General Partner		(216,900)		(216,900)		(216,900)		(216,900)
		—		—		—		—
	$	—	$	—	$	—	$	—

The accompanying notes are an integral part of this condensed statement

24

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,865,176 outstanding as of September 30, 2022 and March 31, 2022.		(987,713)		(987,713)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,865,176 outstanding as of September 30, 2023 and March 31, 2023.						(987,713)		(987,713)
General Partner		987,713		987,713		987,713		987,713
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,706,362 outstanding as of September 30, 2022 and March 31, 2022.		216,680		216,680
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,706,362 outstanding as of September 30, 2023 and March 31, 2023.						216,680		216,680
General Partner		(216,680)		(216,680)		(216,680)		(216,680)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

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

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

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,617,987 outstanding as of September 30, 2022 and March 31, 2022.		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, 2023 and March 31, 2023.						306,854		306,854
General Partner		(306,854)		(306,854)		(306,854)		(306,854)
		—		—		—		—
	$	—	$	—	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		—		1,230,504		—		—
Other assets		—		—		—		—
	$	—	$	1,230,504	$	—	$	—

LIABILITIES
Accounts payable and accrued expenses	$	—	$	—	$	—	$	—
Accounts payable affiliates (Note C)		—		28,269		—		—
Capital contributions payable		—		—		—		—
		—		28,269		—		—

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,682,873 outstanding as of September 30, 2022 and March 31, 2022.		207,874		1,427,661
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,682,873 outstanding as of September 30, 2023 and March 31, 2023.						207,874		207,874
General Partner		(207,874)		(225,426)		(207,874)		(207,874)
		—		1,202,235		—		—
	$	—	$	1,230,504	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		577,726		287,530		—		—
Other assets		29		—		—		—
	$	577,755	$	287,530	$	—	$	—

LIABILITIES
Accounts payable and accrued expenses	$	—	$	—	$	—	$	—
Accounts payable affiliates (Note C)		8,404		1,138,508		—		—
Capital contributions payable		—		—		—		—
		8,404		1,138,508		—		—

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 3,989,967 outstanding as of September 30, 2022 and March 31, 2022.		917,320		(488,806)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 3,989,967 outstanding as of September 30, 2023 and March 31, 2023.						348,522		348,522
General Partner		(347,969)		(362,172)		(348,522)		(348,522)
		569,351		(850,978)		—		—
	$	577,755	$	287,530	$	—	$	—

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


	September 30,		March 31,		September 30,		March 31,
	2022		2022		2023		2023

INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		416,598		662,391		397,710		429,208
Other assets		3,901		3,788		3,055		3,247
	$	420,499	$	666,179	$	400,765	$	432,455

LIABILITIES
Accounts payable and accrued expenses	$	1	$	—	$	1	$	1
Accounts payable affiliates (Note C)		1,746,197		2,018,049		826,939		1,415,438
Capital contributions payable		—		—		—		—
		1,746,198		2,018,049		826,940		1,415,439

PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,965,635 outstanding as of September 30, 2022 and March 31, 2022.		(1,049,701)		(1,075,610)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,965,635 outstanding as of September 30, 2023 and March 31, 2023.						(159,172)		(710,413)
General Partner		(275,998)		(276,260)		(267,003)		(272,571)
		(1,325,699)		(1,351,870)		(426,175)		(982,984)
	$	420,499	$	666,179	$	400,765	$	432,455

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 September 30,

(Unaudited)


	2022		2021		2023		2022

Income
Interest income	$	1,719	$	2,661	$	2,141	$	1,719
Other income		—		55,780		—		—
		1,719		58,441		2,141		1,719

Gain on disposition of Operating Partnerships		4,999		1,308,405		—		4,999

Expenses
Professional fees		43,711		117,767		31,534		43,711
Fund management fee, net (Note C)		24,656		72,633		13,986		24,656
General and administrative expenses		62,685		109,464		61,797		62,685
		131,052		299,864		107,317		131,052

NET INCOME (LOSS)	$	(124,334)	$	1,066,982	$	(105,176)	$	(124,334)

Net income (loss) allocated to assignees	$	(123,091)	$	1,056,312	$	(104,124)	$	(123,091)

Net income (loss) allocated to general partner	$	(1,243)	$	10,670	$	(1,052)	$	(1,243)

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

The accompanying notes are an integral part of this condensed statement

31

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CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 20


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

32

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 21


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

33

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 22


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

34

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 23


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

35

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 24


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

36

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 25


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

37

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 26


	2022		2021		2023		2022

Income
Interest income	$	—	$	131	$	—	$	—
Other income		—		—		—		—
		—		131		—		—

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

Expenses
Professional fees		—		10,105		—		—
Fund management fee, net (Note C)		—		1,466		—		—
General and administrative expenses		—		17,574		—		—
		—		29,145		—		—

NET INCOME (LOSS)	$	—	$	(8,169)	$	—	$	—

Net income (loss) allocated to assignees	$	—	$	(8,087)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	(82)	$	—	$	—

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

The accompanying notes are an integral part of this condensed statement

38

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 27


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

39

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 28


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

40

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 29


	2022		2021		2023		2022

Income
Interest income	$	109	$	37	$	—	$	109
Other income		—		212		—		—
		109		249		—		109

Gain on disposition of Operating Partnerships		—		29,999		—		—

Expenses
Professional fees		7,737		11,780		—		7,737
Fund management fee, net (Note C)		1,128		—		—		1,128
General and administrative expenses		18,393		14,278		—		18,393
		27,258		26,058		—		27,258

NET INCOME (LOSS)	$	(27,149)	$	4,190	$	—	$	(27,149)

Net income (loss) allocated to assignees	$	(26,877)	$	4,148	$	—	$	(26,877)

Net income (loss) allocated to general partner	$	(272)	$	42	$	—	$	(272)

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

The accompanying notes are an integral part of this condensed statement

41

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 30


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

42

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 31


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

43

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 32


	2022		2021		2023		2022

Income
Interest income	$	—	$	662	$	—	$	—
Other income		—		—		—		—
		—		662		—		—

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

Expenses
Professional fees		—		10,105		—		—
Fund management fee, net (Note C)		—		1,636		—		—
General and administrative expenses		—		12,396		—		—
		—		24,137		—		—

NET INCOME (LOSS)	$	—	$	348	$	—	$	—

Net income (loss) allocated to assignees	$	—	$	344	$	—	$	—

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

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

The accompanying notes are an integral part of this condensed statement

44

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 33


	2022		2021		2023		2022

Income
Interest income	$	—	$	764	$	—	$	—
Other income		—		—		—		—
		—		764		—		—

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

Expenses
Professional fees		—		8,930		—		—
Fund management fee, net (Note C)		—		1,734		—		—
General and administrative expenses		—		7,230		—		—
		—		17,894		—		—

NET INCOME (LOSS)	$	—	$	6,693	$	—	$	—

Net income (loss) allocated to assignees	$	—	$	6,626	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	67	$	—	$	—

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

The accompanying notes are an integral part of this condensed statement

45

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 34


	2022		2021		2023		2022

Income
Interest income	$	80	$	28	$	98	$	80
Other income		—		—		—		—
		80		28		98		80

Gain on disposition of Operating Partnerships		—		—		—		—

Expenses
Professional fees		6,537		8,930		12,616		6,537
Fund management fee, net (Note C)		1,623		1,623		4,623		1,623
General and administrative expenses		14,730		9,089		30,945		14,730
		22,890		19,642		48,184		22,890

NET INCOME (LOSS)	$	(22,810)	$	(19,614)	$	(48,086)	$	(22,810)

Net income (loss) allocated to assignees	$	(22,582)	$	(19,418)	$	(47,605)	$	(22,582)

Net income (loss) allocated to general partner	$	(228)	$	(196)	$	(481)	$	(228)

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

The accompanying notes are an integral part of this condensed statement

46

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 35


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

47

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 36


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

48

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 37


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

49

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 38


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

50

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 39


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

51

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 40


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

52

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 41


	2022		2021		2023		2022

Income
Interest income	$	—	$	90	$	—	$	—
Other income		—		—		—		—
		—		90		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

Expenses
Professional fees		—		15,305		—		—
Fund management fee, net (Note C)		—		20,094		—		—
General and administrative expenses		—		7,642		—		—
		—		43,041		—		—

NET INCOME (LOSS)	$	—	$	(42,951)	$	—	$	—

Net income (loss) allocated to assignees	$	—	$	(42,521)	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	(430)	$	—	$	—

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

The accompanying notes are an integral part of this condensed statement

53

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 42


	2022		2021		2023		2022

Income
Interest income	$	—	$	587	$	—	$	—
Other income		—		—		—		—
		—		587		—		—

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

Expenses
Professional fees		—		12,955		—		—
Fund management fee, net (Note C)		—		4,050		—		—
General and administrative expenses		—		6,726		—		—
		—		23,731		—		—

NET INCOME (LOSS)	$	—	$	71,038	$	—	$	—

Net income (loss) allocated to assignees	$	—	$	70,327	$	—	$	—

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

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

The accompanying notes are an integral part of this condensed statement

54

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 43


	2022		2021		2023		2022

Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

55

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 44


	2022		2021		2023		2022

Income
Interest income	$	—	$	175	$	—	$	—
Other income		—		25,468		—		—
		—		25,643		—		—

