2015-01-12T07:51:22-06:00 2014-06-30 020327524 NATHAN WECHSLER & CO PA 44 SCHOOL STREET LEBANON NH 03766 990 2013-07-01 030264836 VERMONT LAND TRUST INC VERM 8022235234 8 BAILEY AVENUE MONTPELIER VT 05602 GILBERT LIVINGSTON PRESIDENT 8022235234 2014-12-15 1 ORESTE MOSCA CPA P00366101 6034482650 2013 2016-03-07 17:11:31Z GILBERT LIVINGSTON 8 BAILEY AVENUE MONTPELIER VT 05602 21798169 0 X VLT.ORG X 1977 VT TO CONSERVE LAND FOR THE FUTURE OF VERMONT. 13 13 51 15 0 0 12666658 14323174 751303 664384 629671 1845944 57790 82868 14105422 16916370 0 0 0 0 3361853 3428559 0 0 495535 10958036 15065170 14319889 18493729 -214467 -1577359 38045441 36414419 6621845 5135251 31423596 31279168 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 15993647 250792 CONSERVATION WORKTO PROTECT FARMS AND FORESTS FROM THE PRESSURES OF DEVELOPMENT, THE VERMONT LAND TRUST USES CONSERVATION EASEMENTS - A LEGAL TOOL THAT LIMITS DEVELOPMENT ON PRODUCTIVE FARMLAND AND FORESTLAND, AND OTHER MEANINGFUL NATURAL AND COMMUNITY PLACES. WHILE SOME LANDOWNERS CHOOSE TO DONATE THEIR DEVELOPMENT RIGHTS, MANY OTHERS SELL THEM FOR FULL OR PARTIAL VALUE. LANDOWNERS CONTINUE TO OWN, MANAGE, AND PAY TAXES ON THE LAND AND CAN SELL THEIR LAND; HOWEVER, THE CONSERVATION EASEMENT PERMANENTLY REMAINS ON THE PROPERTY. 699027 64876 STEWARDSHIP WORKWHEN THE VERMONT LAND TRUST CONSERVES LAND, IT PROMISES TO LOOK AFTER IT FOREVER. THE MORE SUCCESSFUL WE ARE AT CONSERVING LAND, THE GREATER OUR STEWARDSHIP RESPONSIBILITY. PARTNERSHIP IS AT THE CORE OF OUR STEWARDSHIP PROGRAM. IN AN AVERAGE YEAR, OUR STEWARDSHIP STAFF WILL VISIT 100% OF CONSERVED PARCELS AND MEET WITH NEARLY 90 PERCENT OF THE 1,300-PLUS OWNERS OF LAND CONSERVED WITH VLT. DURING THESE VISITS WITH LANDOWNERS, STAFF WILL OFTEN WALK THE LAND AND DISCUSS ISSUES SUCH AS WHETHER ANY SIGNIFICANT LAND-USE CHANGES ARE PLANNED. BY BUILDING THESE RELATIONSHIPS, WE BELIEVE WE REDUCE THE NUMBER OF VIOLATIONS OF CONSERVATION EASEMENT TERMS. 294952 382629 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. 169785 204966 THE BREWSTER UPLANDS CONSERVATION TRUST IS A PROJECT TO MANAGE 1,000+ ACRES FOR PUBLIC ACCESS RECREATION AND EDUCATIONAL PURPOSES. 169785 204966 17157411 1 1 0 1 0 0 1 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 1 122 0 1 51 1 0 1 CJ 0 0 0 0 0 0 0 0 X 13 13 0 0 0 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 PETER HAYDEN 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 CHARLIE SINCERBEAUX TRUSTEE 1.00 X 0 0 0 DEB BRIGHTON TRUSTEE 1.00 X 0 0 0 WALTER POLEMAN TRUSTEE 1.00 X 0 0 0 JOHN ROBERTS TRUSTEE 1.00 X 0 0 0 HEATHER DARBY TRUSTEE 1.00 X 0 0 0 PETE LAND TRUSTEE 1.00 X 0 0 0 CHARLIE TIPPER 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 GILBERT LIVINGSTON PRESIDENT 40.00 X 144411 0 396 ELISE ANNES