The Sakonnet Preservation Association Inc

“Pursuant to the national Land Trust Alliance standards and practices, the Sakonnet Preservation Association the Association shall monitor each of its conservation easement properties within each calendar year and within twelve months of acquisition. Annual property monitoring strengthens the relationship with the landowner, ascertains changes in land ownership and ensures enforcement of the easements terms. Effective property monitoring is required to uncover possible easement violations, initiate remediation, undertake enforcement actions and establish a record for possible legal action. The Association is committed to monitoring, defending and enforcing their terms and restrictions in a consistent, timely manner.”

“The volunteer property monitor or Stewardship Director shall walk the boundaries of the property, making every effort to locate them, following the baseline Documentation Report, Management Plan or Survey Plan photographs. Overall supervision of monitoring shall be the responsibility of the Stewardship Director who shall delegate monitoring duties to the Associations trained volunteer monitors which may include the Sakonnet Preservation Associations Board Members. Completed monitoring reports will be archived in accordance with the Associations adopted Records Policy and Procedure.”

“Conservation easements placed on land owned by the Organization impair the value of the land. Accordingly, the loss of value is shown as a reduction of net assets on the Statement of Activities. The Organization also holds conservation easements including deeded development rights on land owned by other parties. There is no market for such easements, which are recorded at 1 at time of receipt.”

“The Organization accounts for uncertainty in income taxes in accordance with ASC Topic Income Taxes. This standard clarifies the accounting for uncertainty in tax positions and describes a recognition threshold and measurement attribute for the financial statements regarding a tax position taken or expected to be taken in a tax return. The Organization has determined that there are no uncertain tax positions which qualify for either recognition or disclosure in the financial statements as of December 31, 2023.”