2022-05-16T09:05:47-05:00 2021-06-30 020327524 NATHAN WECHSLER & COMPANY PA 70 COMMERCIAL STREET CONCORD NH 03301 990 2020-07-01 030264836 VERMONT LAND TRUST INC VERM 8022235234 8 BAILEY AVENUE MONTPELIER VT 05602 NICK RICHARDSON PRESIDENT 8022235234 2022-05-16 1 NICK RICHARDSON 999009999 ORESTE J MOSCA P00366101 6034482650 2022-05-13 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z NICK RICHARDSON 8 BAILEY AVENUE MONTPELIER VT 05602 21494988 0 X VLT.ORG X 1977 VT TO CONSERVE LAND FOR THE FUTURE OF VERMONT. 18 16 58 17 0 0 11770142 14984142 2955331 986812 772145 605696 114709 126391 15612327 16703041 471672 192193 0 0 4414976 3881175 0 0 430650 9220511 10507508 14107159 14580876 1505168 2122165 47661388 53999994 12544377 12029376 35117011 41970618 X THE VERMONT LAND TRUST WORKS WITH INDIVIDUALS, ORGANIZATIONS, AND COMMUNITIES TO CONSERVE LAND FOR THE FUTURE OF VERMONT. SINCE 1977, VLT HAS PERMANENTLY CONSERVED MORE THAN 590,000 ACRES. THIS LAND INCLUDES MORE THAN 900 WORKING FARMS, HUNDREDS OF THOUSANDS OF ACRES OF PRODUCTIVE FORESTLAND, AND NUMEROUS PARCELS OF COMMUNITY LANDS. THIS CONSERVATION WORK CHANGES THE LIVES OF FAMILIES, INVIGORATES FARMS, LAUNCHES NEW BUSINESSES, MAINTAINS SCENIC VISTAS, ENCOURAGES RECREATIONAL OPPORTUNITIES, AND FOSTERS A RENEWED SENSE OF COMMUNITY. 0 0 11023496 192193 -1567335 CONSERVATION ACCOMPLISHMENTSTHE VERMONT LAND TRUST IS A MEMBER-SUPPORTED LAND CONSERVATION ORGANIZATION THAT HAS WORKED WITH FAMILIES, COMMUNITIES, FARMERS, AND FORESTLAND OWNERS SINCE 1977 TO PROTECT MORE THAN 620,000 ACRES. THIS LAND INCLUDES THOUSANDS OF WORKING FARMS, MORE THAN 410,000 ACRES OF PRODUCTIVE FORESTLAND, ECOLOGICALLY SENSITIVE NATURAL AREAS, AND MANY PARCELS OF COMMUNITY LANDS. THIS CONSTITUTES ROUGHLY 11% OF THE PRIVATELY OWNED LAND IN VERMONT. OVER OUR 45 YEARS, WE HAVE SUPPORTED THE ECONOMIC VITALITY OF FARMING AND FORESTRY, PROTECTED THE HEALTH OF OUR SOIL AND WATER, AND PROVIDED ACCESS TO TRAILS AND OPEN SPACES THAT SUPPORT OUR WELLBEING. 808950 28903 STEWARDSHIP ACCOMPLISHMENTSTHE VERMONT LAND TRUST ACCEPTS THE RESPONSIBILITY TO SAFEGUARD AND UPHOLD, CONSERVATION EASEMENTS THAT RESTRICT ACTIVITIES ON CONSERVED LAND. WE MONITOR ALL OF OUR 2200 CONSERVED PROPERTIES ON AN ANNUAL BASIS THROUGH REMOTE ASSESSMENTS OR LANDOWNER VISITS. RELATIONSHIPS WITH LANDOWNERS ARE CORE TO CREATING BALANCED CARE FOR THE ECOLOGICAL INTEGRITY, CULTURAL HERITAGE, AND ECONOMIC PRODUCTIVITY OF CONSERVED PROPERTIES. 301365 263900 THE BREWSTER UPLANDS CONSERVATION TRUST IS AN ENTITY THAT SUPPORTS THE MANAGEMENT OF 1,000+ ACRES FOR PUBLIC ACCESS, FARMING AND EDUCATIONAL PURPOSES. 71840 1142966 ATLAS TIMBERLAND PROJECTTHE ATLAS TIMBERLANDS PROJECT IS A JOINT UNDERTAKING OF THE VERMONT LAND TRUST AND THE NATURE CONSERVANCY. TOGETHER, THE TWO ORGANIZATIONS OWN AND MANAGE APPROXIMATELY 12,000 ACRES OF TIMBERLAND IN THE NORTHERN GREEN MOUNTAINS. THE MANAGEMENT OF THIS LAND PROVIDES DIRECT EXPERIENCE WITH THE CHALLENGES OF OWNING AND MANAGING TIMBERLAND FOR ECONOMIC AND BIODIVERSITY VALUES. THIS EXPERIENCE HAS A DIRECT IMPACT ON OUR ABILITY TO UNDERSTAND AND ADDRESS CONCERNS OF OWNERS OF CONSERVED TIMBERLAND. ALL OF THE LAND IS OPEN TO THE PUBLIC FOR HIKING, HUNTING, AND OTHER NON-MOTORIZED RECREATION. 