Sacramento Valley Conservancy

“Conservation easements represent rights to restrict the use of and access to certain properties and are carried at $1 each in the Conservancy's statement of financial position because they are not salable assets.The text of the disclosure regarding significant accounting policies from the audited financial statements is as follows:Land Held for Conservation Purposes, Conservation Easements and Held for Resale: Land owned by the Conservancy held for conservation purposes is valued at the lesser of the purchase price or the county assessor's assessed value as determined after the close of escrow. Land acquired and subsequently deeded to others is recorded as an expense in the Statement of Activities. Conservation easements represent rights to restrict the use of and access to certain properties and are carried at $1 each in the Conservancy's statement of financial position because they are not salable assets. Land held for resale is valued at the lower of cost or market, where market represents the expected sales price.”

“Endowment funds are held for the sole purpose of fulfilling the Conservancy's obligations under conservation easements and owned property.”

“The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Conservancy to report information regarding its exposure to various tax positions taken by the Conservancy. The Conservancy has determined whether any tax positions have met the recognition threshold and have measured the exposure to those tax positions. Management believes that the Conservancy has adequately addressed all relevant tax positions and that there are no unrecorded tax liabilities. Federal and state tax authorities generally have the right to examine and audit the previous three years of tax returns filed. Any interest or penalties assessed to the Conservancy are recorded in operating expenses. No interest or penalties from federal or state tax authorities were recorded in the accompanying financial statements.”