Sempervirens Fund

“Acquisitions of conservation, open space, scenic, timber or other such perpetually obligated and enforceable easements shall be recorded as contribution of easement valued from the seller to sempervirens fund. Once such easements have been received and recorded by svf, their value will be written down to $1.00 only when easement valuation is not ascertainable and needs to reflect the fact that they have no future commercial or obtainable value.”

“The organization's collection includes ansel adams artwork.”

“Permanently restricted net assets represent endowment funds, for which the principal is to remain intact and earnings are available for use by the fund. The board of the fund has interpreted california's adoption of upmifa, which became effective january 1, 2009 as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowments absent explicit donor stipulations to the contrary. As a result of this interpretation, the fund classifies as permanently restricted net assets (1) the original value of gifts donated to the permanent endowment, (2) the original value of subsequent gifts donated to the permanent endowment, and (3) additions to the permanent endowment in accordance with donor directions. The remaining portion of the donor-restricted endowment fund that is not calssified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the fund in a manner consistent with the standard of prudence prescribed by california's enacted version of upmifa. The fund's endowment currently consists of one fund created as the result of a bequest of $186,456 received with the stipulation that it be used for endowment purposes with income therefrom to be used for the fund's operations. All income earned on endowment fund investments is treated as temporarily restricted until appropriated by the board of the fund. Effective beginning with fiscal year 2010, the board of the fund will consider the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: -the duration and preservation of the fund. -the purposes of the fund and the donor restrictions. -general economic conditions. -the possible effects of inflation and deflation. -the expected total return from income and the appreciation of investments. -other resources of the fund. -the investment policies of the fund.”

“The fund is a nonprofit pubic charity organization and is exempt from federal income tax under internal revenue code section 501(c)(3) and section 23701(d) of the california revenue and taxation code. The fund has also been determined to not be a private foundation by the internal revenue service. The fund reviews and assesses tax positions taken or expected to be taken against the more-likely-than-not recognition threshold and measurement attributes for financial statement recognition. The fund's policy for evaluating uncertain tax positions is a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more-likely-than-not that the position will be sustained upon audit, including resolution of related appeals or litigations processes, if any. The second step is to measure the tax benefit or liability as the largest amount that is more than 50% likely to be realized or incurred upon settlement. Based on an analysis prepared by the fund, it was determined that the tax positions taken or expected to be taken had no material effect on the recorded tax assets and liabilities of the fund. The fund applies this guidance to all tax positions for which the statute of limitations remain open (fiscal years ended since june 30, 2011) and determined there were no material unrecognized tax benefits. There have been no related tax penalties or interest, which would be classified as tax expense in the statement of activities. As the fund is exempt from taxation under section 501(c)(3) of the internal revenue code and section 23701 (d) of the california revenue and taxation code it generally is not subject to federal or state income taxes.”

“Net change in value of charitable reminder trusts -20,621.”

“COST OF GOODS SOLD -743.”

“COST OF GOODS SOLD -743.”