FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


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

                For the quarterly period ended September 30, 1997

                                       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
                                     0-17549


                            CNL Income Fund IV, Ltd.
             (Exact name of registrant as specified in its charter)


           Florida                                59-2854435
    (State or other juris-                     (I.R.S. Employer
   diction of incorporation                   Identification No.)
      or organization)


400 E. South Street, #500
Orlando, Florida                                     32801
   (Address of principal                          (Zip Code)
     executive offices)


Registrant's telephone number
   (including area code)                        (407) 422-1574


Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Sections 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for 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


<PAGE>









                                    CONTENTS




Part I                                                       Page

  Item 1.  Financial Statements:

    Condensed Balance Sheets                                 1

    Condensed Statements of Income                           2

    Condensed Statements of Partners' Capital                3

    Condensed Statements of Cash Flows                       4

    Notes to Condensed Financial Statements                  5-6

  Item 2.  Management's Discussion and Analysis
             of Financial Condition and
             Results of Operations                           7-11


Part II

  Other Information                                          12


<PAGE>



                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                            CONDENSED BALANCE SHEETS


                                      September 30,            December 31,
               ASSETS                     1997                     1996
                                      -------------            ------------

Land and buildings on operating
  leases, less accumulated
  depreciation of $3,728,860
  and $3,391,035                       $18,587,191             $18,737,516
Net investment in direct
  financing leases                       1,278,274               1,303,604
Investment in joint ventures             2,744,458               2,783,738
Cash and cash equivalents                  463,741                 554,593
Receivables, less allowance for
  doubtful accounts of $208,268
  and $156,933                              98,924                  62,561
Prepaid expenses                            12,110                  10,935
Lease costs, less accumulated
  amortization of $17,325 and
  $15,458                                    6,619                   8,486
Accrued rental income                      292,693                 269,359
Other assets                                   200                     100
                                       -----------             -----------

                                       $23,484,210             $23,730,892
                                       ===========             ===========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                       $     2,810             $    10,831
Accrued construction costs payable         187,500                      -
Accrued and escrowed real estate
  taxes payable                             55,395                  32,729
Distributions payable                      690,000                 690,000
Due to related parties                      69,474                  67,153
Rents paid in advance and deposits          34,790                  32,548
                                       -----------             -----------
    Total liabilities                    1,039,969                 833,261

Commitment (Note 3)

Partners' capital                       22,444,241              22,897,631
                                       -----------             -----------

                                       $23,484,210             $23,730,892
                                       ===========             ===========



            See accompanying notes to condensed financial statements.

                                        1

<PAGE>



                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                         CONDENSED STATEMENTS OF INCOME

<TABLE>
<CAPTION>

                                                            Quarter Ended                   Nine Months Ended
                                                            September 30,                     September 30,
                                                      1997           1996               1997             1996
                                                    --------       --------          ----------       ----------
<S> <C>
Revenues:
  Rental income from
    operating leases                                $508,852       $574,651          $1,558,963       $1,735,102
  Earned income from direct
    financing leases                                  32,564         33,407              98,344          100,809
  Contingent rental income                            20,661         19,409              65,265           61,539
  Interest and other income                           17,509          8,191              28,980           33,262
                                                    --------       --------          ----------       ----------
                                                     579,586        635,658           1,751,552        1,930,712
                                                    --------       --------          ----------       ----------

Expenses:
  General operating and
    administrative                                    33,940         40,537             113,606          127,530
  Bad debt expense                                        -              -               12,794               -
  Professional services                                4,110          4,173              18,200           18,590
  Real estate taxes                                    3,487         14,464              31,514           32,424
  State and other taxes                                   25             -               16,476           21,694
  Depreciation and amorti-
    zation                                           113,230        111,642             339,692          335,303
                                                    --------       --------          ----------       ----------
                                                     154,792        170,816             532,282          535,541
                                                    --------       --------          ----------       ----------

Income Before Equity in
  Earnings of Joint Ventures
  and Gain on Sale of Land
  and Building                                       424,794        464,842           1,219,270        1,395,171

