Greater Lovell Land Trust Inc

“The organization has an easement monitoring policy in place which requires inspection and monitoring of all easements at least annually, and more frequently if circumstances indicate possible violations and are followed up for further study, as per the organizations conservation easement enforcement and violation resolution policy.”

“Easements are generally donated to the organization to protect the environment on these properties. Easements are recorded on the deeds to property to restrict the use of that property. Easements donated to the organization with conservation restrictions are not valued by the organization nor included in the financial accounts of the organization. Costs of acquiring easements are expensed. A summary of description of easements held by the organization at december 31, 2024 is included in the notes to the financial statements.”

“Generate income to support future operations or endeavors.”

“The Organization has been notified by the Internal Revenue Service that it is exempt from federal income taxes under Section 501c3 of the Internal Revenue Code. The Organization is further classified as an organization that is not a private foundation under Section 509a3 of the Code. The most significant tax positions of the Organization are its assertion that it is exempt from income taxes and its determination of whether any amounts are subject to unrelated business tax UBIT. The Organization follows the guidance of Accounting Standards Codification ASC 740, Accounting for Income Taxes, related to uncertain income taxes, which prescribes a threshold of more likely than not for recognition and recognition of tax positions taken or expected to be taken in a tax return. All significant tax positions have been considered by management. It has been determined that it is more likely than not that all tax positions would be sustained upon examination by taxing authorities. Accordingly, no provision for income taxes has been recorded.”