493294 612688 VERMONT FOREST CARBONVERMONT FOREST CARBON IS A PILOT PROJECT TO AGGREGATE SMALL, SEPERATELY OWNED, INDIVIDUAL PARCELS OF FOREST LAND FOR CARBON STORAGE SEQUESTRATION TO PROVIDE A BROADER SET OF LANDOWNERS ACCESS TO CARBON MARKETS. 565134 1755654 12698945 1 1 0 1 0 0 1 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 1 125 0 1 58 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 16 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 VT MA CT PA VA NH FL NY CA NJ MD X X X NICK RICHARDSON 8022231226 8 BAILEY AVENUE PRESIDENT VT 05602 JOHN LAGGIS TRUSTEE 1.00 X 0 0 0 MARC MIHALY CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 KATHERINE SIMS TRUSTEE 1.00 X 1200 0 0 CHARLIE HANCOCK VICE CHAIR 1.00 X X 0 0 0 WILLIAM KEETON TRUSTEE 1.00 X 0 0 0 ROBIN MORRIS TRUSTEE 1.00 X 0 0 0 DAVID MIDDLETON TRUSTEE 1.00 X 0 0 0 PIETER BOHEN TRUSTEE 1.00 X 0 0 0 MARIA YOUNG TRUSTEE 1.00 X 0 0 0 MIKE DONOHUE TRUSTEE 1.00 X 0 0 0 CHERYL MORSE TRUSTEE 1.00 X 0 0 0 HEIDI CHAMBERLAIN FORMER TREASURER 1.00 X X 0 0 0 JEAN HAMILTON TRUSTEE 1.00 X 0 0 0 JESS PHELPS TRUSTEE 1.00 X 0 0 0 HANNAH SESSIONS TRUSTEE 1.00 X 0 0 0 MERIWETHER HARDIE TRUSTEE 1.00 X 0 0 0 SUSAN GOODFELLOW TRUSTEE 1.00 X 0 0 0 RAMSEY LUHR TREASURER 1.00 X X 0 0 0 LYNN ELLEN SCHIMOLER TRUSTEE 1.00 X 1200 0 0 NICK RICHARDSON PRESIDENT 40.00 X 136600 0 3715 SIOBHAN SMITH EXECUTIVE VP 40.00 X 95158 0 31111 ALLISON DUDLEY CHIEF FINANCIAL OFFICER 40.00 X 108389 0 6007 ABBY WHITE VP COMMUNITY RELATIONS 40.00 X 104422 0 9299 TYLER MILLER VP FOR STEWARDSHIP 40.00 X 89287 0 22770 TRACY ZSCHAU VP FOR CONSERVATION 40.00 X 98105 0 13952 RASNA DHILLON BOARD SECRETARY/COMMUNICATIONS ASSOC. 40.00 X 50695 0 21247 685056 0 108101 3 0 0 0 0 1841356 6302166 6840620 321640 14984142 VT FOREST CARBON INCOME 110000 583580 583580 LAND AND TIMBER INCOME 110000 290303 290303 PROJECT INCOME 110000 112929 112929 986812 315258 315258 112010 0 112010 112010 112010 2016710 3065675 1206201 3585746 810509 -520071 290438 -520071 810509 ADMIN INCOME 900099 14381 14381 14381 16703041 481122 0 1237777 116543 116543 75650 75650 796737 353489 277563 165685 2154317 1743433 297261 113623 26520 22089 3312 1119 624856 500136 89391 35329 278745 202662 51651 24432 76251 76251 42000 9262 31963 775 240651 159842 58116 22693 315061 69476 239772 5813 111644 74155 26961 10528 141854 102929 28992 9933 335957 192495 138257 5205 71178 66863 3160 1155 1293 859 312 122 168882 115579 53303 188732 145212 43520 71345 51277 20068 DEVELOPMENT RIGHTS 7451773 7451773 CARBON OFFSET 336591 336591 PROJECT FEASIBILITY 297761 297761 OTHER OPERATING EXPENSE 253349 168276 61182 23891 403186 366342 26497 