<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q

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

     FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2002

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

                        Commission File Number: 33-62526


                      COMMONWEALTH INCOME & GROWTH FUND IV
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


         Pennsylvania                                          23-3080409
-------------------------------                           ----------------------
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                            Identification Number)


                          470 John Young Way Suite 300
                                 Exton, PA 19341
          -------------------------------------------------------------
          (Address, including zip code, of principal executive offices)


                                 (610) 594-9600
               ---------------------------------------------------
               (Registrant's telephone number including area code)

         Indicate by check mark whether the registrant (i) 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, and (III) has been subject to such filing
requirements for the past 90 days:


                           YES  [X]           NO   [  ]




<PAGE>

                      Commonwealth Income & Growth Fund IV
                                 Balance Sheets

<TABLE>
<CAPTION>
                                                               September 30          December 31,
                                                                   2002                  2001
                                                              -----------------------------------
                                                                           (unaudited)
<S>                                                              <C>                    <C>
Assets

Cash and cash equivalents                                     $  1,021,281             $  1,000
Lease income receivable                                              1,200                    -
Other receivables - affiliated companies                             1,540                    -
                                                              ----------------------------------
                                                                 1,024,021                1,000
                                                              ----------------------------------

Computer equipment, at cost                                        805,266                    -
Accumulated depreciation                                           (11,707)                   -
                                                              ----------------------------------
                                                                   793,559                    -
                                                              ----------------------------------

Equipment acquisition costs and deferred expenses, net              31,587                    -
Prepaid acquisition fees                                            40,439                    -
                                                              ----------------------------------
                                                                    72,026                    -

Total assets                                                  $  1,889,606            $   1,000
                                                              ==================================

Liabilities and Partners' Capital

Liabilities
Accounts payable                                                    38,353                    -
Accounts payable - General Partner                                 154,283                    -
Unearned lease income                                               12,473                    -
                                                              ----------------------------------
Total liabilities                                                  205,109                    -
                                                              ----------------------------------

Partners' Capital

General partner                                                      1,000                1,000
Limited partners                                                 1,683,497                    -
                                                              ----------------------------------
Total partners' capital                                          1,684,497                1,000
                                                              ----------------------------------

Total liabilities and partners' capital                       $  1,889,606            $   1,000
                                                              ==================================
</TABLE>

                 see accompanying notes to financial statements

<PAGE>

                      Commonwealth Income & Growth Fund IV
                             Statement of Operations


<TABLE>
<CAPTION>
                                                                    For the Period of July 8, 2002
                                                                     (Commencement of Operations)
                                                                     through September 30, 2002 (1)
                                                                    -------------------------------
                                                                              (unaudited)
<S>                                                                         <C>

Income
Lease                                                                        $   17,647
Interest and other                                                                1,797
                                                                           -------------

Total income                                                                     19,444
                                                                           -------------

Expenses
Operating, excluding depreciation                                               191,540
Organizational costs                                                             22,492
Equipment management fee - General Partner                                          882
Depreciation                                                                     11,707
Amortization of equipment
  acquisition costs and deferred expenses                                           624
                                                                           -------------

Total expenses                                                                  227,245
                                                                           -------------

Net (loss)                                                                   $ (207,801)
                                                                           =============

Net (loss) per equivalent limited
  partnership unit                                                           $   (11.22)
                                                                           =============

Weighted average number of equivalent limited
  partnership units outstanding during the period                                18,528
                                                                           =============

</TABLE>

(1) Although the Partnership was formed on May 15, 2001, the Fund did not
commence operations until July 8, 2002.




                 see accompanying notes to financial statements


<PAGE>



                      Commonwealth Income & Growth Fund IV
                         Statements of Partners' Capital
<TABLE>
<CAPTION>
                                                                         For the Period of July 8, 2002
                                                                          (Commencement of Operations)
                                                                          through September 30, 2002 (1)

                                                General          Limited
                                                Partner          Partner            General           Limited
                                                 Units            Units             Partner           Partner                Total
                                            ----------------------------------------------------------------------------------------
<S>                                             <C>              <C>                <C>                <C>                 <C>
Partners' capital - December 31, 2001              50                 -            $ 1,000           $        -          $    1,000
  Contributions                                                 107,497                               2,145,177           2,145,177
  Offering Costs                                                                                       (230,683)           (230,683)
  Net income (loss)                                                                    232             (208,033)           (207,801)
  Distributions                                                                       (232)             (22,964)            (23,196)
                                            ----------------------------------------------------------------------------------------
Partners' capital - September 30, 2002             50           107,497            $ 1,000           $1,683,497          $1,684,497
                                            ========================================================================================

