﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2017v2.2" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2019-01-31T16:31:18-08:00</ReturnTs>
    <TaxPeriodEndDt>2018-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>MICHAEL SHIMIZU CPA</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>433 GLADSTONE CT</AddressLine1Txt>
        <CityNm>ROSEVILLE</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>957476468</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2017-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>680223143</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>PLACER LAND TRUST</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>PLAC</BusinessNameControlTxt>
      <PhoneNum>5308879222</PhoneNum>
      <USAddress>
        <AddressLine1Txt>11641 BLOCKER DRIVE</AddressLine1Txt>
        <CityNm>AUBURN</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>95603</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>FRED YEAGER</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>5308879222</PhoneNum>
      <SignatureDt>2018-06-21</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>MICHAEL SHIMIZU</PreparerPersonNm>
      <PTIN>P00618900</PTIN>
      <PhoneNum>9169103439</PhoneNum>
      <SelfEmployedInd>X</SelfEmployedInd>
    </PreparerPersonGrp>
    <FilingSecurityInformation>
      <IPAddress>
        <IPv4AddressTxt>104.220.153.5</IPv4AddressTxt>
      </IPAddress>
      <IPDt>2019-01-31</IPDt>
      <IPTm>16:30:57</IPTm>
      <IPTimezoneCd>PS</IPTimezoneCd>
      <FilingLicenseTypeCd>P</FilingLicenseTypeCd>
      <AtSubmissionCreationDeviceId>6C9B1A35775087DBDB8A6D25ECA509C7F6C27838</AtSubmissionCreationDeviceId>
      <AtSubmissionFilingDeviceId>6C9B1A35775087DBDB8A6D25ECA509C7F6C27838</AtSubmissionFilingDeviceId>
    </FilingSecurityInformation>
    <TaxYr>2017</TaxYr>
    <BuildTS>2019-02-21 02:37:17Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="8">
    <IRS990 documentId="00000001" referenceDocumentName="IRS990ScheduleO ReasonableCauseExplanation" softwareId="17005306">
      <PrincipalOfficerNm>JEFF DARLINGTON</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>11641 Blocker Drive Suite 220</AddressLine1Txt>
        <CityNm>Auburn</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>95603</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>14790150</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>false</GroupReturnForAffiliatesInd>
      <Organization501c3Ind>X</Organization501c3Ind>
      <WebsiteAddressTxt>www.placerlandtrust.org</WebsiteAddressTxt>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <FormationYr>1991</FormationYr>
      <LegalDomicileStateCd>CA</LegalDomicileStateCd>
      <ActivityOrMissionDesc>LAND CONSERVATION</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>9</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>9</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>10</TotalEmployeeCnt>
      <TotalVolunteersCnt>200</TotalVolunteersCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <PYContributionsGrantsAmt>1345570</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>4156961</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>260419</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>126691</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>133034</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>1061517</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>40568</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>45702</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>1779591</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>5390871</CYTotalRevenueAmt>
      <CYGrantsAndSimilarPaidAmt>0</CYGrantsAndSimilarPaidAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>585068</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>709049</CYSalariesCompEmpBnftPaidAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>114388</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>343649</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>452839</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>928717</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>1161888</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>850874</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>4228983</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>70608382</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>74712692</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>2625015</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>2884933</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>67983367</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>71827759</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>LAND CONSERVATION</MissionDesc>
      <SignificantNewProgramSrvcInd>false</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>false</SignificantChangeInd>
