Rails to Trails Conservancy

“During the year ended september 30, 1997, rtc established the langdon gates burwell endowment fund (fund 1). This fund was established with a gift of stock valued at $334,645 at the date of the gift and includes an additional $44,433 in accumulated investment earnings, which are also considered permanently restricted. The donor stipulated that the principal be invested in perpetuity; however, thirty years from the date of the gift, the fund will revert to rtc's general endowment. During the year ended september 30, 1998, rtc established the wyss endowment fund (fund 2). This fund was established with a gift of cash of $250,000. Rtc has received $26,000 in contributions to its general endowment during the years ending september 2011-2016. During the year ended september 30, 2018, rtc established the keith laughlin legacy endowment fund. Rtc's board of directors established this fund to honor the 18 years of service of its president keith laughlin. The board made personal pledges in excess of $500,000, of which $163,250 was permanently restricted. In accordance with the donor's instructions, earnings on fund 1 are available to support rtc's general operations. Under rtc's endowment spending policy, earnings on this fund, up to 5% of fund 1's market value as of the prior year, are considered available for current operations. For investment earnings on fund 2, the donor recommended that half of the annual earnings from the endowment be used for general operating expenses and the other half be used to increase the endowment, with an allowance for the board of directors to override this provision. In prior years, rtc's board of directors resolved that all of the investment earnings on fund 2 be considered unrestricted and available to support general operations. Under rtc's endowment spending policy, earnings on fund 2, up to 5% of fund 2's market value as of the prior year, are considered available for current operations. In accordance with the donor's instructions, earnings on fund 3 are available to support rtc's general operations. Under rtc's endowment spending policy, earnings on this fund, up to 5% of fund 3's market value as of the prior year are considered available for current operations.”

“Rtc accounts for the effect of any uncertain tax positions based on a more likely than not threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax benefit is estimated based on a "cumulative probability assessment" that aggregates the estimated tax liability for all uncertain tax positions. It is management's belief that rtc does not hold any uncertain tax positions. Rtc's returns are subject to examination by the irs generally for three years after they were filed.”

“Cost of goods sold 18,204.”

“Cost of goods sold 18,204.”