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

Expenses
Professional fees		—		9,429		—		—
Fund management fee, net (Note C)		—		7,142		—		—
General and administrative expenses		—		9,757		—		—
		—		26,328		—		—

NET INCOME (LOSS)	$	—	$	815,062	$	—	$	—

Net income (loss) allocated to assignees	$	—	$	806,911	$	—	$	—

Net income (loss) allocated to general partner	$	—	$	8,151	$	—	$	—

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

The accompanying notes are an integral part of this condensed statement

56

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 45


	2022		2021		2023		2022

Income
Interest income	$	890	$	73	$	—	$	890
Other income		—		28,990		—		—
		890		29,063		—		890

Gain on disposition of Operating Partnerships		4,999		240,605		—		4,999

Expenses
Professional fees		16,437		15,625		—		16,437
Fund management fee, net (Note C)		3,970		510		—		3,970
General and administrative expenses		16,102		12,772		—		16,102
		36,509		28,907		—		36,509

NET INCOME (LOSS)	$	(30,620)	$	240,761	$	—	$	(30,620)

Net income (loss) allocated to assignees	$	(30,314)	$	238,354	$	—	$	(30,314)

Net income (loss) allocated to general partner	$	(306)	$	2,407	$	—	$	(306)

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

The accompanying notes are an integral part of this condensed statement

57

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CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 46


	2022		2021		2023		2022

Income
Interest income	$	640	$	114	$	2,043	$	640
Other income		—		1,110		—		–
		640		1,224		2,043		640

Gain on disposition of Operating Partnerships		—		59,381		—		—

Expenses
Professional fees		13,000		14,603		18,918		13,000
Fund management fee, net (Note C)		17,935		34,378		9,363		17,935
General and administrative expenses		13,460		12,000		30,852		13,460
		44,395		60,981		59,133		44,395

NET INCOME (LOSS)	$	(43,755)	$	(376)	$	(57,090)	$	(43,755)

Net income (loss) allocated to assignees	$	(43,318)	$	(372)	$	(56,519)	$	(43,318)

Net income (loss) allocated to general partner	$	(437)	$	(4)	$	(571)	$	(437)

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

The accompanying notes are an integral part of this condensed statement

58

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)


	2022		2021		2023		2022

Income
Interest income	$	2,448	$	5,198	$	5,391	$	2,448
Other income		142,163		65,721		40,497		142,163
		144,611		70,919		45,888		144,611

Gain on disposition of Operating Partnerships		3,235,667		1,792,531		1,017,868		3,235,667

Expenses
Professional fees		45,203		133,903		32,963		45,203
Fund management fee, net (Note C)		30,407		186,425		6,246		30,407
General and administrative expenses		185,276		155,513		169,740		185,276
		260,886		475,841		208,949		260,886

NET INCOME (LOSS)	$	3,119,392	$	1,387,609	$	854,807	$	3,119,392

Net income (loss) allocated to assignees	$	3,088,198	$	1,373,733	$	846,259	$	3,088,198

Net income (loss) allocated to general partner	$	31,194	$	13,876	$	8,548	$	31,194

Net income (loss) per BAC	$	.04	$	.02	$	.01	$	.04

The accompanying notes are an integral part of this condensed statement

59

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 20


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

60

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 21


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

61

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 22


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

62

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 23


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

63

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 24


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

64

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 25


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

65

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 26


	2022		2021		2023		2022
Income
Interest income	$	—	$	261	$	—	$	—
Other income		—		—		—		—
		—		261		—		—

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

Expenses
Professional fees		—		11,719		—		—
Fund management fee, net (Note C)		—		3,665		—		—
General and administrative expenses		—		22,324		—		—
		—		37,708		—		—

NET INCOME (LOSS)	$	—	$	(16,602)	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 27


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

67

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 28


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

68

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 29


	2022		2021		2023		2022

Income
Interest income	$	132	$	75	$	459	$	132
Other income		—		212		16,876		—
		132		287		17,335		132

Gain on disposition of Operating Partnerships		—		29,999		430,628		—

Expenses
Professional fees		8,036		13,394		310		8,036
Fund management fee, net (Note C)		2,256		2,299		—		2,256
General and administrative expenses		33,028		19,015		90,173		33,028
		43,320		34,708		90,483		43,320

NET INCOME (LOSS)	$	(43,188)	$	(4,422)	$	357,480	$	(43,188)

Net income (loss) allocated to assignees	$	(42,756)	$	(4,378)	$	353,905	$	(42,756)

Net income (loss) allocated to general partner	$	(432)	$	(44)	$	3,575	$	(432)

Net income (loss) per BAC	$	(.01)	$	(.00)	$	.09	$	(.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 OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 30


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 31


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

71

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 32


	2022		2021		2023		2022
Income
Interest income	$	—	$	1,321	$	—	$	—
Other income		—		—		—		—
		—		1,321		—		—

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

Expenses
Professional fees		—		11,719		—		—
Fund management fee, net (Note C)		—		4,091		—		—
General and administrative expenses		—		17,177		—		—
		—		32,987		—		—

NET INCOME (LOSS)	$	—	$	(7,843)	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

72

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 33


	2022		2021		2023		2022
Income
Interest income	$	—	$	1,524	$	—	$	—
Other income		—		—		—		—
		—		1,524		—		—

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

Expenses
Professional fees		—		10,544		—		—
Fund management fee, net (Note C)		—		4,334		—		—
General and administrative expenses		—		10,030		—		—
		—		24,908		—		—

NET INCOME (LOSS)	$	—	$	439	$	—	$	—

Net income (loss) allocated to assignees	$	—	$	435	$	—	$	—

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

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

The accompanying notes are an integral part of this condensed statement

73

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 34


	2022		2021		2023		2022
Income
Interest income	$	97	$	58	$	232	$	97
Other income		—		—		—		—
		97		58		232		97

Gain on disposition of Operating Partnerships		—		—		—		—

Expenses
Professional fees		6,836		10,544		13,425		6,836
Fund management fee, net (Note C)		6,246		6,246		6,246		6,246
General and administrative expenses		26,155		12,671		40,043		26,155
		39,237		29,461		59,714		39,237

NET INCOME (LOSS)	$	(39,140)	$	(29,403)	$	(59,482)	$	(39,140)

Net income (loss) allocated to assignees	$	(38,749)	$	(29,109)	$	(58,887)	$	(38,749)

Net income (loss) allocated to general partner	$	(391)	$	(294)	$	(595)	$	(391)

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

The accompanying notes are an integral part of this condensed statement

74

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 35


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

75

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 36


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

76

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 37


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

77

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 38


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

78

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 39


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

79

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 40


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 41


	2022		2021		2023		2022
Income
Interest income	$	—	$	183	$	—	$	—
Other income		—		–		—		—
		—		183		—		—

Gain on disposition of Operating Partnerships		—		–		—		—

Expenses
Professional fees		—		16,919		—		—
Fund management fee, net (Note C)		—		40,188		—		—
General and administrative expenses		—		11,046		—		—
		—		68,153		—		—

NET INCOME (LOSS)	$	—	$	(67,970)	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

81

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 42


	2022		2021		2023		2022
Income
Interest income	$	—	$	1,121	$	—	$	—
Other income		—		868		—		—
		—		1,989		—		—

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

Expenses
Professional fees		—		14,569		—		—
Fund management fee, net (Note C)		—		5,600		—		—
General and administrative expenses		—		9,623		—		—
		—		29,792		—		—

NET INCOME (LOSS)	$	—	$	66,379	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 43


	2022		2021		2023		2022
Income
Interest income	$	—	$	—	$	—	$	—
Other income		—		—		—		—
		—		—		—		—

Gain on disposition of Operating Partnerships		—		—		—		—

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

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

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

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

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

The accompanying notes are an integral part of this condensed statement

83

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 44


	2022		2021		2023		2022
Income
Interest income	$	437	$	284	$	—	$	437
Other income		81,588		25,468		—		81,588
		82,025		25,752		—		82,025

Gain on disposition of Operating Partnerships		1,746,178		815,747		—		1,746,178

Expenses
Professional fees		298		11,042		—		298
Fund management fee, net (Note C)		—		19,541		—		—
General and administrative expenses		72,685		13,434		—		72,685
		72,983		44,017		—		72,983

NET INCOME (LOSS)	$	1,755,220	$	797,482	$	—	$	1,755,220

Net income (loss) allocated to assignees	$	1,737,668	$	789,507	$	—	$	1,737,668

Net income (loss) allocated to general partner	$	17,552	$	7,975	$	—	$	17,552

Net income (loss) per BAC	$	.65	$	.29	$	—	$	.65

The accompanying notes are an integral part of this condensed statement

84

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 45


	2022		2021		2023		2022
Income
Interest income	$	1,034	$	145	$	—	$	1,034
Other income		58,183		29,480		—		58,183
		59,217		29,625		—		59,217

Gain on disposition of Operating Partnerships		1,410,868		451,745		—		1,410,868

Expenses
Professional fees		16,735		17,238		—		16,735
Fund management fee, net (Note C)		3,970		27,819		—		3,970
General and administrative expenses		29,051		23,802		—		29,051
		49,756		68,859		—		49,756

