Open Space Institute Land Trust Inc

“The board of trustees of osilt delegates to the executive committee of the board the power to take any action in between regular meetings of the board that could otherwise be taken by the full board. The executive committee is required to report to the full board on any actions taken by the executive committee at the next regular meeting of the full board.”

“The sole member of open space institute land trust, inc. Is open space institute, inc. ("osi")”

“The trustees of open space institute land trust, inc. Are elected at the annual meeting of the board of trustees of the sole member (open space institute, inc.) and any trustee may be removed, with or without cause, by the sole member.”

“The sole member (open space institute, inc.) has the authority to remove any trustee with or without cause.”

“Our 990 is prepared by an outside independent accounting firm. The draft form 990 is reviewed by the controller, chief financial officer & general counsel. After staff review the return it is then reviewed by the audit committee. The reviewed and corrected 990 form is then sent out to all the board members of the organization for their review and comments. The return is filed once all parties have completed their review and required edits have been made.”

“Open space institute land trust, inc. Has a conflict of interest policy which requires all board members and officers to disclose conflicts and potential conflicts as soon as they arise. A conflicted party may not discuss the transaction that is the basis of such conflict, and must recuse themselves from any discussion or vote on such transaction. The president each year reports to the board of trustees all conflict transactions and how they were handled. The board of open space institute land trust, inc. Has the power to take remedial action if the conflict policy is violated.”

“Open space institute, inc. Makes its governing documents, conflict of interest policy, whistleblower policy, document retention and destruction policy and financial statements available to the general public. These documents are sent to anyone who contacts the organization and requests such information.”

“Timing differences on land donations -41,942,861.”

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

“As part of its conservation efforts, osi may donate land to conservation agencies or sell it at below market value. In cases where an obligation or intent exists to do so, grant expense is accrued to recognize the amount of the future donation for financial statement purposes. However, grants of land are not recognized on form 990 schedule i until they occur. This will result in a reconciling difference on schedule d of the irs form 990, as only completed donations are reported on the form 990.”