Adirondack Land Trust Inc.

“Conservation easements are voluntary legal agreements by which landowners can elect to ensure permanent protection of the conservation values of their property. Landowners who convey easements to the trust continue to own the property in fee, with some retained rights to use the property subject to the restrictions as specified in the easement. The trust can obtain an easement by donation, purchase or a bargan purchase, which is a partial purchase and partial donation at less than fair market value. The trust does not attribute value to the easement held. Easements are not marketable interest in real estate, and have no economic value to the trust. Easements impose a perpetual obligation on the trust to monitor and steward the properties. The costs of stewarding and enforcing conservation easements is an ongoing expense in the trust's annual budget.”

“The endowment provides stable financial support, playing a critical role in enabling the trust to achieve its mission.”

“The trust is exempt from federal income tax under section 501(c)(3) of the internal revenue code. The trust qualifies for the charitable contribution deduction under section 170 (b)(1)(a) and has been classified as an organization other than a private foundation under section 509(a)(2). Under accounting standards codification (asc) section 740, the tax status of tax-exempt entities is an uncertain tax position, since events could potentially occur that jeopardize tax-exempt status. Management is not aware of any events that could jeopardize the trust's tax-exempt status. Therefore, no liability or provision for income tax has been reflected in the financial statements.”

“Fundraising expenses 4,750.”

“Investment expense netted against investment income 4,084.”

“Fundraising expenses 4,750.”

“Investment expense 4,084.”

“Part ii, line 5 - written monitoring policy the trust's easements are monitored in the following manner: the easement, monitoring report and photos from the previous year are reviewed. An appointment is made with the land owner to meet on site. The property is inspected paying particular attention to any changes that have taken place over the past year. A map is used to document the route. Notes and photos provide additional documentation. The landowner is asked if any changes may take place over the up coming year. Follow up with the landowner with a cover letter, monitoring form and map of the route taken and photos.”