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        <BusinessNameLine1Txt>MICHAEL SHIMIZU CPA</BusinessNameLine1Txt>
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      <PreparerUSAddress>
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        <CityNm>ROSEVILLE</CityNm>
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      <PreparerPersonNm>Michael Shimizu CPA</PreparerPersonNm>
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      <PYContributionsGrantsAmt>2657681</PYContributionsGrantsAmt>
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        <Desc>HABITAT STEWARDSHIP AND ENHANCEMENT-PLACER LAND TRUST ACTIVELY MANAGES PROPERTIES IT OWNS TO ENSURE PUBLIC BENEFIT IS PROTECTED FOR NOW AND FOREVER. WHERE AND WHEN CONDITIONS AND FUNDING ALLOW, WE WORK TO ENHANCE THE PUBLIC VALUE OF OUR PROPERTIES BY RESTORING WILDLIFE HABITAT, CONTROLLING NON-NATIVE INVASIVE WEEDS, REDUCING FUEL LOADS, IMPROVING PUBLIC ACCESS, ETC. FOR EXAMPLE, WE OWN VERNAL POOL PRESERVES IN WESTERN PLACER COUNTY INCLUDING DOTY RAVINE AND SWAINSONS' GRASSLAND PRESERVES, ON WHICH WE PROTECT ENDANGERED SPECIES, CONTROL NON-NATIVE INVASIVE SPECIES, RESTORE AND ENHANCE VERNAL POOL AND ASSOCIATED HABITAT, REDUCE FUEL LOADS, AND CONDUCT EDUCATIONAL TOURS.</Desc>
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        <Desc>COMMUNITY ENGAGEMENT: WE BELIEVE THAT TIME SPENT IN NATURE GREATLY IMPROVES QUALITY OF LIFE AND RESEARCH SUPPORTS ITS MANY HEALTH BENEFITS. WE FOCUS ON CREATING OPPORTUNITIES THAT INCREASE ACCESS TO THE OUTDOORS ON OUR PRESERVES, INCLUDING 1) BUILDING OF TRAILS FOR HIKING, RUNNING, MOUNTAIN BIKING, AND HORSEBACK RIDING; 2) VOLUNTEER DOCENT-LED HIKES AND TOURS; 3) PARTNERSHIPS WITH OTHER RECREATION AND OUTDOOR EDUCATION ENTITIES FOR PUBLIC EXPERIENCES AND 4) LAND STEWARDSHIP ACTIVITIES SUCH AS SCOTCH BROOM CLEARING, TREE PLANTING, OR TRAIL MAINTENANCE. OUR OUTREACH EFFORTS ARE PRIMARILY VOLUNTEER-LED, AND TARGETED TO PEOPLE OF ALL AGES.</Desc>
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        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>38682</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>0</ExclusionAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>FUNDING AGREEMENTS</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>384901</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>0</ExclusionAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>MITIGATION FEES</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>17075</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>0</ExclusionAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>1078374</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>195292</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>195292</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>8445133</SecuritiesAmt>
        <OtherAmt>82000</OtherAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>7788599</SecuritiesAmt>
        <OtherAmt>110887</OtherAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>656534</SecuritiesAmt>
        <OtherAmt>-28887</OtherAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>627647</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>-28887</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>656534</ExclusionAmt>
      </NetGainOrLossInvestmentsGrp>
      <FundraisingGrossIncomeAmt>72710</FundraisingGrossIncomeAmt>
      <FundraisingDirectExpensesAmt>24237</FundraisingDirectExpensesAmt>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>48473</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>48473</ExclusionAmt>
      </NetIncmFromFundraisingEvtGrp>
      <OtherRevenueMiscGrp>
        <Desc>Other</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>550</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>550</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>0</ExclusionAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>550</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>6012681</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1050037</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>900299</ExclusionAmt>
      </TotalRevenueGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>142899</TotalAmt>