      <ExpenseAmt>758785</ExpenseAmt>
      <RevenueAmt>87899</RevenueAmt>
      <Desc>THE PRIMARY FUNCTION OF PLACER LAND TRUST (PLT) IS TO PROTECT AGRICULTURAL AND NATURAL LAND FOR PUBLIC BENEFIT IN THE PLACER COUNTY REGION THROUGH ACQUISITION AND MANAGEMENT OF LAND AND/OR CONSERVATION EASEMENTS. OVER THIS FISCAL YEAR PLT HAS PROTECTED AN ADDITIONAL 999 ACRES THROUGH FOUR PROJECTS, BRINGING THE CUMULATIVE TOTAL OF LAND PROTECTED TO NEARLY 9,500 ACRES. HIGHLIGHTS OF THE YEAR INCLUDE PROTECTION FOR PERPETUITY OF 1) SEVERAL PROPERTIES OWNED BY PG&amp;E OR OTHER PARTNERS TO KEEP INTACT OUTDOOR RECREATION, OPEN SPACE PRESERVATION, SUSTAINABLE FORESTRY AND/OR NATURAL, HISTORIC, AND CULTURAL RESOURCES, AT THE SAME TIME WHILE STILL CONTINUING HYDROELECTRIC PRODUCTION, AND 2) A 21 ACRE RURAL PROPERTY TO REMAIN OPEN AND SUITABLE FOR AGRICULTURAL FOREVER.</Desc>
      <ProgSrvcAccomActy2Grp>
        <ExpenseAmt>6327</ExpenseAmt>
        <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 WHI</Desc>
      </ProgSrvcAccomActy2Grp>
      <ProgSrvcAccomActy3Grp>
        <ExpenseAmt>107816</ExpenseAmt>
        <Desc>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; AND 3) LAND STEWARDSHIP ACTIVITIES SUCH AS SCOTCH BROOM CLEARING, TREE PLANTING, OR TRAIL MAINTENANCE. OUR OUTREACH EFFORTS ARE PRIMARILY VOLUNTEER-LED, AND TA</Desc>
      </ProgSrvcAccomActy3Grp>
      <TotalProgramServiceExpensesAmt>872928</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind referenceDocumentId="00000002" referenceDocumentName="IRS990ScheduleA">true</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd referenceDocumentId="00000003" referenceDocumentName="IRS990ScheduleB">true</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>false</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd referenceDocumentId="00000004" referenceDocumentName="IRS990ScheduleC">true</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd>false</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="00000005" referenceDocumentName="IRS990ScheduleD">true</ConservationEasementsInd>
      <CollectionsOfArtInd>false</CollectionsOfArtInd>
      <CreditCounselingInd>false</CreditCounselingInd>
      <TempOrPermanentEndowmentsInd referenceDocumentId="00000005" referenceDocumentName="IRS990ScheduleD">true</TempOrPermanentEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="00000005" referenceDocumentName="IRS990ScheduleD">true</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd>false</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd>false</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="00000005" referenceDocumentName="IRS990ScheduleD">true</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="00000005" referenceDocumentName="IRS990ScheduleD">true</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="00000005" referenceDocumentName="IRS990ScheduleD">true</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="00000005" referenceDocumentName="IRS990ScheduleD">true</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd>false</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>false</SchoolOperatingInd>
      <ForeignOfficeInd>false</ForeignOfficeInd>
      <ForeignActivitiesInd>false</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>false</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>false</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd>false</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd referenceDocumentId="00000006" referenceDocumentName="IRS990ScheduleG">true</FundraisingActivitiesInd>
      <GamingActivitiesInd>false</GamingActivitiesInd>
      <OperateHospitalInd>false</OperateHospitalInd>
      <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
      <ScheduleJRequiredInd>false</ScheduleJRequiredInd>
      <TaxExemptBondsInd>false</TaxExemptBondsInd>
      <EngagedInExcessBenefitTransInd>false</EngagedInExcessBenefitTransInd>
      <PYExcessBenefitTransInd>false</PYExcessBenefitTransInd>
      <LoanOutstandingInd>false</LoanOutstandingInd>
      <GrantToRelatedPersonInd>false</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>false</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>false</BusinessRlnWithFamMemInd>
      <BusinessRlnWithOfficerEntInd>false</BusinessRlnWithOfficerEntInd>
      <DeductibleNonCashContriInd referenceDocumentId="00000007" referenceDocumentName="IRS990ScheduleM">true</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd referenceDocumentId="00000007" referenceDocumentName="IRS990ScheduleM">true</DeductibleArtContributionInd>
      <TerminateOperationsInd>false</TerminateOperationsInd>
      <PartialLiquidationInd>false</PartialLiquidationInd>
      <DisregardedEntityInd>false</DisregardedEntityInd>
      <RelatedEntityInd>false</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>false</RelatedOrganizationCtrlEntInd>
      <ActivitiesConductedPrtshpInd>false</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>true</ScheduleORequiredInd>
