Lowell Parks and Conservation Trust Inc.

“The organization monitors easements in the normal course of its operations and associated costs are expensed as incurred. The estimated value of the easements is not included in the statement of financial position because the easements do not represent a future economic benefit to the organization.”

“The artifacts all came with the spalding house and range from furniture to lamps, cross stitches to dishes. These were all collected by the daughters of the american revolution. The artifacts help us convey the history of the spalding house, which we hope to open eventually as an urban environmental education museum. The artifacts also help us convey a sense of place.”

“Lowell parks and conservation trust established six endowment funds with the greater lowell community foundation with the intent of growing the endowments so that the annual distributions could be used to further the mission of improving the quality of life for the people of lowell through the creation, conservation, and preservation of the parks, open spaces, and special places. Five of the endowments are to provide funds for the maintenance of property owned by lowell parks and conservation trust, and the other is to provide funds for conservation easement stewardship as well as to fund operations.”

“Lowell parks & conservation trust, inc. Has been granted tax-exempt status under internal revenue code section 501(c)(3) and is, therefore, generally exempt from federal and state income taxes. Accordingly, no provision for income taxes has been provided for in the accompanying financial statements. Asc 740-10, "income taxes" requires the organization to evaluate and disclose tax positions that could have an effect on the organization's financial statements. The organization reports its activities to the internal revenue service and to the commonwealth of massachusetts on an annual basis. These informational returns are generally subject to audit and review by the governmental agencies for a period of three years after filing. Substantially all of the organization's income, expenditures and activities relate to its exempt purpose, therefore, management has determined that the organization is not subject to unrelated business income taxes and will continue to qualify as a tax-exempt not-for-profit entity.”