Northern Prairies Land Trust

“Northern prairies has a formal monitoring policy. Easements are monitored at least yearly to assure compliance with terms of the conservation easement, and there are extensive provisions in the easement document with broad authority on monitoring, response to violations and enforcement.”

“Although conservation easements are real property rights, they possess little or no market value due to a resale market that is essentially limited to the owner of the fee title of the restricted property. Because of this limited market and due to the obligation inherent in easement ownership, nplt easement holdings are not reflected in the financial statement either as assets or liabilities.”

“The organization is organized as a south dakota nonprofit corporation and has been recognized by the internal revenue service (irs) as exempt from federal income taxes under internal revenue code section 501(c)(3), the organization is annually required to file a return of organization exempt from income tax (form 990) with the irs. In addition, the organization is subject to income tax on net income that is derived from business activities that are unrelated to its exempt purpose. The organization has determined it is not subject to unrelated business income tax and has not filed an exempt organization business income tax return (form 990-t) with the irs. The organization believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The organization would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”