Taos Land Trust

“TLT has acquired and holds a number of conservation easements, each representing a legal interest in land owned by another person or entity, but representing TLTs right to monitor and protect the land for conservation purposes. TLT evaluates each easement for its conservation values and then ensures that the term of the easements will adequately protect and preserve these values. Because of the unique nature of these assets, the impracticality of obtaining consistent and reliable estimates of the values ascribed to these interests, and consistent with the practices followed by environmental land trusts, the accompanying financial statements do not include any amounts for these property interests. TLT held 51 conservation easements on approximately 7,900 acres of land at June 30, 2017.”

“Pursuant to the terms of the contracts with the TCF, the Endowmeent Investements are deemed to be the property of TCF. Accordingly, TLT records these assets as a beneficial interest in the assest held by the TCF. The contracts with the TCF stipulate the percentage of annual earning from the Fund that TLT is entitled to receive annually. Additionally, the contracts stipulate under what circumstances additional distributions can be paid to TCF from these funds. The TCF has the sole and final authority over decisions to honor requests by TLT for distributions from these Funds to TCF.”

“TLT is exempt from federal income tax under Section 501c3 of the Internal Revenue Code and the Statutes of the State of New Mexico. TLTs open audit periods are 2015 through 2017. In addition, TLT has been classified as other than a private foundation. TLT evaluates uncertain tax positions in accordance with ASC 740 whereby the effect of the uncertainties in tax positions would be recorded if the outcome was considered probable and reasonably estimable. TLT believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.”