2017-01-26T09:43:44-06:00 2016-06-30 020327524 NATHAN WECHSLER & CO PA 44 SCHOOL STREET LEBANON NH 03766 990 2015-07-01 030264836 VERMONT LAND TRUST INC VERM 8022235234 8 BAILEY AVENUE MONTPELIER VT 05602 GILBERT LIVINGSTON PRESIDENT 8022235234 2017-01-19 1 ORESTE J MOSCA P00366101 6034482650 2015 2021-01-29 14:40:06Z GILBERT LIVINGSTON 8 BAILEY AVENUE MONTPELIER VT 05602 17643157 0 X VLT.ORG X 1977 VT TO CONSERVE LAND FOR THE FUTURE OF VERMONT. 16 16 47 0 0 0 10809042 10434027 1320269 1065326 1221692 1702133 82229 120805 13433232 13322291 0 389714 0 0 3444515 3749250 0 0 506380 8035768 11030564 11480283 15169528 1952949 -1847237 42896850 44791737 10128242 14705083 32768608 30086654 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 544,000 ACRES. THIS LAND INCLUDES MORE THAN 790 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 11472146 389714 451462 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 CONSERVE OVER 1,900 PARCELS OF LAND IMPORTANT TO VERMONTERS. VLT HAS PERMANENTLY CONSERVED MORE THAN 550,000 ACRES. THIS LAND INCLUDES MORE THAN 900 WORKING FARMS, MORE THAN 380,000 ACRES OF PRODUCTIVE FORESTLAND, AND NUMEROUS PARCELS OF COMMUNITY LANDS. OUR STAFF CHOOSES INITIATIVES AND WEIGHS INVESTMENTS OF RESOURCES IN OUR EFFORT TO BEST SERVE CURRENT AND FUTURE RESIDENTS AND VISITORS TO VERMONT.OUR ACCOMPLISHMENTS INCLUDE:PROTECTING AND STEWARDING FARMS, FORESTS, COMMUNITY LANDS, AND ASSOCIATED IMPORTANT NATURAL AREAS.PROTECTING AND STEWARDING LAND THAT CONTRIBUTES TO THE CULTURAL, ECONOMIC, AND ECOLOGICAL VITALITY OF LOCAL COMMUNITIES.PROTECTING AND STEWARDING LAND THAT IS ACCESSIBLE TO THE PUBLIC, AND THAT IS BOTH AFFORDABLE AND AVAILABLE FOR THOSE WHO WISH TO USE IT.IMPROVING THE LIVES OF INDIVIDUALS AND FAMILIES BY INVIGORATING FARMS, LAUNCHING NEW BUSINESSES, MAINTAINING SCENIC VISTAS, PROVIDING LOCAL FOOD, ENCOURAGING RECREATIONAL OPPORTUNITIES, AND FOSTERING A RENEWED SENSE OF COMMUNITY. 855321 563819 STEWARDSHIP ACCOMPLISHMENTSTHE VERMONT LAND TRUST ACCEPTS THE RESPONSIBILITY TO SAFEGUARD AND UPHOLD, FOR THE BENEFIT OF ALL VERMONTERS, THE LEGAL AGREEMENT SIGNED VOLUNTARILY BY THE LANDOWNER. WE CALL THIS WORK STEWARDSHIP. OUR STEWARDSHIP ROLE MEANS THAT WE MONITOR 1,900 PROPERTIES ON AN ANNUAL BASIS AND MEET WITH ALMOST 90% OF THE OWNERS OF CONSERVED LAND. THESE EXPERIENCES, VISITING THE LAND AND CREATING RELATIONSHIPS WITH LANDOWNERS, ARE CORE TO CREATING BALANCED CARE FOR THE ECOLOGICAL INTEGRITY, CULTURAL HERITAGE, AND ECONOMIC PRODUCTIVITY OF CONSERVED PROPERTIES. 920707 908189 ATLAS TIMBERLANDS 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 23,000 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. 205185 179061 THE BREWSTER UPLANDS CONSERVATION TRUST IS A PROJECT TO MANAGE 1,000+ ACRES FOR PUBLIC ACCESS RECREATION AND EDUCATIONAL PURPOSES. 