</TABLE>

(1) Although the Partnership was formed on May 15, 2001, the Fund did not
commence operations until July 8, 2002.




                 see accompanying notes to financial statements


<PAGE>

                      Commonwealth Income & Growth Fund IV
                             Statement of Cash Flow
                         For the Period of July 8, 2002
                          (Commencement of Operations)
                         through September 30, 2002 (1)
<TABLE>
<CAPTION>

                                                                                  2002
                                                                             ----------------
<S>                                                                            <C>
Operating activities                                                           (unaudited)
Net (loss)                                                                    $    (207,801)
Adjustments to reconcile net (loss) to net cash
   used in operating activities
     Depreciation and amortization                                                    12,331
     Changes in assets and liabilities
         (Increase) in assets
              Lease income receivable                                                (1,200)
              Other receivable, affiliated companies                                 (1,540)
         Increase in liabilities
              Accounts payable                                                        38,353
              Accounts payable, General Partner                                      154,283
              Unearned lease income                                                   12,473
                                                                             ----------------

Net cash provided by operating activities                                              6,899
                                                                             ----------------

Investing activities:

Capital expenditures                                                                (805,266)
Prepaid acquisition fees                                                             (40,439)
Equipment acquisition fees paid to General Partner                                   (32,211)
                                                                             ----------------

Net cash (used in) investing activities                                             (877,916)
                                                                             ----------------

Financing activities:
Contributions                                                                      2,142,090
Offering costs                                                                      (227,596)
Distributions to partners                                                            (23,196)
                                                                             ----------------

Net cash provided by financing activities                                          1,891,298
                                                                             ----------------

Net increase in cash and equivalents                                               1,020,281
Cash and cash equivalents, beginning of period                                         1,000
                                                                             ----------------

Cash and cash equivalents, end of period                                           1,021,281
                                                                             ================

</TABLE>

(1) Although the Partnership was formed on May 15, 2001, the Fund did not
commence operations until July 8, 2002.


                 see accompanying notes to financial statements

<PAGE>



                          NOTES TO FINANCIAL STATEMENTS

1.  Business       Commonwealth Income & Growth Fund IV (the "Partnership") is a
                   limited partnership organized in the Commonwealth of
                   Pennsylvania on May 15, 2001. The Partnership is offering for
                   sale up to 750,000 units of the limited partnership at the
                   purchase price of $20 per unit (the "Offering"). The
                   Partnership reached the minimum amount in escrow and
                   commenced operations on July 8, 2002. As of September 30,
                   2002, the Partnership has received $2,145,177 in
                   contributions from limited partners, amounting to 107,497
                   units. As of September 30, 2002, there was $361,000 in
                   contributions from limited partners, amounting to 18,050
                   units, which remained in our escrow account. This amount was
                   withdrawn from the escrow agent and admitted on October 4,
                   2002.

                   The Partnership uses the proceeds of the Offering to acquire,
                   own and lease various types of computer peripheral equipment
                   and other similar capital equipment, which will be leased
                   primarily to U.S. corporations and institutions. Commonwealth
                   Capital Corp, on behalf of the Partnership and other
                   affiliated partnerships, will acquire computer equipment
                   subject to associated debt obligations and lease agreements
                   and allocate a participation in the cost, debt and lease
                   revenue to the various partnerships based on certain risk
                   factors.

                   The Partnership's General Partner is Commonwealth Income &
                   Growth Fund, Inc. (the "General Partner"), a Pennsylvania
                   corporation which is an indirect wholly owned subsidiary of
                   Commonwealth Capital Corp. Commonwealth Capital Corp. is a
                   member of the Investment Program Association (IPA), Financial
                   Planning Association (FPA), and the Equipment Leasing
                   Association (ELA). Approximately ten years after the
                   commencement of operations, the Partnership intends to sell
                   or otherwise dispose of all of its computer equipment, make
                   final distributions to partners, and to dissolve. Unless
                   sooner terminated, the Partnership will continue until
                   December 31, 2012.

