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. The board of the fund considers 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 has been granted tax exempt status under section 501(c)(3) by the internal revenue service (irs) and under section 23701(d) by the california franchise tax board. Each year, management considers whether any material tax position the fund has taken is more likely than not to be sustained upon examination by the applicable taxing authority. Management believes that any positions the fund has taken are supported by substantial authority and, hence, do not need to be measured or disclosed in these financial statements.”

“Fundraising event expenses 5,956. Net change in value of charitable remainder trusts 2,360.”

“Fundraising event expenses 5,956.”