10-Q 1 ivq201.txt PIF IV 10-Q 2ND QUARTER, 2001 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (X) QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2001 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 33-32744 CSA Income Fund IV Limited Partnership (Exact name of registrant as specified in its charter) Massachusetts 04-3072449 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 22 Batterymarch St. Boston, Massachusetts 02109 (Address of principal executive offices) (Zip Code) (617) 357-1700 (Registrant's telephone number, including area code) Former name, former address and former fiscal year, if changed since last report 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 such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes: X No: PART I - FINANCIAL INFORMATION CSA INCOME FUND IV LIMITED PARTNERSHIP STATEMENTS OF FINANCIAL POSITION AS OF

CSA INCOME FUND IV LIMITED PARTNERSHIP UNAUDITED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2001 AND 2000

CSA INCOME FUND IV LIMITED PARTNERSHIP UNAUDITED STATEMENTS OF CASH FLOWS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2001 AND 2000

CSA INCOME FUND IV LIMITED PARTNERSHIP NOTE TO FINANCIAL STATEMENTS The quarterly financial statements have been prepared by the Partnership without audit. Certain information and footnote disclosures normally included in the annual financial statements have been condensed or omitted from the accompanying statements. For such information, reference should be made to the financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 2000. In the General Partner's opinion, the unaudited financial statements reflect all adjustments which are of a normal recurring nature, necessary to present fairly the financial position of CSA Income Fund IV Limited Partnership as of June 30, 2001 and the results of operations and cash flows for the three and six month periods ended June 30, 2001 and June 30, 2000. CSA INCOME FUND IV LIMITED PARTNERSHIP GENERAL PARTNER'S DISCUSSION OF OPERATIONS Rental income was $1,747,390 and $2,497,075 and Net income was $426,416 and $276,634 for the quarters ended June 30, 2001 and 2000, respectively. For the six months ended June 30, 2001 and 2000, Rental income was $3,878,892 and $5,309,333, and Net income was $622,604 and $663,507. The decrease in overall Rental income was primarily due to anticipated lease expirations as the partnership approaches wind-up. However, The increase in Net income was primarily due to a decrease in depreciation, interest and management fee expense on equipment leases that have expired. During the three months ended June 30, 2001, the Partnership generated $2,158,846 in cash flow from operations and from the sale of equipment. The Partnership utilized these funds to reduce outstanding notes payable by $696,325 and made cash distributions to partners of $1,279,735. In our last Quarterly Report, March 31, 2001, the General Partner indicated The Partnership purchased an interest, as an interim lender, in a short term investment secured by an equipment lease obligation which yields 7.75% interest. The Partnership's portion of the short-term loan participation has been reduced from $3,800,666 to $3,415,933 as of June 30, 2001 and will continue to be reduced monthly and should be paid in full by December 31, 2001. The Partnership paid distributions of $.83 per Limited Partnership unit on the 15th of April, May, and June 2001. To date, the Partnership has made cash distributions to the Limited Partners ranging from 77% to 99% of their initial investment, depending on when the Limited Partners entered the Partnership. The objective of the Partnership is to return the Limited Partner's investment through current distributions and provide a return on this investment by continued distributions. The General Partner of CSA Income Fund IV Limited Partnership informed the Limited Partners in the Partnership's year 2000 10-K and Annual Report that the wind-up of the Partnership would begin in year 2001. Since the Partnership commenced operations on April 18, 1990, it has been operating and paying monthly distributions for over 10 years. Due to the size of the Partnership's remaining portfolio the General Partner currently anticipate the wind-up will be completed in mid-year 2002. GENERAL PARTNER'S DISCUSSION OF OPERATIONS (continued) As indicated in the First Quarter 10-Q, accounting profits from the sale of equipment that are generated as part of the Partnership's wind-up shall be allocated to each partner, first in the amount equal to the negative balance in the Capital Account until the Capital Accounts of the Partners are no longer negative. Therefore, certain gains on the disposition of partnership assets were allocated during the first two quarters of 2001 to the General Partner to reduce its Capital Account negative balance. Management reviews the Partnership's projected performance on a periodic basis. Based on that analysis the General Partner presently estimates that continued cash distributions will return the entire initial investment of the Limited Partners and a return thereon. The General Partner will continue to report on the Limited Partners' return of investment with each cash distribution. CSA INCOME FUND IV LIMITED PARTNERSHIP PART II

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, thereunto duly authorized. CSA Income Fund IV Limited Partnership (Registrant) By its General Partner, CSA Lease Funds, Inc. Date: August 14, 2001 J. Frank Keohane President Principal Executive Officer Date: August 14,2001 Richard P. Timmons Corporate Controller Principal Accounting and Finance Officer Form 10-Q page 9

CSA INCOME FUND IV LIMITED PARTNERSHIP 10-Q