2016-05-09T14:15:17-05:00 2015-12-31 522212837 GREENE FINNEY & HORTON LLP 800 E WASHINGTON ST STE D GREENVILLE SC 296013054 990 2015-01-01 571007436 EDISTO ISLAND OPEN LAND TRUST EDIS 8438699004 PO BOX 1 EDISTO ISLAND SC 29438 MARK CRAWFORD VICE PRESIDENT 8438699004 2016-04-19 true FRANCIS H HORTON III CPA P00115827 8642325204 2016-05-09 2015 2016-09-27 15:27:22Z MARK CRAWFORD 364969 false X WWW.EDISTO.ORG X 1994 SC TO GENERATE INTEREST IN AND EDUCATE THE PUBLIC ABOUT LAND CONSERVATION AND TO ENCOURAGE THE PUBLIC TO PLACE LAND UNDER CONSERVATION EASEMENTS. 16 16 3 50 0 513081 226883 0 1164 1166 50175 75790 564420 303839 0 0 127716 143806 0 41353 89659 90404 217375 234210 347045 69629 6321345 1153645 125480 30902 6195865 1122743 TO GENERATE INTEREST IN AND EDUCATE THE PUBLIC ABOUT LAND CONSERVATION AND TO ENCOURAGE THE PUBLIC TO PLACE LAND UNDER CONSERVATION EASEMENTS. false false 163972 EDUCATION OF THE PUBLIC AS TO THE BENEFIT OF LAND CONSERVATION. 163972 true true false false false false true false false false true false false false false false true false false false false false false false true false false false false false false false false false false false false false false false false false false false false false false true 2 0 true 3 true false false false false false false X 16 16 false false false false false false false true true false false true true true true true true true true false SC X X X JOHN GIRAULT 8438699004 PO BOX 1 EDISTO ISLAND SC 29438 ROBERT E LEE JR PRESIDENT X X 0 0 0 CHARLES CALLAHAN TREASURER X X 0 0 0 FISHER C WALTER JR SECRETARY X X 0 0 0 MARK CRAWFORD VICE PRESIDE X X 0 0 0 DR SIDNEY A GAUTHREAUX BOARD X 0 0 0 R WALTER HUNDLEY BOARD X 0 0 0 LARRY E NUNNERY JR BOARD X 0 0 0 JOHN I KIRVEN JR BOARD X 0 0 0 I JENKINS MIKELL JR BOARD X 0 0 0 ROWLAND P ALSTON BOARD X 0 0 0 SUE THORNTON BOARD X 0 0 0 ELLEN E UNGER BOARD X 0 0 0 CHARLES R SNOW VICE PRESIDE X X 0 0 0 BURNET MAYBANK III BOARD X 0 0 0 R DOUGLAS MCINTYRE BOARD X 0 0 0 JAMES O KEMPSON JR BOARD X 0 0 0 JOHN GIRAULT EXECUTIVE DI 40.00 X 75349 0 0 75349 false false false 141245 85638 226883 1166 1166 136920 61130 75790 303839 1166 75349 48977 11302 15070 60266 39173 9040 12053 8191 5324 1229 1638 9875 6419 1481 1975 9417 5070 361 3986 17496 11373 2624 3499 3267 2124 490 653 486 486 7363 6863 500 MISCELLANEOUS 9103 9103 CONSULTANTS 7846 7846 LAND STEWARDSHIP 5639 5639 TECHNOLOGY 5257 3417 789 1051 14655 12158 1069 1428 234210 163972 28885 41353 335978 372416 375168 312496 160 1445 466463 5609214 466463 825 825 6321345 1153645 17480 30902 108000 125480 30902 X 655075 744863 444039 377880 5096751 6195865 1122743 6321345 1153645 X 69629 -46000 -5096751 X false true X true false X 270564 329728 667444 513081 226883 2007700 270564 329728 667444 513081 226883 2007700 2007700 5488 2787 2191 1164 1166 12796 11937 11937 2032433 136920 0.98780 0.98460 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 34 2445.30 1 true 1040.00 5639 true 466463 466463 466463 364969 364969 -61130 -61130 303839 341340 46000 46000 295340 -61130 -61130 234210 SCHEDULE D, PAGE 1, PART II, LINE 5 THE ORGANIZATION HAS A WRITTEN POLICY REGARDING THE PERIODIC MONITORING, INSPECTION, HANDLING OF VIOLATIONS, AND ENFORCEMENT OF THE CONSERVATION EASEMENTS IT HOLDS. SCHEDULE D, PAGE 1, PART II, LINE 9 A CONSERVATION EASEMENT IS AN AGREEMENT BETWEEN A LANDOWNER AND THE ORGANIZATION IN WHICH THE LANDOWNER RELINQUISHES SOME OR ALL OF THE RIGHTS TO DEVELOP THE