      <IRPDocumentCnt>19</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <EmployeeCnt>10</EmployeeCnt>
      <EmploymentTaxReturnsFiledInd>true</EmploymentTaxReturnsFiledInd>
      <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
      <ForeignFinancialAccountInd>false</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>false</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>false</NondeductibleContributionsInd>
      <QuidProQuoContributionsInd>true</QuidProQuoContributionsInd>
      <QuidProQuoContriDisclInd>true</QuidProQuoContriDisclInd>
      <Form8282PropertyDisposedOfInd>false</Form8282PropertyDisposedOfInd>
      <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
      <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
      <Form8899Filedind>false</Form8899Filedind>
      <Form1098CFiledInd>false</Form1098CFiledInd>
      <IndoorTanningServicesInd>false</IndoorTanningServicesInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>9</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>9</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>false</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>false</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>false</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>false</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>false</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>false</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>false</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>true</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>true</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>false</OfficerMailingAddressInd>
      <LocalChaptersInd>false</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>true</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>true</ConflictOfInterestPolicyInd>
      <AnnualDisclosureCoveredPrsnInd>true</AnnualDisclosureCoveredPrsnInd>
      <RegularMonitoringEnfrcInd>true</RegularMonitoringEnfrcInd>
      <WhistleblowerPolicyInd>true</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>true</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>true</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>false</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>false</InvestmentInJointVentureInd>
      <StatesWhereCopyOfReturnIsFldCd>CA</StatesWhereCopyOfReturnIsFldCd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <BusinessName>
          <BusinessNameLine1Txt>THE ORGANIZATION</BusinessNameLine1Txt>
        </BusinessName>
        <PhoneNum>5308879222</PhoneNum>
        <USAddress>
          <AddressLine1Txt>11641 BLOCKER DRIVE SUITE 220</AddressLine1Txt>
          <CityNm>AUBURN</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>95603</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <Form990PartVIISectionAGrp>
        <PersonNm>FRED YEAGER</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <AverageHoursPerWeekRt>4.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KEELA CLARK</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>RICH FERRERIA</PersonNm>
        <TitleTxt>VICE PRESIDENT</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ROBERT GILLIOM</PersonNm>
        <TitleTxt>TREASURER</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JIM HAAGEN-SMIT</PersonNm>
        <TitleTxt>SECRETARY</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KAREN KEENE</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>BARBARA BRENNER</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JOHN MARIN</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DOUG HOUSTON</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JEFF DARLINGTON</PersonNm>
        <TitleTxt>EXECUTIVE DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>112769</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>3383</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>CHRISTINE PIEPER</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>112769</TotalReportableCompFromOrgAmt>
      <TotalOtherCompensationAmt>3383</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>1</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>false</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>false</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>false</CompensationFromOtherSrcsInd>
      <AllOtherContributionsAmt>4156961</AllOtherContributionsAmt>
      <NoncashContributionsAmt>3133482</NoncashContributionsAmt>
      <TotalContributionsAmt>4156961</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>CONVEYANCE FEES</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>87899</TotalRevenueColumnAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>GRAZING LEASES</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>38792</TotalRevenueColumnAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>126691</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>180514</TotalRevenueColumnAmt>
