Lincoln Land Conservation Trust

“The value of conservation easements is not reported in the organization's revenue and expense statement. The text of the footnote to the organization's financial statements that describes the organization's accounting for conservation easements is given below.”

“Collections - conservation land and conservation easements: llct owns land, conservation easements and trail easements in support of its charitable purpose. Because these assets meet the conditions of a collection under fasb accounting standards codification , the acquisition of land and easements through purchase or donation are not capitalized. If land or conservation easements are purchased, the costs are reported as a decrease in the appropriate class of net assets. If land or conservation easements are sold, the proceeds are reported as an increase in the appropriate class of net assets. Conservation easements donated to the organization have no market value in the hands of the organization and are not recognized in the combining financial statements. These assets are subject to an organizational policy that requires the proceeds from sales of collection items to be used to acquire other collection items. Stewardship policies regarding these assets include preparing baseline documentation for all new conservation land and conservation easements; monitoring all deeded conservation land and conservation easements at least once per year, and resolving minor concerns as well as more serious violations; clearing all trails at least once per year; and management of deeded land, as required. Expenses to inspect and maintain easements and conservation lands are shown as part of stewardship expenses in the accompanying combining statement of functional expenses.”

“The organization owned 512 acres of land in the towns of lincoln and concord, massachusetts, a total of 78 parcels. It also held conservation easements on 563 acres as reported in part ii. These properties and easements are held in direct support of the organization's exempt purposes as stated in our mission statement. The lincoln land conservation trust (llct) exists to preserve the rural character of lincoln, to acquire and maintain undeveloped land in town, to develop trails therein, to establish sound conservation practices, and to encourage preservation, enjoyment, education and scientific study of lincoln's natural areas.”

“Tax position: the organization currently evaluates all tax positions, and makes a determination regarding the likelihood of those positions being upheld under review. The primary tax positions made by the organization are the existence of unrelated business income tax and the organization's status as a tax-exempt organization under section 501(c)(3) of the internal revenue code. For the year presented, the organization has not recognized any tax benefits or loss contingencies for uncertain tax positions based on this evaluation.”