Sebasticook Regional Land Trust

“Sebasticook regional land trust endowment funds housed at maine community foundation are restricted to the stewardship and legal defense ofthe land trust's conserved properties.”

“Sebasticook regional land trust is a maine not-for-profit corporation and is exempt from income taxes under internal revenue code section 501(c)(3) whereby only unrelated business income, as defined by section 512(a)(1) of the code, is subject to federal income tax. Effective january 1, 2009, sebasticook regional land trust adopted the provisions of fasb interpretation 48, accounting for uncertainty in income taxes (fin 48, as codified by asc 740, income taxes). This statement clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in organizations financial statements. Asc 740 prescribes a recognition threshold of more likely-than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the financial statements. Management evaluated the foundation's tax positions and concluded that the foundation had taken no uncertain tax positions that required adjustment to the financial statements to comply with the provisions of this guidance. As a result, there was no cumulative effect related to adoption and no interest or penalties related to uncertain tax positions were accrued. When necessary, the land trust accounts for interest and penalties related to uncertain tax positions were accrued. The land trust does not expect that unrecognized tax benefits arising from tax positions will change significantly within the next twelve months. The foundation is currently open to audit under the statute of limitations by the internal revenue service and state taxing authorities for the years ending december 31, 2010 through 2013.”