Equity in Earnings of Joint
  Ventures                                            52,359         69,645             172,340          201,116

Gain on Sale of Land and
  Building                                                -         221,390                  -           221,390
                                                    --------       --------          ----------       ----------

Net Income                                          $477,153       $755,877          $1,391,610       $1,817,677
                                                    ========       ========          ==========       ==========

Allocation of Net Income:
  General partners                                  $  4,772       $  6,307          $   13,916       $   16,925
  Limited partners                                   472,381        749,570           1,377,694        1,800,752
                                                    --------       --------          ----------       ----------

                                                    $477,153       $755,877          $1,391,610       $1,817,677
                                                    ========       ========          ==========       ==========

Net Income Per Limited
  Partner Unit                                      $   7.87       $  12.49          $    22.96       $    30.01
                                                    ========       ========          ==========       ==========

Weighted Average Number of
  Limited Partner Units
  Outstanding                                         60,000         60,000              60,000           60,000
                                                    ========       ========          ==========       ==========

</TABLE>



            See accompanying notes to condensed financial statements.

                                        2

<PAGE>



                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                    CONDENSED STATEMENTS OF PARTNERS' CAPITAL


                               Nine Months Ended             Year Ended
                                 September 30,              December 31,
                                      1997                      1996
                               -----------------            --------

General partners:
  Beginning balance              $   446,657                $   402,138
  Contribution                       225,000                     22,300
  Net income                          13,916                     22,219
                                 -----------                -----------
                                     685,573                    446,657
                                 -----------                -----------


Limited partners:
  Beginning balance               22,450,974                 22,886,026
  Net income                       1,377,694                  2,324,948
  Distributions ($34.50 and
    $46.00 per limited
    partner unit, respectively)   (2,070,000)                (2,760,000)
                                 -----------                -----------
                                  21,758,668                 22,450,974
                                 -----------                -----------

Total partners' capital          $22,444,241                $22,897,631
                                 ===========                ===========




            See accompanying notes to condensed financial statements.

                                        3

<PAGE>



                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                       CONDENSED STATEMENTS OF CASH FLOWS


                                                   Nine Months Ended
                                                     September 30,
                                            1997                  1996
                                        -----------            ----------

Increase (Decrease) in Cash and Cash
  Equivalents:

    Net Cash Provided by Operating
      Activities                        $ 1,746,810            $ 2,070,821
                                        -----------            -----------

    Cash Flows from Investing
      Activities:
        Proceeds from sale of land
          and building                           -               1,049,550
        Investment in joint venture              -                (520,000)
        Return of capital from
          joint venture                          -                  82,511
        Increase in restricted cash              -                (531,400)
        Other                                 7,338                 (1,338)
                                        -----------            -----------
            Net cash provided by
              investing activities            7,338                 79,323
                                        -----------            -----------

    Cash Flows from Financing
      Activities:
        Contributions from general
          partner                           225,000                 22,300
        Distributions to limited
          partners                       (2,070,000)            (2,070,000)
                                        -----------            -----------
            Net cash used in
              financing activities       (1,845,000)            (2,047,700)
                                        -----------            -----------

Net Increase (Decrease) in Cash
  and Cash Equivalents                      (90,852)               102,444

Cash and Cash Equivalents at
  Beginning of Period                       554,593                485,864
                                        -----------            -----------

Cash and Cash Equivalents at End of
  Period                                $   463,741            $   588,308
                                        ===========            ===========

Supplemental Schedule of Non-Cash
  Financing Activities:

    Distributions declared and
      unpaid at end of period           $   690,000            $   690,000
                                        ===========            ===========




            See accompanying notes to condensed financial statements.