10347 14580876 12698945 1451281 430650 2923537 2056190 575826 2658292 349747 635082 157621 72283 545147 686787 36645 47631 21524474 2310843 19968267 19213631 6990397 8302294 202205 241376 1458875 1147041 14453121 18939387 47661388 53999994 286409 302842 10495812 10076702 1762156 1649832 12544377 12029376 X 10646370 11342054 24470641 30628564 35117011 41970618 47661388 53999994 X 2122165 1187413 3544029 X X 0 1 X 1 1 1 X 9630200 11180739 16992599 11770142 14984142 64557822 9630200 11180739 16992599 11770142 14984142 64557822 2790146 61767676 433932 443794 396256 185810 427268 1887060 66444882 14724256 0.92960 0.94700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8980 8980 14571896 14580876 879044 219761 0 0 885227 1000000 855358 879044 3619629 5429444 55374 39899 19300 8980 123553 221307 250000 213840 219761 904908 1357362 X X X 2327 512260.00 1 5 1 1 15184.00 808950 1 20432221 731728 4812443 1099684 240651 24636057 20328476 191000 691717 661125 117847 20432221 19661757 2296494 1091985 2536408 185352 20328476 19515143 1803446 1715187 3182981 189038 19661757 17651411 2814765 2369414 3156596 163851 19515143 0.15198 0.72575 0.12227 1 0 15845407 15845407 4815884 1509521 3306363 661261 620872 40389 201922 180450 21472 19213631 CHARITABLE REMAINDER TRUSTS 2194054 BENEFICIAL INTEREST IN NET ASSETS HELD BY VERMONT COMMUNITY FOUNDATION 16698343 DEPOSITS 46990 18939387 DEFERRED CHARITABLE ANNUITIES 1642889 DEFERRED OPTION PAYMENTS 6943 1649832 X 25020229 1187413 7129775 8317188 16703041 0 16703041 18166622 3585746 3585746 14580876 0 14580876 PART II, LINE 3: AMENDMENT: VAN DE WEERT A&A FERRISBURGH: THIS CORRECTIVE AMENDMENT FIXED AN ERROR IN THE PROPERTY LEGAL DESCRIPTION CONTAINED IN THE SCHEDULE A OF THE GRANT OF DEVELOPMENT RIGHTS AND CONSERVATION RESTRICTIONS WHICH INADVERTENTLY INCLUDED A PARCEL OF LAND THAT WAS CONVEYED OUT PRIOR TO CONSERVATION. THE VLT BOARD OF TRUSTEES APPROVED THIS CORRECTIVE AMENDMENT. AMENDMENT: CLARK ESTATE BARNARD: THE PURPOSES OF THE CLARK ESTATE EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FORESTRY LANDS AND TO ENCOURAGE SUSTAINABLE MANAGEMENT OF SOIL RESOURCES, CONSERVE SCENIC AND NATURAL RESOURCES ASSOCIATED WITH THE PROPERTY, IMPROVE THE QUALITY OF LIFE FOR VERMONTERS AND MAINTAIN ESSENTIAL CHARACTERISTICS OF THE VERMONT COUNTRYSIDE FOR THE BENEFIT OF FUTURE GENERATIONS. THIS AMENDMENT FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY ADDING 11 ACRES OF PREVIOUSLY UNCONSERVED LAND TO THE EASEMENT. IN ADDITION, THE AMENDMENT FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY REDUCING A RESERVED 2,000 SQUARE FOOT HOUSE RIGHT TO AN 800 SQUARE FOOT SEASONAL CAMP RIGHT, AND BY ELIMINATING THE ASSOCIATED RIGHT TO BUILD A DRIVEWAY AND INSTALL UTILITIES TO SAID HOUSE. THE AMENDMENT ALSO ADDED WETLAND AND RIPARIAN PROTECTIONS TO A PORTION OF THE PROPERTY. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT. THE VLT BOARD OF TRUSTEES APPROVED THIS AMENDMENT. AMENDMENT: BURKEWITZ WESTFIELD: THE PURPOSES OF THE BURKEWITZ EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FORESTRY LANDS AND TO ENCOURAGE SUSTAINABLE MANAGEMENT OF SOIL RESOURCES, CONSERVE SCENIC AND NATURAL RESOURCES ASSOCIATED WITH THE PROPERTY, IMPROVE THE QUALITY OF LIFE FOR VERMONTERS AND MAINTAIN ESSENTIAL CHARACTERISTICS OF THE VERMONT COUNTRYSIDE FOR THE BENEFIT OF FUTURE GENERATIONS. THIS AMENDMENT FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY ADDING RIPARIAN PROTECTIONS. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT. THE VLT BOARD OF TRUSTEES APPROVED THIS AMENDMENT. AMENDMENT: CRAMER II PAWLET: THE PURPOSES OF THE CRAMER CONSERVATION EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FORESTRY USES, AS WELL AS TO CONSERVE THE SCENIC VALUES, NATURAL RESOURCES AND RECREATIONAL OPPORTUNITIES ASSOCIATED WITH THE PROPERTY FOR PRESENT AND FUTURE GENERATIONS. THE MODIFICATION TO THE EASEMENT STRENGTHENED THE PROTECTION OF THE AGRICULTURAL, FORESTRY AND SCENIC VALUES OF THE PROPERTY BY REPLACING A RIGHT OF FIRST REFUSAL WITH AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV") ON A PORTION OF THE CONSERVED PROPERTY. THE OPAV CLEARLY FURTHERS THE PURPOSES OF THE EASEMENT BY KEEPING THE AGRICULTURAL LAND AFFORDABLE TO FARMERS, AS SUPPORTED BY VERMONT LAW AND POLICY, WHICH RESULTS IN THE LAND REMAINING IN PRODUCTIVE USE AND THEREFORE AS OPEN FARMLAND. IN ADDITION, THE AMENDMENT STRENGTHENED THE EASEMENT BY CLARIFYING THE TERM "FAMILY", WHICH WAS UNDEFINED IN THE EASEMENT. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT. THE VERMONT HOUSING AND CONSERVATION BOARD AND THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION TO ENHANCE THE RESTRICTIONS ON THE CRAMER II FARM. AMENDMENT: BURR/DOYLE MONKTON: THE PURPOSES OF THE BURR/DOYLE CONSERVATION EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FORESTRY USES, AS WELL AS TO CONSERVE THE SCENIC VALUES, NATURAL RESOURCES AND RECREATIONAL OPPORTUNITIES ASSOCIATED WITH THE PROPERTY FOR PRESENT AND FUTURE GENERATIONS. THE MODIFICATION TO THE EASEMENT STRENGTHENED THE PROTECTION OF THE AGRICULTURAL, FORESTRY AND SCENIC VALUES OF THE PROPERTY BY REPLACING A RIGHT OF FIRST REFUSAL WITH AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV") ON THE CONSERVED PROPERTY. THE OPAV CLEARLY FURTHERS THE PURPOSES OF THE EASEMENT BY KEEPING THE AGRICULTURAL LAND AFFORDABLE TO FARMERS, AS SUPPORTED BY VERMONT LAW AND POLICY, WHICH RESULTS IN THE LAND REMAINING IN PRODUCTIVE USE AND THEREFORE AS OPEN FARMLAND. IN ADDITION, THE AMENDMENT FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY ADDING WETLAND AND RIPARIAN PROTECTIONS, AND BY CLARIFYING FARM LABOR HOUSING PROVISIONS BY ADDING STANDARD LANGUAGE WHICH WAS INADVERTENTLY OMITTED FROM THE EASEMENT. