Peninsula Open Space Trust

“Post monitors all of its conservation easements at least annually in order to 1) observe the condition of the property in order to determine whether it is in compliance with easement terms; 2) create a record of easement stewardship and property condition over time; and 3) maintain a working relationship with the landowner. It is post's policy to uphold its conservation easements as written and to identify, investigate, evaluate and respond to any potential violations as quickly as possible. In the case of a material violation, post will require cessation, repair, and/or mitigation of any damage to protected conservation values. Post is prepared to take legal action to defend its rights as easement holder if necessary. Post has a conservation easement stewardship fund to provide resources for legal defense and maintains conservation defense insurance through terrafirma rrg llc. Conservation easement documents clearly describe the process for enforcing the terms of the easement should any violation be identified to ensure that corrective actions are taken to cure the violation.”

“The organization periodically receives or purchases conservation easements which limit the allowable uses of the related property to open space uses consistent with the organization's mission. Contributed conservation easements received are recorded as land contributions based on the estimated value given up by the land owner by restricting the use of the property with an easement. Conservation easements purchased bear no future benefit to the organization and are therefore included as part of land and easement transactions expense in the year they are acquired. In connection with the transfer or sale of land, the organization may retain a conservation easement on the land. Because these easements bear no possible future financial benefit to the organization, they are not recorded on the organization's statement of financial position. Sometimes, the organization may sell a conservation easement to a nonprofit or public agency partner while retaining ownership of the property.”

“Lane stewardship endowment: these funds may be used for expenses to maintain trails, remove invasive and exotic species, undertake erosion prevention and repair, and restore plant and animal habitats. Wilbur's watch endowment:this grant is restricted to activities related to the maintenance of the trail at wilbur's watch on post's cloverdale property. This includes such items as annual stewardship such as mowing, pampas grass removal, and monitoring; replacement of items such as the bench, telescope, and signage; and repair of the trail.”

“The organization evaluates its uncertain tax positions and will recognize a loss contingency when it is probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position for all uncertain tax positions in the aggregate could differ from the amount recognized. As of june 30, 2020 management did not identify any uncertain tax positions.”