The Land Trust for the Little Tennessee

“Per the BYLAWS, the Executive Committee may exercise the powers of the Board between Board meetings, except as may be limited by the North Carolina Nonprofit Corporation Act, or may make recommendations to the Board with respect to any matters that come before it. All actions taken by the Executive Committee shall be reported to the full Board at the meeting following such action.”

“The 990 is initially reviewed by the Finance Manager and the Executive Director. It is then passed on to the Finance Committee for review and approval. Finally the 990 is sent to the full Board prior to filing.”

“Conflict of Interest policy was adopted on 8/8/08. All officers and employees complete a conflict of interest statement at the first board meeting of the new year and the statement is reviewed by the Finance Manager. In addition, the ED monitors the business of the organization that could involve Board members or staff.”

“In the annual budgeting process, the Board approves a budget line for aggregate salary expense. Thereafter, individual salaries and salary increases for employees are determined by the Executive Director using comparable salary information for land trust nonprofit organizations with similar budgets. The Compensation Committee sets the Executive Director salary after a performance review and a check of comparable salary information for related land trust nonprofit organizations with similar budgets. Currently the ED makes well below the highly compensated threshold for other land trust nonprofits.”

“Forms 1023 and 990 are available upon request. The Form 990 is also available on the organization's website.”

“Governing documents, conflict of interest policy and audited financial statements are available upon request.”

“Net investment losses on Endowment held with the Community Foundation of Western NC amounted to -$13,451.”

“The Audit Committee directly reviews the audit.”

“Sch D, Ln 3&5 - Since U.S. GAAP does not provide specific guidance on the accounting treatment for conservation easements, land trust organizations in the U.S. use several different methods to account for the easements they hold. LTLT has adopted one such method which is widely used by other land trusts. Under this method, conservation easements are not recognized as assets. Accordingly, easements received by donation are not recorded in income and easements purchased by the organization are recorded as expenses. Management believes that this method results in financial statements that most accurately reflect the organization's financial activities.”

“Program Event Expense 4262. 108. 4054. 100.”

“Dues/Subscriptions 11390. 2177. 9213. 0.”

“Miscellaneous 5758. 3517. 1320. 921.”

“Field Equipment 2651. 2651. 0. 0.”

“Lakey Creek Restoration Work 27494. 27494. 0. 0.”

“Stewardship Contracts 12744. 12744. 0. 0.”

“Property Tax 7201. 6179. 1022. 0.”

“Staff Development 2103. 1534. 440. 129.”

“Killian Farm Restoration Work 11575. 11575. 0. 0.”

“Duncan Property Work 28013. 28013. 0. 0.”

“Watauga Creek Stream Restoration 9682. 9682. 0. 0.”

“Logo Design for new name 2400. 0. 2400. 0.”

“Land Transaction Costs 7981. 7981. 0. 0.”