﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2014v6.0" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2016-02-02T14:45:39-08:00</ReturnTs>
    <TaxPeriodEndDt>2015-06-30</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>2014-07-01</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>2016-01-07</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>MICHAEL SHIMIZU</PreparerPersonNm>
      <PhoneNum>9169103439</PhoneNum>
      <SelfEmployedInd>X</SelfEmployedInd>
    </PreparerPersonGrp>
    <TaxYr>2014</TaxYr>
    <BuildTS>2016-04-25 22:37:26Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="6">
    <IRS990 documentId="00000001" referenceDocumentName="IRS990ScheduleO ReasonableCauseExplanation" softwareId="14000261">
      <AddressChangeInd>X</AddressChangeInd>
      <PrincipalOfficerNm>JEFF DARLINGTON</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>11641 Blocker Drive Suite 220</AddressLine1Txt>
        <CityNm>Auburn</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>95603</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>1980462</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>13</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>13</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>9</TotalEmployeeCnt>
      <TotalVolunteersCnt>150</TotalVolunteersCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <PYContributionsGrantsAmt>843679</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>805853</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>178745</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>199054</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>814447</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>212568</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>14747</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>23600</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>1851618</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>1241075</CYTotalRevenueAmt>
      <CYGrantsAndSimilarPaidAmt>0</CYGrantsAndSimilarPaidAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>470817</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>512334</CYSalariesCompEmpBnftPaidAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>84919</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>333582</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>449241</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>804399</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>961575</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>1047219</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>279500</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>69340517</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>69480313</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>3774351</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>3836038</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>65566166</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>65644275</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>LAND CONSERVATION</MissionDesc>
      <SignificantNewProgramSrvcInd>false</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>false</SignificantChangeInd>
      <ExpenseAmt>760053</ExpenseAmt>
      <RevenueAmt>199054</RevenueAmt>
      <Desc>THE ORGANIZATION ACQUIRES AND MANAGES LAND, AND ACQUIRES AND MONITORS CONSERVATION EASEMENTS, IN THE PLACER COUNTY REGION FOR PUBLIC BENEFIT. FOR EXAMPLE, THE ORGANIZATION OWNS VERNAL POOL PRESERVES IN WESTERN PLACER COUNTY INCLUDING DOTY RAVINE PRESERVE AND SWAINSONS GRASSLAND PRESERVE, ON WHICH IT PROTECTS ENDANGERED SPECIES, CONTROLS NON-NATIVE INVASIVE SPECIES, RESTORES AND ENHANCES VERNAL POOL AND ASSOCIATED HABITAT, REDUCES FUEL LOADS, AND CONDUCTS EDUCATIONAL TOURS. AS ANOTHER EXAMPLE, THE ORGANIZATION OWNS CONSERVATION EASEMENTS ON OAK WOODLANDS PRESERVES IN CENTRAL PLACER COUNTY INCLUDING LIBERTY RANCH BIG HILL PRESERVE AND BETTENCOURT PRESERVE ON WHICH IT PROTECTS HABITAT AND BIODIVERSITY BY MONITORING AND ENFORCING THE TERMS OF PERPETUAL CONSERVATION EASEMENTS THAT RESTRICT DEVELOPMENT, DEFORESTATION, AND OTHER LAND USES THAT ARE HARMFUL TO THE PRESERVES' CONSERVATION VALUES.</Desc>
      <TotalProgramServiceExpensesAmt>760053</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind referenceDocumentId="00000002" referenceDocumentName="IRS990ScheduleA">true</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd referenceDocumentId="00000003" referenceDocumentName="IRS990ScheduleB">true</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>false</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>false</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd>false</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="00000004" referenceDocumentName="IRS990ScheduleD">true</ConservationEasementsInd>
      <CollectionsOfArtInd>false</CollectionsOfArtInd>
