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                                  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 MARCH 31, 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 Identification Number)
incorporation or organization)

                          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 (ii) has been subject to such filing
requirements for the past 90 days:


                        YES  [X]                NO   [ ]


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Commonwealth Income & Growth Fund IV Limited Partnership, or CIGF 4, is a
Pennsylvania limited partnership. Our general partner is a Pennsylvania
corporation that will manage the affairs of CIGF 4 pursuant to our partnership
agreement. Our offering of limited partnership interests, registered pursuant to
a registration statement on Form S-1 (File No. 333-62526), was declared
effective by the Securities and Exchange Commission on October 19, 2001 (the
"effective date"). The offering size is $15 million with a minimum requirement
of $1,150,000. All proceeds are held in escrow pending the receipt of this
minimum amount. As of the effective date, we had received an initial capital
contribution of $1,000 from our general partner. CIGF4 was formed to acquire,
lease and sell computer peripheral equipment, primarily through triple net
leases with creditworthy corporations across the country.

As of March 31, 2002, CIGF 4 had not yet received the minimum required proceeds
through the offering described above, and therefore no such proceeds were
released from escrow by our escrow agent, Chase Bank. Thus, we have not yet
commenced business operations and no equipment had been acquired for CIGF 4, nor
had CIGF 4 entered into any equipment leases as of March 31, 2002. When the
minimum offering amount is received and released from escrow, we will file a
post-effective amendment to our registration statement with the SEC, which will
provide updated operational and financial information, and will detail any
initial equipment acquisitions by CIGF 4 and any additional material changes as
of the date of such amendment. We anticipate filing such post-effective
amendment in June 2002.

As of March 31, 2002, with the exception of approximately $217,000 in offering
proceeds currently held in escrow, there have been no material changes to CIGF
4's business, the market for our securities, our financial data, our market risk
exposure, our management, executive compensation, securities ownership by
beneficial owners and management or the status of any related-party
transactions, all as described in our current prospectus.

SIGNATURES

         Pursuant to the requirements of Section 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf May 14, 2002 by the undersigned thereunto duly authorized.

                                   COMMONWEALTH INCOME & GROWTH FUND IV
                                        By:   COMMONWEALTH INCOME &
                                              GROWTH FUND, INC., General Partner

                                   By:      /s/ George S. Springsteen
                                            --------------------------
                                            George S. Springsteen, President