Vermont Land Trust Inc.

“Amendment: costa: the purposes of the costa conservation easement are to conserve productive agricultural and forestry uses, as well as to conserve the soil resources, scenic values, and natural resources associated with the property for present and future generations. The modification to the easement strengthened the protection of the agricultural, forestry and scenic values of the property by replacing a right of first refusal with an option to purchase at agricultural value ("opav") on the conserved property. The opav furthers the purposes of the easement by keeping the agricultural land affordable to farmers, as supported by vermont law and policy, which results in the land remaining in productive use and therefore as open farmland. In addition, the amendment furthered the conservation purposes of the easement by adding wetland protections. Vlt and the landowner signed an updated baseline documentation report. The vermont housing and conservation board and the vlt board of trustees approved this modification to enhance the restrictions on the costa farm. Amendment: goat: this corrective amendment fixed an error in the dates listed in the signature line and notary block. The dates in the original easement were erroneously listed, and the corrective amendment revised the dates to accurately reflect the execution date of march 3, 2023. The error is evidenced in the content of the other closing documentation simultaneously executed on the same day, including the vermont property transfer tax return, the conservation map, the baseline documentation report, the mechanics' lien affidavit, the closing summary and vlt's thank you letter. Amendment: fairmont dairy: this scrivener's error affidavit fixed an error in the property legal description contained in the schedule a of the conservation easement, which erroneously included a reference to a deed for land which was never intended to be conserved. The error is evidenced in the content of the conservation easement, the baseline documentation report and the conservation map, which demonstrate that there was no intention to conserve said land. Amendment: putney mountain association iii: the purposes of the putney mountain association easement are to conserve wildlife habitat, forest values, scenic resources, plant habitat for ecological and biological health of the property, and public recreation and educational opportunities. This amendment furthered the conservation purposes of the easement by adding 159 +/- acres of previously unconserved land to the easement. In addition, the amendment furthered the conservation purposes of the easement by adding a forest protection zone. Vlt and the landowner signed an updated baseline documentation report. The vlt board of trustees and the vermont housing and conservation board approved this amendment.”

“Easements acquired by the trust are conservation easements and represent numerous restrictions over the use and development of land not owned by the trust. Since these easements have no marketable value, they are not recorded as assets on the statement of financial position. All easements acquired by purchase are expensed as development rights in the statement of functional expenses. In some instances when the trust purchases a conservation easement on farmland, it may also acquire an option to purchase the conserved farm at agricultural value in the event the landowner elects to sell the property to an unrelated party or to someone who is not a qualified farmer as defined in the easement agreement. The trust also holds title to certain parcels which management deems not to have any fair value due to the conservation restrictions or other limitations. In all cases, the trust monitors activities on the land and enforces restrictions.”

“Vermont land trust's endowments support a variety of uses including: - funding the land and conservation easement stewardship program - enforcing conservation easement violations - providing conservation project support - providing support for general land conservation operations”

“The trust is exempt from federal income taxes under internal revenue code section 501(c)(3). Contributions to the trust are deductible as allowed under section 170(b)(1)(a)vi) of the code. The trust has adopted the provisions of fasb interpretation no. 48, accounting for uncertainty in income taxes (fasb asc 740). Accordingly, management has evaluated the trust's tax positions and concluded the trust has maintained its tax-exempt status, does not have any significant unrelated business income and has taken no uncertain tax positions that require adjustment or disclosure in the financial statements. With few exceptions, the trust is no longer subject to income tax examinations by the u.s. Federal or state tax authorities for years before 2022.”

“Change in beneficial interest in net assets held by vcf 1,659,400. Cost of land sold 1,673,568. Valuation adjustments to split interest agreements 352,012.”

“Cost of land sold 1,673,568.”