Lake Forest Open Lands Association

“The association recognizes revenue and records an asset based on the approximate market value of the easement at the time of contribution. As of march 31, 2017, the association had title or conservation easements to land in lake forest, illinois amounting to $29,636,532 of which $20,267,841 was acquired through purchase, $8,159,091 was received by contributions and $1,209,600 was transferred from a related party. The $8,159,091 of donated property noted above has been stated at amounts which approximate the market value of such property at the dates the individual parcels were contributed to the association. 1) the association held twenty five easements consisting of approximately 261 acres at the end of the year. All easements are located in the state of illinois and primarily in the city of lake forest. 2) no easements were sold, transferred, released or terminated during the year covered by this form 990 schedule d. 3)a. The association does not hold any easements that encumber a golf course or portions of a golf course. B. The association does not hold any easements that are within or adjacent to residential developments and housing subdivisions, including easements related to the development of property. C. The association does not hold any easements that were acquired in a transaction described under purchase of real property from charitable organizations in notice 2004-41. 4) the association monitored all the acreage of its easements during the year covered by this form 990 schedule d through physical inspection and other means. 5) the total staff hours incurred for monitoring and enforcing new or existing easements during the year covered by this form 990 schedule d were 651 hours. The list of expenses incurred are as follows: easement monitoring $32,914 g&a costs $12,011 6) the association has one easement on a log cabin that was received in 1998. Therefore the association has not acquired an easement on buildings or structures after august 17, 2006.”

“The artistic collections consist of paintings, a sculpture and a stone ring. All artistic collections were donated. The artist collections are on display in the offices and on the grounds to provide inspiration and further our exempt purpose.”

“The endowment funds are to be used to further the mission of the organization.”

“The association is a not-for-profit entity as described in section 501(c)(3) of the internal revenue code and is exempt from federal income taxes on related income. It is also exempt from state income taxes for related income and qualifies for charitable contribution deductions in regard to its donors. The association would be subject to both federal and state taxes on unrelated business income, though it did not have any for the years ending march 31, 2017 and 2016. As of march 31, 2017 and 2016, the association did not have any uncertain tax positions that it is obligated to disclose. Additionally, there were no returns under review or open to review by taxing authorities in excess of statutory periods. The association follows a conservative approach of research and open disclosure in regard to its tax-exempt status and positions held.”

“Special events income shown gross on audited f/s, shown net on form 990 297,260. Donated services and facilities 23,050. Gain on interest rate swap 99,353.”

“Special events expenses shown gross on audited f/s, netted on form 990 297,260. Donated services and facilities 23,050.”