<PAGE>

2.  Summary of     Basis of Presentation
    Significant
    Accounting     The financial information presented has been prepared from
    Policies       the books and records without audit and does not include all
                   disclosures required by generally accepted accounting
                   principles. In the opinion of management, all adjustments,
                   consisting only of normal recurring adjustments, necessary
                   for a fair presentation of the financial information for the
                   periods indicated have been included. Operating results for
                   the period of July 8, 2002 (Commencement of Operations)
                   through September 30, 2002 are not necessarily indicative of
                   financial results that may be expected for the full year
                   ended December 31, 2002.

                   Revenue Recognition

                   Through September 30, 2002, the Partnership has only entered
                   into operating leases. Lease revenue is recognized on a
                   monthly basis in accordance with the terms of the operating
                   lease agreements.

                   Use of Estimates

                   The preparation of financial statements in conformity with
                   generally accepted accounting principles requires management
                   to make estimates and assumptions that affect the reported
                   amounts of assets and liabilities and disclosure of
                   contingent assets and liabilities at the date of the
                   financial statements and the reported amounts of revenues and
                   expenses during the reporting period. Actual results could
                   differ from those estimates.

                   Long-Lived Assets

                   The Partnership evaluates its long-lived assets when events
                   or circumstances indicate that the value of the asset may not
                   be recoverable. The Partnership determines whether an
                   impairment exists by estimating the undiscounted cash flows
                   to be generated by each asset. If the estimated undiscounted
                   cash flows are less than the carrying value of the asset then
                   an impairment exists. The amount of the impairment is
                   determined based on the difference between the carrying value
                   and the fair value. The fair value is determined based on
                   estimated discounted cash flows to be generated by the asset.
                   As of September 30, 2002, there is no impairment.

                   Depreciation on computer equipment for financial statement
                   purposes is based on the straight-line method over estimated
                   useful lives of four years.

                   Intangible Assets

                   Equipment acquisition costs and deferred expenses are
                   amortized on a straight-line basis over two- to-four year
                   lives. Unamortized acquisition fees and deferred expenses are
                   charged to amortization expense when the associated leased
                   equipment is sold.


<PAGE>

                   Cash and Cash Equivalents

                   The Company considers all highly liquid investments with a
                   maturity of three months or less to be cash equivalents. At
                   September 30, 2002, cash equivalents were invested in a money
                   market fund investing directly in Treasury obligations.

                   Income Taxes

                   The Partnership is not subject to federal income taxes;
                   instead, any taxable income (loss) is passed through to the
                   partners and included on their respective income tax returns.

                   Taxable income differs from financial statement net income as
                   a result of reporting certain income and expense items for
                   tax purposes in periods other than those used for financial
                   statement purposes, principally relating to depreciation,
                   amortization, and lease income.

                   Offering Costs

                   Offering costs are payments for selling commissions, dealer
                   manager fees, professional fees and other offering expenses
                   relating to the syndication. Selling commissions are 8% of
                   the partners' contributed capital and dealer manager fees are
                   1% of the partners' contributed capital. These costs have
                   been deducted from partnership capital in the accompanying
                   financial statements.

                   Net Income (Loss) Per Equivalent Limited Partnership Unit

                   The net income (loss) per equivalent limited partnership unit
                   is computed based upon net income (loss) allocated to the
                   limited partners and the weighted average number of
                   equivalent units outstanding during the period.

                   Reimbursable Expenses

                   Reimbursable expenses, which are charged to the Partnership
                   by CCC in connection with the administration and operation of
                   the Partnership, are allocated to the Partnership based upon
                   several factors including, but not limited to, the number of
                   investors, compliance issues, and the number of existing
                   leases.

3.  Computer       The Partnership is the lessor of equipment under operating
    Equipment      leases with periods ranging from 16 to 36 months. In general,
                   the lessee pays associated costs such as repairs and
                   maintenance, insurance and property taxes.

                   As of September 30, 2002, the Partnership does not
                   participate in any shared equipment, debt obligations, or
                   lease agreements with other affiliated partnerships, but
                   anticipates doing so in the future.

