Guanacaste Dry Forest Conservation Fund

“THE ORGANIZATION HOLDS TROPICAL FOREST LAND THAT IT HAS ACQUIRED FOR PRESERVATION OF ENDANGERED ECOSYSTEMS AND SPECIES. THIS LAND IS DEDICATED FOR FUTURE INCORPORATION INTO THE COSTA RICAN NATIONAL PARK SYSTEM (OR SOME SIMILAR VEHICLE) FOR ITS PRESERVATION IN PERPETUITY. THE LAND IS USED FOR EDUCATION AND SCIENTIFIC RESEARCH, AS WELL AS PUBLIC EXHIBITION TO VISITORS. SINCE ITS INCEPTION IN 1997, THE ORGANIZATION HAS SPENT OVER $13 MILLION ON LAND ACQUISITIONS THAT ARE NOT SHOWN AS ASSETS ON THE BALANCE SHEET. IT HAS ALSO RECEIVED SEVERAL LAND DONATIONS WHICH ARE ALSO NOT REFLECTED AS ASSETS ON THE BALANCE SHEET.THE TEXT OF THE FINANCIAL STATEMENT FOOTNOTE REGARDING COLLECTIONS READS AS FOLLOWS:GDFCF scientists and parataxonomists have discovered, catalogued, and preserved hundreds of thousands of biological specimens collected on lands owned by the government of Costa Rica and GDFCF. These specimens are formally the property of Costa Rica, but are collected and studied under research permits from the Costa Rican government. Nearly all have been exported from ACG with formal government export permits, with the consent of the Costa Rican government, for donation to various national or international biodiversity institutions for use in research, education, and exhibitions. None have been sold or are destined for sale.The approximately 35,000 acres of land acquired by GDFCF are held as a collection intended for public exhibition, education, and/or research in furtherance of public service. The lands are protected, kept unencumbered, cared for, and preserved. They are subject to GDFCFs and related organizations policy that requires the proceeds of land sales, should any ever occur, to be used to further the management, conservation, and protection of lands within the ACG region."Not-for-profit accounting principles state that an organization that holds items that meet the definition of a collection has the option not to capitalize such collection items. In conformity with GAAP, none of the land received through donation or by purchase has been capitalized; cash or related assets held for future land purchases are reflected in the temporarily restricted net asset portion of the accompanying Statement of Financial Position. GDFCF received no donated land during 2018 and 2017..”

“Gdfcf has three permanent endowment funds:1) a fund established to finance future general operation expenditures, as needed. 2) a fund established to finance the future operation of the parataxonomist program.3) a fund to finance the compensation of a science director(s) for the organization.gdfcf is also the beneficiary of a trust established by a canadian nonprofit organization to hold funds as a permanent endowment fund to support gdfcf's parataxonomist program. In addition to these three permanent endowment funds, gdfcf has established three board designated endowment funds that mirror and supplement the permanent endowment funds.”