Scenic Hudson Inc

“USE OF ENDOWMENT FUNDS: As articulated in detail in Part VII of Schedule R, Scenic Hudson, Inc. (SH) and The Scenic Hudson Land Trust, Inc. (SHLT) are related, tax-exempt organizations. Neither organization holds a "permanent endowment," that is, a fund intended by the donor to preserve its original principal amount and thus where spending is restricted to income and other investment earnings. SH and SHLT do hold five "quasi-endowment" funds, which had a combined market value of $233,374,141 as of June 30, 2024, as follows: The Scenic Hudson Board Designated Fund is held by SH for the purpose of supporting the annual operating budget. Spending from the Board Designated Fund is determined annually by the board based on a percentage of the average balance over a rolling twelve-quarter period. As of June 30, 2024, the balance of the Board Designated Fund was $34,522,526. The Kathryn W. Davis Fund for Park Planning and Community Land Use (the "Kathyrn W. Davis Fund") is a donor-restricted fund held by SH. This fund is used to support SH's staff, consultants and other costs for park design, park management and land use planning. Spending from the Kathryn W. Davis Fund is by application of the same spending rate determined by the Board and applied to SH's Board Designated Fund. As of June 30, 2024, the balance of the Kathryn W. Davis Fund was $5,210,692. The combined value of the Board Designated Fund and Kathryn W. Davis Fund ($39,733,218) is reported in Schedule D, Part V of the Scenic Hudson 990. Because of the small size of the Board Designated Fund relative to SH's operations, and the restricted purpose of the Kathryn W. Davis Fund, Scenic Hudson is highly dependent on donor contributions to meet its annual operating needs. The Lila Acheson and Dewitt Wallace Hudson Valley Land Preservation Endowment (the "Wallace Fund") is a donor-restricted fund held by SHLT. It is principally used to support capital and other costs of purchasing land and conservation easements to meet SHLT's land preservation goals. Spending from the Wallace Fund is by application of the same spending rate determined by the Board and applied to SH's Board Designated Fund. Special appropriations are permitted under exceptional circumstances by Board approval, subject to donor restrictions. As of June 30, 2024, the balance of the Wallace Fund was $192,647,339. The Conservation Easement Enforcement Fund (the "Easement Enforcement Fund") is a board-designated fund held by SHLT. Appropriations are made at the discretion of the Board, generally by application of the same spending rate determined by the Board and applied to SH's Board Designated Fund. Spending is used primarily to cover legal and other costs incurred to support the perpetual obligation to monitor and enforce conservation easements and to defend lands held in fee for conservation. As of June 30, 2024, the balance of the Easement Enforcement Fund was $993,585. The capital costs of preserving the highest priority conservation lands in the Hudson Valley far exceed appropriations available from the Wallace Fund. Accordingly, Scenic Hudson's land preservation program - which is run primarily through The Scenic Hudson Land Trust - is highly dependent on capital contributions from individuals, foundations and government entities. The combined value of the Wallace Fund and Easement Enforcement Fund ($193,640,924) excluded from this 990 and reported in Schedule D, Part V of The Scenic Hudson Land Trust 990. HHFT does hold a "quasi-endowment" fund (the "Fund"), which had a value of $3,367,949 as of June 30, 2024. The Board established the Fund during the fiscal year ended June 30, 2021 with a grant (the "Gift") of $50,000 to support future operating and maintenance costs of the Hudson Highlands Fjord Trail by The Scenic Hudson Land Trust, Inc. (SHLT), a related, tax-exempt organization. The Gift is subject to a Gift Agreement (the "Agreement") whereby the HHFT Board of Directors may determine how, when and in”

“DISCLOSURE OF UNCERTAIN TAX POSITIONS: The Organization believes it had no uncertain tax positions as of June 30, 2024 and 2023 in accordance with Accounting Standards Codification ("ASC") Topic 740, "Income Taxes," which provides standards for establishing and classifying any tax provisions for uncertain tax positions.”

“Consolidation Eliminations -7,328,965. Related Entity Revenue 27,986,082.”

“Consolidation Eliminations -3,062,140. Related Entity Expenses 20,227,015.”