VP COMMUNITY RELATIONS 40.00 X 112348 0 1555 DENNIS SHAFFER VP FOR STEWARDSHIP 40.00 X 90909 0 23358 REBECCA ELDER SECRETARY 40.00 X 58589 0 5016 NICK RICHARDSON VP FOR ENTERPRISE 40.00 X 79617 0 20403 SIOBHAN SMITH VP FOR CONSERVATION 40.00 X 96239 0 3788 582113 0 54516 2 0 0 0 0 9026 1093184 7552716 5668248 3181851 14323174 PROJECT INCOME 515100 652157 652157 CONSERVED PROPERTY LOGGING INCOME 110000 12227 12227 664384 427019 427019 82868 0 82868 82868 82868 4294917 2005807 3114871 1766928 1180046 238879 1418925 238879 1180046 16916370 903263 0 1689933 894222 447111 302822 144289 1627304 1339231 115506 172567 687217 532752 82781 71684 219816 152753 32532 34531 83622 83622 29590 17469 11241 880 197141 121899 56073 19169 48955 30270 13924 4761 150893 123484 27409 119824 100267 10357 9200 35918 22209 10216 3493 88131 88131 75140 65403 8850 887 33225 17927 14511 787 DEVELOPMENT RIGHTS EXPE 12305413 12305413 0 0 CONVEYANCE OF PROPERTY 565000 565000 0 0 MISCELLANEOUS 365009 358764 6245 0 PROJECT FEASIBILITY AND 176556 176556 0 0 790753 609150 148316 33287 18493729 17157411 840783 495535 348444 340980 2080893 1691320 548807 492635 370290 757213 10608 10608 7997289 1233612 9886324 6763677 7581847 7324682 2700868 3006828 3092997 3067207 11424363 12959269 38045441 36414419 334195 375268 4323375 2842395 1964275 1917588 6621845 5135251 X 10437403 9429147 12091428 12480471 8894765 9369550 31423596 31279168 38045441 36414419 -1577359 1432931 0 X 0 1 X 1 0 X 11229568 13702042 11304092 13414000 14987558 64637260 11229568 13702042 11304092 13414000 14987558 64637260 2689316 61947944 334340 368376 431262 409560 509887 2053425 824 824 3961 3961 66695470 758206 0.92880 0.92200 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 81574 81574 18412155 18493729 1000000 250000 0 0 816004 703461 865994 1000000 3385459 5078189 31720 25208 45069 81574 183571 204001 175865 216499 250000 846365 1269548 X X X 1953 442062.00 4 0 9 1 1 5538.00 215138 1 20682135 3323191 3020999 5348249 127278 21550798 19863755 2769672 2218807 4013782 156317 20682135 19969688 2670916 -245941 2396721 134187 19863755 15675215 5813221 2761648 4153128 127268 19969688 15700077 1460724 1564094 2943074 106606 15675215 0.33000 0.48000 0.19000 1 0 5087517 833776 5921293 1423525 688152 735373 363532 356453 7079 34375 254564 189007 99932 6763677 INVESTMENTS - CERTIFICATE OF DEPOSIT 627000 F INVESTMENTS - ALTERNATIVE INVESTMENTS 2379828 F 3006828 TIMBERLAND INVESTMENTS, NET OF ACCUMULATED DEPLETION 2232207 C TRANSFERABLE DEVELOPMENT RIGHTS 835000 F 3067207 CHARITABLE REMAINDER TRUSTS 1195868 TIMBER 94040 MISCELLANEOUS RECEIVABLES 73333 BENEFICIAL INTEREST IN NET ASSETS HELD BY VERMONT COMMUNITY FOUNDATION 11306828 BEQUESTS RECEIVABLE 289200 12959269 DEFERRED CHARITABLE ANNUITIES 1792588 DEFERRED