Otsego Land Trust Inc.

“There were two amendments to one easement because husband and wife owned different parts of the property that was subject to the easement. The original conservation easement was amended because it used definitions with various defects or problems and used vague or inconsistent language in describing rights and restrictions. These problems have the potential to result in situations in which the conservation values in the conservation easement were not adequately protected or in which restrictions are imposed have no reasonable impact on the protected conservation values. To better insure that the value that the conservation easement can be adequately administered and enforced and protects the value that the grantor desired to protect in the original easement, the parties have agreed in this easement amendment to correct, restate and update the original conservation easement.”

“REVENUES: ALL OF THE REVENUE IS REPORTED UNDER THE STEWARDSHIP LINE OF THE FINANCIAL STATEMENTSEXPENSES: ALL RELATED EXPENSES ARE REPORTED IN THE PROGRAM COLUMN OF THE FUNCTIONAL EXPENSE.FINANCIAL STATEMENT NOTE: The Organization currently has 90 properties under stewardship. These properties have conservation easements in place. The easements help to protect the distinctive rural character of Otsego area in central New York through securing lands and waters significant scenic, historic, and natural value, including forests and farmlands. For accounting purpose these easements are valued at zero due to the ongoing stewardship obligations incurred in accepting these easements.”

“The Otsego Land Trust, Inc. is a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code and as such is not subject to Federal Income Tax.The Organization reviews the components of revenues, gains, and other support and analyzes whether the position that the Organization takes with regard to a particular item of income would meet the definition of an uncertain tax position under GAAP.The Organization files information returns in the U.S. federal jurisdiction and New York State jurisdiction. The tax years that remain subject to examination by taxing authorities are generally the previous three years.”

“Fundraising expenses $6537”

“Fundraising expense $6537”