205185 179061 13453359 1 1 0 1 0 0 1 0 0 1 1 0 1 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 86 0 1 47 1 0 1 CJ 0 0 0 0 1 2 0 0 0 X 16 16 0 0 1 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 RICK PROVOST 8022235234 8 BAILEY AVENUE MONTPELIER VT 05602 SHERI LARSEN TRUSTEE 1.00 X 0 0 0 MOLLY LANGAN TRUSTEE 1.00 X 0 0 0 SARAH MUYSKENS TRUSTEE 1.00 X 0 0 0 MARC MIHALY TRUSTEE 1.00 X 0 0 0 WALTER POLEMAN CHAIRMAN OF THE BOARD OF TRUSTEES 1.00 X X 0 0 0 JOHN ROBERTS TRUSTEE 1.00 X 0 0 0 MARY MCBRYDE TRUSTEE 1.00 X 0 0 0 PETE LAND TRUSTEE 1.00 X 0 0 0 KATHERINE SIMS TRUSTEE 1.00 X 0 0 0 SUSAN ABBOTT TRUSTEE 1.00 X 0 0 0 HEIDI CHAMBERLAIN TRUSTEE 1.00 X 0 0 0 KARINA WARSHAW TRUSTEE 1.00 X 0 0 0 NOAH HOSKINS-FORSYTHE TRUSTEE 1.00 X 0 0 0 CHARLIE HANCOCK TRUSTEE 1.00 X 0 0 0 WILLIAM KEETON TRUSTEE 1.00 X 0 0 0 ROBIN MORRIS TRUSTEE 1.00 X 0 0 0 GILBERT LIVINGSTON PRESIDENT 40.00 X 131221 0 17406 ELISE ANNES VP COMMUNITY RELATIONS 40.00 X 114090 0 3675 REBECCA ELDER SECRETARY 40.00 X 48680 0 18037 NICK RICHARDSON VP FOR ENTERPRISE 40.00 X 93814 0 21686 SIOBHAN SMITH VP FOR CONSERVATION 40.00 X 94146 0 21386 481951 0 82190 2 0 0 0 NAYLOR & BREEN BUILDERS 191 ALTA WOODS BRANDON VT 05733 CONSTRUCTION 1109464 1 1250853 5674107 3509067 260700 10434027 PROJECT INCOME 515100 1057242 1057242 CONSERVED PROPERTY LOGGING INCOME 110000 6334 6334 FARM INCOME 110000 1750 1750 1065326 446458 446458 120805 0 120805 120805 120805 2101096 3475445 1882626 2438240 218470 1037205 1255675 1037205 218470 13322291 2102531 0 785733 269714 269714 120000 120000 580452 230181 238425 111846 2101138 1630149 253048 217941 58953 45738 7100 6115 780114 548086 162411 69617 228593 159315 41824 27454 128447 128447 40500 23177 16617 706 217598 152830 48718 16050 86714 60904 19414 6396 223412 120372 100759 2281 163750 133925 19160 10665 46318 32531 10370 3417 235505 235505 138981 103132 35849 75298 50636 23884 778 DEVELOPMENT RIGHTS EXPE 8086354 8086354 0 0 PROJECT FEASIBILITY AND 405425 405425 0 0 PROFESSIONAL FEES 322620 184630 132371 5619 PROPERTY TAXES 213679 200889 12790 0 645963 531419 87049 27495 15169528 13453359 1209789 506380 559900 608810 1376534 1881527 234175 232326 161448 0 414068 649000 10608 10608 20603573 1460055 14886345 19143518 6678754 4981883 2589303 2059728 3125276 2485339 12860439 12738998 42896850 44791737 322636 455984 7668501 12144159 2137105 2104940 10128242 14705083 X 11508882 10403414 11581227 9642761 9678499 10040479 32768608 30086654 42896850 44791737 -1847237 -834717 0 X 0 1 X 1 1 1 X 11304092 13414000 14987558 12129311 11499353 63334314 11304092 13414000 14987558 12129311 11499353 63334314 3115075 60219239 431262 409560 509887 474998 567263 2392970 3961 3961 65731245 206342 0.91610 0.91380 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 96548 96548 15072980 15169528 908476 227119 0 0 865994 1000000 724014 908476 3498484 5247726 45069 81574 47428 96548 270619 