        <ProgramServicesAmt>95499</ProgramServicesAmt>
        <ManagementAndGeneralAmt>30795</ManagementAndGeneralAmt>
        <FundraisingAmt>16605</FundraisingAmt>
      </CompCurrentOfcrDirectorsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>672520</TotalAmt>
        <ProgramServicesAmt>449445</ProgramServicesAmt>
        <ManagementAndGeneralAmt>144928</ManagementAndGeneralAmt>
        <FundraisingAmt>78147</FundraisingAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>18409</TotalAmt>
        <ProgramServicesAmt>12303</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3967</ManagementAndGeneralAmt>
        <FundraisingAmt>2139</FundraisingAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>62445</TotalAmt>
        <ProgramServicesAmt>41732</ProgramServicesAmt>
        <ManagementAndGeneralAmt>13457</ManagementAndGeneralAmt>
        <FundraisingAmt>7256</FundraisingAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>61140</TotalAmt>
        <ProgramServicesAmt>40860</ProgramServicesAmt>
        <ManagementAndGeneralAmt>13176</ManagementAndGeneralAmt>
        <FundraisingAmt>7104</FundraisingAmt>
      </PayrollTaxesGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>3738</TotalAmt>
        <ProgramServicesAmt>3508</ProgramServicesAmt>
        <ManagementAndGeneralAmt>230</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>58589</TotalAmt>
        <ProgramServicesAmt>30271</ProgramServicesAmt>
        <ManagementAndGeneralAmt>28318</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForServicesAccountingGrp>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>90572</TotalAmt>
        <ProgramServicesAmt>0</ProgramServicesAmt>
        <ManagementAndGeneralAmt>90572</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>58946</TotalAmt>
        <ProgramServicesAmt>58946</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForServicesOtherGrp>
      <OfficeExpensesGrp>
        <TotalAmt>15280</TotalAmt>
        <ProgramServicesAmt>8344</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2401</ManagementAndGeneralAmt>
        <FundraisingAmt>4535</FundraisingAmt>
      </OfficeExpensesGrp>
      <InformationTechnologyGrp>
        <TotalAmt>19157</TotalAmt>
        <ProgramServicesAmt>8208</ProgramServicesAmt>
        <ManagementAndGeneralAmt>9522</ManagementAndGeneralAmt>
        <FundraisingAmt>1427</FundraisingAmt>
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      <OccupancyGrp>
        <TotalAmt>61393</TotalAmt>
        <ProgramServicesAmt>34890</ProgramServicesAmt>
        <ManagementAndGeneralAmt>20436</ManagementAndGeneralAmt>
        <FundraisingAmt>6067</FundraisingAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>5499</TotalAmt>
        <ProgramServicesAmt>4432</ProgramServicesAmt>
        <ManagementAndGeneralAmt>637</ManagementAndGeneralAmt>
        <FundraisingAmt>430</FundraisingAmt>
      </TravelGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>4406</TotalAmt>
        <ProgramServicesAmt>3043</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1363</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </ConferencesMeetingsGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>15454</TotalAmt>
        <ProgramServicesAmt>12047</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3407</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
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      <InsuranceGrp>
        <TotalAmt>16477</TotalAmt>
        <ProgramServicesAmt>11011</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3551</ManagementAndGeneralAmt>
        <FundraisingAmt>1915</FundraisingAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>DUES AND SUBSCRIPTIONS</Desc>
        <TotalAmt>10805</TotalAmt>
        <ProgramServicesAmt>7221</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2328</ManagementAndGeneralAmt>
        <FundraisingAmt>1256</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>FUNDRAISING</Desc>
        <TotalAmt>9460</TotalAmt>
        <ProgramServicesAmt>0</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>9460</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>COMMUNITY OUTREACH</Desc>
        <TotalAmt>11139</TotalAmt>