        <ExclusionAmt>180514</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>9837724</SecuritiesAmt>
        <OtherAmt>415150</OtherAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>9067420</SecuritiesAmt>
        <OtherAmt>304451</OtherAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>770304</SecuritiesAmt>
        <OtherAmt>110699</OtherAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>881003</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>110699</RelatedOrExemptFuncIncomeAmt>
        <ExclusionAmt>770304</ExclusionAmt>
      </NetGainOrLossInvestmentsGrp>
      <FundraisingGrossIncomeAmt>72085</FundraisingGrossIncomeAmt>
      <FundraisingDirectExpensesAmt>27408</FundraisingDirectExpensesAmt>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>44677</TotalRevenueColumnAmt>
        <ExclusionAmt>44677</ExclusionAmt>
      </NetIncmFromFundraisingEvtGrp>
      <MiscellaneousRevenueGrp>
        <TotalRevenueColumnAmt>1025</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1025</RelatedOrExemptFuncIncomeAmt>
      </MiscellaneousRevenueGrp>
      <OtherRevenueTotalAmt>1025</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>5390871</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>238415</RelatedOrExemptFuncIncomeAmt>
        <ExclusionAmt>995495</ExclusionAmt>
      </TotalRevenueGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>112769</TotalAmt>
        <ProgramServicesAmt>86967</ProgramServicesAmt>
        <ManagementAndGeneralAmt>11593</ManagementAndGeneralAmt>
        <FundraisingAmt>14209</FundraisingAmt>
      </CompCurrentOfcrDirectorsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>499462</TotalAmt>
        <ProgramServicesAmt>385185</ProgramServicesAmt>
        <ManagementAndGeneralAmt>51345</ManagementAndGeneralAmt>
        <FundraisingAmt>62932</FundraisingAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>14085</TotalAmt>
        <ProgramServicesAmt>10862</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1448</ManagementAndGeneralAmt>
        <FundraisingAmt>1775</FundraisingAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>36667</TotalAmt>
        <ProgramServicesAmt>28278</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3769</ManagementAndGeneralAmt>
        <FundraisingAmt>4620</FundraisingAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>46066</TotalAmt>
        <ProgramServicesAmt>35526</ProgramServicesAmt>
        <ManagementAndGeneralAmt>4736</ManagementAndGeneralAmt>
        <FundraisingAmt>5804</FundraisingAmt>
      </PayrollTaxesGrp>
      <FeesForServicesManagementGrp>
        <TotalAmt>12175</TotalAmt>
        <ProgramServicesAmt>11175</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1000</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForServicesManagementGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>4526</TotalAmt>
        <ProgramServicesAmt>4526</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>45652</TotalAmt>
        <ProgramServicesAmt>30920</ProgramServicesAmt>
        <ManagementAndGeneralAmt>14732</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForServicesAccountingGrp>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>67273</TotalAmt>
        <ProgramServicesAmt>0</ProgramServicesAmt>
        <ManagementAndGeneralAmt>67273</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <OfficeExpensesGrp>
        <TotalAmt>7702</TotalAmt>
        <ProgramServicesAmt>5940</ProgramServicesAmt>
        <ManagementAndGeneralAmt>792</ManagementAndGeneralAmt>
        <FundraisingAmt>970</FundraisingAmt>
      </OfficeExpensesGrp>
      <InformationTechnologyGrp>
        <TotalAmt>8629</TotalAmt>
        <ProgramServicesAmt>6655</ProgramServicesAmt>
        <ManagementAndGeneralAmt>887</ManagementAndGeneralAmt>
        <FundraisingAmt>1087</FundraisingAmt>
      </InformationTechnologyGrp>
      <OccupancyGrp>
        <TotalAmt>47104</TotalAmt>
        <ProgramServicesAmt>36327</ProgramServicesAmt>
        <ManagementAndGeneralAmt>4842</ManagementAndGeneralAmt>
        <FundraisingAmt>5935</FundraisingAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>4951</TotalAmt>
        <ProgramServicesAmt>4627</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>324</FundraisingAmt>
      </TravelGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>10422</TotalAmt>
        <ProgramServicesAmt>9766</ProgramServicesAmt>
        <ManagementAndGeneralAmt>295</ManagementAndGeneralAmt>
        <FundraisingAmt>361</FundraisingAmt>
      </ConferencesMeetingsGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>17221</TotalAmt>
        <ProgramServicesAmt>11926</ProgramServicesAmt>
        <ManagementAndGeneralAmt>5295</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </DepreciationDepletionGrp>
      <InsuranceGrp>
        <TotalAmt>24423</TotalAmt>
