Southeast Regional Land Conservancy Inc.

“The organization has a written policy on monitoring and enforcement.”

“Conservation easements held by the organization represent intangible property rights granted by a landowner. Under the terms of the easement agreement, the occurrence of conditions upon which these intangible rights may directly or indirectly benefit the future cash flows of the organization are determined to be both remote and unmeasurable. Thus, in accordance with accepted accounting principles, conservation easement transactions represent neither donated intangible assets nor non-cash contribution revenue to the organization and are not recorded. While the granting of a conservation easement may result in income tax benefits to the grantor as a charitable contribution, such tax benefits, if any, are irrelevant to the determination of the appropriate accounting treatment to be used by the organization in the preparation of its financial statements.”

“The organization accounts for the value of land donations it receives using the guidance in accounting standards codification 958 -not-for-profit entities" (asc 958). In accordance with asc 958, the organization elected a policy not to recognize and capitalize additions to its collections of preserved land. For the period in which the donation is received, the organization detrmines if donated land possesses sufficient public benefit conservation purposes and thus should be added to its collection based on a field study of the property's natural features and other relevant factors. As a result of this study, should the organization determine a land donation lacks sufficient conservation purposes to include in its collection, the estimated fair value of the land is capitalized and recognized as non-cash contribution revenue.”

“Part ii, line 3 one conservation easement was amended solely to add a prohibition on the use of soil amendments of any kind on the property. The purpose of this amendment was to increase protection of the property's conservation values and augment the easement's existing ban on any fertilizer use. One conservation easement was amended to correct a technical error. The change did not affect any terms of the easement, including any alteration of restrictions, grantor reserved rights, or the property being conserved.”