OPTION PAYMENTS 125000 1917588 X 20116229 1432931 1766928 3199859 16916370 0 16916370 20260657 1766928 1766928 18493729 0 18493729 PART II, LINE 3: LEACH N- THE PURPOSES OF THE LEACH N CONSERVATION EASEMENT ARE PRIMARILY TO PRESERVE OF WORKING FARMLAND AND SECONDARILY TO PROTECT THE PROPERTY'S SCENIC AND NATURAL RESOURCE VALUES, PURSUANT TO STATE AND LOCAL CONSERVATION POLICY. THE MODIFICATION TO THE LEACH N EASEMENT STRENGTHENED THE PROTECTION OF THESE PURPOSES BY ADDING 3.3 ACRES TO THE PROTECTED PROPERTY, MOVING A PRE-EXISTING HOUSE RIGHT FROM A HIGHLY VISIBLE HILLSIDE TO A LESS DESIRABLE ROADSIDE LOCATION, AND ADDING AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV") TO THE FARMLAND PORTION OF THE PROPERTY. ALSO, IN ACCORDANCE WITH THE TERMS OF THE EASEMENT AND VLT STEWARDSHIP POLICY, THE MODIFICATION INCLUDES A SUBDIVISION APPROVAL. THE MODIFICATION PROTECTS ADDITIONAL LAND ON THE LEACH N FARM AND ENSURES THAT THE FARM'S SCENIC HILLSIDES WILL REMAIN UNDEVELOPED. IN ADDITION, THE OPAV CLEARLY FURTHERS THE AGRICULTURAL 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 AS OPEN FARMLAND. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT PURCHASED THESE ADDITIONAL RIGHTS AND RESTRICTIONS FOR LESS THAN THEIR FAIR MARKET VALUE, AS DETERMINED BY AN APPRAISAL CONDUCTED BY AN INDEPENDENT APPRAISER, WITH FUNDING FROM A PRIVATE DONOR. THE EASEMENT IS CO-HELD BY, AND THE AMENDMENT WAS APPROVED BY, THE VERMONT HOUSING AND CONSERVATION BOARD AND THE VERMONT AGENCY OF AGRICULTURE, FARMS AND MARKETS, AS WELL AS THE VERMONT LAND TRUST'S BOARD OF TRUSTEES. ALLAN - THE CONSERVATION PURPOSES OF THE ALLAN CONSERVATION EASEMENT INCLUDE THE CONSERVATION OF THE NATURAL RESOURCES ASSOCIATED WITH THE PROPERTY. THE MODIFICATION FURTHERS THIS PURPOSE BY ADDING RESTRICTIONS TO THE PROPERTY THAT PROTECT THE NATURAL HABITAT OF THE WILDLIFE AND PLANTS ASSOCIATED WITH 13.4 ACRES OF FLOODPLAIN FOREST, A RARE NATURAL COMMUNITY OF STATE-SIGNIFICANCE, FOUND ON THE PROPERTY. IN ADDITION, THE MODIFICATION CORRECTS THE REFERENCES IN THE EASEMENT TO THE TOTAL ACREAGE OF THE PROTECTED PROPERTY BASED ON MORE ACCURATE MAPPING. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. THE LANDOWNER GRANTED THE ADDITIONAL RESTRICTIONS TO VLT FOR NO CONSIDERATION. THE AMENDMENT WAS APPROVED BY THE VERMONT LAND TRUST'S BOARD OF TRUSTEES. SCHAEFER - THE PRIMARY CONSERVATION PURPOSES OF THE SCHAEFER CONSERVATION EASEMENT ARE THE PRESERVATION OF FARMLAND AS OPEN SPACE FOR SCENIC ENJOYMENT OF THE PUBLIC PURSUANT TO STATE AND LOCAL CONSERVATION POLICY AND THE PROTECTION OF THE NATURAL RESOURCES, INCLUDING PLANT AND WILDLIFE HABITAT, ON THE PROTECTED PROPERTY. THE MODIFICATION TO THE SHAEFER EASEMENT FURTHERED THE NATURAL RESOURCE PROTECTION PURPOSE OF THE EASEMENT BY ADDING 