NET INCOME (LOSS)	$	1,420,329	$	412,511	$	—	$	1,420,329

Net income (loss) allocated to assignees	$	1,406,126	$	408,386	$	—	$	1,406,126

Net income (loss) allocated to general partner	$	14,203	$	4,125	$	—	$	14,203

Net income (loss) per BAC	$	.35	$	.10	$	—	$	.35

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 46


	2022		2021		2023		2022
Income
Interest income	$	748	$	226	$	4,700	$	748
Other income		2,392		9,693		23,621		2,392
		3,140		9,919		28,321		3,140

Gain on disposition of Operating Partnerships		78,621		332,367		587,240		78,621

Expenses
Professional fees		13,298		16,215		19,228		13,298
Fund management fee, net (Note C)		17,935		72,642		—		17,935
General and administrative expenses		24,357		16,391		39,524		24,357
		55,590		105,248		58,752		55,590

NET INCOME (LOSS)	$	26,171	$	237,038	$	556,809	$	26,171

Net income (loss) allocated to assignees	$	25,909	$	234,668	$	551,241	$	25,909

Net income (loss) allocated to general partner	$	262	$	2,370	$	5,568	$	262

Net income (loss) per BAC	$	.01	$	.08	$	.19	$	.01

The accompanying notes are an integral part of this condensed statement

86

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
(7,296,726)

$
891,243

$
(6,405,483)

Distribution

(2,957,455)

—

(2,957,455)

Net income (loss)

3,211,289

32,437

3,243,726

Partners’ capital (deficit), June 30, 2022

(7,042,892)

923,680

(6,119,212)

Net income (loss)

(123,091)

(1,243)

(124,334)

Partners’ capital (deficit), September 30, 2022

$
(7,165,983)

$
922,437

$
(6,243,546)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	(7,446,921)	$	924,791	$	(6,522,130)

Contribution		—		2,706,879		2,706,879

Net income (loss)		950,383		9,600		959,983

Partners’ capital (deficit), June 30, 2023	$	(6,496,538)	$	3,641,270	$	(2,855,268)

Net income (loss)		(104,124)		(1,052)		(105,176)

Partners’ capital (deficit), September 30, 2023	$	(6,600,662)	$	3,640,218	$	(2,960,444)

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 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)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(7,296,726)	$	891,243	$	(6,405,483)

Distribution		(2,957,455)		—		(2,957,455)

Net income (loss)		3,211,289		32,437		3,243,726

Partners’ capital (deficit), June 30, 2022		(7,042,892)		923,680		(6,119,212)

Net income (loss)		(123,091)		(1,243)		(124,334)

Partners’ capital (deficit), September 30, 2022	$	(7,165,983)	$	922,437	$	(6,243,546)

The accompanying notes are an integral part of this condensed statement

87

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 20

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
(754,767)

$
754,767

$
—

Distribution

—

—

—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2022

(754,767)

754,767

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
(754,767)

$
754,767

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	(754,767)	$	754,767	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	(754,767)	$	754,767	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	(754,767)	$	754,767	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 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

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(754,767)	$	754,767	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		(754,767)		754,767		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	(754,767)	$	754,767	$	—

The accompanying notes are an integral part of this condensed statement

88

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 21

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
(898,231)

$
898,231

$
—

Distribution

—

—

—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2022

(898,231)

898,231

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
(898,231)

$
898,231

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	(898,231)	$	898,231	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	(898,231)	$	898,231	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	(898,231)	$	898,231	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
(898,231)

$
898,231

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

(898,231)

898,231

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
(898,231)

$
898,231

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(898,231)	$	898,231	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		(898,231)		898,231		—

Net income (loss)		—		—		—

Partners' capital (deficit), September 30,2022	$	(898,231)	$	898,231	$	—

The accompanying notes are an integral part of this condensed statement

89

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 22

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
(2,448,362)

$
2,448,362

$
—

Distribution

—

—

—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2022

(2,448,362)

2,448,362

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
(2,448,362)

$
2,448,362

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	(2,448,362)	$	2,448,362	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	(2,448,362)	$	2,448,362	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	(2,448,362)	$	2,448,362	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
(2,448,362)

$
2,448,362

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

(2,448,362)

2,448,362

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
(2,448,362)

$
2,448,362

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(2,448,362)	$	2,448,362	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		(2,448,362)		2,448,362		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	(2,448,362)	$	2,448,362	$	—

The accompanying notes are an integral part of this condensed statement

90

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 23

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
(224,264)

$
224,264

$
—

Distribution

—

—

—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2022

(224,264)

224,264

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
(224,264)

$
224,264

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	(224,264)	$	224,264	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	(224,264)	$	224,264	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	(224,264)	$	224,264	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
(224,264)

$
224,264

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

(224,264)

224,264

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
(224,264)

$
224,264

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(224,264)	$	224,264	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		(224,264)		224,264		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	(224,264)	$	224,264	$	—

The accompanying notes are an integral part of this condensed statement

91

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 24

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
173,404

$
(173,404)

$
—

Distribution

—

—

—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2022

173,404

(173,404)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
173,404

$
(173,404)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	173,404	$	(173,404)	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	173,404	$	(173,404)	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	173,404	$	(173,404)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
173,404

$
(173,404)

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

173,404

(173,404)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
173,404

$
(173,404)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	173,404	$	(173,404)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		173,404		(173,404)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	173,404	$	(173,404)	$	—

The accompanying notes are an integral part of this condensed statement

92

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 25

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
219,815

$
(219,815)

$
—

Distribution

—

—

—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2022

219,815

(219,815)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
219,815

$
(219,815)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	219,815	$	(219,815)	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	219,815	$	(219,815)	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	219,815	$	(219,815)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
219,815

$
(219,815)

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

219,815

(219,815)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
219,815

$
(219,815)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	219,815	$	(219,815)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		219,815		(219,815)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	219,815	$	(219,815)	$	—

The accompanying notes are an integral part of this condensed statement

93

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 26

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
313,969

$
(313,969)

$
—

Distribution

—

—

—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2022

313,969

(313,969)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
313,969

$
(313,969)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	313,969	$	(313,969)	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	313,969	$	(313,969)	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	313,969	$	(313,969)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 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


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	313,969	$	(313,969)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		313,969		(313,969)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	313,969	$	(313,969)	$	—

The accompanying notes are an integral part of this condensed statement

94

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 27

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
133,264

$
(133,264)

$
—

Distribution

—

—

—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2022

133,264

(133,264)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
133,264

$
(133,264)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	133,264	$	(133,264)	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	133,264	$	(133,264)	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	133,264	$	(133,264)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
133,264

$
(133,264)

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

133,264

(133,264)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
133,264

$
(133,264)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	133,264	$	(133,264)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		133,264		(133,264)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	133,264	$	(133,264)	$	—

The accompanying notes are an integral part of this condensed statement

95

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 28

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
275,140

$
(275,140)

$
—

Distribution

—

—

—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2022

275,140

(275,140)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
275,140

$
(275,140)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	275,140	$	(275,140)	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	275,140	$	(275,140)	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	275,140	$	(275,140)	$	—

General


Assignees

Partner

Total

��

Partners’ capital (deficit) April 1, 2021

$
275,140

$
(275,140)

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

275,140

(275,140)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
275,140

$
(275,140)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	275,140	$	(275,140)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		275,140		(275,140)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	275,140	$	(275,140)	$	—

The accompanying notes are an integral part of this condensed statement

96

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 29

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
(2,629,677)

$
(368,630)

$
(2,998,307)

Distribution

—

—

—

Net income (loss)

(15,879)

(160)

(16,039)

Partners’ capital (deficit), June 30, 2022

(2,645,556)

(368,790)

(3,014,346)

Net income (loss)

(26,877)

(272)

(27,149)

Partners’ capital (deficit), September 30, 2022

$
(2,672,433)

$
(369,062)

$
(3,041,495)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	(2,695,068)	$	(369,291)	$	(3,064,359)

Contribution		—		2,706,879		2,706,879

Net income (loss)		353,905		3,575		357,480

Partners’ capital (deficit), June 30, 2023	$	(2,341,163)	$	2,341,163	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	(2,341,163)	$	2,341,163	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 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)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(2,629,677)	$	(368,630)	$	(2,998,307)

Distribution		—		—		—

Net income (loss)		(15,879)		(160)		(16,039)

Partners’ capital (deficit), June 30, 2022		(2,645,556)		(368,790)		(3,014,346)

Net income (loss)		(26,877)		(272)		(27,149)

Partners’ capital (deficit), September 30, 2022	$	(2,672,433)	$	(369,062)	$	(3,041,495)

The accompanying notes are an integral part of this condensed statement

97

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 30


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(883,119)	$	883,119	$	—
Partners’ capital (deficit) April 1, 2023							$	(883,119)	$	883,119	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		(883,119)		883,119		—
Partners’ capital (deficit), June 30, 2023								(883,119)		883,119		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	(883,119)	$	883,119	$	—
Partners’ capital (deficit), September 30, 2023							$	(883,119)	$	883,119	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
(883,119)