        <ProgramServicesAmt>6515</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2647</ManagementAndGeneralAmt>
        <FundraisingAmt>1977</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>REAL PROPERTY MANAGEMENT</Desc>
        <TotalAmt>26045</TotalAmt>
        <ProgramServicesAmt>25639</ProgramServicesAmt>
        <ManagementAndGeneralAmt>392</ManagementAndGeneralAmt>
        <FundraisingAmt>14</FundraisingAmt>
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      <AllOtherExpensesGrp>
        <TotalAmt>20270</TotalAmt>
        <ProgramServicesAmt>11762</ProgramServicesAmt>
        <ManagementAndGeneralAmt>7676</ManagementAndGeneralAmt>
        <FundraisingAmt>832</FundraisingAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
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        <ProgramServicesAmt>865676</ProgramServicesAmt>
        <ManagementAndGeneralAmt>379803</ManagementAndGeneralAmt>
        <FundraisingAmt>139164</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
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        <EOYAmt>106</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>1018453</BOYAmt>
        <EOYAmt>800210</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
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        <EOYAmt>114091</EOYAmt>
      </AccountsReceivableGrp>
      <OthNotesLoansReceivableNetGrp>
        <BOYAmt>0</BOYAmt>
      </OthNotesLoansReceivableNetGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>39108</BOYAmt>
        <EOYAmt>16052</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>231618</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>143181</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>75661</BOYAmt>
        <EOYAmt>88437</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>11155757</BOYAmt>
        <EOYAmt>15246878</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>72036789</BOYAmt>
        <EOYAmt>75094403</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>84453858</BOYAmt>
        <EOYAmt>91360177</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>257417</BOYAmt>
        <EOYAmt>362647</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <DeferredRevenueGrp>
        <BOYAmt>37902</BOYAmt>
        <EOYAmt>32494</EOYAmt>
      </DeferredRevenueGrp>
      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>145438</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </MortgNotesPyblScrdInvstPropGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>3856300</BOYAmt>
        <EOYAmt>4191146</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>4297057</BOYAmt>
        <EOYAmt>4586287</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>2880834</BOYAmt>
        <EOYAmt>4046419</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <DonorRestrictionNetAssetsGrp>
        <BOYAmt>77275967</BOYAmt>
        <EOYAmt>82727471</EOYAmt>
      </DonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>80156801</BOYAmt>
        <EOYAmt>86773890</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>84453858</BOYAmt>
        <EOYAmt>91360177</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>4628038</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>1989051</NetUnrlzdGainsLossesInvstAmt>
      <InfoInScheduleOPartXIIInd>X</InfoInScheduleOPartXIIInd>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>true</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>true</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>false</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleA documentId="IRS990ScheduleA-01" softwareId="20011577">
      <PublicOrganization170Ind>X</PublicOrganization170Ind>
      <OtherSupportSumAmt>0</OtherSupportSumAmt>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus4YearsAmt>929632</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>943479</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>1776761</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>2575281</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>3917869</CurrentTaxYearAmt>
        <TotalAmt>10143022</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TaxRevLeviedOrgnztnlBnft170Grp>
        <TotalAmt>0</TotalAmt>
      </TaxRevLeviedOrgnztnlBnft170Grp>