<PAGE>

                   The following is a schedule of future minimum rentals on
                   noncancellable operating leases at September 30, 2002:

                                                                        Amount
                   -------------------------------------------------------------
                   Three Months ended December 31, 2002             $    83,000
                   Year Ended December 31, 2003                         333,000
                   Year Ended December 31, 2004                         316,000
                   Year Ended December 31, 2005                         190,000
                                                                    -----------
                                                                    $   922,000
                   =============================================================


4. Reimbursable    An understanding exists between CCC and the Partnership,
   Expenses        whereby CCC will not be reimbursed for the administration of
                   the Partnership for as long as the Partnership has not broken
                   escrow. If and when the Partnership reaches the minimum
                   amount to break escrow, the Partnership will reimburse CCC
                   for its share of the expenses to administer the Partnership
                   retroactively from the effective date through the date of the
                   first closing. The amount charged by CCC to the Partnership
                   for the administration and operation of the Partnership was
                   approximately $154,000 for the period of July 8, 2002
                   (Commencement of Operations) through September 30, 2002. This
                   amount includes approximately $103,000 that was incurred by
                   CCC on behalf of the Partnership through the date the
                   Partnership broke escrow, July 8, 2002


      Item 2: Management's Discussion and Analysis of Financial Condition
                            and Results of Operations


CRITICAL ACCOUNTING POLICIES

Financial Reporting Release No. 60, which was released by the Securities and
Exchange Commission, requires all companies to include a discussion of critical
accounting policies or methods used in the preparation of financial statements.
Our significant accounting policies are described in Note 1 of the Notes to the
Financial Statements. The significant accounting policies that we believe are
the most critical to aid in fully understanding our reported financial results
include the following:

<PAGE>


COMPUTER EQUIPMENT

Commonwealth Capital Corp, on behalf of the Partnership and other affiliated
partnerships, acquires computer equipment subject to associated debt obligations
and lease revenue and allocates a participation in the cost, debt and lease
revenue to the various partnerships based on certain risk factors.
The Partnership will acquire equipment with no associated debt obligations with
the original contributions. The Partnership plans on acquiring equipment leases
with associated debt obligations from the monthly rental payments associated
with the equipment acquired with its original capital contributions.

REVENUE RECOGNITION

Through September 30, 2002, the Partnership has only entered into operating
leases. Lease revenue is recognized on a monthly basis in accordance with the
terms of the operating lease agreements.

LONG-LIVED ASSETS

The Partnership evaluates its long-lived assets when events or circumstances
indicate that the value of the asset may not be recoverable. The Partnership
determines whether an impairment exists by estimating the undiscounted cash
flows to be generated by each asset. If the estimated undiscounted cash flows
are less than the carrying value of the asset then an impairment exists. The
amount of the impairment is determined based on the difference between the
carrying value and the fair value. Fair value is determined based on estimated
discounted cash flows to be generated by the asset. Depreciation on computer
equipment for financial statement purposes is based on the straight-line method
over estimated useful lives of four years.

Liquidity and Capital Resources

The Partnership's primary source of capital for the period of July 8, 2002
(Commencement of Operations) through September 30, 2002 was contributions of
approximately $2,145,177. The primary uses of cash for the nine months ended
September 30, 2002 were for capital expenditures of new equipment totaling
$805,000, offering costs of approximately $228,000 and payments of preferred
distributions to partners of approximately $23,000.

For the for the period of July 8, 2002 (Commencement of Operations) through
September 30, 2002, the Partnership generated cash flows from operating
activities of $7,000, which includes a net loss of $208,000, depreciation and
amortization expenses of $12,000, and a payable to the General Partner of
approximately $154,000.

Cash is invested in money market accounts that invest directly in treasury
obligations pending the Partnership's use of such funds to purchase additional
computer equipment, to pay Partnership expenses or to make distributions to the
Partners. At September 30, 2002, the Partnership had approximately $998,000
invested in these money market accounts.

