Deductions & credits

That is correct.  Part IV is required to be completed when any gift from a nonresident aggregates over $100,000 during the tax year, then only the gifts exceeding the $5,000 threshold get reported.  This does mean that the amounts listed in part IV may not match the aggregate overall amounts received in the event you received gifts below the $5,000 threshold.  These amounts would not be reported anywhere else per the instructions for Form 3520.