      <GovtFurnSrvcFcltsVl170Grp>
        <TotalAmt>0</TotalAmt>
      </GovtFurnSrvcFcltsVl170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus4YearsAmt>929632</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>943479</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>1776761</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>2575281</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>3917869</CurrentTaxYearAmt>
        <TotalAmt>10143022</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>1899605</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>8243417</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
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        <CurrentTaxYearMinus3YearsAmt>219306</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>247317</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>203697</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>195292</CurrentTaxYearAmt>
        <TotalAmt>1061890</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <UnrelatedBusinessNetIncm170Grp>
        <TotalAmt>0</TotalAmt>
      </UnrelatedBusinessNetIncm170Grp>
      <OtherIncome170Grp>
        <TotalAmt>0</TotalAmt>
      </OtherIncome170Grp>
      <TotalSupportAmt>11204912</TotalSupportAmt>
      <PublicSupportCY170Pct>0.73570</PublicSupportCY170Pct>
      <PublicSupportPY170Pct>0.61350</PublicSupportPY170Pct>
      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
      <PublicSupportTotal509Amt>0</PublicSupportTotal509Amt>
      <PublicSupportCY509Pct>0</PublicSupportCY509Pct>
      <InvestmentIncomeCYPct>0</InvestmentIncomeCYPct>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="IRS990ScheduleB-01">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <IRS990ScheduleC documentId="IRS990ScheduleC-01">
      <VolunteersInd>false</VolunteersInd>
      <PaidStaffOrManagementInd>false</PaidStaffOrManagementInd>
      <MediaAdvertisementsInd>false</MediaAdvertisementsInd>
      <MailingsMembersInd>false</MailingsMembersInd>
      <PublicationsOrBroadcastInd>false</PublicationsOrBroadcastInd>
      <GrantsOtherOrganizationsInd>true</GrantsOtherOrganizationsInd>
      <GrantsOtherOrganizationsAmt>5000</GrantsOtherOrganizationsAmt>
      <DirectContactLegislatorsInd>false</DirectContactLegislatorsInd>
      <RalliesDemonstrationsInd>false</RalliesDemonstrationsInd>
      <OtherActivitiesInd>false</OtherActivitiesInd>
      <TotalLobbyingExpendituresAmt>5000</TotalLobbyingExpendituresAmt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt II-B Line 1</FormAndLineReferenceDesc>
        <ExplanationTxt>Placer Land Trust issued a grant to another tax-exempt organization for the purpose of the other organization conducting lobbying activities.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleC>
    <IRS990ScheduleD documentId="IRS990ScheduleD-01" softwareId="20011577">
      <PreservationPublicUseInd>X</PreservationPublicUseInd>
      <ProtectionNaturalHabitatInd>X</ProtectionNaturalHabitatInd>
      <PreservationOpenSpaceInd>X</PreservationOpenSpaceInd>
      <TotalEasementsCnt>35</TotalEasementsCnt>
      <TotalAcreageCnt>6185.00</TotalAcreageCnt>
      <ModifiedEasementsCnt>0</ModifiedEasementsCnt>
      <StatesEasementsHeldCnt>1</StatesEasementsHeldCnt>
      <WrittenPolicyMonitoringInd>true</WrittenPolicyMonitoringInd>
      <StaffHoursSpentEnforcementCnt>457.00</StaffHoursSpentEnforcementCnt>
      <ExpensesIncurredEnforcementAmt>14769</ExpensesIncurredEnforcementAmt>
      <Section170hRqrStsfdInd>true</Section170hRqrStsfdInd>
      <CYEndwmtFundGrp>
        <BeginningYearBalanceAmt>3643120</BeginningYearBalanceAmt>
        <ContributionsAmt>981500</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>903082</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>42164</OtherExpendituresAmt>
        <EndYearBalanceAmt>5485538</EndYearBalanceAmt>
      </CYEndwmtFundGrp>
      <CYMinus1YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>3454575</BeginningYearBalanceAmt>
        <ContributionsAmt>136550</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>66470</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>14475</OtherExpendituresAmt>
        <EndYearBalanceAmt>3643120</EndYearBalanceAmt>
