Lord Berkeley Conservation Trust

“Lord berkeley conservation trust has a written board adopted policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of conservation easements. This policy remains in effect and may be amended from time to time as certain needs arise to strengthen and refine its provisions. In particular, this policy sets forth certain duties of staff in regards to annual inspections of properties, completing annual inspection reports, documenting and addressing violations and enforcement of the conservation easements lbct holds. The overarching goals of the policy are to maintain lbct's easements in good standing and free from violations, maintain contact and relationship with landowners, and to ensure that the purpose and conservation values of the properties are protected in perpetuity.”

“Conservation easements donated to the organization are recorded at a zero value in the statement of financial position, the statement of activities and the statement of functional expenses. Conservation easements that are purchased are recorded at a zero value in the statement of financial position and are shown as an expense in the statement of activities and statement of functional expenses. The funding source that enables the purchase of these easements is shown as a revenue in the statement of activities, resulting in a net zero effect on net assets. The organization believes that tracking the value of conservation easements under management is useful to gauge the significance of the ongoing responsibility to monitor these easements. Accordingly, for purposes of footnote disclosure only, conservation easements received by the organization are disclosed at the value paid to acquire the conservation easement or the estimated value of the development rights relinquished under the easement, that is, the amount of the reduction in fair market value (as defined in irs regulations) resulting from the easement at the date it is recorded. This value is generally established through qualified appraisals that are performed at or near the recording date. Where such an appraisal is not available, management makes its best estimate of the value based on relevant facts and circumstances. Values are not updated, as they represent the historical cost at the date the easements were granted.”