        <ProgramServicesAmt>18835</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2511</ManagementAndGeneralAmt>
        <FundraisingAmt>3077</FundraisingAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>RESTORATION</Desc>
        <TotalAmt>19316</TotalAmt>
        <ProgramServicesAmt>19316</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>TRAIL DEVELOPMENT</Desc>
        <TotalAmt>6327</TotalAmt>
        <ProgramServicesAmt>6327</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>COMMUNITY OUTREACH</Desc>
        <TotalAmt>98715</TotalAmt>
        <ProgramServicesAmt>98715</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>REAL PROPERTY MANAGEMENT</Desc>
        <TotalAmt>19828</TotalAmt>
        <ProgramServicesAmt>19828</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>58575</TotalAmt>
        <ProgramServicesAmt>41227</ProgramServicesAmt>
        <ManagementAndGeneralAmt>4054</ManagementAndGeneralAmt>
        <FundraisingAmt>13294</FundraisingAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>1161888</TotalAmt>
        <ProgramServicesAmt>872928</ProgramServicesAmt>
        <ManagementAndGeneralAmt>174572</ManagementAndGeneralAmt>
        <FundraisingAmt>114388</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>775</BOYAmt>
        <EOYAmt>985</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>931406</BOYAmt>
        <EOYAmt>611442</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>129368</BOYAmt>
        <EOYAmt>5520</EOYAmt>
      </AccountsReceivableGrp>
      <OthNotesLoansReceivableNetGrp>
        <EOYAmt>280000</EOYAmt>
      </OthNotesLoansReceivableNetGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>5795</BOYAmt>
        <EOYAmt>5202</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>217595</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>106214</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>93917</BOYAmt>
        <EOYAmt>111381</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>7683085</BOYAmt>
        <EOYAmt>9170533</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>61764036</BOYAmt>
        <EOYAmt>64527629</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>70608382</BOYAmt>
        <EOYAmt>74712692</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>673968</BOYAmt>
        <EOYAmt>938289</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <DeferredRevenueGrp>
        <BOYAmt>41979</BOYAmt>
        <EOYAmt>38801</EOYAmt>
      </DeferredRevenueGrp>
      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>5068</BOYAmt>
        <EOYAmt>3843</EOYAmt>
      </MortgNotesPyblScrdInvstPropGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>1904000</BOYAmt>
        <EOYAmt>1904000</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>2625015</BOYAmt>
        <EOYAmt>2884933</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
      <UnrestrictedNetAssetsGrp>
        <BOYAmt>1438714</BOYAmt>
        <EOYAmt>1721502</EOYAmt>
      </UnrestrictedNetAssetsGrp>
      <TemporarilyRstrNetAssetsGrp>
        <BOYAmt>6068369</BOYAmt>
        <EOYAmt>6451159</EOYAmt>
      </TemporarilyRstrNetAssetsGrp>
      <PermanentlyRstrNetAssetsGrp>
        <BOYAmt>60476284</BOYAmt>
        <EOYAmt>63655098</EOYAmt>
      </PermanentlyRstrNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>67983367</BOYAmt>
        <EOYAmt>71827759</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>70608382</BOYAmt>
        <EOYAmt>74712692</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>4228983</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>-386458</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="00000002" softwareId="17005306">
      <PublicOrganization170Ind>X</PublicOrganization170Ind>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus4YearsAmt>843679</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>805853</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>975010</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>929632</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>943479</CurrentTaxYearAmt>
        <TotalAmt>4497653</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus4YearsAmt>843679</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>805853</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>975010</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>929632</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>943479</CurrentTaxYearAmt>
        <TotalAmt>4497653</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>1379502</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>3118151</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>818947</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>212568</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>415717</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>196278</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>219306</CurrentTaxYearAmt>