216499 250000 181004 227119 874622 1311933 X X X 2046 463000.00 1 0 12 1 1 5927.00 232364 1 20338554 1409127 -189113 3753440 153717 17651411 21550798 1587873 683671 3315653 168135 20338554 20682135 3323191 3020999 5348249 127278 21550798 19863755 2769672 2218807 4013782 156317 20682135 19969688 2670916 -245941 2396721 134187 19863755 0.18000 0.69000 0.13000 1 0 15593182 833776 16426958 3395444 835090 2560354 439624 379102 60522 47889 293658 245863 95684 19143518 TIMBERLAND INVESTMENTS, NET OF ACCUMULATED DEPLETION 1649339 C TRANSFERABLE DEVELOPMENT RIGHTS 835000 F YANKEE FARM CREDIT 1000 C 2485339 CHARITABLE REMAINDER TRUSTS 1170092 TIMBER 30840 MISCELLANEOUS RECEIVABLES 70298 BENEFICIAL INTEREST IN NET ASSETS HELD BY VERMONT COMMUNITY FOUNDATION 11334668 BEQUESTS RECEIVABLE 133100 12738998 DEFERRED CHARITABLE ANNUITIES 1929940 DEFERRED OPTION PAYMENTS 175000 2104940 X 14925814 -834717 2438240 1603523 13322291 0 13322291 17607768 2438240 2438240 15169528 0 15169528 PART II, LINE 3: CAMPBELL, BENNINGTON, VT - AUGUST 3, 2015 - ONE OF VLT'S FIRST CONSERVATION EASEMENT PROJECTS, VLT CONSERVED THE CAMPBELL (COHEN) PROPERTY IN 1984 TO PROTECT WILDLIFE HABITAT. THE 2015 EASEMENT MODIFICATION UPGRADES THE EASEMENT LANGUAGE TO CLARIFY THAT THE EASEMENT PURPOSES ARE THE CONSERVATION OF BIOLOGICAL DIVERSITY, NATIVE FLORA AND FAUNA AND THE ENVIRONMENTS AND ECOLOGICAL PROCESSES THAT SUPPORT THEM. IN FURTHERANCE THEREOF, THE MODIFICATION ADJUSTS THE SHAPE OF AN EXCLUDED HOUSE-SITE AWAY FROM A CLASS 2 WETLAND TO PROVIDE A VEGETATED BUFFER BETWEEN THE HOUSE AND THE WETLAND. IN ADDITION, THE MODIFICATION CORRECTS THE EASEMENT TO ALLOW FOR THE USE AND MAINTENANCE OF AN ACCIDENTALLY OMITTED PRE-EXISTING CAMP IN A MANNER CONSISTENT WITH THE PURPOSES OF THE EASEMENT. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT. THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION. KINGSBURY COMMUNITY FARM, WARREN, VT - AUGUST 6, 2015 - THE PURPOSES OF THE KINGSBURY COMMUNITY FARM EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FORESTRY LANDS, AS WELL AS TO MAINTAIN THE ESSENTIAL CHARACTERISTICS OF THE VERMONT COUNTRYSIDE. THE MODIFICATION TO THE KINGSBURY COMMUNITY FARM EASEMENT STRENGTHENED THE PROTECTION OF THE AGRICULTURAL, FORESTRY AND OPEN SPACE VALUES OF THE PROPERTY BY ADDING AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV") TO THE EASEMENT. THE OPAV 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. THE EASEMENT IS CO-HELD BY VLT, THE VERMONT HOUSING AND CONSERVATION BOARD ("VHCB"), AND THE VERMONT AGENCY OF AGRICULTURE, FOOD AND MARKETS ("VAAFM AND TOGETHER WITH VLT AND VHCB, THE "CO-HOLDERS"). THE ORIGINAL EASEMENT PROHIBITED THE TRANSFER OF OWNERSHIP OF THE CONSERVED PROPERTY WITHOUT THE CO-HOLDERS' APPROVAL AND PROVIDED THAT SUCH APPROVAL COULD BE CONDITIONED ON ADDING AN OPAV TO THE EASEMENT. THEREFORE, THE