Mount Grace Land Conservation Trust

“The organization reports conservation easements it owns as assets on the balance sheet at the nominal value of $1 each. Financial statement disclosure the amounts reported as land held for conservation purposes are lands that mount grace land conservation trust, inc. Acquired through purchases and donations and it is the intent of the organization to hold these lands for conservation purposes in perpetuity. These parcels may have conservation or other use restrictions on them. The organization records these assets at cost or at fair market value at the time of donation. Any reduction in value of a parcel of land that occurs as a result of mount grace land conservation trust, inc. Granting a conservation restriction on the land it owns is recognized as an expense of the organization in the year that the restriction occurs. The organizations also receives donations of conservation restrictions and easements on land which it does not hold title. These conservation restrictions and easements are reported in the financial statements at a nominal value, $1. As of the date of these financial statements, the organization holds 94 conservation restrictions and easements.”

“Generally accepted accounting principles in the united states of america prescribe the threshold a tax position is required to meet before being recognized in the financial statements. A liability for uncertain tax positions is recognized and recorded as a component of current income tax expense for differences between financial and income tax reporting positions which do not meet this threshold. Any interest and penalties related to uncertain tax positions are recorded as a component of income tax expense. The organization has reviewed its tax positions that remain subject to examination by tax authorities and has not identified any material uncertain tax positions and thus has not recorded any liability at may 31, 2024. The organization's federal and state tax returns are subject to possible examination by taxing authorities until the expiration of the related returns statutes. In general, the federal and state tax returns have a three-year statute of limitation from the date the tax returns were due or filed, whichever is later. The organization is no longer subject to examinations by tax authorities for years prior to 2020 and has no open examinations as of the date of these financial statements.”

“RENTAL EXPENSES”

“RENTAL EXPENSES”