Save the Dunes Conservation Fund Inc.

“No easements were changed during the year”

“Conservation easements are monitored and inspected on a regular basis. Violations are encouraged to be corrected by the grantor,or to correct the violations and seek recovery of cost from the grantor.”

“Conservation easements represent rights to restrict the use, access, and development of certain properties. Unrestricted support and expenses are recognized in equal amounts based upon the appraised fair value of the easements. The Organization is obligated to monitor the easements to ensure that the restrictions are maintained. The Organization monitors these easements in the normal course of its operations and the associated costs are expensed as incurred. The estimated value of easements is not included in the Statement of Financial Position because the easements do not represent a future economic benefit to the Organization.”

“The income from the endowment funds is used to fund the Organization's mission.”

“INCOME TAXES - Save the Dunes Conservation Fund, Inc., is exempt from tax on income under Section 501(c)(3) of the Internal Revenue Code. However, the Organization is required to pay tax on income from activities unrelated to its exempt purpose. For the years ended December 31, 2021 and 2020, the provision for Federal and Indiana income taxes was $-0- and $-0-, respectively. The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification "Accounting for Uncertainty in Income Taxes," that clarifies the accounting and recognition for income tax positions taken or expected to be taken in the Organization's income tax returns. The Organization has adopted the Standard. The Organization evaluates all significant tax positions as required by generally accepted accounting principles in the United States. As of December 31, 2021, the Organization does not believe that it has taken any tax positions that would require the recording of any tax liability nor does it believe that there are any unrealized tax benefits that would either increase or decrease within the next twelve months. The Organization's income tax returns are subject to examination by the appropriate taxing jurisdictions and the open tax years are 2018-2021.”