CO-HOLDERS RECEIVED THE OPAV, WHICH FURTHER RESTRICTS THE VALUE OF THE ENCUMBERED PROPERTY, WHEN THE ORIGINAL GRANTOR SOLD THE PROPERTY AND VHCB, VAAFM AND THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION IN FURTHERANCE OF THE GOALS OF THE ORIGINAL CONSERVATION TRANSACTION. BARTON, GREENSBORO, VT - NOVEMBER 18, 2015 - THE PURPOSES OF THE BARTON CONSERVATION EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND WOOD LANDS, WILDLIFE HABITATS, NON-COMMERCIAL RECREATIONAL OPPORTUNITIES AND ACTIVITIES, AND OTHER NATURAL RESOURCE AND SCENIC VALUES OF THE CONSERVED PROPERTY. THE EASEMENT MODIFICATION FURTHERS THE WILDLIFE HABITAT AND NATURAL RESOURCE PROTECTION OF THE PROPERTY BY ADDING RESTRICTIONS TO PROTECT WATER QUALITY AND RIPARIAN AND WETLAND HABITATS, INCLUDING A STATE-SIGNIFICANT RICH FEN, IN PART THROUGH THE ESTABLISHMENT AND MAINTENANCE OF A HIGH QUALITY NATURALLY VEGETATED BUFFER. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT. THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION. HUNTLY-LUBERT, ORWELL, VT - DECEMBER 1, 2015 - THE PURPOSES OF THE HUNTLY-LUBERT CONSERVATION EASEMENT ARE TO CONSERVE THE AGRICULTURAL, FORESTRY, EDUCATIONAL, NON-COMMERCIAL RECREATIONAL AND OPEN SPACE VALUES OF THE PROPERTY. THE MODIFICATION TO THE EASEMENT STRENGTHENED THE PROTECTION OF THE AGRICULTURAL, FORESTRY AND OPEN SPACE VALUES OF THE PROPERTY BY ADDING AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV") TO THE 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 MODIFICATION ADDED SPECIAL PROTECTIONS FOR THE RIPARIAN HABITAT ON THE PROPERTY. THE EASEMENT IS CO-HELD BY VLT, THE VERMONT HOUSING AND CONSERVATION BOARD ("VHCB"), AND THE VERMONT AGENCY OF AGRICULTURE, FOOD AND MARKETS ("VAAFM AND TOGETHER WITH VLT AND VHCB, THE "CO-HOLDERS"). THE CO-HOLDERS PAID LESS THAN FAIR MARKET VALUE FOR THE ADDITIONAL RESTRICTIONS, THE VALUE OF WHICH WAS DETERMINED BY AN INDEPENDENT APPRAISER. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT. VHCB, VAAFM AND THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION TO ENHANCE THE RESTRICTIONS ON THE HUNTLY-LUBERT FARM. FRITZINGER LAND PARTNERSHIP, WESTON, VT - DECEMBER 21, 2015 - FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY ADDING 85 ACRES OF PREVIOUSLY UNPROTECTED LAND TO THE EASEMENT. THE ADDITIONAL RESTRICTIONS WERE DONATED TO VLT. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT'S BOARD OF TRUSTEES APPROVED THE MODIFICATION. LARSON FARM, PAWLET, VT - JANUARY 16, 2016 - THE PURPOSES OF THE LARSON FARM CONSERVATION EASEMENT ARE TO CONSERVE THE AGRICULTURAL, FORESTRY, EDUCATIONAL, NON-COMMERCIAL RECREATIONAL AND OPEN SPACE VALUES OF THE PROPERTY. THE MODIFICATION TO THE LARSON FARM EASEMENT STRENGTHENED THE PROTECTION OF THE AGRICULTURAL, FORESTRY AND OPEN SPACE VALUES OF THE PROPERTY BY ADDING AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV") TO THE 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. THE EASEMENT IS CO-HELD BY VLT, THE VERMONT HOUSING AND CONSERVATION BOARD ("VHCB"), AND THE VERMONT AGENCY OF AGRICULTURE, FOOD AND MARKETS ("VAAFM AND TOGETHER WITH VLT AND VHCB, THE "CO-HOLDERS"). THE CO-HOLDERS PAID FAIR MARKET VALUE FOR THE ADDITIONAL RESTRICTIONS, THE VALUE OF WHICH WAS DETERMINED BY AN INDEPENDENT APPRAISER. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT. VHCB, VAAFM AND THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION TO ENHANCE THE RESTRICTIONS ON THE LARSON FARM. MARCHANT/SORENSON, FAIRFAX, VT - FEBRUARY 2, 2016 - THE ORIGINAL GRANTORS OF A VLT CO-HELD 1997 CONSERVATION EASEMENT CONVEYED A SEPARATE GRANT OF CONSERVATION BUFFER EASEMENT (THE "BUFFER EASEMENT") TO VLT TO PROTECT THE WATER QUALITY, RIVER SYSTEMS AND RIPARIAN HABITAT ASSOCIATED WITH THE PORTIONS OF THEIR PROPERTY LOCATED ALONG THE LAMOILLE RIVER. THE VERMONT DEPARTMENT OF ENVIRONMENTAL CONSERVATION (DEC) DETERMINED THAT A NATURAL BUFFER ALONG THE LAMOILLE RIVER WOULD RESULT IN SUBSTANTIAL PUBLIC BENEFIT. THE RESTRICTIONS IN THE BUFFER EASEMENT ARE COMPATIBLE WITH, IN ADDITION TO AND MORE RESTRICTIVE THAN THE EXISTING CONSERVATION EASEMENT, WHICH REMAINS INTACT AND UNALTERED. DEC FUNDED VLT'S ACQUISITION OF THE BUFFER EASEMENT AND DEVELOPED A "RIVER CORRIDOR EASEMENT LANDOWNER PAYMENT CALCULATOR" TO OBJECTIVELY DETERMINE THE VALUE OF RIVER CORRIDOR PROTECTION EASEMENTS, WHICH VLT AND DEC USED TO DETERMINE THE PURCHASE PRICE OF THE BUFFER EASEMENT. VLT AND THE LANDOWNER SIGNED A BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE BUFFER EASEMENT. THE VLT BOARD OF TRUSTEES APPROVED THE BUFFER EASEMENT. BENTLEY, CAMBRIDGE, VT - FEBRUARY 19, 2016 - THE PURPOSES OF THE BENTLEY CONSERVATION EASEMENT ARE TO CONSERVE THE AGRICULTURAL AND FORESTRY LANDS IN ORDER TO FACILITATE ACTIVE AND ECONOMICALLY VIABLE FARM USE OF THE LAND, AS WELL AS SCENIC, SOIL AND OTHER NATURAL RESOURCES ASSOCIATED WITH THE PROPERTY, TO MAINTAIN FOR THE BENEFIT OF FUTURE GENERATIONS THE ESSENTIAL CHARACTERISTICS OF THE VERMONT COUNTRYSIDE. THE MODIFICATION TO THE EASEMENT STRENGTHENED THE PROTECTION OF THE AGRICULTURAL, FORESTRY AND OPEN SPACE VALUES OF THE PROPERTY BY ADDING AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV") TO THE 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 MODIFICATION ADDED SPECIAL PROTECTIONS FOR THE RIPARIAN HABITAT ON THE PROPERTY AND CONTRACTED A FARMSTEAD COMPLEX TO ACCOMMODATE NATURAL VEGETATION BUFFERS ALONG THE STEAMS ON THE PROPERTY. THE EASEMENT IS CO-HELD BY VLT, THE VERMONT HOUSING AND CONSERVATION BOARD ("VHCB"), AND THE VERMONT AGENCY OF AGRICULTURE, FOOD AND MARKETS ("VAAFM AND TOGETHER WITH VLT AND VHCB, THE "CO-HOLDERS"). THE CO-HOLDERS PAID FAIR MARKET VALUE FOR THE ADDITIONAL RESTRICTIONS, THE VALUE OF WHICH WAS DETERMINED BY AN INDEPENDENT APPRAISER. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT. VHCB, VAAFM AND THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION TO ENHANCE THE RESTRICTIONS ON THE BENTLEY FARM. MCCABE - TOMINTOUL, ARLINGTON, VT - MARCH 14, 2016 - FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY ADDING 28.22 ACRES OF PREVIOUSLY UNPROTECTED LAND TO THE EASEMENT. THE ADDITIONAL CONTINUED ON SCHEDULE O. PART II, LINE 9: EASEMENTS ACQUIRED BY THE TRUST ARE PERPETUAL CONSERVATION EASEMENTS, EACH OF WHICH CONTAINS NUMEROUS RESTRICTIONS OVER THE USE AND DEVELOPMENT OF LAND NOT OWNED BY THE TRUST. SINCE THESE EASEMENTS HAVE NO MARKETABLE VALUE AND BECAUSE THE OBLIGATION TO MONITOR AND ENFORCE EASEMENTS CONSTITUTE PERMANENT ORGANIZATIONAL LIABILITIES, 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. 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 ADOPTED THE ACCOUNTING METHODS UNDER FASB ASC SECTION 740-10 FOR UNCERTAIN TAX POSITIONS (UTP) ON JULY 1, 2009. THE UTP RULES PRESCRIBE A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN IN AN ORGANIZATION'S TAX RETURN. THE TRUST BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE TAX POSITIONS TAKEN AND, AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT MIGHT RESULT IN A MATERIAL IMPACT ON THE TRUST'S STATEMENTS OF FINANCIAL POSITION, ACTIVITIES AND CHANGES IN NET ASSETS AND CASH FLOWS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF TIMBER HARVEST EXPENSE AND DEPLETION $177,095 COST OF LAND SOLD $2,261,145 TOTAL $2,438,240 PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF TIMBER HARVEST EXPENSE AND DEPLETION $177,095 COST OF LAND SOLD $2,261,145 TOTAL $2,438,240 1 KINGDOM TRAILS ASSOCIATION PO BOX 204 E BURKE VT 05832 030353477 501(C)3 269714 PURCHASE AND CONSERVE LAND 1 0 FORM ECONOMY INFRASTRUCTURE 1 15000 FORM ECONOMY INFRASTRUCTURE 1 105000 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. X 36 178700 FAIR MARKET VALUE X 22 0 ZERO VALUE X 1 82000 FAIR MARKET VALUE 10 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 4 THE BYLAWS WERE UPDATED TO BETTER ALIGN WITH STATE STATUTE AND THE REVISED MEANS POLICIES. THE PURPOSES; OBJECTIVES SECTION WAS UPDATED TO REFLECT THE NEW ENDS POLICY LANGUAGE. A PROVISION WAS ADDED TO ALLOW THE PRESIDENT AND THE BOARD CHAIR TO DENY MEMBERSHIP OR TERMINATE A MEMBER'S MEMBERSHIP. RESIGNATION OF BOARD MEMBERS SECTION WAS ADDED. REMOVAL OF BOARD MEMBERS SECTION WAS MODIFIED TO FURTHER CLARIFY THAT THE MAJORITY OF THE BOARD CAN VOTE TO REMOVED A BOARD MEMBER FOR FAILURE TO ATTEND THREE MEETINGS. THE MEETINGS OF THE BOARD SECTION WAS UPDATED TO ADD AUDIO AND THE ACTION BY WRITEEN CONSENT WAS CHANGED TO REQUIRE APPROVAL BY TWO-THIRDS INSTEAD OF ALL BOARD MEMEBERS. 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 11 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 STAFF 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, AND THE BOARD REVIEWS ALL SUCH CONFLICTS. 