      </CYMinus1YrEndwmtFundGrp>
      <CYMinus2YrEndwmtFundGrp>
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        <ContributionsAmt>1186434</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>168306</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>12035</OtherExpendituresAmt>
        <EndYearBalanceAmt>3454575</EndYearBalanceAmt>
      </CYMinus2YrEndwmtFundGrp>
      <CYMinus3YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>1583856</BeginningYearBalanceAmt>
        <ContributionsAmt>462600</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>78981</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>13567</OtherExpendituresAmt>
        <EndYearBalanceAmt>2111870</EndYearBalanceAmt>
      </CYMinus3YrEndwmtFundGrp>
      <CYMinus4YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>1195132</BeginningYearBalanceAmt>
        <ContributionsAmt>285987</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>106482</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>3745</OtherExpendituresAmt>
        <EndYearBalanceAmt>1583856</EndYearBalanceAmt>
      </CYMinus4YrEndwmtFundGrp>
      <EndowmentsHeldUnrelatedOrgInd>true</EndowmentsHeldUnrelatedOrgInd>
      <EndowmentsHeldRelatedOrgInd>false</EndowmentsHeldRelatedOrgInd>
      <LandGrp>
        <InvestmentCostOrOtherBasisAmt>0</InvestmentCostOrOtherBasisAmt>
        <BookValueAmt>0</BookValueAmt>
      </LandGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>170063</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>99529</DepreciationAmt>
        <BookValueAmt>70534</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp>
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        <DepreciationAmt>43652</DepreciationAmt>
        <BookValueAmt>17903</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>88437</TotalBookValueLandBuildingsAmt>
      <OtherAssetsOrgGrp>
        <Desc>REAL PROPERTY</Desc>
        <BookValueAmt>36216437</BookValueAmt>
      </OtherAssetsOrgGrp>
      <OtherAssetsOrgGrp>
        <Desc>CONSERVATION EASEMENTS</Desc>
        <BookValueAmt>38877966</BookValueAmt>
      </OtherAssetsOrgGrp>
      <TotalBookValueOtherAssetsAmt>75094403</TotalBookValueOtherAssetsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>DUE TO OTHER AGENCIES</Desc>
        <Amt>4191146</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>4191146</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>7911159</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>1989051</NetUnrealizedGainsInvstAmt>
      <RevenueNotReportedAmt>1989051</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>5922108</RevenueSubtotalAmt>
      <OtherRevenuesNotIncludedAmt>90573</OtherRevenuesNotIncludedAmt>
      <RevenueNotReportedFinclStmtAmt>90573</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>6012681</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>1294070</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesSubtotalAmt>1294070</ExpensesSubtotalAmt>
      <InvestmentExpensesNotIncld2Amt>90573</InvestmentExpensesNotIncld2Amt>
      <ExpensesNotRptFinclStmtAmt>90573</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>1384643</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt II, Line 9</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION CAPITALIZES CONSERVATION EASEMENTS IN ITS FINANCIAL STATEMENTS. EASEMENTS ARE CAPITALIZED AT ACQUISITION COST (INCLUDING PRE-ACQUISITION EXPENSES) WHILE CONTRIBUTED EASEMENTS ARE CAPITALIZED AT THEIR ESTIMATED FAIR MARKET VALUE AT THE DATE OF ACQUISITION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt II, Line 5</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION HAS A WRITTEN POLICY THAT IT WILL MONITOR THE LEGAL COMPLIANCE OF EASEMENTS IN ACCORDANCE WITH EACH EASEMENT AGREEMENT. THE POLICY INCLUDES STEPS FOR MONITORING, INSPECTION, AND ENFORCEMENT OF PROVISIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt II, Line 3</FormAndLineReferenceDesc>
        <ExplanationTxt>NO CHANGES</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt V, Line 4</FormAndLineReferenceDesc>