$
883,119

$
—

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

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(883,119)	$	883,119	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		(883,119)		883,119		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	(883,119)	$	883,119	$	—

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 31


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	353,529	$	(353,529)	$	—
Partners’ capital (deficit) April 1, 2023							$	353,529	$	(353,529)	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		353,529		(353,529)		—
Partners’ capital (deficit), June 30, 2023								353,529		(353,529)		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	353,529	$	(353,529)	$	—
Partners’ capital (deficit), September 30, 2023							$	353,529	$	(353,529)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
353,529

$
(353,529)

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

353,529

(353,529)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
353,529

$
(353,529)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	353,529	$	(353,529)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		353,529		(353,529)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	353,529	$	(353,529)	$	—

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 32


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	380,821	$	(380,821)	$	—
Partners’ capital (deficit) April 1, 2023							$	380,821	$	(380,821)	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		380,821		(380,821)		—
Partners’ capital (deficit), June 30, 2023								380,821		(380,821)		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	380,821	$	(380,821)	$	—
Partners’ capital (deficit), September 30, 2023							$	380,821	$	(380,821)	$	—

General


Assignees

Partner

Total

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


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	380,821	$	(380,821)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		380,821		(380,821)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	380,821	$	(380,821)	$	—

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 33


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	196,294	$	(196,294)	$	—
Partners’ capital (deficit) April 1, 2023							$	196,294	$	(196,294)	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		196,294		(196,294)		—
Partners’ capital (deficit), June 30, 2023								196,294		(196,294)		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	196,294	$	(196,294)	$	—
Partners’ capital (deficit), September 30, 2023							$	196,294	$	(196,294)	$	—

General


Assignees

Partner

Total

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


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	196,294	$	(196,294)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		196,294		(196,294)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	196,294	$	(196,294)	$	—

The accompanying notes are an integral part of this condensed statement

101

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 34

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
(2,082,108)

$
(324,455)

$
(2,406,563)

Distribution

—

—

—

Net income (loss)

(16,167)

(163)

(16,330)

Partners’ capital (deficit), June 30, 2022

(2,098,275)

(324,618)

(2,422,893)

Net income (loss)

(22,582)

(228)

(22,810)

Partners’ capital (deficit), September 30, 2022

$
(2,120,857)

$
(324,846)

$
(2,445,703)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	(2,149,650)	$	(325,137)	$	(2,474,787)

Contribution		—		—		—

Net income (loss)		(11,282)		(114)		(11,396)

Partners’ capital (deficit), June 30, 2023	$	(2,160,932)	$	(325,251)	$	(2,486,183)

Net income (loss)		(47,605)		(481)		(48,086)

Partners’ capital (deficit), September 30, 2023	$	(2,208,537)	$	(325,732)	$	(2,534,269)

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 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)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(2,082,108)	$	(324,455)	$	(2,406,563)

Distribution		—		—		—

Net income (loss)		(16,167)		(163)		(16,330)

Partners’ capital (deficit), June 30, 2022		(2,098,275)		(324,618)		(2,422,893)

Net income (loss)		(22,582)		(228)		(22,810)

Partners’ capital (deficit), September 30, 2022	$	(2,120,857)	$	(324,846)	$	(2,445,703)

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 35


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	223,088	$	(223,088)	$	—
Partners’ capital (deficit) April 1, 2023							$	223,088	$	(223,088)	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		223,088		(223,088)		—
Partners’ capital (deficit), June 30, 2023								223,088		(223,088)		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	223,088	$	(223,088)	$	—
Partners’ capital (deficit), September 30, 2023							$	223,088	$	(223,088)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
223,088

$
(223,088)

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

223,088

(223,088)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
223,088

$
(223,088)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	223,088	$	(223,088)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		223,088		(223,088)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	223,088	$	(223,088)	$	—

The accompanying notes are an integral part of this condensed statement

103

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 36


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	148,221	$	(148,221)	$	—
Partners’ capital (deficit) April 1, 2023							$	148,221	$	(148,221)	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		148,221		(148,221)		—
Partners’ capital (deficit), June 30, 2023								148,221		(148,221)		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	148,221	$	(148,221)	$	—
Partners’ capital (deficit), September 30, 2023							$	148,221	$	(148,221)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
148,221

$
(148,221)

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

148,221

(148,221)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
148,221

$
(148,221)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	148,221	$	(148,221)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		148,221		(148,221)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	148,221	$	(148,221)	$	—

The accompanying notes are an integral part of this condensed statement

104

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 37


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	205,359	$	(205,359)	$	—
Partners’ capital (deficit) April 1, 2023							$	205,359	$	(205,359)	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		205,359		(205,359)		—
Partners’ capital (deficit), June 30, 2023								205,359		(205,359)		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	205,359	$	(205,359)	$	—
Partners’ capital (deficit), September 30, 2023							$	205,359	$	(205,359)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
205,359

$
(205,359)

$
—

Net income (loss)

—

—

—

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

Partners’ capital (deficit) April 1, 2022	$	205,359	$	(205,359)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		205,359		(205,359)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	205,359	$	(205,359)	$	—

The accompanying notes are an integral part of this condensed statement

105

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 38


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	188,889	$	(188,889)	$	—
Partners’ capital (deficit) April 1, 2023							$	188,889	$	(188,889)	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		188,889		(188,889)		—
Partners’ capital (deficit), June 30, 2023								188,889		(188,889)		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	188,889	$	(188,889)	$	—
Partners’ capital (deficit), September 30, 2023							$	188,889	$	(188,889)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
188,889

$
(188,889)

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

188,889

(188,889)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
188,889

$
(188,889)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	188,889	$	(188,889)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		188,889		(188,889)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	188,889	$	(188,889)	$	—

The accompanying notes are an integral part of this condensed statement

106

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 39


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	196,043	$	(196,043)	$	—
Partners’ capital (deficit) April 1, 2023							$	196,043	$	(196,043)	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		196,043		(196,043)		—
Partners’ capital (deficit), June 30, 2023								196,043		(196,043)		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	196,043	$	(196,043)	$	—
Partners’ capital (deficit), September 30, 2023							$	196,043	$	(196,043)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
196,043

$
(196,043)

$
—

Net income (loss)

—

—

—

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

Partners’ capital (deficit) April 1, 2022	$	196,043	$	(196,043)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		196,043		(196,043)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	196,043	$	(196,043)	$	—

The accompanying notes are an integral part of this condensed statement

107

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 40

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
216,900

$
(216,900)

$
—

Distribution

—

—

—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2022

216,900

(216,900)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
216,900

$
(216,900)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	216,900	$	(216,900)	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023		216,900		(216,900)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	216,900	$	(216,900)	$	—

General



Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2021

$
216,900

$
(216,900)

$
—

Net income (loss)

—

—

—

Partners’ capital (deficit), June 30, 2021

216,900

(216,900)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2021

$
216,900

$
(216,900)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	216,900	$	(216,900)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		216,900		(216,900)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	216,900	$	(216,900)	$	—

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 41


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(987,713)	$	987,713	$	—
Partners’ capital (deficit) April 1, 2023							$	(987,713)	$	987,713	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		(987,713)		987,713		—
Partners’ capital (deficit), June 30, 2023								(987,713)		987,713		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	(987,713)	$	987,713	$	—
Partners’ capital (deficit), September 30, 2023							$	(987,713)	$	987,713	$	—

General


Assignees

Partner

Total

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)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(987,713)	$	987,713	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		(987,713)		987,713		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	(987,713)	$	987,713	$	—

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 42


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	216,680	$	(216,680)	$	—
Partners’ capital (deficit) April 1, 2023							$	216,680	$	(216,680)	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		216,680		(216,680)		—
Partners’ capital (deficit), June 30, 2023								216,680		(216,680)		—

Net income (loss)		—		—		—		—		—		—
											��
Partners’ capital (deficit), September 30, 2022	$	216,680	$	(216,680)	$	—
Partners’ capital (deficit),September 30, 2023							$	216,680	$	(216,680)	$	—

General


Assignees

Partner

Total

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


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	216,680	$	(216,680)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		216,680		(216,680)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	216,680	$	(216,680)	$	—

The accompanying notes are an integral part of this condensed statement

110

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 43


			General						General
	Assignees		Partner		Total		Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	306,854	$	(306,854)	$	—
Partners’ capital (deficit) April 1, 2023							$	306,854	$	(306,854)	$	—

Distribution		—		—		—
Contribution								—		—		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), June 30, 2022		306,854		(306,854)		—
Partners’ capital (deficit), June 30, 2023								306,854		(306,854)		—

Net income (loss)		—		—		—		—		—		—

Partners’ capital (deficit), September 30, 2022	$	306,854	$	(306,854)	$	—
Partners’ capital (deficit), September 30, 2023							$	306,854	$	(306,854)	$	—

General


Assignees

Partner

Total

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

Partners’ capital (deficit) April 1, 2022	$	306,854	$	(306,854)	$	—

Distribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2022		306,854		(306,854)		—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2022	$	306,854	$	(306,854)	$	—

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 44

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
1,427,661

$
(225,426)

$
1,202,235

Distribution

(2,957,455)

—

(2,957,455)