                                        4

<PAGE>



                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
           Quarters and Nine Months Ended September 30, 1997 and 1996


1.       Basis of Presentation:

         The accompanying  unaudited  condensed  financial  statements have been
         prepared in accordance  with the  instructions  to Form 10-Q and do not
         include  all  of the  information  and  note  disclosures  required  by
         generally  accepted  accounting  principles.  The financial  statements
         reflect all adjustments,  consisting of normal  recurring  adjustments,
         which are, in the opinion of management,  necessary to a fair statement
         of the results for the interim periods presented. Operating results for
         the  quarter and nine  months  ended  September  30,  1997,  may not be
         indicative  of the  results  that may be  expected  for the year ending
         December  31, 1997.  Amounts as of December  31, 1996,  included in the
         financial   statements,   have  been  derived  from  audited  financial
         statements as of that date.

         These unaudited financial statements should be read in conjunction with
         the financial statements and notes thereto included in the Form 10-K of
         CNL Income Fund IV, Ltd. (the "Partnership")for the year ended December
         31, 1996.

2.       Receivables:

         In June 1997, the Partnership  terminated the leases with the tenant of
         the  properties  in Portland and  Winchester,  Indiana.  In  connection
         therewith,  the Partnership accepted a promissory note from this former
         tenant for $32,343 for amounts  relating to past due real estate  taxes
         the  Partnership  had  accrued  as a  result  of  the  former  tenant's
         financial difficulties. The promissory note, is uncollateralized, bears
         interest at a rate of ten percent per annum,  and is being collected in
         36 monthly  installments.  Receivables at September 30, 1997,  included
         $15,945 of such amounts, including accrued interest of $389.
         (See Note 3).

3.       Commitment:

         In  July  1997,  the  Partnership  entered  into  new  leases  for  the
         properties in Portland and  Winchester,  Indiana,  with a new tenant to
         operate the properties as Arby's restaurants.  In connection therewith,
         the Partnership  has agreed to fund up to $250,000 in renovation  costs
         ($125,000  for each  property),  of which  $187,500  in costs  had been
         incurred and accrued as  construction  in process as of  September  30,
         1997.



                                        5

<PAGE>



                            CNL INCOME FUND IV, LTD.
                         (A Florida Limited Partnership)
               NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
           Quarters and Nine Months Ended September 30, 1997 and 1996


3.       Commitment - Continued:

         In September  1997,  the  Partnership  entered into a purchase and sale
         agreement with an unrelated  third party to sell the Checkers  property
         located in Douglasville, Georgia. The general partners believe that the
         anticipated sales price for this property will exceed the carrying cost
         associated with the property; however, as of October 31, 1997, the sale
         of this property had not occurred.

4.       Subsequent Events:

         In  October  1997,  the   Partnership   received   $69,000  in  capital
         contributions from the corporate general partner in connection with the
         operations of the Partnership.

                                        6

<PAGE>



ITEM 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULTS OF OPERATIONS

         CNL Income  Fund IV,  Ltd.  (the  "Partnership")  is a Florida  limited
partnership that was organized on November 18, 1987, to acquire for cash, either
directly or through  joint  venture  arrangements,  both newly  constructed  and
existing restaurant  properties,  as well as land upon which restaurants were to
be constructed, which are leased primarily to operators of national and regional
fast-food and family-style  restaurant chains (collectively,  the "Properties").
The leases  generally are triple- net leases,  with the lessees  responsible for
all repairs and  maintenance,  property  taxes,  insurance and utilities.  As of
September 30, 1997, the Partnership owned 41 Properties,  including interests in
five  Properties  owned  by  joint  ventures  in  which  the  Partnership  is  a
co-venturer and one Property owned with affiliates as tenants-in-common.

Liquidity and Capital Resources

         The  Partnership's  primary source of capital for the nine months ended
September  30, 1997 and 1996,  was cash from  operations  (which  includes  cash
received from tenants, distributions from joint ventures, and interest and other
income  received,  less  cash  paid for  expenses).  Cash  from  operations  was
$1,746,810 and $2,070,821 for the nine months ended September 30, 1997 and 1996,
respectively.  The  decrease in cash from  operations  for the nine months ended
September  30, 1997,  is primarily a result of changes in income and expenses as
discussed in "Results of  Operations"  below,  and changes in the  Partnership's
working capital.