      <CreditCounselingInd>false</CreditCounselingInd>
      <TempOrPermanentEndowmentsInd referenceDocumentId="00000004" referenceDocumentName="IRS990ScheduleD">true</TempOrPermanentEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="00000004" referenceDocumentName="IRS990ScheduleD">true</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd>false</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd>false</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="00000004" referenceDocumentName="IRS990ScheduleD">true</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="00000004" referenceDocumentName="IRS990ScheduleD">true</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="00000004" referenceDocumentName="IRS990ScheduleD">true</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="00000004" 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="00000005" 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>false</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>false</DeductibleArtContributionInd>
      <TerminateOperationsInd>false</TerminateOperationsInd>
      <PartialLiquidationInd>false</PartialLiquidationInd>
      <DisregardedEntityInd>false</DisregardedEntityInd>
      <RelatedEntityInd>false</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>false</RelatedOrganizationCtrlEntInd>
      <TransactionWithControlEntInd>false</TransactionWithControlEntInd>
      <ActivitiesConductedPrtshpInd>false</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>true</ScheduleORequiredInd>
      <IRPDocumentCnt>15</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <EmployeeCnt>9</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>13</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>13</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>TOM MCMAHAN</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>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ROBERT GILLIOM</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JIM HAAGEN-SMIT</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>GREGG MCKENZIE</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>LARRY WELCH</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>MEHREY VAGHTI</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>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>LARRY MENTH</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>GINA GIAMBRUNO</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>107070</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>CHARLES LEININGER</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>107070</TotalReportableCompFromOrgAmt>
      <IndivRcvdGreaterThan100KCnt>1</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>false</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>false</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>false</CompensationFromOtherSrcsInd>
      <GovernmentGrantsAmt>425642</GovernmentGrantsAmt>
      <AllOtherContributionsAmt>380211</AllOtherContributionsAmt>
      <NoncashContributionsAmt>21770</NoncashContributionsAmt>
      <TotalContributionsAmt>805853</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>CONVEYANCE FEES</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>158070</TotalRevenueColumnAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>GRAZING LEASES</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>40984</TotalRevenueColumnAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>199054</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>143491</TotalRevenueColumnAmt>
        <ExclusionAmt>143491</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>803048</SecuritiesAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>733971</SecuritiesAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>69077</SecuritiesAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>69077</TotalRevenueColumnAmt>
        <ExclusionAmt>69077</ExclusionAmt>
      </NetGainOrLossInvestmentsGrp>
      <FundraisingGrossIncomeAmt>29016</FundraisingGrossIncomeAmt>
      <FundraisingDirectExpensesAmt>5416</FundraisingDirectExpensesAmt>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>23600</TotalRevenueColumnAmt>
        <ExclusionAmt>23600</ExclusionAmt>
      </NetIncmFromFundraisingEvtGrp>
      <OtherRevenueMiscGrp>
        <Desc>OTHER INCOME</Desc>
        <BusinessCd>900099</BusinessCd>
      </OtherRevenueMiscGrp>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>1241075</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>199054</RelatedOrExemptFuncIncomeAmt>
        <ExclusionAmt>236168</ExclusionAmt>
      </TotalRevenueGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>107070</TotalAmt>
        <ProgramServicesAmt>89532</ProgramServicesAmt>
        <ManagementAndGeneralAmt>4411</ManagementAndGeneralAmt>
        <FundraisingAmt>13127</FundraisingAmt>
      </CompCurrentOfcrDirectorsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>348091</TotalAmt>
        <ProgramServicesAmt>272922</ProgramServicesAmt>
        <ManagementAndGeneralAmt>29222</ManagementAndGeneralAmt>
        <FundraisingAmt>45947</FundraisingAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>9952</TotalAmt>
        <ProgramServicesAmt>7925</ProgramServicesAmt>
        <ManagementAndGeneralAmt>735</ManagementAndGeneralAmt>
        <FundraisingAmt>1292</FundraisingAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>12054</TotalAmt>
        <ProgramServicesAmt>9599</ProgramServicesAmt>
        <ManagementAndGeneralAmt>891</ManagementAndGeneralAmt>
        <FundraisingAmt>1564</FundraisingAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>35167</TotalAmt>
        <ProgramServicesAmt>28004</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2599</ManagementAndGeneralAmt>
        <FundraisingAmt>4564</FundraisingAmt>
      </PayrollTaxesGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>7733</TotalAmt>
        <ProgramServicesAmt>7733</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>38483</TotalAmt>
        <ProgramServicesAmt>18677</ProgramServicesAmt>
        <ManagementAndGeneralAmt>19806</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForServicesAccountingGrp>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>52203</TotalAmt>
        <ProgramServicesAmt>0</ProgramServicesAmt>
        <ManagementAndGeneralAmt>52203</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>10024</TotalAmt>
        <ProgramServicesAmt>10024</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </FeesForServicesOtherGrp>
      <OfficeExpensesGrp>
        <TotalAmt>10181</TotalAmt>
        <ProgramServicesAmt>8108</ProgramServicesAmt>
        <ManagementAndGeneralAmt>752</ManagementAndGeneralAmt>
        <FundraisingAmt>1321</FundraisingAmt>
      </OfficeExpensesGrp>
      <InformationTechnologyGrp>
        <TotalAmt>3117</TotalAmt>
        <ProgramServicesAmt>2425</ProgramServicesAmt>
        <ManagementAndGeneralAmt>297</ManagementAndGeneralAmt>
        <FundraisingAmt>395</FundraisingAmt>
      </InformationTechnologyGrp>
      <OccupancyGrp>
        <TotalAmt>36686</TotalAmt>
        <ProgramServicesAmt>29214</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2711</ManagementAndGeneralAmt>
        <FundraisingAmt>4761</FundraisingAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>4548</TotalAmt>
        <ProgramServicesAmt>4243</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>305</FundraisingAmt>
      </TravelGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>10231</TotalAmt>
        <ProgramServicesAmt>9607</ProgramServicesAmt>
        <ManagementAndGeneralAmt>35</ManagementAndGeneralAmt>
        <FundraisingAmt>589</FundraisingAmt>
      </ConferencesMeetingsGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>11934</TotalAmt>
        <ProgramServicesAmt>11743</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>191</FundraisingAmt>
      </DepreciationDepletionGrp>
      <InsuranceGrp>
        <TotalAmt>9722</TotalAmt>
        <ProgramServicesAmt>7742</ProgramServicesAmt>
        <ManagementAndGeneralAmt>718</ManagementAndGeneralAmt>
        <FundraisingAmt>1262</FundraisingAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>RESTORATION</Desc>
        <TotalAmt>106036</TotalAmt>
        <ProgramServicesAmt>106036</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>TRAIL DEVELOPMENT</Desc>
        <TotalAmt>56559</TotalAmt>
        <ProgramServicesAmt>56559</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>COMMUNITY OUTREACH</Desc>
        <TotalAmt>33488</TotalAmt>
        <ProgramServicesAmt>33488</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>REAL PROPERTY MANAGEMENT</Desc>
        <TotalAmt>16344</TotalAmt>
        <ProgramServicesAmt>16344</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>41952</TotalAmt>
        <ProgramServicesAmt>30128</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2223</ManagementAndGeneralAmt>
        <FundraisingAmt>9601</FundraisingAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>961575</TotalAmt>
        <ProgramServicesAmt>760053</ProgramServicesAmt>
        <ManagementAndGeneralAmt>116603</ManagementAndGeneralAmt>
        <FundraisingAmt>84919</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>1794</BOYAmt>
        <EOYAmt>1464</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>1289777</BOYAmt>
        <EOYAmt>622108</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>24743</BOYAmt>
        <EOYAmt>92478</EOYAmt>
      </AccountsReceivableGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <EOYAmt>4289</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>164006</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>74571</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>92838</BOYAmt>