The Partnership's investment strategy of acquiring computer equipment and
generally leasing it under "triple-net leases" to operators who generally meet
specified financial standards minimizes the Partnership's operating expenses. As
of September 30, 2002, the Partnership had future minimum rentals on
non-cancelable operating leases of $83,000 for the balance of the year ending
December 31, 2002 and $839,000 thereafter. At September 30, 2002, there was no

<PAGE>

outstanding debt. The Partnership's cash from operations is expected to continue
to be adequate to cover all operating expenses, liabilities, and preferred
distributions to Partners during the next 12-month period. If available Cash
Flow or Net Disposition Proceeds are insufficient to cover the Partnership
expenses and liabilities on a short and long term basis, the Partnership will
attempt to obtain additional funds by disposing of or refinancing Equipment, or
by borrowing within its permissible limits. The Partnership may, from time to
time, reduce the distributions to its Partners if it deems necessary. Since the
Partnership's leases are on a "triple-net" basis, no reserve for maintenance and
repairs are deemed necessary.

Results of Operations

 Period of July 8, 2002 (Commencement of Operations) through September 30, 2002
 ------------------------------------------------------------------------------

For the period of July 8, 2002 (Commencement of Operations) through September
30, 2002, the Partnership recognized income of $19,000 and expenses of $227,000,
resulting in a net loss of $208,000.

Lease income was approximately $18,000 for the quarter and nine months ended
September 30, 2002. The Partnership entered into approximately 22 leases for the
period of July 8, 2002 (Commencement of Operations) through September 30, 2002

Operating expenses of $192,000, excluding depreciation, primarily consists of
the amount charged by Commonwealth Capital Corp, a related party, to the
Partnership for the administration and operation of approximately $154,000 for
the period of July 8, 2002 (Commencement of Operations) through September 30,
2002. This amount includes approximately $103,000 that was incurred by CCC on
behalf of the Partnership through the date the Partnership broke escrow, July 8,
2002.

Organizational costs were approximately $23,000 for the period of July 8, 2002
(Commencement of Operations) through September 30, 2002. According to the
American Institute of Certified Public Accountants, Statement of Position (SOP)
98-05, costs relating to start-up activities and organization costs (accounting,
legal, printing, etc.) are to be expensed as incurred. Previously, these costs
were amortized over five years.

The equipment management fee is approximately 5% of the gross lease revenue
attributable to equipment that is subject to operating leases. The equipment
management fee is approximately $1,000 for the quarter and nine months ended
September 30, 2002.

Depreciation and amortization expenses consist of depreciation on computer
equipment and amortization of equipment acquisition fees. The expenses totaled
approximately $12,000 for the quarter ended September 30, 2002.


<PAGE>

RECENT ACCOUNTING PRONOUNCEMENTS

                                    SFAS 146

On July 30, 2002, the FASB issued FASB Statement No. 146, Accounting for Costs
Associated with Exit or Disposal Activities, which nullifies EITF Issues No.
94-3, "Liability Recognition for Certain Employee Termination Benefits and Other
Costs to Exit an Activity (including Certain Costs Incurred an a Restructuring)"
and No. 88-10, Costs Associated with Lease Modification or Termination."
Statement 146 fundamentally changed how a company should account for future
"restructurings." The Partnership believes that the adoption of SFAS 146 will
not have an impact on its financial position and results of operations.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Inapplicable

Item 4. Controls and Procedures

The Chief Executive Officer and a Financial Officer of the Partnership have
conducted a review of the Partnership's disclosure controls and procedures as of
September 30, 2002.

The Partnership's disclosure controls and procedures include the Partnership's
controls and other procedures designed to ensure that information required to be
disclosed in this and other reports filed under the Securities Exchange Act of
1934, as amended (the " Exchange Act") is accumulated and communicated to the
Partnership's management, including its chief executive officer and a financial
officer, to allow timely decisions regarding required disclosure and to ensure
that such information is recorded, processed, summarized and reported with the
required time periods.

Based upon this review, the Partnership's Chief Executive Officer and a
Financial Officer have concluded that the Partnership's disclosure controls (as
defined in pursuant to Rule 13a-14 c promulgated under the Exchange Act) are
sufficiently effective to ensure that the information required to be disclosed
by the Partnership in the reports it files under the Exchange Act is recorded,
processed, summarized and reported with adequate timeliness.

Part II: OTHER INFORMATION

                      Commonwealth Income & Growth Fund IV


     Item 1. Legal Proceedings.

             Inapplicable

     Item 2. Changes in Securities.

             Inapplicable

     Item 3. Defaults Upon Senior Securities.

             Inapplicable


<PAGE>

     Item 4. Submission of Matters to a Vote of Securities Holders.

