Hackensack Riverkeeper Inc.

“As a result of land remediation lawsuit settlements, the organization has been granted conservation easements. Conservation easements are perpetual agreements between the organization and private landowners through whom the landowners agree to abide by certain restrictions designed not to preserve the open space or conservation value of their land; these agreements are binding on all future landowners. The organization holds two conservation easements as of december 31, 2012. Upon accepting a conservation easement, the organization assumes a perpetual obligation to monitor the affected property to ensure that the landowners comply with the restrictions in the easement. Further, the organization is perpetually obligated to enforce the provisions of the easements in the event of a violation to the terms of the easement. Enforcing an easement violation could involve costly legal or other expenses. Although conservation easements are real property rights, they possess little or no market value due to a real market that is essentially limited to the owner of the fee title of the restricted property. Because of this limited market and due to the obligations inherent in easement ownership, the organizations easement holdings are not reflected on the organizations financial statements either as assets or liabilities.”

“As of december 31, 2014, management believes that based on an evaluation of the organization's tax position that any additional liability as a result of uncertain tax positions would not be material. Management continually evaluates expiring statues of limitations, changes in tax law, and new authoritative rulings to assist in evaluating the organization's tax positions. Accrued interest and penalities associated with uncertain tax positions, if any, would be recognized as part of the income tax provision. Income tax returns are filed in the u.s. Federal jurisdiction, and state jurisdictions. U.s. Federal and state income tax returns prior to fiscal year 2011 are closed.”