        <ExplanationTxt>ENDOWMENT FUNDS ARE USED TO FUND LAND CONSERVATION ACTIVITIES AS SPECIFIED BY DONOR RESTRICTION OR DESIGNATION BY THE BOARD OF DIRECTORS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt XI, Line 4b</FormAndLineReferenceDesc>
        <ExplanationTxt>INVESTMENT EXPENSES</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt XII, Line 4b</FormAndLineReferenceDesc>
        <ExplanationTxt>ROUNDING</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt XI, Line 2d</FormAndLineReferenceDesc>
        <ExplanationTxt>ROUNDING</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleG documentId="IRS990ScheduleG-01">
      <FundraisingEventInformationGrp>
        <Event1Nm>CONSERVATOR</Event1Nm>
        <GrossReceiptsEvent1Amt>72710</GrossReceiptsEvent1Amt>
        <GrossRevenueEvent1Amt>72710</GrossRevenueEvent1Amt>
        <EntertainmentEvent1Amt>5200</EntertainmentEvent1Amt>
        <OtherDirectExpensesEvent1Amt>19037</OtherDirectExpensesEvent1Amt>
        <GrossReceiptsTotalAmt>72710</GrossReceiptsTotalAmt>
        <GrossRevenueTotalEventsAmt>72710</GrossRevenueTotalEventsAmt>
        <EntertainmentTotalEventsAmt>5200</EntertainmentTotalEventsAmt>
        <OthDirectExpnssTotalEventsAmt>19037</OthDirectExpnssTotalEventsAmt>
        <DirectExpenseSummaryEventsAmt>24237</DirectExpenseSummaryEventsAmt>
        <NetIncomeSummaryAmt>48473</NetIncomeSummaryAmt>
      </FundraisingEventInformationGrp>
    </IRS990ScheduleG>
    <IRS990ScheduleM documentId="IRS990ScheduleM-01">
      <SecuritiesPubliclyTradedGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>547</ContributionCnt>
        <NoncashContributionsRptF990Amt>27221</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>PUBLICLY TRADED PRICES</MethodOfDeterminingRevenuesTxt>
      </SecuritiesPubliclyTradedGrp>
      <OtherNonCashContriTableGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <Desc>DONATED RADIO TIME</Desc>
        <ContributionCnt>1</ContributionCnt>
        <NoncashContributionsRptF990Amt>1685</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>ESTIMATED FMV</MethodOfDeterminingRevenuesTxt>
      </OtherNonCashContriTableGrp>
      <OtherNonCashContriTableGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <Desc>DONATED PROFESSIONAL SERVICES</Desc>
        <ContributionCnt>1</ContributionCnt>
        <NoncashContributionsRptF990Amt>2400</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>ESTIMATED FMV</MethodOfDeterminingRevenuesTxt>
      </OtherNonCashContriTableGrp>
      <OtherNonCashContriTableGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <Desc>DONATED AUCTION ITEMS</Desc>
        <ContributionCnt>22</ContributionCnt>
        <NoncashContributionsRptF990Amt>9085</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>ESTIMATED FMV</MethodOfDeterminingRevenuesTxt>
      </OtherNonCashContriTableGrp>
      <AnyPropertyThatMustBeHeldInd>false</AnyPropertyThatMustBeHeldInd>
      <ReviewProcessUnusualNCGiftsInd>true</ReviewProcessUnusualNCGiftsInd>
      <ThirdPartiesUsedInd>false</ThirdPartiesUsedInd>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO-01" softwareId="20011577">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt XII, Line 2c</FormAndLineReferenceDesc>
        <ExplanationTxt>NO CHANGE IN THE OVERSIGHT PROCESS THIS YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>A DRAFT OF THE FORM 990 IS MADE AVAILABLE TO THE BOARD OF DIRECTORS BEFORE IT IS FILED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 12c</FormAndLineReferenceDesc>
        <ExplanationTxt>ALL MEMBERS OF THE BOARD OF DIRECTORS COMPLETE AN ANNUAL QUESTIONNAIRE TO MONITOR COMPLIANCE WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 15a</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD OF DIRECTORS COMPLETES AN ANNUAL EVALUATION OF THE EXECUTIVE DIRECTOR'S PERFORMANCE WITH INPUT FROM VARIOUS SOURCES, INCLUDING STAFF, ORGANIZATION VOLUNTEERS, AND SUPPORTERS OF THE ORGANIZATION. THE BOARD OF DIRECTORS COMPARES COMPENSATION TO COMPENSATION OF SIMILAR ORGANIZATION AS IS AVAILABLE. THE BOARD OF DIRECTORS DISCUSSES PROPOSED ADJUSTMENTS AND VOTES ON A COMPENSATION AMOUNT.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 18</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION MAKES ITS FORM 990 AND RELATED DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>