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT. THE VERMONT HOUSING AND CONSERVATION BOARD AND THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION TO ENHANCE THE RESTRICTIONS ON THE BURR/DOYLE FARM. PART II, LINE 9: EASEMENTS ACQUIRED BY THE TRUST ARE CONSERVATION EASEMENTS AND REPRESENT NUMEROUS RESTRICTIONS OVER THE USE AND DEVELOPMENT OF LAND NOT OWNED BY THE TRUST. SINCE THESE EASEMENTS HAVE NO MARKETABLE VALUE, THEY ARE NOT RECORDED AS ASSETS ON THE STATEMENT OF FINANCIAL POSITION. ALL EASEMENTS ACQUIRED BY PURCHASE ARE EXPENSED AS DEVELOPMENT RIGHTS IN THE STATEMENT OF FUNCTIONAL EXPENSES. IN SOME INSTANCES WHEN THE TRUST PURCHASES A CONSERVATION EASEMENT ON FARMLAND, IT MAY ALSO ACQUIRE AN OPTION TO PURCHASE THE CONSERVED FARM AT AGRICULTURAL VALUE IN THE EVENT THE LANDOWNER ELECTS TO SELL THE PROPERTY TO AN UNRELATED PARTY OR TO SOMEONE WHO IS NOT A QUALIFIED FARMER AS DEFINED IN THE EASEMENT AGREEMENT. THE TRUST ALSO HOLDS TITLE TO CERTAIN PARCELS WHICH MANAGEMENT DEEMS NOT TO HAVE ANY FAIR VALUE DUE TO THE CONSERVATION RESTRICTIONS OR OTHER LIMITATIONS. IN ALL CASES, THE TRUST MONITORS ACTIVITIES ON THE LAND AND ENFORCES RESTRICTIONS. PART V, LINE 4: VERMONT LAND TRUST'S ENDOWMENTS SUPPORT A VARIETY OF USES INCLUDING: - FUNDING THE LAND AND CONSERVATION EASEMENT STEWARDSHIP PROGRAM - ENFORCING CONSERVATION EASEMENT VIOLATIONS - PROVIDING CONSERVATION PROJECT SUPPORT - PROVIDING SUPPORT FOR GENERAL LAND CONSERVATION OPERATIONS PART X, LINE 2: THE TRUST IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3). CONTRIBUTIONS TO THE TRUST ARE DEDUCTIBLE AS ALLOWED UNDER SECTION 170(B)(1)(A)VI) OF THE CODE. THE TRUST HAS ADOPTED THE PROVISIONS OF FASB INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (FASB ASC 740). ACCORDINGLY, MANAGEMENT HAS EVALUATED THE TRUST'S TAX POSITIONS AND CONCLUDED THE TRUST HAS MAINTAINED ITS TAX-EXEMPT STATUS, DOES NOT HAVE ANY SIGNIFICANT UNRELATED BUSINESS INCOME AND HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT OR DISCLOSURE IN THE FINANCIAL STATEMENTS. WITH FEW EXCEPTIONS, THE TRUST IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL OR STATE TAX AUTHORITIES FOR YEARS BEFORE 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: BENEFICIAL INTEREST IN NET ASSETS 3,544,029. COST OF LAND SOLD 3,585,746. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF LAND SOLD 3,585,746. 1 MIDDLEBURY AREA LAND TRUST 63 MAPLE STREET SUITE B MIDDLEBURY VT 05753 222835049 501(C)3 15000 CONSERVATION PROJECT CENTER FOR AN AGRICULTURAL ECONOMY 140 JUNCTION RD HARDWICK VT 05843 571201683 501(C)3 10000 GENERAL SUPPORT 2 0 METTOWEE VALLEY ECONOMIC DEVELOPMENT AWARD FOR ORGANIC CERTIFICATION 1 7150 COVID BUSINESS TRANSITION GRANT 5 15000 ERIC ROZENDAAL MEMORIAL AWARD 2 10000 COVID MARKET ADAPTATION GRANT 29 43500 PART I, LINE 2: TO ENSURE COMPLIANCE WITH THE POLICIES, THE TRUST MONITORS THE CLOSINGS OF THE PROPERTIES TO ENSURE THAT THE FUNDS ARE BEING USED FOR THE INTENDED PURPOSE. INSPECTIONS OF THE PROPERTIES ARE ALSO DONE ANNUALLY. FOR OTHER GRANTS, DUE DILIGENCE CAN INCLUDE SITE VISITS AND REPORTING WHEN APPLICABLE. X 21 138640 