Westport Land Conservation Trust Inc

“Land and conservation restrictions: the organization records both land acquisitions and land conveyances at cost if purchased or at fair value at the date of acquisition, if all or part of the land was received as a donation. Fair value is generally determined by appraisal at the time of acquisition and is not subsequently adjusted. Values are primarily based on independent professional appraisals performed for the organization or on appraised values determined or adopted by public agencies. Where neither of the foregoing sources is readily available, the organization may use the full cash value as established by the local tax assessor, cost if the cash value is minimal or internal estimates based on staff analyses. Where a current appraisal is available from a professionally qualified independant appraiser retained by a third party, such value may be adopted when the organization is satisfied that the appraisal is reasonable.the organization also receives donations of conservation restrictions and easements on land which it does not hold title. These are voluntary legal agreements by which landowners can elect to ensure permanent protection of the conservation values of their property. These conservation restrictions and easements are reported in the financial statements at a nominal value, $1. If purchased, the costs are expensed when the restriction and easement is acquired. Conservation restrictions and easements are not marketable interests in real estate and have no segregable economic value to the organization. This imposes on the organization a perpetual obligation to monitor and steward the properties, the costs of which are an on-going expense in the organizations annual budget. The organization shall undertake regular monitoring visits at a rate of no less than one visit per year. The inspection will take place after the landowners have been given written notice and invited to accompany the monitor. Monitoring inspection reports will be filed and maintained for the respective conservation restriction in the organizations files. Landowners will be provided with a copy of the report, and any subsequent new landowners of the conservation restriction will be introduced to the organization, its policies and the terms of the conservation restriction. The organization will provide a new copy of the monitoring reports to the landowner if it was not provided by the previous owner.”

“Term endowment - funds intended for maintenance, management and restoration of certain properties, certain land aquisition projects, farmland protection projects and studies concerning agriculture. Permanent endowment - funds intended for conservation, maintenance, management and improvement of certain properties.”