Net income (loss)

1,737,668

17,552

1,755,220

Partners’ capital (deficit), June 30, 2022

207,874

(207,874)

—

Net income (loss)

—

—

—

Partners’ capital (deficit), September 30, 2022

$
207,874

$
(207,874)

$
—


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	207,874	$	(207,874)	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	207,874	$	(207,874)	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	207,874	$	(207,874)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 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


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	1,427,661	$	(225,426)	$	1,202,235

Distribution		(2,957,455)		—		(2,957,455)

Net income (loss)		1,737,668		17,552		1,755,220

Partners’ capital (deficit), June 30, 2022		207,874		(207,874)		—

Net income (loss)		–		–		–

Partners’ capital (deficit), September 30, 2022	$	207,874	$	(207,874)	$	–

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 45

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
(488,806)

$
(362,172)

$
(850,978)

Distribution

—

—

—

Net income (loss)

1,436,440

14,509

1,450,949

Partners’ capital (deficit), June 30, 2022

947,634

(347,663)

599,971

Net income (loss)

(30,314)

(306)

(30,620)

Partners’ capital (deficit), September 30, 2022

$
917,320

$
(347,969)

$
569,351


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	348,522	$	(348,522)	$	—

Contribution		—		—		—

Net income (loss)		—		—		—

Partners’ capital (deficit), June 30, 2023	$	348,522	$	(348,522)	$	—

Net income (loss)		—		—		—

Partners’ capital (deficit), September 30, 2023	$	348,522	$	(348,522)	$	—

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 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)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2022	$	(488,806)	$	(362,172)	$	(850,978)

Distribution		—		—		—

Net income (loss)		1,436,440		14,509		1,450,949

Partners’ capital (deficit), June 30, 2022		947,634		(347,663)		599,971

Net income (loss)		(30,314)		(306)		(30,620)

Partners’ capital (deficit), September 30, 2022	$	917,320	$	(347,969)	$	569,351

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, ~~2022~~2023 and ~~2021~~2022

(Unaudited)

Series 46

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 2022

$
(1,075,610)

$
(276,260)

$
(1,351,870)

Distribution

—

—

—

Net income (loss)

69,227

699

69,926

Partners’ capital (deficit), June 30, 2022

(1,006,383)

(275,561)

(1,281,944)

Net income (loss)

(43,318)

(437)

(43,755)

Partners’ capital (deficit), September 30, 2022

$
(1,049,701)

$
(275,998)

$
(1,325,699)


			General
	Assignees		Partner		Total

Partners’ capital (deficit) April 1, 2023	$	(710,413)	$	(272,571)	$	(982,984)

Contribution		—		—		—

Net income (loss)		607,760		6,139		613,899

Partners’ capital (deficit), June 30, 2023	$	(102,653)	$	(266,432)	$	(369,085)

Net income (loss)		(56,519)		(571)		(57,090)

Partners’ capital (deficit), September 30, 2023	$	(159,172)	$	(267,003)	$	(426,175)

General


Assignees

Partner

Total

Partners’ capital (deficit) April 1, 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

Partners’ capital (deficit) April 1, 2022	$	(1,075,610)	$	(276,260)	$	(1,351,870)

Distribution		—		—		—

Net income (loss)		69,227		699		69,926

Partners’ capital (deficit), June 30, 2022		(1,006,383)		(275,561)		(1,281,944)

Net income (loss)		(43,318)		(437)		(43,755)

Partners’ capital (deficit), September 30, 2022	$	(1,049,701)	$	(275,998)	$	(1,325,699)

The accompanying notes are an integral part of this condensed statement

114

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

2022

2021

Cash flows from operating activities:

Net income (loss)

$
3,119,392

$
1,387,609
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

(3,235,667)

(1,792,531)
Changes in assets and liabilities

(Increase) Decrease in other assets

(198)

3,491
(Decrease) Increase in accounts payable and accrued expenses

1

(27)
(Decrease) Increase in accounts payable affiliates

(1,418,723)

(1,035,954)
Net cash used in operating activities

(1,535,195)

(1,437,412)
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

3,235,667

1,792,531
Net cash provided by investing activities

3,235,667

1,792,531
Cash flows from financing activities:

Distributions

(2,957,455)

—
Net cash used in financing activities

(2,957,455)

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(1,256,983)

355,119
Cash and cash equivalents, beginning

2,370,898

10,819,585
Cash and cash equivalents, ending

$
1,113,915

$
11,174,704


	2023		2022

Cash flows from operating activities:
Net income (loss)	$	854,807	$	3,119,392
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		(1,017,868)		(3,235,667)
Changes in assets and liabilities
(Increase) Decrease in other assets		2,828		(198)
(Decrease) Increase in accounts payable and accrued expenses		—		1
(Decrease) Increase in accounts payable affiliates		(965,676)		(1,418,723)
Net cash (used in) provided by operating activities		(1,125,909)		(1,535,195)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		1,017,083		3,235,667
Net cash provided by investing activities		1,017,083		3,235,667
Cash flows from financing activities:		—		—
Distributions		—		(2,957,455)
Net cash used in financing activities		—		(2,957,455)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(108,826)		(1,256,983)
Cash and cash equivalents, beginning		508,245		2,370,898
Cash and cash equivalents, ending	$	399,419	$	1,113,915

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	2,706,879	$	—

The accompanying notes are an integral part of this condensed statement

115

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Three~~Six Months Ended September 30,

(Unaudited)

Series 20

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:




Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

116

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BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 21

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

117

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 22

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

118

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 23

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

119

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 24

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

120

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September ~~31,~~30,

(Unaudited)

Series 25

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

121

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 26

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

$
(16,602)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

—

(20,845)
Changes in assets and liabilities

(Increase) Decrease in other assets

—

75
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

(2,199)
Net cash used in operating activities

—

(39,571)
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

20,845
Net cash provided by investing activities

—

20,845
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

(18,726)
Cash and cash equivalents, beginning

—

531,027
Cash and cash equivalents, ending

$
—

$
512,301


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

122

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 27

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:



Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

123

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 28

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

124

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 29

2022

2021

Cash flows from operating activities:

Net income (loss)

$
(43,188)

$
(4,422)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

—

(29,999)
Changes in assets and liabilities

(Increase) Decrease in other assets

(28)

(377)
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

2,256

(21,093)
Net cash used in operating activities

(40,960)

(55,891)
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

29,999
Net cash provided by investing activities

—

29,999
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(40,960)

(25,892)
Cash and cash equivalents, beginning

108,768

164,236
Cash and cash equivalents, ending

$
67,808

$
138,344


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	357,480	$	(43,188)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		(430,628)		—
Changes in assets and liabilities
(Increase) Decrease in other assets		2,582		(28)
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		(406,423)		2,256
Net cash (used in) provided by operating activities		(476,989)		(40,960)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		429,843		—
Net cash provided by investing activities		429,843		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(47,146)		(40,960)
Cash and cash equivalents, beginning		47,146		108,768
Cash and cash equivalents, ending	$	—	$	67,808

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	2,706,879	$	—

The accompanying notes are an integral part of this condensed statement

125

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 30

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:




Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

126

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 31

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:



Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:



Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

127

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 32

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

$
(7,843)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

—

(23,823)
Changes in assets and liabilities

(Increase) Decrease in other assets

—

74
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

(4,847)
Net cash used in operating activities

—

(36,439)
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

23,823
Net cash provided by investing activities

—

23,823
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

(12,616)
Cash and cash equivalents, beginning

—

2,640,414
Cash and cash equivalents, ending

$
—

$
2,627,798


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

128

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 33

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

$
439
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

—

(23,823)
Changes in assets and liabilities

(Increase) Decrease in other assets

—

74
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

(4,992)
Net cash used in operating activities

—

(28,302)
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

—

23,823
Net cash provided by investing activities

—

23,823
Cash flows from financing activities:




Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

(4,479)
Cash and cash equivalents, beginning

—

3,040,636
Cash and cash equivalents, ending

$
—

$
3,036,157


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

129

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 34

2022

2021

Cash flows from operating activities:

Net income (loss)

$
(39,140)

$
(29,403)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

(28)

49
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

9,246

9,246
Net cash used in operating activities

(29,922)

(20,108)
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:




Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(29,922)

(20,108)
Cash and cash equivalents, beginning

81,705

129,067
Cash and cash equivalents, ending

$
51,783

$
108,959


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	(59,482)	$	(39,140)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		54		(28)
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		29,246		9,246
Net cash (used in) provided by operating activities		(30,182)		(29,922)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(30,182)		(29,922)
Cash and cash equivalents, beginning		31,891		81,705
Cash and cash equivalents, ending	$	1,709	$	51,783

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

130

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 35

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:




Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

131

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 36

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—

Cash flows from financing activities:




