South East Alaska Land Trust

“The southeast alaska land trust (seal trust) is committed to monitor, defend and enforce the terms of each conservation easement it holds. Monitoring is essential to: 1) build and maintain rapport with the landowner; 2) ensure the property is used in accord with the easement terms; 3) identify notable natural or man-made changes that occur on the property; 4) provide a record of property conditions; 5) save time and money by identifying problems early; 6) support documentation of violations and any court actions that may be necessary; and 7) satisfy internal revenue service requirements for tax-deductible donations. Each conservation easement held by seal trust shall be monitored on-the- ground or aerially at least annually.”

“The 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 the 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 these interests, and consistent with the practices followed by many environmental land trusts, the trusts financial statements do not include any amounts for these property interests.”

“The trust is a nonprofit organization exempt from federal taxes under the provisions of internal revenue service code section 501(c)(3). The trust follows the provisions of fasb asc 740, income taxes, and management believes that it has appropriate support for any tax positions taken. The trusts 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.”