Marin Agricultural Land Trust

“Malt takes reasonable steps to monitor compliance with the restrictions placed on the property by conservation easements. Malt investigates the use or condition of the real property at appropriate intervals (at least annually) to determine if the property owner is adhering to the restrictions imposed by the terms of the easement to ensure the conservation purpose of the easement is being achieved. Such investigation includes appropriate on-site visits to observe the property. When a violation of the conservation easement is discovered, the organization takes steps to enforce the terms of the conservation easement including but not limited to communications with the property owner explaining the obligation to comply with the terms of the easement and demanding compliance; mediation; arbitration or litigation.”

“Conservation easements reflect legally enforceable land preservation agreements between landowners and malt and were created specifically for the purposes of land conservation. Malt's policy is to assign each easement a nominal value of $1 because it is malt's intention to hold such easements in perpetuity. During the year of acquisition, public agency grants and contributions received for the acquisition of conservation easements are recorded as revenue while the related expenditures are recorded as expenses in the accompanying statement of activities and changes in net assets.”

“Malt has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets are invested in a manner that is intended to (1) produce results that approximate the price and yield results of the general market conditions; (2) subject malt to a moderate level of investment risk; and (3) maintain sufficient liquidity to meet planned expenditures.”

“Malt has received notification from the irs and the state of california that it qualifies for tax-exempt status under section 501(c)(3) of the internal revenue code and section 23701d of the california revenue and taxation code. Contributions to malt are deductible as allowed under the applicable tax code. As of june 30, 2024, management evaluated malt's tax positions and concluded that malt had maintained its tax-exempt status and had not taken uncertain tax positions that required adjustment to the financial statements. Therefore, no provision or liability for income taxes has been included in the financial statements.”