Vysa for Land Preservation

“The organization received a conservation easement land donation valued at $2,140,000 and is recorded as land on the organization's statement of financial position. As per the land use and conservation and preservation restrictions set forth by the commonwealth of virginia, the donor stipulated that the use of the property be limited in perpetuity exclusively for outdoor recreation or education by the general public through the organization, to serve the people of the greater spotsylvania county community through outdoor recreation, charitable and educational activities of the organization, including construction and use of outdoor athletic and recreational fields that correspond to the conservation and preservation expectations and goals of the donor. The organization may assign, upon giving prior written notice, its rights under the deed to any "qualified organization" within the meaning of irc section 170(h)(3). No assignment may be made by the organization of its rights under the deed unless the organization, as a condition of such assignment, requires the qualified organization to carry out the outdoor recreational activities and conservation values as protected. If the organization should be dissolved and the terms of the dissolution fail to provide a successor, the rights of the organization should be vested in the commonwealth of virginia.”

“The organization received a conservation easement land donation valued at $2,140,000. As per the land use and conservation and preservation restrictions set forth by the commonwealth of virginia, the donor stipulated that the use of the property be limited in perpetuity exclusively for outdoor recreation or education by the general public through the organization, to serve the people of the greater spotsylvania county community through outdoor recreation, charitable and educational activities of the organization, including construction and use of outdoor athletic and recreational fields that correspond to the conservation and preservation expectations and goals of the donor.”

“In accounting for uncertainty in income taxes, accounting standards require an entity to recognize the financial statement impact of a tax position when it is more-likely-than-not that the position will not be sustained upon examination. Management evaluated the association's tax positions and concluded no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance were taken.”