American Farmland Trust

“The federal form 990 is prepared by cbiz advisors, llc and then the draft version of the federal form 990 is reviewed and verified by the controller. The draft federal form 990 is also distributed to aft's audit committee as well as the entire board of directors for review prior to filing with the internal revenue service.”

“Board members submit a conflict of interest statement on an annual basis following the fall board meeting. The statements are sent to the aft general counsel for review. Any conflicts are reported to aft. All employees are notified annually of the conflict of interest policy and are required to report any conflict to the general counsel.”

“The board of directors has delegated responsibility to the executive committee for approving any compensation arrangements with disqualified persons as defined under the internal revenue code (generally senior management, persons who, at any time during the prior 5-years, were in a position to exercise substantial influence over the affairs of the organization or persons related). The committee functions as de facto. Compensation committee in addition to its other responsibilities. The committee is comprised of outside, disinterested directors who possess the business experience and knowledge necessary to review and evaluate the comparability of compensation data obtained for the committee. The committee determines which aft employees or contractors should be considered "disqualified persons" (in addition to the list of personnel who are per se disqualified) whose compensation should be subject to approval. Also, the committee evaluates and approves the compensation arrangements entered into by aft with all disqualified persons. (these include all compensation and benefits, including sales or other transfers of property.) the committee generally utilizes information from standard compensation surveys in conducting its evaluation. The committee documents its proceedings with written records, setting forth the terms of the compensation arrangements approved and the date they were approved. The records include the names of the committee members present and who voted; the comparability data obtained and relied upon by the committee; how the data was obtained; and the actions taken with respect to consideration of compensation transactions by anyone who is otherwise a member of the committee, but who had a conflict of interest with respect to the transaction or arrangement. This documentation is prepared by the later of (a) the next meeting of the committee occurring after the decision is made or (b) the date 60 days after the date of approval.”

“Aft's financial statements and federal form 990 are available on its website or by written request. The governing documents and conflict of interest policy are available to the public upon written request.”

“Change in value on split interest agreements 536,460. Grant recission -224,068.”