Distributions

—

—
Net cash used in financing activities

—

—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

132

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 37

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—

Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—

Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

133

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 38

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

134

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 39

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—

Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—

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

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

135

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 40

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

136

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 41

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

$
(67,970)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

389
(Decrease) Increase in accounts payable and accrued expenses

—

(1)
(Decrease) Increase in accounts payable affiliates

—

6,588
Net cash used in operating activities

—

(60,994)
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

(60,994)
Cash and cash equivalents, beginning

—

408,743
Cash and cash equivalents, ending

$
—

$
347,749


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

137

Table of Contents

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 42

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

$
66,379
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

—

(94,182)
Changes in assets and liabilities

(Increase) Decrease in other assets

—

(446)
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

8,100
Net cash used in operating activities

—

(20,149)
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

—

94,182
Net cash provided by investing activities

—

94,182
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

74,033
Cash and cash equivalents, beginning

—

2,318,856
Cash and cash equivalents, ending

$
—

$
2,392,889


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

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BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 43

2022

2021

Cash flows from operating activities:

Net income (loss)

$
—

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

Gain on disposition of Operating Partnerships

—

—
Changes in assets and liabilities

(Increase) Decrease in other assets

—

—
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

—

—
Net cash used in operating activities

—

—
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

—

—
Net cash provided by investing activities

—

—
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

—

—
Cash and cash equivalents, beginning

—

—
Cash and cash equivalents, ending

$
—

$
—


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 44

2022

2021

Cash flows from operating activities:

Net income (loss)

$
1,755,220

$
797,482
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

(1,746,178)

(815,747)
Changes in assets and liabilities

(Increase) Decrease in other assets

—

155
(Decrease) Increase in accounts payable and accrued expenses

—

(26)
(Decrease) Increase in accounts payable affiliates

(28,269)

(387,090)
Net cash used in operating activities

(19,227)

(405,226)
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

1,746,178

815,747
Net cash provided by investing activities

1,746,178

815,747
Cash flows from financing activities:

Distributions

(2,957,455)

—
Net cash used in financing activities

(2,957,455)

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(1,230,504)

410,521
Cash and cash equivalents, beginning

1,230,504

842,738
Cash and cash equivalents, ending

$
—

$
1,253,259


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	1,755,220
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		(1,746,178)
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		(28,269)
Net cash (used in) provided by operating activities		—		(19,227)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		1,746,178
Net cash provided by investing activities		—		1,746,178
Cash flows from financing activities:
Distributions		—		(2,957,455)
Net cash used in financing activities		—		(2,957,455)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		(1,230,504)
Cash and cash equivalents, beginning		—		1,230,504
Cash and cash equivalents, ending	$	—	$	—

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 45

2022

2021

Cash flows from operating activities:

Net income (loss)

$
1,420,329

$
412,511
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

(1,410,868)

(451,745)
Changes in assets and liabilities

(Increase) Decrease in other assets

(29)

2,457
(Decrease) Increase in accounts payable and accrued expenses

—

—
(Decrease) Increase in accounts payable affiliates

(1,130,104)

(393,725)
Net cash used in operating activities

(1,120,672)

(430,502)
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

1,410,868

451,745
Net cash provided by investing activities

1,410,868

451,745
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

290,196

21,243
Cash and cash equivalents, beginning

287,530

294,663
Cash and cash equivalents, ending

$
577,726

$
315,906


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	—	$	1,420,329
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		(1,410,868)
Changes in assets and liabilities
(Increase) Decrease in other assets		—		(29)
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		(1,130,104)
Net cash (used in) provided by operating activities		—		(1,120,672)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		1,410,868
Net cash provided by investing activities		—		1,410,868
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		290,196
Cash and cash equivalents, beginning		—		287,530
Cash and cash equivalents, ending	$	—	$	577,726

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

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CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 46

2022

2021

Cash flows from operating activities:

Net income (loss)

$
26,171

$
237,038
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

Gain on disposition of Operating Partnerships

(78,621)

(332,367)
Changes in assets and liabilities
��

(Increase) Decrease in other assets

(113)

1,041
(Decrease) Increase in accounts payable and accrued expenses

1

—
(Decrease) Increase in accounts payable affiliates

(271,852)

(245,942)
Net cash used in operating activities

(324,414)

(340,230)
Cash flows from investing activities:




Proceeds from the disposition of Operating Partnerships

78,621

332,367
Net cash provided by investing activities

78,621

332,367
Cash flows from financing activities:

Distributions

—

—
Net cash used in financing activities

—

—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(245,793)

(7,863)
Cash and cash equivalents, beginning

662,391

449,205
Cash and cash equivalents, ending

$
416,598

$
441,342


	2023		2022

Cash flows from operating activities:

Net income (loss)	$	556,809	$	26,171
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		(587,240)		(78,621)
Changes in assets and liabilities
(Increase) Decrease in other assets		192		(113)
(Decrease) Increase in accounts payable and accrued expenses		—		1
(Decrease) Increase in accounts payable affiliates		(588,499)		(271,852)
Net cash (used in) provided by operating activities		(618,738)		(324,414)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		587,240		78,621
Net cash provided by investing activities		587,240		78,621
Cash flows from financing activities:
Distributions		—		—
Net cash used in financing activities		—		—

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(31,498)		(245,793)
Cash and cash equivalents, beginning		429,208		662,391
Cash and cash equivalents, ending	$	397,710	$	416,598

Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

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NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, ~~2022~~2023

(Unaudited)

NOTE A – ORGANIZATION

BF Garden Tax Credit Fund IV L.P. (formerly known as Boston Capital Tax Credit Fund IV L.P.) (the “Fund”) was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes (“Operating Partnerships”). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the “Public Offering”) of the Fund’s beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE A – ORGANIZATION - (continued)

Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:


Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$	38,667,000
Series 21	December 31, 1994	1,892,700	$	18,927,000
Series 22	December 28, 1994	2,564,400	$	25,644,000
Series 23	June 23, 1995	3,336,727	$	33,366,000
Series 24	September 22, 1995	2,169,878	$	21,697,000
Series 25	December 29, 1995	3,026,109	$	30,248,000
Series 26	June 25, 1996	3,995,900	$	39,959,000
Series 27	September 17, 1996	2,460,700	$	24,607,000
Series 28	January 29, 1997	4,000,738	$	39,999,000
Series 29	June 10, 1997	3,991,800	$	39,918,000
Series 30	September 10, 1997	2,651,000	$	26,490,750
Series 31	January 18, 1998	4,417,857	$	44,057,750
Series 32	June 23, 1998	4,754,198	$	47,431,000
Series 33	September 21, 1998	2,636,533	$	26,362,000
Series 34	February 11, 1999	3,529,319	$	35,273,000
Series 35	June 28, 1999	3,300,463	$	33,004,630
Series 36	September 28, 1999	2,106,838	$	21,068,375
Series 37	January 28, 2000	2,512,500	$	25,125,000
Series 38	July 31, 2000	2,543,100	$	25,431,000
Series 39	January 31, 2001	2,292,151	$	22,921,000
Series 40	July 31, 2001	2,630,256	$	26,269,256
Series 41	January 31, 2002	2,891,626	$	28,916,260
Series 42	July 31, 2002	2,744,262	$	27,442,620
Series 43	December 31, 2002	3,637,987	$	36,379,870
Series 44	April 30, 2003	2,701,973	$	27,019,730
Series 45	September 16, 2003	4,014,367	$	40,143,670
Series 46	December 19, 2003	2,980,998	$	29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, ~~2022~~2023 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund’s accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund’s Annual Report on Form 10-K for the fiscal year ended March 31, ~~2022.~~2023.

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended September 30, ~~2022~~2023 and ~~2021,~~2022, are as follows:


	2022		2021		2023		2022
Series 26	$	—	$	1,466
Series 29		1,128		2,788	$	—	$	1,128
Series 32		—		1,636
Series 33		—		1,734
Series 34		4,623		4,623		4,623		4,623
Series 41		—		20,094
Series 42		—		4,050
Series 44		—		12,399
Series 45		3,970		21,603		—		3,970
Series 46		18,735		41,178		9,363		18,735
	$	28,456	$	111,571	$	13,986	$	28,456

The fund management fees paid for the six months ended September 30, ~~2022~~2023 and ~~2021~~2022 are as follows:


	2022		2021		2023		2022
Series 26	$	—	$	5,864
Series 29		—		27,499	$	406,799	$	—
Series 32		—		8,938
Series 33		—		9,326
Series 41		—		33,600
Series 44		30,914		411,888		—		30,914
Series 45		1,142,803		444,041		—		1,142,803
Series 46		316,695		331,796		610,141		316,695
	$	1,490,412	$	1,272,952	$	1,016,940	$	1,490,412

An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in one of the series. Total forgiveness of debt for the six months ended September 30, 2023 and 2022 was $2,706,879 and $-, respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, ~~2022~~2023 and ~~2021,~~2022, the Fund has limited partnership interests in 73 and 217 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, ~~2022~~2023 and ~~2021~~2022 are as follows:


	2022	2021	2023	2022
Series 20	—	—	—	—
Series 21	—	—	—	—
Series 22	—	—	—	—
Series 23	—	—	—	—
Series 24	—	—	—	—
Series 25	—	—	—	—
Series 26	—	—	—	—
Series 27	—	—	—	—
Series 28	—	—	—	—
Series 29	1	1	—	1
Series 30	—	—	—	—
Series 31	—	—	—	—
Series 32	—	—	—	—
Series 33	—	—	—	—
Series 34	1	1	1	1
Series 35	—	—	—	—
Series 36	—	—	—	—
Series 37	—	—	—	—
Series 38	—	—	—	—
Series 39	—	—	—	—
Series 40	—	—	—	—
Series 41	—	2	—	—
Series 42	—	2	—	—
Series 43	—	—	—	—
Series 44	—	1	—	—
Series 45	1	6	—	1
Series 46	4	8	2	4
	7	21	3	7

Under the terms of the Fund’s investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at September 30, ~~2022~~2023 and ~~2021,~~2022, are as follows:


	2022		2021		2023		2022
Series 29	$	785	$	785	$	—	$	785

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the six months ended September 30, 2023 the Fund disposed of two Operating Partnerships. A summary of the dispositions by series for September 30, 2023 is as follows:


	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition *		Disposition
Series 29	—	1	$	429,843	$	430,628
Series 46	—	1		587,240		587,240
Total	—	2	$	1,017,083	$	1,017,868

*	Fund proceeds from disposition does not include $785, which was due to a write-off of capital contributions payable as of September 30, 2023, for Series 29.

