Capitol Land Trust

“Clt amended the harmony farm easement to renumber and reformat the sections so that it was easier to follow, and to clarify various prohibited uses so that they were easier to interpret. Clt also eliminated several permitted uses that were allowed for 6 months after the death of the original grantor, harmony m. Glover, who has been deceased for a number of years, and are no longer applicable. Clt also limited the number of farm animals allowed on the property. Clt added language that is now standard for our easements, including language confirming the extinguishment of development rights, non- merger of title, and that water rights must be maintained on the property. All of these changes provided clerical and legal improvements and net conservation benefit.”

“Conservation easements are not assigned a value in the financial statements as they are permanently restricted and the organization considers the responsibility and cost to monitor and enforce conservation easements as outweighing potential value.”

“The organization entered into an agreement during 2011 with the black hills audubon society to act as fund administrator for a mitigation fund called the maytown conservation fund. The organization is acting as custodian of the fund and processing invoices and making payments on behalf of the black hills audubon society.”

“To fund future conservation activities.”

“The trust is a tax exempt non-profit organization under the internal revenue code section 501(c)(3) and is not classified as a private foundation. Accordingly, the financial statements do not include any provision for income taxes. The trust files income tax returns in the u.s. Federal jurisdiction. The trust is no longer subject to u.s. Federal income tax examinations by tax authorities for years before 2014. Currently, there are no examinations or pending examinations with the internal revenue service (irs). The trust adopted the provisions of fasb asc 740-10, accounting for uncertainty in income taxes, on january 1, 2009. As of december 31, 2017, there are no tax positions for which the deductibility is certain but for which there is uncertainty regarding the timing of such deductibility.”

“Unrealized gain on investments 83,475.”