PROPERTY. THE EASEMENT IS PUBLICLY RECORDED AND IS BINDING ON ALL FUTURE OWNERS OF THE PROPERTY. THE ORGANIZATION'S PRINCIPAL RESPONSIBILITY IS TO ENSURE COMPLIANCE WITH THE TERMS OF THE EASEMENT. IT MEETS THIS RESPONSIBILITY BY PERIODICALLY INSPECTING THE PROPERTY AND, IF NECESSARY, TAKING APPROPRIATE ACTION TO ENFORCE THE EASEMENT. CONSERVATION EASEMENTS RECEIVED BY THE ORGANIZATION ARE RECORDED AT A ZERO VALUE. EACH CONSERVATION EASEMENT RECEIVED BY THE ORGANIZATION PROVIDES THAT IT CANNOT BE TRANSFERRED OR ASSIGNED TO ANY PERSON OR ENTITY EXCEPT TO AN ORGANIZATION THAT IS QUALIFIED UNDER THE INTERNAL REVENUE CODE TO RECEIVE EASEMENTS AND THAT HAS THE COMMITMENT, ABILITY, AND RESOURCES TO MEET ITS RESPONSIBILITIES AND OBLIGATIONS UNDER THE EASEMENT AND TO TAKE THE NECESSARY STEPS TO PROTECT THE HISTORIC AND CONSERVATION VALUES OF THE PROPERTY. ACCORDINGLY, THERE IS NO MARKET FOR ANY OF THE CONSERVATION EASEMENTS RECEIVED BY THE ORGANIZATION. SCHEDULE D, PAGE 4, PART XI, LINE 4B SPECIAL EVENTS EXPENSES -61,130 SCHEDULE D, PAGE 4, PART XII, LINE 4B SPECIAL EVENTS EXPENSE -61,130 SPECIAL EVENTS 136920 136920 61130 136920 136920 61130 61130 75790 FORM 990, PAGE 6, PART VI, LINE 11B THE INITIAL DRAFTS OF FORM 990 ARE REVIEWED BY THE OFFICE MANAGER, THE TREASURER AND THE BOARD PRESIDENT WHERE ANY INITIAL CHANGES OR ADDITIONS ARE MADE. THESE CHANGES ARE INCORPORATED INTO THE 990 AND SUBSEQUENT DRAFTS ARE REVIEWED BY THE BOARD PRESIDENT AND TREASURER. WHEN FINAL REVIEWS ARE COMPLETED THE 990 IS THEN GIVEN TO THE FULL BOARD FOR THEIR INFORMATION AND OR COMMENT IF ANY. FORM 990, PAGE 6, PART VI, LINE 12C THE ORGANIZATION REQUIRES THAT IF ANY BOARD MEMBER (OR MEMBER OF ANY BOARD MEMBER'S FAMILY) IS INVOLVED IN AN EASEMENT THAT THE BOARD MEMBER BE RECUSED FROM THE DISCUSSION OF AND VOTE ON SUCH EASEMENT. AFTER THE EASEMENT IN QUESTION IS RESOLVED, THE BOARD MEMBER MAY RETURN TO ADDRESS OTHER BOARD BUSINESS ON THE AGENDA. FORM 990, PAGE 6, PART VI, LINE 15A DATA FROM THE LAND TRUST ALLIANCE AS WELL AS THE SC NON-PROFIT COMPENSATION REPORT WAS USED. FORM 990, PAGE 6, PART VI, LINE 15B THE ORGANIZATION DOES NOT HAVE ANY OTHER KEY EMPLOYEES AND NONE OF THE OFFICERS OR BOARD MEMBERS RECEIVES COMPENSATION. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9 -5,096,751 TOTAL -5,096,751 DURING FISCAL YEAR 2015, THE ORGANIZATION ADOPTED THE ZERO VALUATION APPROACH TO REPORTING CONSERVATION EASEMENTS FOR PURPOSES OF THE STATEMENT OF FINANCIAL POSITION, THE STATEMENT OF ACTIVITIES, THE STATEMENT OF FUNCTIONAL EXPENSES AND THE STATEMENT OF CASH FLOWS. THIS CHANGE IN ACCOUNTING POLICY WAS APPLIED RETROACTIVELY TO ALL PERIODS PRESENTED IN THE 2015 FINANCIAL STATEMENTS RESULTING IN A DECREASE IN PERMANENTLY RESTRICTED NET ASSETS AND TOTAL NET ASSETS OF APPROXIMATELY 5,096,751 AS OF JANUARY 1, 2013. PRIOR TO THIS CHANGE IN ACCOUNTING POLICY, THE ORGANIZATION RECORDED ITS CONSERVATION EASEMENTS AT THE VALUE PAID TO ACQUIRE THE CONSERVATION EASEMENTS. THERE IS NO AUTHORITATIVE LITERATURE ON THE ACCOUNTING FOR CONSERVATION EASEMENTS RESULTING IN A DIVERSITY OF PRACTICE AMONG LAND TRUSTS. HOWEVER, THE ORGANIZATION BELIEVES THAT A MAJORITY OF LAND TRUSTS USE THE ZERO VALUATION METHOD. THE ORGANIZATION BELIEVES THAT THE ZERO VALUATION METHOD BETTER REFLECTS ITS FINANCIAL POSITION SINCE THE EASEMENTS DO NOT HAVE ANY FAIR MARKET VALUE IN THE HANDS OF THE ORGANIZATION AND, AS SUCH, PROVIDE NO MONETARY SUPPORT FOR CONTINUING OPERATIONS.