During the six months ended September 30, 2022 the Fund disposed of seven Operating Partnerships. A summary of the dispositions by series for September 30, 2022 is as follows:

Operating

Sale of





Partnership

Underlying

Fund Proceeds

Interest

Operating

from

Gain on


Transferred

Partnership

Disposition

Disposition
Series 44

—

1

$
1,746,178

$
1,746,178
Series 45

1

2

1,410,868

1,410,868
Series 46

3

—

78,621

78,621
Total

4

3

$
3,235,667

$
3,235,667

~~During the six months ended September 30, 2021 the Fund disposed of twelve Operating Partnerships. A summary of the dispositions by series for September 30, 2021 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 26	1	—	$	20,845	$	20,845
Series 29	1	—		29,999		29,999
Series 32	1	—		23,823		23,823
Series 33	1	—		23,823		23,823
Series 42	—	—		94,182		94,182
Series 44	—	1		815,747		815,747	—	1	$	1,746,178	$	1,746,178
Series 45	4	1		451,745		451,745	1	2		1,410,868		1,410,868
Series 46	1	1		332,367		332,367	3	—		78,621		78,621
Total	9	3	$	1,792,531	$	1,792,531	4	3	$	3,235,667	$	3,235,667

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

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NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund’s fiscal year ends March 31st for each year, while all the Operating Partnerships’ fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership’s quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, ~~2022.~~2023.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)


	2022		2021		2023		2022
Revenues
Rental	$	1,273,851	$	5,723,174	$	753,172	$	1,273,851
Interest and other		33,464		109,126		15,959		33,464
		1,307,315		5,832,300		769,131		1,307,315

Expenses
Interest		202,002		1,059,698		77,827		202,002
Depreciation and amortization		311,636		1,110,830		155,336		311,636
Operating expenses		995,009		3,621,179		543,904		995,009
		1,508,647		5,791,707		777,067		1,508,647

NET INCOME (LOSS)	$	(201,332)	$	40,593	$	(7,936)	$	(201,332)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(199,319)	$	40,188	$	(7,857)	$	(199,319)

Net income (loss) allocated to other Partners	$	(2,013)	$	405	$	(79)	$	(2,013)

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

148

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 20


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

149

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 21


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

150

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 22


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

151

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 23


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

152

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 24


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

153

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 25


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

154

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 26


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

155

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 27


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

156

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 28


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

157

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 29


	2022		2021		2023		2022
Revenues
Rental	$	162,975	$	155,232	$	—	$	162,975
Interest and other		—		—		—		—
		162,975		155,232		—		162,975

Expenses
Interest		12,230		13,356		—		12,230
Depreciation and amortization		27,154		20,468		—		27,154
Operating expenses		159,531		157,903		—		159,531
		198,915		191,727		—		198,915

NET INCOME (LOSS)	$	(35,940)	$	(36,495)	$	—	$	(35,940)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(35,581)	$	(36,130)	$	—	$	(35,581)

Net income (loss) allocated to other Partners	$	(359)	$	(365)	$	—	$	(359)

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

158

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 30


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

159

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 31


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

160

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 32


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

161

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 33


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

162

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 34


	2022		2021		2023		2022
Revenues
Rental	$	297,031	$	285,820	$	313,380	$	297,031
Interest and other		17,954		11,120		11,974		17,954
		314,985		296,940		325,354		314,985

Expenses
Interest		42,952		43,352		41,931		42,952
Depreciation and amortization		43,289		42,639		44,215		43,289
Operating expenses		184,147		181,419		225,447		184,147
		270,388		267,410		311,593		270,388

NET INCOME (LOSS)	$	44,597	$	29,530	$	13,761	$	44,597

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	44,151	$	29,235	$	13,623	$	44,151

Net income (loss) allocated to other Partners	$	446	$	295	$	138	$	446

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

163

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 35


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

164

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 36


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

165

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 37


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

166

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 38


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

167

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 39


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

168

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 40


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

169

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 41


	2022		2021		2023		2022
Revenues
Rental	$	—	$	1,223,203	$	—	$	—
Interest and other		—		20,842		—		—
		—		1,244,045		—		—

Expenses
Interest		—		222,686		—		—
Depreciation and amortization		—		190,398		—		—
Operating expenses		—		776,052		—		—
		—		1,189,136		—		—

NET INCOME (LOSS)	$	—	$	54,909	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	54,360	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	549	$	—	$	—

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

170

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 42


	2022		2021		2023		2022
Revenues
Rental	$	—	$	239,498	$	—	$	—
Interest and other		—		4,046		—		—
		—		243,544		—		—

Expenses
Interest		—		36,265		—		—
Depreciation and amortization		—		59,093		—		—
Operating expenses		—		154,721		—		—
		—		250,079		—		—

NET INCOME (LOSS)	$	—	$	(6,535)	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(6,470)	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	(65)	$	—	$	—

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

171

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 43


	2022		2021		2023		2022
Revenues
Rental	$	—	$	—	$	—	$	—
Interest and other		—		—		—		—
		—		—		—		—

Expenses
Interest		—		—		—		—
Depreciation and amortization		—		—		—		—
Operating expenses		—		—		—		—
		—		—		—		—

NET INCOME (LOSS)	$	—	$	—	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	—	$	—	$	—

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

172

Table of Contents

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 44


	2022		2021		2023		2022
Revenues
Rental	$	—	$	524,132	$	—	$	—
Interest and other		—		2,860		—		—
		—		526,992		—		—

Expenses
Interest		—		106,491		—		—
Depreciation and amortization		—		110,470		—		—
Operating expenses		—		253,811		—		—
		—		470,772		—		—

NET INCOME (LOSS)	$	—	$	56,220	$	—	$	—

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	55,658	$	—	$	—

Net income (loss) allocated to other Partners	$	—	$	562	$	—	$	—

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.

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 45


	2022		2021		2023		2022
Revenues
Rental	$	66,559	$	1,245,563	$	—	$	66,559
Interest and other		823		12,857		—		823
		67,382		1,258,420		—		67,382

Expenses
Interest		21,885		202,722		—		21,885
Depreciation and amortization		27,408		298,100		—		27,408
Operating expenses		97,274		872,657		—		97,274
		146,567		1,373,479		—		146,567

NET INCOME (LOSS)	$	(79,185)	$	(115,059)	$	—	$	(79,185)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(78,393)	$	(113,908)	$	—	$	(78,393)

Net income (loss) allocated to other Partners	$	(792)	$	(1,151)	$	—	$	(792)

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

174

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 46


	2022		2021		2023		2022
Revenues
Rental	$	747,286	$	2,049,726	$	439,792	$	747,286
Interest and other		14,687		57,401		3,985		14,687
		761,973		2,107,127		443,777		761,973

Expenses
Interest		124,935		434,826		35,896		124,935
Depreciation and amortization		213,785		389,662		111,121		213,785
Operating expenses		554,057		1,224,616		318,457		554,057
		892,777		2,049,104		465,474		892,777

NET INCOME (LOSS)	$	(130,804)	$	58,023	$	(21,697)	$	(130,804)

Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(129,496)	$	57,443	$	(21,480)	$	(129,496)

Net income (loss) allocated to other Partners	$	(1,308)	$	580	$	(217)	$	(1,308)

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

NOTE E - TAXABLE LOSS

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

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since ~~2018~~2019 remain open.

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BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, ~~2022~~2023

(Unaudited)

NOTE G - SUBSEQUENT EVENTS

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

176

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Item 2.Management’s Discussions and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, ~~2022.~~2023. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements speak only as of the date of this Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

BF Garden Tax Credit Fund IV L.P., a Delaware limited partnership formerly known as Boston Capital Tax Credit Fund IV L.P. (the “Fund”), was organized as of October 5, 1993 to invest as a limited partner in operating partnerships (the “Operating Partnerships”), each of which owns or leases and operates an apartment complex exclusively or partially for low- and moderate-income tenants. Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s General Partner. Also, effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Liquidity

The Fund’s ~~primary source~~former sources of funds ~~was~~were (i) the proceeds of ~~its Public Offering. Other~~the Offering, (ii) interest earned on capital contributions held pending investment and on working capital, and (iii) cash distributions from operations of the Operating Partnerships in which the Fund invested. The Fund’s current sources of liquidity include (i) interest ~~earned on capital contributions unpaid for the six months ended September 30, 2022 or~~ on working capital ~~reserves,~~and (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.invested. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, ~~2022~~2023 were ~~$28,456~~$13,986 and total fund management fees accrued as of September 30, ~~2022~~2023 were ~~$7,363,161.~~$3,342,945. During the six months ended September 30, ~~2022, $1,490,412~~2023, $1,016,940 of the accrued fund management fees were paid. Pursuant to the Fund’s partnership agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund’s working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the ~~third party~~third-party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

An affiliate of the General Partner made advances to the Fund totaling $20,000 to temporarily cover operating expenses of the Fund, all of which is outstanding as of September 30, 2023. The advance does not bear interest, is unsecured and is payable on demand.

