BF Garden Tax Credit Fund IV L.P. Reports Latest Financial Results
The fund sees improvements in income, while operational expenses remain consistent.
February 13, 2025
Quarterly Performance at a Glance
For the quarter, the fund posted a net income of $497,835—up sharply from a $55,951 loss in the same period last year. This turnaround was fueled by a $550,000 gain from the sale of operating partnerships. Interest income also increased slightly to $6,204.
Expenses remained stable at $58,369, down slightly from the prior year. Professional fees, fund management charges, and administrative costs made up the bulk of these expenses. A disciplined approach to cost management helped offset the rise in other operational areas.
Longer-Term Results
Over the nine-month period, BF Garden generated $306,163 in net income. While this was a dip from the $798,856 recorded during the same period in 2023, gains from operating partnership dispositions—totaling $550,000—provided critical support.
Operating expenses reached $265,765, tracking just above last year’s $260,815. Professional fees and administrative expenses remained consistent, signaling strong oversight and cost control across multiple series. Interest income for the nine-month period came in at $21,928, with additional contributions from other income streams.
How Individual Series Performed
Among the fund’s various series, Series 34 stood out, reporting $519,895 in net income for the quarter. The bulk of that success was driven by a gain on an operating partnership sale. Meanwhile, Series 46 recorded a quarterly loss of $22,060, reflecting higher general and administrative costs.
Over the nine-month period, Series 29 also delivered strong results, with $357,480 in net income due to a $430,628 gain from an operating partnership transaction. Series 34 similarly saw a gain of $550,000, significantly boosting its performance.
Cash Flow and Capital Position
The fund strengthened its cash position over the reporting period. Cash and cash equivalents grew to $547,159 as of December 31, 2024—up from just $72,012 at the start of the fiscal year. This increase was largely driven by proceeds from asset sales and reflects careful cash flow management.
Accounts payable to affiliates rose slightly to $3,298,015 from $3,129,031, while the overall capital structure remained stable across most series, with no significant changes to partner balances.
What’s Next
BF Garden is keeping its eye on new opportunities for strategic asset sales, which have played a pivotal role in its recent performance. With a diversified investment strategy and a strong focus on cost control, the fund is well-positioned to navigate the evolving market landscape.
By maintaining a disciplined approach to expenses and capital allocation, BF Garden aims to continue building on its momentum, ensuring stability and creating value for its partners in the quarters ahead.
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