        <TotalAmt>1862816</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <TotalSupportAmt>6360469</TotalSupportAmt>
      <PublicSupportCY170Pct>0.49020</PublicSupportCY170Pct>
      <PublicSupportPY170Pct>0.56770</PublicSupportPY170Pct>
      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
      <PublicSupportTotal509Amt>0</PublicSupportTotal509Amt>
      <PublicSupportCY509Pct>0</PublicSupportCY509Pct>
      <InvestmentIncomeCYPct>0</InvestmentIncomeCYPct>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="00000003" />
    <IRS990ScheduleC documentId="00000004">
      <VolunteersInd>false</VolunteersInd>
      <PaidStaffOrManagementInd>false</PaidStaffOrManagementInd>
      <MediaAdvertisementsInd>false</MediaAdvertisementsInd>
      <MailingsMembersInd>false</MailingsMembersInd>
      <PublicationsOrBroadcastInd>false</PublicationsOrBroadcastInd>
      <GrantsOtherOrganizationsInd>true</GrantsOtherOrganizationsInd>
      <GrantsOtherOrganizationsAmt>35000</GrantsOtherOrganizationsAmt>
      <DirectContactLegislatorsInd>false</DirectContactLegislatorsInd>
      <RalliesDemonstrationsInd>false</RalliesDemonstrationsInd>
      <OtherActivitiesInd>false</OtherActivitiesInd>
      <TotalLobbyingExpendituresAmt>35000</TotalLobbyingExpendituresAmt>
      <NotDescribedSection501c3Ind>false</NotDescribedSection501c3Ind>
      <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. Placer Land Trust also contributed to a state ballot measure committee.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleC>
    <IRS990ScheduleD documentId="00000005" softwareId="17005306">
      <PreservationPublicUseInd>X</PreservationPublicUseInd>
      <ProtectionNaturalHabitatInd>X</ProtectionNaturalHabitatInd>
      <PreservationOpenSpaceInd>X</PreservationOpenSpaceInd>
      <TotalEasementsCnt>28</TotalEasementsCnt>
      <TotalAcreageCnt>4870.0</TotalAcreageCnt>
      <HistoricStructureEasementsCnt>0</HistoricStructureEasementsCnt>
      <ModifiedEasementsCnt>1</ModifiedEasementsCnt>
      <StatesEasementsHeldCnt>1</StatesEasementsHeldCnt>
      <WrittenPolicyMonitoringInd>true</WrittenPolicyMonitoringInd>
      <StaffHoursSpentEnforcementCnt>301</StaffHoursSpentEnforcementCnt>
      <ExpensesIncurredEnforcementAmt>8762</ExpensesIncurredEnforcementAmt>
      <Section170hRqrStsfdInd>true</Section170hRqrStsfdInd>
      <CYEndwmtFundGrp>
        <BeginningYearBalanceAmt>959040</BeginningYearBalanceAmt>
        <ContributionsAmt>472600</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>43783</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>13567</OtherExpendituresAmt>
        <EndYearBalanceAmt>1461856</EndYearBalanceAmt>
      </CYEndwmtFundGrp>
      <CYMinus1YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>623325</BeginningYearBalanceAmt>
        <ContributionsAmt>285987</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>53473</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>3745</OtherExpendituresAmt>
        <EndYearBalanceAmt>959040</EndYearBalanceAmt>
      </CYMinus1YrEndwmtFundGrp>
      <CYMinus2YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>632703</BeginningYearBalanceAmt>
        <ContributionsAmt>1550</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>-7065</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>3863</OtherExpendituresAmt>
        <EndYearBalanceAmt>623325</EndYearBalanceAmt>
      </CYMinus2YrEndwmtFundGrp>
      <CYMinus3YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>631103</BeginningYearBalanceAmt>
        <ContributionsAmt>100</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>2810</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>1310</OtherExpendituresAmt>
        <EndYearBalanceAmt>632703</EndYearBalanceAmt>
      </CYMinus3YrEndwmtFundGrp>
      <CYMinus4YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>582570</BeginningYearBalanceAmt>
        <ContributionsAmt>145</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>50174</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>1786</OtherExpendituresAmt>
        <EndYearBalanceAmt>631103</EndYearBalanceAmt>
      </CYMinus4YrEndwmtFundGrp>
      <BoardDesignatedBalanceEOYPct>0.20000</BoardDesignatedBalanceEOYPct>
      <PrmnntEndowmentBalanceEOYPct>0.59000</PrmnntEndowmentBalanceEOYPct>
      <TermEndowmentBalanceEOYPct>0.21000</TermEndowmentBalanceEOYPct>
      <EndowmentsHeldUnrelatedOrgInd>true</EndowmentsHeldUnrelatedOrgInd>
      <EndowmentsHeldRelatedOrgInd>false</EndowmentsHeldRelatedOrgInd>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>174141</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>78265</DepreciationAmt>
        <BookValueAmt>95876</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp>
        <OtherCostOrOtherBasisAmt>43454</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>27949</DepreciationAmt>