             Inapplicable

     Item 5. Other Information.

             Inapplicable

     Item 6. Exhibits and Reports on Form 8-K.

             a) Exhibits:

             99.1 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER
                       PURSUANT TO 18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Commonwealth Income & Growth Fund IV,
(the "Company") on Form 10-Q for the period ending September 30, 2002, as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, George S. Springsteen, Chief Executive Officer of the Company, certify,
pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the
Sarbanes-Oxley Act of 2002, that:

         (1) The Report fully complies with the requirements of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

          (2) The information contained in the Report fairly presents, in all
material respects, the financial condition and result of operations of the
Company.


/s/ George S. Springsteen
-------------------------
George S. Springsteen
Chief Executive Officer
November 27, 2002







<PAGE>

               99.2 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

                  CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
                      PURSUANT TO 18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Commonwealth Income & Growth Fund IV,
(the "Company") on Form 10-Q for the period ending September 30, 2002, as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Kimberly A. Springsteen, Principal Financial Officer of the Company, certify,
pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the
Sarbanes-Oxley Act of 2002, that:

          (1) The Report fully complies with the requirements of section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

          (2) The information contained in the Report fairly presents, in all
material respects, the financial condition and result of operations of the
Company.


/s/ Kimberly A. Springsteen
---------------------------
Kimberly A. Springsteen
Principal Financial Officer
November 27, 2002














<PAGE>

                                   SIGNATURE

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.

                               COMMONWEALTH INCOME & GROWTH
                               FUND IV

                               BY: COMMONWEALTH INCOME &
                               GROWTH FUND, INC. General Partner


November 27, 2002              By: /s/ George S. Springsteen
-----------------                  --------------------------
Date                               George S. Springsteen
                                   President


                                 Certifications

I, George Springsteen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commonwealth Income &
Growth Fund IV, (the Registrant);

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Registrant as of, and for, the periods presented in this quarterly report;


<PAGE>

4. The Registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:


         a) designed such disclosure controls and procedures to ensure the
         material information relating to the Registrant, including its
         consolidated subsidiaries, is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

         b) evaluated the effectiveness of the Registrant's disclosure controls
         and procedures as of a date within 90 days prior to the filing date of
         this quarterly report (the " Evaluation Date" ); and

         c) presented in this quarterly report our conclusions about the
         effectiveness of the disclosure controls and the procedures based on
         our evaluation as of the Evaluation Date;


5. The Registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the Registrant's auditors and the audit committee of
the Registrant's board of directors (or persons performing the equivalent
function):

         a) all significant deficiencies in the design or the operation of
         internal controls which could adversely affect the Registrant's ability
         to record, process, summarize and report financial data we have
         identified for the Registrant's auditors any material weakness in
         internal controls; and

         b) any fraud, whether or not material, that involves management or
         other employees who have a significant role in the Registrant's
         internal controls; and

6. The Registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


/s/ George S. Springsteen
-------------------------
George S. Springsteen
Chief Executive Officer
November 27, 2002


<PAGE>

I, Kimberly A. Springsteen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commonwealth Income &
Growth Fund IV, (the Registrant);

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Registrant as of, and for, the periods presented in this quarterly report;

4. The Registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:


         a) designed such disclosure controls and procedures to ensure the
         material information relating to the Registrant, including its
         consolidated subsidiaries, is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

         b) evaluated the effectiveness of the Registrant's disclosure controls
         and procedures as of a date within 90 days prior to the filing date of
         this quarterly report (the " Evaluation Date" ); and

         c) presented in this quarterly report our conclusions about the
         effectiveness of the disclosure controls and the procedures based on
         our evaluation as of the Evaluation Date;


5. The Registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the Registrant's auditors and the audit committee of
the Registrant's board of directors (or persons performing the equivalent
function):

         a) all significant deficiencies in the design or the operation of
         internal controls which could adversely affect the Registrant's ability
         to record, process, summarize and report financial data we have
         identified for the Registrant's auditors any material weakness in
         internal controls; and

         b) any fraud, whether or not material, that involves management or
         other employees who have a significant role in the Registrant's
         internal controls; and

6. The Registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


/s/ Kimberly A. Springsteen
---------------------------
Kimberly A. Springsteen
Principal Financial Officer
November 27, 2002