        <EOYAmt>89435</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>6045323</BOYAmt>
        <EOYAmt>6552200</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>61886042</BOYAmt>
        <EOYAmt>62118339</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>69340517</BOYAmt>
        <EOYAmt>69480313</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>404449</BOYAmt>
        <EOYAmt>477288</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <DeferredRevenueGrp>
        <BOYAmt>14902</BOYAmt>
        <EOYAmt>3750</EOYAmt>
      </DeferredRevenueGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>3355000</BOYAmt>
        <EOYAmt>3355000</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>3774351</BOYAmt>
        <EOYAmt>3836038</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
      <UnrestrictedNetAssetsGrp>
        <BOYAmt>1614747</BOYAmt>
        <EOYAmt>1674804</EOYAmt>
      </UnrestrictedNetAssetsGrp>
      <TemporarilyRstrNetAssetsGrp>
        <BOYAmt>5102759</BOYAmt>
        <EOYAmt>4906811</EOYAmt>
      </TemporarilyRstrNetAssetsGrp>
      <PermanentlyRstrNetAssetsGrp>
        <BOYAmt>58848660</BOYAmt>
        <EOYAmt>59062660</EOYAmt>
      </PermanentlyRstrNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>65566166</BOYAmt>
        <EOYAmt>65644275</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>69340517</BOYAmt>
        <EOYAmt>69480313</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>279500</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>-201391</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="14000261">
      <PublicOrganization170Ind>X</PublicOrganization170Ind>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus4YearsAmt>278686</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>885261</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>1057393</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>843679</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>805853</CurrentTaxYearAmt>
        <TotalAmt>3870872</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus4YearsAmt>278686</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>885261</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>1057393</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>843679</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>805853</CurrentTaxYearAmt>
        <TotalAmt>3870872</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>1165314</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>2705558</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>152162</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>159376</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>181060</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>818947</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>212568</CurrentTaxYearAmt>
        <TotalAmt>1524113</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <TotalSupportAmt>5394985</TotalSupportAmt>
      <PublicSupportCY170Pct>0.50150</PublicSupportCY170Pct>
      <PublicSupportPY170Pct>0.61570</PublicSupportPY170Pct>
      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
      <PublicSupportTotal509Amt>0</PublicSupportTotal509Amt>
      <PublicSupportCY509Pct>0</PublicSupportCY509Pct>
      <InvestmentIncomeCYPct>0</InvestmentIncomeCYPct>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="00000003">
      <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>
    <IRS990ScheduleD documentId="00000004" softwareId="14000261">
      <PreservationPublicUseInd>X</PreservationPublicUseInd>
      <ProtectionNaturalHabitatInd>X</ProtectionNaturalHabitatInd>
      <PreservationOpenSpaceInd>X</PreservationOpenSpaceInd>
      <TotalEasementsCnt>17</TotalEasementsCnt>
      <TotalAcreageCnt>3287.0</TotalAcreageCnt>
      <HistoricStructureEasementsCnt>0</HistoricStructureEasementsCnt>
      <HistoricStrctrEasementsAftrCnt>0</HistoricStrctrEasementsAftrCnt>
      <ModifiedEasementsCnt>1</ModifiedEasementsCnt>
      <StatesEasementsHeldCnt>1</StatesEasementsHeldCnt>
      <WrittenPolicyMonitoringInd>true</WrittenPolicyMonitoringInd>
      <StaffHoursSpentEnforcementCnt>243</StaffHoursSpentEnforcementCnt>
      <ExpensesIncurredEnforcementAmt>4719</ExpensesIncurredEnforcementAmt>
      <Section170hRqrStsfdInd>true</Section170hRqrStsfdInd>
      <CYEndwmtFundGrp>
        <BeginningYearBalanceAmt>631103</BeginningYearBalanceAmt>
        <ContributionsAmt>100</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>2810</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>1310</OtherExpendituresAmt>
        <EndYearBalanceAmt>632703</EndYearBalanceAmt>
      </CYEndwmtFundGrp>
      <CYMinus1YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>582570</BeginningYearBalanceAmt>