         Other  sources and uses of capital  included the  following  during the
nine months ended September 30, 1997.

         The general  partners have the right,  but not the obligation,  to make
additional capital  contributions if they deem it appropriate in connection with
the  operations  of the  Partnership.  In April and July 1997,  the  Partnership
received $138,000 and $87,000, respectively, in contributions from the corporate
general  partner  in  connection  with the  operations  of the  Partnership.  In
addition,  in October 1997, the Partnership  received  $69,000 in  contributions
from the  corporate  general  partner in connection  with the  operations of the
Partnership.

         In June 1997, the Partnership  terminated the leases with the tenant of
the Properties in Portland and Winchester, Indiana. In connection therewith, the
Partnership  accepted a promissory  note from this former tenant for $32,343 for
amounts  relating to past due real estate taxes the Partnership had accrued as a
result of the former tenant's financial difficulties. The promissory note, which
is  uncollateralized,  bears interest at a rate of ten percent per annum, and is
being  collected in 36 monthly  installments.  Receivables at September 30, 1997
included $15,945 of such amounts, including accrued interest of $389.

                                        7

<PAGE>



Liquidity and Capital Resources - Continued

         In  July  1997,  the  Partnership  entered  into  new  leases  for  the
Properties in Portland and Winchester, Indiana, with a new tenant to operate the
Properties as Arby's restaurants.  In connection therewith,  the Partnership has
agreed to fund up to $250,000 in renovation  costs ($125,000 for each Property),
of which  $187,500 in costs had been  incurred  and accrued as  construction  in
process as of September 30, 1997.

         In September  1997,  the  Partnership  entered into a purchase and sale
agreement with an unrelated third party to sell the Checkers Property located in
Douglasville,  Georgia.  The general partners believe that the anticipated sales
price for this  Property  will  exceed the  carrying  cost  associated  with the
Property;  however,  as of October 31, 1997,  the sale of this  Property had not
occurred.

         Currently,  rental income from the Partnership's Properties is invested
in money market accounts and other short-term, highly liquid investments pending
the  Partnership's  use of such  funds to pay  Partnership  expenses  or to make
distributions  to the  partners.  At September  30, 1997,  the  Partnership  had
$463,741  invested  in such  short-term  investments  as compared to $554,593 at
December 31, 1996.  The funds  remaining  at  September  30, 1997,  will be used
towards the payment of distributions and other liabilities.

         Total liabilities of the Partnership,  including distributions payable,
increased to  $1,039,969  at September  30, 1997,  from $833,261 at December 31,
1996  primarily  as the result of amounts  accrued  during the nine months ended
September  30,  1997,  for  renovation  costs  relating  to  the   Partnership's
Properties  located in Winchester  and Portland,  Indiana,  as discussed  above.
Total liabilities at September 30, 1997, to the extent they exceed cash and cash
equivalents  at  September  30,  1997,  will  be  paid  from  future  cash  from
operations,  from general partner capital  contributions  of $69,000 received in
October 1997,  and, in the event the general  partners elect to make  additional
contributions, from future general partner contributions.

         Based on current and anticipated future cash from operations,  and to a
lesser  extent,  additional  capital  contributions  from the corporate  general
partner  received in April,  July and October 1997 described above, and in April
1996, the Partnership  declared  distributions to limited partners of $2,070,000
for each of the nine months ended September 30, 1997 and 1996 ($690,000 for each
of  the  quarters  ended   September  30,  1997  and  1996).   This   represents
distributions  for each  applicable  nine months of $34.50 per unit  ($11.50 per
unit for each applicable  quarter).  No  distributions  were made to the general
partners for the quarters and nine months ended  September 30, 1997 and 1996. No
amounts  distributed or to be  distributed to the limited  partners for the nine
months ended

                                        8

<PAGE>



Liquidity and Capital Resources - Continued

September  30, 1997 and 1996,  are  required  to be or have been  treated by the
Partnership  as a return of capital  for  purposes  of  calculating  the limited
partners'  return  on their  adjusted  capital  contributions.  The  Partnership
intends to continue to make  distributions of cash available for distribution to
the limited partners on a quarterly basis.