FAIR MARKET VALUE X 12 ZERO VALUE X 1 183000 FAIR MARKET VALUE 0 1 1 PART I, LINE 32B: VERMONT LAND TRUST USES REALTORS TO SELL REAL ESTATE. PART I, LINE 33: VERMONT LAND TRUST DOES NOT RECORD AS REVENUE DONATIONS OF CONSERVATION EASEMENTS BECAUSE THEY HAVE NO MARKETABLE VALUE. FORM 990, PART VI, SECTION A, LINE 6 THE VERMONT LAND TRUST IS A MEMBERSHIP ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 7A THE VERMONT LAND TRUST IS A MEMBERSHIP ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 7B THE ORGANIZATION'S MEMBERS HAVE THE FOLLOWING RIGHTS: TO RECEIVE NOTICE OF AND PARTICIPATE IN THE ORGANIZATION'S ANNUAL MEETING, TO NOMINATE CANDIDATES TO SERVE ON THE BOARD OF TRUSTEES, TO ELECT THE BOARD OF TRUSTEES, TO PETITION FOR SPECIAL MEETINGS OF THE MEMBERSHIP, AND TO APPROVE ANY CHANGES TO THE CORPORATE BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B THE DIRECTOR OF FINANCE, THE PRESIDENT AND THE BOARD'S FINANCE AND INVESTMENTS COMMITTEE REVIEW THE 990 BEFORE FILING. AFTER THIS REVIEW THE DRAFT 990 IS CIRCULATED TO THE ENTIRE BOARD FOR A FINAL REVIEW. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR ALL EMPLOYEES AND BOARD MEMBERS ARE REMINDED OF THE PROVISIONS OF THE ORGANIZATION'S CONFLICT OF INTEREST POLICY, AND COMPLETE A CONFLICT OF INTEREST FORM. A STAFF SYSTEM IDENTIFIES IN ADVANCE ALL POTENTIAL TRANSACTIONS THAT COULD INVOLVE A CONFLICT. THE HR TEAM REVIEWS ALL CONFLICT OF INTEREST FORMS. IF A CONFLICT EXISTS, IT IS BROUGHT TO THE MANAGEMENT TEAM TO DETERMINE A COURSE OF ACTION. IF A MEMBER OF THE MANAGEMENT TEAM IS DETERMINED TO HAVE A POTENTIAL CONFLICT, IT IS DECIDED BY THE BOARD. A BOARD MEMBER WITH A POTENTIAL CONFLICT IS RECUSED FROM ALL DECISIONS AND DELIBERATIONS RELATED TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 SALARY SURVEYS FOR THE REGION FROM VARIOUS SOURCES ARE REVIEWED AND COMPARED TO CURRENT PAY SCALES BY A COMMITTEE OF THE BOARD OF TRUSTEES. FROM TIME TO TIME AN OUTSIDE CONSULTANT IS EMPLOYED TO REVIEW COMPENSATION LEVELS. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF THE COMPLETE, AUDITED FINANCIAL STATEMENTS ARE PROVIDED UPON REQUEST. A SUMMARY OF OUR FINANCIAL STATEMENTS IS PUBLISHED ANNUALLY IN OUR ANNUAL REPORT, AND DISTRIBUTED TO EACH MEMBER OF THE ORGANIZATION. THIS REPORT IS ALSO AVAILABLE TO THE GENERAL PUBLIC. COPIES OF THE 990 AND THE AUDITED FINANCIAL STATEMENTS ARE ALSO AVAILABLE ON OUR WEBSITE, VLT.ORG. OUR CONFLICT OF INTEREST POLICY IS ALSO AVAILABLE ON REQUEST. FORM 990, PART XI, LINE 9: BENEFICIAL INTEREST IN NET ASSETS 3,544,029. PART XII, LINE 2C THERE HAVE BEEN NO CHANGES TO THIS PROCESS. BREWSTER UPLANDS CONSERVATION TRUST LLC 8 BAILEY AVENUE MONTPELIER VT 05602 273840843 MANAGE A 1,000+ ACRES FOR PUBLIC ACCESS RECREATION AND EDUCATIONAL PURPOSES VT 279844 1715073 VERMONT LAND TRUST INC VERMONT FOREST CARBON LLC 8 BAILEY AVENUE MONTPELIER VT 05602 843465811 CARBON SEQUESTRATION VT 30397 22879 VERMONT LAND TRUST INC