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Capital Resources

The Fund offered beneficial assignee certificates (“BACs”) in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,980,998 BACs from investors admitted as BAC holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of September 30, ~~2022.~~2023.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970. Series 20 has since sold its interest in all 24 of the Operating Partnerships.

Prior to the quarter ended September 30, ~~2022,~~2023, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in all 14 of the Operating Partnerships.

Prior to the quarter ended September 30, ~~2022,~~2023, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

Series 22

The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in all 29 of the Operating Partnerships.

Prior to the quarter ended September 30, ~~2022,~~2023, Series 22 had released all payments of its capital contributions to the Operating Partnerships.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in all 22 of the Operating Partnerships.

Prior to the quarter ended September 30, ~~2022,~~2023, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

Series 24

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

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Prior to the quarter ended September 30, ~~2022,~~2023, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in all 22 of the Operating Partnerships.

Prior to the quarter ended September 30, ~~2022,~~2023, Series 25 had released all payments of its capital contributions to the Operating Partnerships.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in all 45 of the Operating Partnerships.

Prior to the quarter ended September 30, ~~2022,~~2023, Series 26 had released all payments of its capital contributions to the Operating Partnerships.

Series 27

The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574. Series 27 has since sold its interest in all 16 of the Operating Partnerships.

Prior to the quarter ended September 30, ~~2022,~~2023, Series 27 had released all payments of its capital contributions to the Operating Partnerships.

Series 28

The Fund commenced offering BACs in Series 28 on September 30, 1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983. Series 28 has since sold its interest in all 26 of the Operating Partnerships.

Prior to the quarter ended September 30, ~~2022,~~2023, Series 28 had released all payments of its capital contributions to the Operating Partnerships.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in 21all 22 of the Operating ~~Partnerships and 1 remains.~~Partnerships.

~~During~~As a result of the sale of all operating limited partnerships an affiliate of the general partner has forgiven asset management fees payable of the series. The total forgiveness of debt for the six months ended September 30, 2023 was $2,706,879 for Series 29. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

Prior to the quarter ended September 30, ~~2022,~~2023, Series 29 ~~did not record any releases~~had released all payments of its capital ~~contributions. Series 29 has outstanding~~ contributions ~~payable~~ to ~~1 Operating Partnership in the amount of $785 as of September 30, 2022. The remaining contributions will be released when~~ the Operating ~~Partnership has achieved the conditions set forth in its partnership agreement.~~Partnerships.

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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.

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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.

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Table of Contents

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in all 23 of the Operating Partnerships.

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Table of Contents

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, formerly an affiliate of the Fund’s general partner. As part of the sale disclosed in Note A, the fund management fee is now with BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the Fund’s general partner, in an annual fund management fee of.5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, ~~2022~~2023 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 29	$	1,128	$	—	$	1,128	$	—	$	—	$	—
Series 34		4,623		3,000		1,623		4,623		—		4,623
Series 44		—		—		—
Series 45		3,970		—		3,970
Series 46		18,735		800		17,935		9,363		—		9,363
	$	28,456	$	3,800	$	24,656	$	13,986	$	—	$	13,986

6 Months

6 Months

6 Months

Fund Management Fee Net

Gross Fund

Asset Management and

of Asset Management and


Management Fee

Reporting Fee

Reporting Fee
Series 29

$
2,256

$
—

$
2,256
Series 34

9,246

3,000

6,246
Series 44

2,645

2,645

—
Series 45

12,699

8,729

3,970
Series 46

44,843

26,908

17,935

$
71,689

$
41,282

$
30,407


					6 Months
	6 Months		6 Months		Fund Management Fee Net
	Gross Fund		Asset Management and		of Asset Management and
	Management Fee		Reporting Fee		Reporting Fee
Series 29	$	376	$	376	$	—
Series 34		9,246		3,000		6,246
Series 46		21,642		21,642		—
	$	31,264	$	25,018	$	6,246

The Fund’s investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund’s investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 20

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 21

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 22

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 23

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 24

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

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Series 26

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~

In August 2021, the investment general partner transferred its interest in Brookhaven Apartments Partnership, A Louisiana Partners, with cash proceeds to the investment partnership of $20,845. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of September 30, 2021.2022.

Series 27

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 28

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 29

The series ~~had 1 property at~~did not have any properties as of September 30, ~~2022.~~2023.

For the ~~six month~~six-month periods ended September 30, ~~2022~~2023 and ~~2021,~~2022, Series 29 reflects a net loss from Operating Partnerships of ~~$(35,940)~~$- and ~~$(36,495)~~$(35,940), respectively, which includes depreciation and amortization of ~~$27,154~~$- and ~~$20,468,~~$27,154, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In ~~August 2021,~~April 2023, the investment general partner ~~transferred~~sold its interest in ~~Palmetto Place Apartments~~Lincoln Hotel Partnership, A LACalifornia Limited Partnership, with cash proceeds to the investment partnership of ~~$29,999.~~$429,843. These proceeds were returned to cash reserves held by Series 29 and recorded as a gain on ~~transfer~~sale as of ~~September~~June 30, ~~2021.~~2023. In addition, equity outstanding for the Operating Partnership in the amount of $785 for Series 29 was recorded as gain on the sale of the Operating Partnership as of June 30, 2023.

Series 30

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 31

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 32

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~

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, 2021.2022.

Series 33

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~

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Table of Contents

Series 36

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 37

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 38

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 39

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 40

The series did not have any properties as of September 30, ~~2022~~2023 and ~~2021.~~2022.

Series 41

The series did not have any properties as of September 30, 2023 and 2022.

For the six month periods ended September 30, 2022 and 2021, Series 41 reflects a net income from Operating Partnerships of $- and $54,909, respectively, which includes depreciation and amortization of $- and $190,398, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2021, the investment general partner transferred its interest in Halfmoon BDC, Limited Partnership, with no cash proceeds to the investment partnership for Series 41 and Series 45, respectively.

In January 2022, the investment general partner of Series 41 and Series 42 transferred their respective interest in Marwood Senior Associates, LLC, with cash proceeds to the investment partnership of $1,151,653 and $128,346, for Series 41 and Series 42, respectively. These proceeds of $1,151,653 and $128,346, for Series 41 and Series 42, respectively, were returned to cash reserves and recorded as a gain on transfer as of March 31, 2022.

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Table of Contents

In April 2022, the investment general partner sold its interest in University Plaza Investment Group, LLLP, with cash proceeds to the investment partnership of $252,438. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on sale as of June 30, 2022.

In July 2022, the investment general partner transferred its interest in Farmington Associates I, L.P., with cash proceeds to the investment partnership of $4,999. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of September 30, 2022.

In October 2022, the investment general partner transferred its interest in Harbet Avenue Limited Partnership, with cash proceeds to the investment partnership of $990. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of ~~October~~December 31, 2022.

Series 46

The series had a total of 42 properties at September 30, ~~2022.~~2023.

For the ~~six month~~six-month periods ended September 30, ~~2022~~2023 and ~~2021,~~2022, Series 46 reflects a net ~~income (loss)~~loss from Operating Partnerships of ~~$(130,804)~~$(21,697) and ~~$58,023,~~$(130,804), respectively, which includes depreciation and amortization of ~~$213,785~~$111,121 and ~~$389,662,~~$213,785, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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Table of Contents

sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on the investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

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Table of Contents

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, ~~2022.~~2023.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.Defaults Upon Senior Securities

None

Item 4.Mine Safety Disclosures

Not Applicable

Item 5.Other Information

None

Item 6.Exhibits


	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 September 30, ~~2022~~2023 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners’ Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herewith

	104. Cover Page Interactive Data File (formatted in iXBRL and included in Exhibit 101).

~~190~~188

Table of Contents

SIGNATURES

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


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


Date: November ~~10, 2022~~9, 2023			By:	/s/ Gregory Voyentzie

				Gregory Voyentzie
				President (Principal Executive Officer)

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


DATE:	SIGNATURE:	TITLE:

November ~~10, 2022~~9, 2023	/s/ Gregory Voyentzie	President (Principal Executive Officer),
	Gregory Voyentzie	Corporate Investment Holdings, Inc.

November ~~10, 2022~~9, 2023	/s/ Marie Reynolds	Treasurer (Principal Accounting and Financial Officer),
	Marie Reynolds	Corporate Investment Holdings, Inc.

~~191~~189