         The Partnership's  investment strategy of acquiring Properties for cash
and generally  leasing them under  triple-net  leases to operators who generally
meet  specified  financial  standards  minimizes  the  Partnership's   operating
expenses. The general partners believe that the leases will continue to generate
cash flow in excess of operating expenses.

Results of Operations

         During  the  nine  months  ended  September  30,  1997  and  1996,  the
Partnership  owned and leased 35 wholly owned Properties to operators  generally
of fast-food and family-style restaurant chains. In connection therewith, during
the nine months  ended  September  30,  1997 and 1996,  the  Partnership  earned
$1,657,307 and $1,835,911,  respectively, in rental income from operating leases
and earned income from direct financing leases from these  Properties,  $541,416
and $608,058 of which was earned  during the quarters  ended  September 30, 1997
and 1996, respectively. The decrease in rental and earned income during the nine
months ended  September 30, 1997, as compared to the nine months ended September
30, 1996, is primarily  attributable to the Partnership increasing its allowance
for  doubtful  accounts by  approximately  $83,400  during the nine months ended
September  30, 1997,  for rental  amounts  relating to the  Hardee's  Properties
located  in  Portland  and  Winchester,  Indiana,  which are  leased by the same
tenant, due to financial  difficulties the tenant is experiencing.  In addition,
in June 1997,  the  Partnership  terminated  the lease with the former tenant as
discussed  above in  "Liquidity  and Capital  Resources",  causing a decrease in
rental  income of  approximately  $43,100 for the quarter and nine months  ended
September 30, 1997.  The  Partnership  does not intend to continue to pursue the
collection  of those rental and other  amounts due from the former tenant unless
the  former  tenant  defaults  under the  promissory  note,  described  above in
"Liquidity and Capital Resources".

         In addition,  rental and earned income decreased during the quarter and
nine  months  ended   September  30,  1997,  as  a  result  of  the  Partnership
establishing an allowance for doubtful accounts totalling  approximately $32,100
and  $64,000,  during the quarter  and nine months  ended  September  30,  1997,
respectively,  for rental amounts  relating to the Property located in Palm Bay,
Florida,  due  to  financial  difficulties  the  tenant  is  experiencing.   The
Partnership  intends to pursue  collection  of past due amounts from this tenant
and will recognize such amounts as income if collected.


                                        9

<PAGE>



Results of Operations - Continued

         In addition,  rental and earned income decreased  approximately $23,500
and  $76,300  during the  quarter  and nine months  ended  September  30,  1997,
respectively,  as a result  of the sale of the  Property  in Tampa,  Florida  in
September  1996.  The decrease in rental  income for the quarter and nine months
ended  September 30, 1997 was partially  offset by an increase of  approximately
$29,600  and  $88,900,  respectively,  in  rental  income  attributable  to  the
reinvestment of the net sales proceeds in a Property in Richmond,  Virginia,  in
December 1996.

         During  the  nine  months  ended  September  30,  1997  and  1996,  the
Partnership also earned $65,265 and $61,539,  respectively, in contingent rental
income,  $20,661  and  $19,409 of which was earned  during  the  quarters  ended
September 30, 1997 and 1996, respectively.