        <BookValueAmt>15505</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>111381</TotalBookValueLandBuildingsAmt>
      <OtherAssetsOrgGrp>
        <Desc>REAL PROPERTY</Desc>
        <BookValueAmt>30398647</BookValueAmt>
      </OtherAssetsOrgGrp>
      <OtherAssetsOrgGrp>
        <Desc>CONSERVATION EASEMENTS</Desc>
        <BookValueAmt>34128982</BookValueAmt>
      </OtherAssetsOrgGrp>
      <TotalBookValueOtherAssetsAmt>64527629</TotalBookValueOtherAssetsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>DUE TO OTHER AGENCIES</Desc>
        <Amt>1904000</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>1904000</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>4964609</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>-384593</NetUnrealizedGainsInvstAmt>
      <OtherRevenueAmt>25604</OtherRevenueAmt>
      <RevenueNotReportedAmt>-358989</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>5323598</RevenueSubtotalAmt>
      <InvestmentExpensesNotIncldAmt>67273</InvestmentExpensesNotIncldAmt>
      <RevenueNotReportedFinclStmtAmt>67273</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>5390871</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>1120219</TotExpnsEtcAuditedFinclStmtAmt>
      <OtherExpensesIncludedAmt>25604</OtherExpensesIncludedAmt>
      <ExpensesNotReportedAmt>25604</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>1094615</ExpensesSubtotalAmt>
      <InvestmentExpensesNotIncld2Amt>67273</InvestmentExpensesNotIncld2Amt>
      <ExpensesNotRptFinclStmtAmt>67273</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>1161888</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 2d</FormAndLineReferenceDesc>
        <ExplanationTxt>EVENT DIRECT EXPENSES</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt XII, Line 2d</FormAndLineReferenceDesc>
        <ExplanationTxt>EVENT DIRECT EXPENSES</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleG documentId="00000006">
      <FundraisingEventInformationGrp>
        <Event1Nm>CONSERVATOR</Event1Nm>
        <GrossReceiptsEvent1Amt>69585</GrossReceiptsEvent1Amt>
        <GrossRevenueEvent1Amt>69585</GrossRevenueEvent1Amt>
        <FoodAndBeverageEvent1Amt>16946</FoodAndBeverageEvent1Amt>
        <EntertainmentEvent1Amt>250</EntertainmentEvent1Amt>
        <OtherDirectExpensesEvent1Amt>10212</OtherDirectExpensesEvent1Amt>
        <GrossReceiptsTotalAmt>69585</GrossReceiptsTotalAmt>
        <GrossRevenueTotalEventsAmt>69585</GrossRevenueTotalEventsAmt>
        <FoodAndBeverageTotalEventsAmt>16946</FoodAndBeverageTotalEventsAmt>
        <EntertainmentTotalEventsAmt>250</EntertainmentTotalEventsAmt>
        <OthDirectExpnssTotalEventsAmt>10212</OthDirectExpnssTotalEventsAmt>
        <DirectExpenseSummaryEventsAmt>27408</DirectExpenseSummaryEventsAmt>
        <NetIncomeSummaryAmt>42177</NetIncomeSummaryAmt>
      </FundraisingEventInformationGrp>
    </IRS990ScheduleG>
    <IRS990ScheduleM documentId="00000007">
      <SecuritiesPubliclyTradedGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>1</ContributionCnt>
        <NoncashContributionsRptF990Amt>85591</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>PUBLICLY TRADED PRICE</MethodOfDeterminingRevenuesTxt>
      </SecuritiesPubliclyTradedGrp>
      <QualifiedContribOtherGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>5</ContributionCnt>
        <NoncashContributionsRptF990Amt>3042016</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>ESTIMATED FMV</MethodOfDeterminingRevenuesTxt>
      </QualifiedContribOtherGrp>
      <OtherNonCashContriTableGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <Desc>DONATED RADIO TIME</Desc>
        <ContributionCnt>1</ContributionCnt>
        <NoncashContributionsRptF990Amt>5000</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>ESTIMATED FMV</MethodOfDeterminingRevenuesTxt>
      </OtherNonCashContriTableGrp>
      <OtherNonCashContriTableGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <Desc>DONATED GIFT CARDS</Desc>
        <ContributionCnt>1</ContributionCnt>
        <NoncashContributionsRptF990Amt>875</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>ESTIMATED FMV</MethodOfDeterminingRevenuesTxt>
      </OtherNonCashContriTableGrp>
      <Form8283ReceivedCnt>1</Form8283ReceivedCnt>
      <AnyPropertyThatMustBeHeldInd>false</AnyPropertyThatMustBeHeldInd>
      <ReviewProcessUnusualNCGiftsInd>true</ReviewProcessUnusualNCGiftsInd>
      <ThirdPartiesUsedInd>false</ThirdPartiesUsedInd>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="00000008" softwareId="17005306">
      <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. THESE DISCUSSIONS ARE DOCUMENTED IN MINUTES.</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>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt XII, Line 2c</FormAndLineReferenceDesc>
        <ExplanationTxt>THIS PROCESS DID NOT CHANGE FROM LAST YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>