        <ContributionsAmt>145</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>50174</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>1786</OtherExpendituresAmt>
        <EndYearBalanceAmt>631103</EndYearBalanceAmt>
      </CYMinus1YrEndwmtFundGrp>
      <CYMinus2YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>545069</BeginningYearBalanceAmt>
        <ContributionsAmt>7545</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>31231</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>1275</OtherExpendituresAmt>
        <EndYearBalanceAmt>582570</EndYearBalanceAmt>
      </CYMinus2YrEndwmtFundGrp>
      <CYMinus3YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>532658</BeginningYearBalanceAmt>
        <ContributionsAmt>2000</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>10857</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>446</OtherExpendituresAmt>
        <EndYearBalanceAmt>545069</EndYearBalanceAmt>
      </CYMinus3YrEndwmtFundGrp>
      <CYMinus4YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>531722</BeginningYearBalanceAmt>
        <ContributionsAmt>1048</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>592</InvestmentEarningsOrLossesAmt>
        <OtherExpendituresAmt>704</OtherExpendituresAmt>
        <EndYearBalanceAmt>532658</EndYearBalanceAmt>
      </CYMinus4YrEndwmtFundGrp>
      <BoardDesignatedBalanceEOYPct>0.31000</BoardDesignatedBalanceEOYPct>
      <PrmnntEndowmentBalanceEOYPct>0.34000</PrmnntEndowmentBalanceEOYPct>
      <TermEndowmentBalanceEOYPct>0.35000</TermEndowmentBalanceEOYPct>
      <EndowmentsHeldUnrelatedOrgInd>true</EndowmentsHeldUnrelatedOrgInd>
      <EndowmentsHeldRelatedOrgInd>false</EndowmentsHeldRelatedOrgInd>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>124491</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>66616</DepreciationAmt>
        <BookValueAmt>57875</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp>
        <OtherCostOrOtherBasisAmt>39515</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>7955</DepreciationAmt>
        <BookValueAmt>31560</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>89435</TotalBookValueLandBuildingsAmt>
      <OtherAssetsOrgGrp>
        <Desc>REAL PROPERTY</Desc>
        <BookValueAmt>31926465</BookValueAmt>
      </OtherAssetsOrgGrp>
      <OtherAssetsOrgGrp>
        <Desc>CONSERVATION EASEMENTS</Desc>
        <BookValueAmt>30191874</BookValueAmt>
      </OtherAssetsOrgGrp>
      <TotalBookValueOtherAssetsAmt>62118339</TotalBookValueOtherAssetsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>DUE TO OTHER AGENCIES</Desc>
        <Amt>3355000</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>3355000</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>992898</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>-201390</NetUnrealizedGainsInvstAmt>
      <OtherRevenueAmt>5416</OtherRevenueAmt>
      <RevenueNotReportedAmt>-195974</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>1188872</RevenueSubtotalAmt>
      <InvestmentExpensesNotIncldAmt>52203</InvestmentExpensesNotIncldAmt>
      <RevenueNotReportedFinclStmtAmt>52203</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>1241075</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>914788</TotExpnsEtcAuditedFinclStmtAmt>
      <OtherExpensesIncludedAmt>5416</OtherExpensesIncludedAmt>
      <ExpensesNotReportedAmt>5416</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>909372</ExpensesSubtotalAmt>
      <InvestmentExpensesNotIncld2Amt>52203</InvestmentExpensesNotIncld2Amt>
      <ExpensesNotRptFinclStmtAmt>52203</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>961575</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="00000005">
      <FundraisingEventInformationGrp>
        <Event1Nm>CONSERVATOR</Event1Nm>
        <GrossReceiptsEvent1Amt>29016</GrossReceiptsEvent1Amt>
        <GrossRevenueEvent1Amt>29016</GrossRevenueEvent1Amt>
        <RentFacilityCostsEvent1Amt>1767</RentFacilityCostsEvent1Amt>
        <FoodAndBeverageEvent1Amt>4217</FoodAndBeverageEvent1Amt>
        <EntertainmentEvent1Amt>2776</EntertainmentEvent1Amt>
        <OtherDirectExpensesEvent1Amt>1065</OtherDirectExpensesEvent1Amt>
        <GrossReceiptsTotalAmt>29016</GrossReceiptsTotalAmt>
        <GrossRevenueTotalEventsAmt>29016</GrossRevenueTotalEventsAmt>
        <RentFcltyCostsTotalEventsAmt>1767</RentFcltyCostsTotalEventsAmt>
        <FoodAndBeverageTotalEventsAmt>4217</FoodAndBeverageTotalEventsAmt>
        <EntertainmentTotalEventsAmt>2776</EntertainmentTotalEventsAmt>
        <OthDirectExpnssTotalEventsAmt>1065</OthDirectExpnssTotalEventsAmt>
        <DirectExpenseSummaryEventsAmt>9825</DirectExpenseSummaryEventsAmt>
        <NetIncomeSummaryAmt>19191</NetIncomeSummaryAmt>
      </FundraisingEventInformationGrp>
    </IRS990ScheduleG>
    <IRS990ScheduleO documentId="00000006" softwareId="14000261">
      <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>