The Manada Conservancy

“The organization has a policy of monitoring all properties annually to determine compliance with the conservaion easements held. Trained staff and volunteers personally visit the property, inspect the property, meet with the property owner, and document the condition of the property, taking note of any easement violations. Reports, which include photographs and other documentation, are prepared and filed for each monitoring visit. The organization's policy of monitoring and enforcement of easements is in compliance with the land trust alliance standards and practices.”

“The organiztion uses the cash basis method of accounting and does not assign a value to conservation easements held by the organization, but notes to the organization's financial statements summarize the organization's accounting policy and mission.”

“The conservancy established the manada conservancy endowment fund to receive restricted contributions from donors to support the general mission of the conservancy and to ensure funds are available for the management and maintenance of the conservancy interests in real property, including easements held in perpetuity and properties owned in fee-simple. In addition, the conservancy has endowment funds invested in trust at a local community foundation for the purpose of establishing a fund to support the conservancy in perpetuity.”

“The conservancy is a non-profit organization which is exempt from federal income taxes under section 501(c)(3) of the internal revenue code. The standards require an assessment of the conservancy's exposure to income taxes at the entity level as a result of uncertain tax positions taken in current and previously filed tax returns. Examples of tax positions taken at the entity level include the continuing validity of its 501(c)(3) status, potential unrelated business activities and other tax positions that could result in income taxes to the organization upon examinations by taxing authorities. Any tax benefits associated with uncertain tax positions that are in excess of a realization threshold would be recorded as a liability for unrecognized tax benefits in the financial statements, along with any associated interest and penalties. Presently, management believes that it is more likely than not that its tax positions will be sustained upon examination, including any appeals and litigation, and therefore believes that the conservancy has no exposure to the income taxes from uncertain tax positions.”