Tar River Land Conservancy

“Conservation easement enforcement policy was adopted in 2011 by the board of directors.”

“Conservation easements are not reported as interests in land in the revenue and expense statement. The income received from grants and other donations for the acquisition of easements are reported and the expenses related to the acquisition of easements are reported as expenses. Easements are listed as an item on the balance sheet. Tar river land conservancy acquires conservation easements through a number of ways. Easements are sometimes donated, giving the donors opportunity for income tax and estate tax benefits. When available financial resources are present, trlc may purchase the easement from a landowner. This practice is generally referred to as purchasing development rights or "pdr". No value is recorded for these pdrs, as they cannot be sold or transferred and cannot be encumbered. Trlc currently holds 90 conservation easements.”

“The organization's endowment funds are used for the stewardship and legal defense of conservation easements held by the organization and for the stewardship and legal defense of fee properties owned by the organization.”

“Tar river land conservancy does not believe there are any unrecognized tax benefits or costs as of september 30, 2021. Income tax returns from 2018 through 2020 are open to examination by tax authorities.”

“One conservation easement was modified to replace a property description that contained references to individual parcels that had not been recently surveyed, with a description, based on a new survey, that recombined the parcels into one tract. Due to the more precise methods of a modern survey, the total acreage described in the conservation easement was changed from 326 acres to 317.41 acres. The modification was undertaken to correct an improper conveyance of individual parcels that were intended in the conservation easement to be treated as one unit. Trlc followed its conservation easement amendment policy, which was approved by its board of directors on august 10, 2011. The modification of the conservation easement improved the enforceability of the easement and constituted a net improvement in the protection of the conservation values. See amendment recorded on january 27, 2021, in deed book 533, page 540, in the register of deeds of warren county, north carolina.”