The Land Trust for Santa Barbara County

“Monitoring & inspection - the organization monitors its easement properties regularly, at least annually, in a manner appropriate to the size and restrictions of each property, and keeps documentation such as records, updated photography and maps of each monitoring activity. Violations & enforcement - the stewardship director should report minor and major easement violations to the executive director as soon as possible after the site visit. If a minor violation, the executive director may authorize a corrective plan of action. The conservation director will track and report to the executive director when the violation has been corrected, and document the correction appropriately in the monitoring binder. If a major violation, then the executive director should notify the board president immediately. Major violations and subsequent follow-up actions will be reported to the land committee or board of trustees at the next meeting, with recommendations for further action as appropriate. In addition, the organization maintains conservation easement insurance through non-profit terrafirma rrg, to help fund any actions that may be required to enforce compliance of easements or defend encroachments on property held in fee title by the land trust.”

“Property held for conservation purposes includes purchased or donated properties to be sold or transferred to governmental agencies or other individuals and organizations for conservation purposes or maintained as a nature preserve. Fee simple land purchases are stated at the lesser of cost or fair market value. Donated properties are initially recorded at their appraised values at the date of contribution, and are carried at the lower of this amount or fair market value. Conservation easements are reported on our revenue and expense statements at appraised value as revenue and as an equivalent expense. Conservation easements are treated as obligations and are recorded as property held for conservation purposes as $1 each on our balance sheet and also permanently restricted net assets. All nature preserve land and buildings have fair values of $0 due primarily to sale restrictions.”

“The land trust holds numerous endowments to support the monitoring, maintenance of properties and fiscal health of the organization. Endowments are invested in accordance with the land trust's investment policies and are supplemented with each additional property or conservation easement we acquire. Our stewardship endowment may also be utilized as a legal defense fund for the enforcement of our conservation easements.”

“Financial accounting standards board's asc 740-10, accounting for uncertainty in income taxes, prescribes a threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The land trust files tax returns in the u.s. Federal jurisdiction and in the state of california. The land trust's tax returns from the year 2020 to the present remain subject to examination by the irs for federal tax purposes, and the tax years from 2019 to the present remain subject to examination by the state of california. Management has evaluated its tax positions for all jurisdictions in which the statute of limitations remains open and has determined that the land trust had taken no uncertain tax positions that require adjustment to the financial statements. The land trust is not aware of any activities that are subject to tax on unrelated business income, excise or other taxes.”

“RENTAL EXPENSES -6,331.”

“RENTAL EXPENSES 6,331.”