South East Alaska Land Trust

“SEAL Trust has acquired and holds a number of conservation easements, each representing a legal interest in land owned by another person or entity. The conservation easements extinguish certain future development rights in the subject properties and grant SEAL Trust the right to protect the land for conservation purposes. Because of the unique nature of these assets, the significant cost of obtaining consistent and reliable estimates of the values ascribed to those interests, and consistent with the practices followed by many environmental land trusts, SEAL Trust's financial statements do not include any amounts for these property interests.”

“SEAL Trust's Stewardship Fund is available to monitor and defend, equally and to the fullest extent our resources allow, the terms of the conservation easements, deed restrictions, or management of the fee-simple properties SEAL Trust holds. SEAL Trust may only withdraw funds to pay for the expenses of stewardship monitoring and enforcement (Ie, routine or special monitoring, preventative measures, or compliance enforcement) and only in the amount which covers the actual costs of the stewardship responsibilities.On July 27, 2015, SEAL Trust received $23,048.71 from Edgar J. Huizer's life insurance policy. SEAL Trust was informed that it should expect additional funds from Edgar J. Huizer's estate once the estate was settled after his death. The estate was settled in May of 2016 and, therefore, the additional amount is not relevant to this 990. All funds received were unrestricted. During its October 2015 board meeting, the SEAL Trust Board decided to create an endowment, called the Southeast Alaska Land Trust Endowment, with the funds (and expected additional funds). The stated purpose of this endowment is:"Southeast Alaska Land Trust Endowment, held and managed as an endowment for the purpose of supporting SEAL Trust's mission, including the full range of general operations. Each year the Finance Committee will determine a percent of value pay-out, ranging from 3-5%, commensurate with the investment's performance."”

“The SEAL Trust is a nonprofit organization exempt from federal taxes under the provisions of Internal Revenue Service Code Section 501(c)(3). The SEAL Trust follows the provisions of FASB ASC 740, Income Taxes, and management believes that it has appropriate support for any tax positions taken, management is not aware of any uncertain tax positions. The Organization's federal income tax returns (Form 990) are subject to possible examination by the Internal Revenue Service until the expiration of the related statute of limitations on those tax returns, which, in general, have a three-year statute of limitations.”