Peconic Land Trust Incorporated

“The governing board of directors review and approve the 990 on behalf of the organization.”

“Each board meeting members are asked to disclose any relationship with covered persons and other potential conflicts. Covered persons are asked to complete a disclosure each year regarding themselves and family members. When a potential conflict exists, the board of directors discuss relevant issues and concludes whether the transaction is appropriate and what further steps are needed. If the potential conflict involves a board member, that member will recuse from discussion and vote.”

“The board personnel committee & full board review and approve the president's salary. Data is gathered by the committee in determining compensation. Contemporaneous minutes of the process and decision are recorded. Data is also gathered by the personnel committee in determining compensation for other officers and key employees. Contemporaneous minutes of the process and decision are recorded.”

“All governing documents, policies, and financial statements can be reviewed at the request of the trust's management.”

“Easement monitoring policy: all easements are to be routinely monitored with written records maintained each time a property is monitored. Easements should be monitored at least annually to detect changes and to insure the property is being used in accordance with the terms and restrictions placed on it. Monitoring includes land owner contact, property inspection, and written documentation.”

“Organizations policy of accounting for easements: donations of land and conservation easements are generally recorded as revenue and assets based upon appraised value as determined by qualified independent appraisers. There is sometimes a substantial lag time between when a property or easement is donated to the trust and when the appraised values are available to the trust; because of this, all valuations may not be included in the year a donation is received. In order to be included in the year of donation, the appraised value must be received prior to the date of the audit report. Those received after that date will be included in the subsequent year. Gifts of conservation easements are, in most instances, perpetual and therefore recorded as permanently restricted. Gifts of land held for conservation or other purposes are generally unrestricted.”

“Other professional fees: program service expenses 961,819. Management and general expenses 77,182. Fundraising expenses 42,653. Total expenses 1,081,654.”

“The process has not changed from the prior year.”

“A common misconception is that the peconic land trust is the recipient of monies raised through the community preservation tax (also referred to as the 2% land transfer tax, the cpf tax, or the peconic land tax). This is not the case. The cpf tax is collected by suffolk county and then redistributed to the five east end towns, the distribution of which is based on the location of the property from which the tax is acquired. The trust depends primarily upon private contributions to fulfill its mission.”