Schedule of costs incurred to related parties


	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2015		2014*		2015		2014*
Partnership management fees (a)	$	26,582	$	44,000	$	59,978	$	88,000
Expense reimbursement (b)		84,768		42,451		111,949		85,670
Local administrative fee (c)		1,250		10,604		2,500		13,000
Total general and administrative-General Partners		112,600		97,055		174,427		186,670
Property management fees incurred to affiliates of the subsidiary partnerships’ general partners		21,250		19,152		43,257		43,598

Total general and administrative-related parties	$	133,850	$	116,207	$	217,684	$	230,268

*Reclassified for comparative purposes.

(a)

The General Partner is entitled to receive a partnership management fee, after payment of all Partnership expenses, which together with the annual local administrative fees will not exceed a maximum of 0.5% per annum of invested assets (as defined in the Partnership Agreement), for administering the affairs of the Partnership. Subject to the foregoing limitation, the partnership management fee will be determined by the General Partner in its sole discretion based upon its review of the Partnership’s investments. Unpaid partnership management fees for any year are deferred without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than those owed to the General Partner and its affiliates. Partnership management fees owed to the General Partner amounting to approximately $21,000 and $2,296,000 were accrued and unpaid as of September 30, 2015 and March 31, 2015, respectively. Current year partnership management fees may be paid out of operating reserves or refinancing and sales proceeds. However, the General Partner cannot demand payment of the deferred fees beyond the Partnership’s ability to pay them.

(b)

The Partnership reimburses the General Partner and its affiliates for actual Partnership operating expenses incurred by the General Partner and its affiliates on the Partnership’s behalf. The amount of reimbursement from the Partnership is limited by the provisions of the Partnership Agreement. Another affiliate of the General Partner performs asset monitoring for the Partnership. These services include site visits and evaluations of the subsidiary partnerships’ performance. Expense reimbursements and asset monitoring fees owed to the General Partner and its affiliates amounting to approximately $92,000 and $51,000 were accrued and unpaid as of September 30, 2015 and March 31, 2015, respectively. The General Partner does not intend to demand payment of the deferred payables beyond the Partnership’s ability to pay them. The Partnership anticipates that these will be paid, if at all, from working capital reserves or future sales proceeds.

(c)

Independence SLP IV L.P., a special limited partner of the subsidiary partnerships, is entitled to receive a local administrative fee of up to $5,000 per year from each subsidiary partnership. Local administrative fees owed to Independence SLP IV L.P. amounting to $69,000 and $197,000 were accrued and unpaid as of September 30, 2015 and March 31, 2015, respectively. These fees have been deferred in certain cases and the Partnership anticipates that they will be paid, if at all, from working capital reserves or future sales proceeds.

Schedule of due from local general partners and affiliates


	September 30,		March 31,
	2015		2015
	(Unaudited)		(Audited)
Local general partner loan receivable	$	—	$	5,795

Schedule of costs incurred to related parties


	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2015		2014*		2015		2014*
Local administrative fee (c)	$	1,106	$	6,617	$	2,500	$	10,221

Total general and administrative-General Partner		1,106		6,617		2,500		10,221

Property management fees incurred to affiliates of the subsidiary partnerships' general partners		80,822		5,024		86,894		12,144

Total general and administrative-related parties	$	81,928	$	11,641	$	89,394	$	22,365

*Reclassified for comparative purposes.

(c)

Independence SLP IV L.P., a special limited partner of the subsidiary partnerships, is entitled to receive a local administrative fee of up to $5,000 per year from each subsidiary partnership. Local administrative fees owed to Independence SLP IV L.P. amounting to $69,000 and $197,000 were accrued and unpaid as of September 30, 2015 and March 31, 2015, respectively. These fees have been deferred in certain cases and the Partnership anticipates that they will be paid, if at all, from working capital reserves or future sales proceeds.

INDEPENDENCE TAX CREDIT PLUS LP IV 10-Q