          During  the  nine  months  ended  September  30,  1997 and  1996,  the
Partnership  also owned and leased  five  Properties  indirectly  through  joint
venture  arrangements and one Property as  tenants-in-common  with affiliates of
the general  partners.  In  connection  therewith,  during the nine months ended
September  30, 1997 and 1996,  the  Partnership  earned  $172,340 and  $201,116,
respectively,  attributable  to the net income  earned by these joint  ventures,
$52,359 and $69,645 of which was earned during the quarters ended  September 30,
1997 and 1996, respectively.  The decrease is partially attributed to some joint
ventures adjusting  estimated  contingent rental amounts accrued at December 31,
1996,  to actual  amounts  during the nine months ended  September  30, 1997. In
addition,  the  decrease  in the net income  earned by these  joint  ventures is
partially  attributable  to the fact that,  during  July 1997,  the  operator of
Titusville  Joint  Venture  vacated  the  Property  and  ceased  operations.  In
conjunction  therewith,  the joint venture established an allowance for doubtful
accounts of approximately $13,500 and $25,900 during the quarter and nine months
ended September 30, 1997, respectively. No such allowance was established during
the quarter and nine months ended  September  30, 1996.  In addition,  the joint
venture  recorded  real estate tax expense of  approximately  $9,300  during the
quarter and nine months ended September 30, 1997. No such real estate taxes were
incurred  during the quarter and nine months ended September 30, 1996. The joint
venture intends to pursue collection of these amounts from the former tenant and
will  recognize  such  amounts  as income if  collected.  The joint  venture  is
currently seeking either a replacement tenant or purchaser for this Property.

         Operating expenses,  including  depreciation and amortization  expense,
were  $532,282 and $535,541  for the nine months  ended  September  30, 1997 and
1996,  respectively,  of which  $154,792  and  $170,816  were  incurred  for the
quarters  ended  September  30,  1997 and 1996,  respectively.  The  decrease in
operating  expenses for the quarter and nine months ended September 30, 1997 was
partially  attributable to a decrease in accounting and administrative  expenses
associated with operating the Partnership and its Properties.  In addition,  the
decrease in operating expenses for

                                       10

<PAGE>



Results of Operations - Continued

the quarter and nine months  ended  September  30, 1997 was due to the fact that
during the quarter  ended  September  30,  1997,  the tenant of the  Property in
Maywood,  Illinois,  reimbursed the  Partnership  for past due real estate taxes
relating to the Property,  which the  Partnership  had previously  accrued.  The
Partnership  reversed  such  amounts  during the quarter  and nine months  ended
September 30, 1997.

         The  decrease  in  operating  expenses  during  the nine  months  ended
September  30,  1997  was  partially  offset  by the fact  that the  Partnership
recorded bad debt expense of $12,794 during the nine months ended  September 30,
1997,  relating to the Properties  located in Portland and Winchester,  Indiana,
relating to past due rental amounts. The Partnership does not intend to continue
to pursue the collection of such amounts unless the former tenant defaults under
the promissory note, as described above in "Liquidity and Capital Resources".

         As a result of the former tenant of the Property in Leesburg,  Florida,
defaulting  under the  terms of its lease in  September  1994,  the  Partnership
expects to  continue  to incur  certain  expenses,  such as real  estate  taxes,
insurance and maintenance until a replacement tenant is located. The Partnership
is currently seeking a replacement tenant for this Property.

         As a result of the sale of the Property in Tampa, Florida, in September
1996,  the  Partnership  recognized a gain of $221,390 for  financial  reporting
purposes  during the  quarter and nine  months  ended  September  30,  1996.  No
Properties  were sold during the quarter and nine  months  ended  September  30,
1997.

                                       11

<PAGE>



                           PART II. OTHER INFORMATION


Item 1.           Legal Proceedings.  Inapplicable.

Item 2.           Changes in Securities.  Inapplicable.

Item 3.           Defaults upon Senior Securities.  Inapplicable.

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

                  Inapplicable.

Item 5.           Other Information.  Inapplicable.

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

                  (a)      Exhibits - None.

                  (b)      No reports on Form 8-K were filed  during the quarter
                           ended September 30, 1997.

                                       12

<PAGE>


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended,  the  registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

         DATED this 6th day of November, 1997.


                            CNL INCOME FUND IV, LTD.

                            By:      CNL REALTY CORPORATION
                                     General Partner


                                     By:      /s/ James M. Seneff, Jr.
                                              -------------------------------
                                              JAMES M. SENEFF, JR.
                                               Chief Executive Officer
                                              (Principal Executive Officer)


                                     By:      /s/ Robert A. Bourne
                                              -------------------------------
                                              ROBERT A. BOURNE
                                              President and Treasurer
                                              (Principal Financial and
                                               Accounting Officer)