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. SCHEDULE D, PART II, LINE 3 RESTRICTIONS WERE DONATED TO VLT. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT'S BOARD OF TRUSTEES APPROVED THE MODIFICATION. WRIGHT, TINMOUTH, VT - MARCH 28, 2016 - FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY ADDING 19.32 ACRES OF PREVIOUSLY UNPROTECTED LAND TO THE EASEMENT AND CONFORMING THE DESCRIPTION OF A 10 ACRE EXCLUDED AREA TO A SUBSEQUENT SURVEY. THE ADDITIONAL RESTRICTIONS WERE DONATED TO VLT. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT'S BOARD OF TRUSTEES APPROVED THE MODIFICATION. MARTIN, MONKTON, VT - MARCH 30, 2016 - FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY ADDING APPROXIMATELY 69 ACRES OF PREVIOUSLY UNPROTECTED LAND TO THE EASEMENT. THE ADDITIONAL RESTRICTIONS WERE DONATED TO VLT. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT'S BOARD OF TRUSTEES APPROVED THE MODIFICATION. SWENSON LAND & CATTLE, SHELBURNE, VT - JUNE 2, 2016 - THE PURPOSES OF THE EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND WOOD LANDS, WILDLIFE HABITATS, NON-COMMERCIAL RECREATIONAL OPPORTUNITIES AND ACTIVITIES AND OTHER NATURAL RESOURCE AND SCENIC VALUES OF THE LAND. THE AMENDMENT STRENGTHENS THE OVERALL VALUES OF THE CONSERVED PROPERTY BY ADDING LAND WITH IMPORTANT AGRICULTURAL SOILS TO THE EASEMENT, PROTECTING MORE LAND ADJACENT TO A PUBLIC ROAD AND SUPPORTING THE ONGOING AGRICULTURAL USE AND OPEN NATURE OF THE LAND BY PROVIDING THE FARM WITH BETTER ROAD ACCESS VIA A BOUNDARY LINE ADJUSTMENT WITH A NEIGHBORING PROPERTY. THE BOUNDARY ADJUSTMENT IS TWO ACRES IN SIZE, RESULTED IN NO NET LOSS IN CONSERVED ACREAGE, AND THE LAND ADJUSTED TO THE ABUTTER CONTAINS LESS PRODUCTIVE SOILS WITH NO ROAD FRONTAGE. AN INDEPENDENT APPRAISER DETERMINED THAT THE AMENDMENT WOULD NOT CHANGE THE MARKET VALUE OF EITHER OF THE TWO PARCELS. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT'S BOARD OF TRUSTEES APPROVED THE MODIFICATION. TIFFANY, FAIRFIELD, VT - THIS CORRECTIVE AMENDMENT FIXED AN ERROR IN THE SCHEDULE A LEGAL DESCRIPTION OF THE PROTECTED PROPERTY, WHICH HAD INADVERTENTLY AND UNITENTIONALLY INCLUDED A 20-ACRE PARCEL OF UN-CONSERVED LAND. THE CORRECTION WAS APPROVED BY THE BOARD OF TRUSTEES OF THE VEMRONT LAND TRUST, AND VHCB AND VAAFM, THE TWO OTHER CO-HOLDERS OF THE EASEMENT. 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 196761 1619443 VERMONT LAND TRUST INC VLT WOODLANDS LLC 8 BAILEY AVENUE MONTPELIER VT 05602 472063612 OWN AND MANAGE 5,000+ ACRES OF FOREST LAND FOR CONSERVATION AND RESALE. VT 0 7050917 VERMONT LAND TRUST INC VLTBTV PARKLAND LLC 8 BAILEY AVENUE MONTPELIER VT 05602 811187293 OWN AND MANAGE 12 ACRES OF LAND IN BURLINGTON FOR PUBLIC PARKLAND. VT 0 1500000 VERMONT LAND TRUST INC