2.5 ACRES TO THE CONSERVED AREA. THE ADDITIONAL LAND CONTAINS VALLEY CLAYPLAIN FOREST, A SIGNIFICANT NATURAL COMMUNITY, AND IS SUBJECT TO SPECIFIC RESTRICTIONS TO PROTECT THIS ECOLOGICAL RESOURCE. THE MODIFICATION CORRECTED SEVERAL SCRIVENER'S ERRORS IN THE DESCRIPTION OF THE PROPERTY. IN ADDITION, THE MODIFICATION RETURNED THE CONSERVED PROPERTY TO ITS ORIGINAL CONFIGURATION BY INCLUDING ALL OF THE PROPERTY LOCATED IN THE TOWN OF NEW HAVEN UNDER THE EASEMENT AND EXCLUDING ALL OF THE LAND IN THE TOWN OF WALTHAM PARCEL RESULTING IN NO NET CHANGE IN THE CONSERVED ACREAGE AND HAVING A NEUTRAL IMPACT ON THE CONSERVATION VALUES OF THE PROPERTY. ALSO, THE MODIFICATION ALLOWS FOR ACCESS TO THE WALTHAM EXCLUDED LANDS. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. THE EASEMENT WAS APPROVED BY THE VERMONT LAND TRUST BOARD OF TRUSTEES. WHY NOT FARM 3 - THE PRIMARY CONSERVATION PURPOSE OF THE WHY NOT FARM 3 CONSERVATION EASEMENT IS THE PRESERVATION OF WORKING FARMLAND PURSUANT TO STATE AND LOCAL CONSERVATION POLICY. THE MODIFICATION TO THE WHY NOT FARM 3 EASEMENT STRENGTHENED THE PROTECTION OF THIS PURPOSE BY ADDING AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV") TO THE PROPERTY. THE OPAV CLEARLY FURTHERS THE AGRICULTURAL 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 AS OPEN FARMLAND. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. THE MODIFICATION WAS APPROVED BY THE VERMONT LAND TRUST'S BOARD OF TRUSTEES. NORMANDEAU - THE PURPOSE OF THE NORMANDEAU CONSERVATION EASEMENT IS TO FURTHER THE POLICIES OF THE STATE OF VERMONT DESIGNED TO FOSTER THE CONSERVATION OF THE STATE'S AGRICULTURAL, FOREST AND OTHER NATURAL RESOURCE VALUES. AT THE TIME OF CONSERVATION, THE LANDOWNERS RETAINED THE RIGHT TO BUILD A SINGLE-FAMILY HOME ON THE PROPERTY AND SUBDIVIDE AND RELEASE FROM THE EASEMENT A TWO ACRE PARCEL ASSOCIATED WITH THE HOUSE. THE MODIFICATION TO THE NORMANDEAU CONSERVATION EASEMENT FURTHERED THE CONSERVATION PURPOSES BY TERMINATING THESE RETAINED RIGHTS, THEREBY FURTHER LIMITING FUTURE DEVELOPMENT OF THE PROPERTY. THE LANDOWNERS DONATED THE RIGHTS TO VLT WITHOUT CONSIDERATION. THE MODIFICATION WAS APPROVED BY THE VERMONT LAND TRUST BOARD OF TRUSTEES. WOODLAWN FARM, INC. - THE CONSERVATION PURPOSES OF THE WOODLAWN FARM CONSERVATION EASEMENT ARE THE PRESERVATION OF WORKING FARMLAND AND THE CONSERVATION OF SCENIC AND NATURAL RESOURCES FOR THE ENJOYMENT OF THE PUBLIC. THE MODIFICATION TO THE WOODLAWN FARM EASEMENT STRENGTHENED THE PROTECTION OF THESE PURPOSES BY ADDING 3.3 ACRES TO THE PROTECTED PROPERTY AND REPLACING A RIGHT OF FIRST REFUSAL WITH AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV"). 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 AS OPEN FARMLAND. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT PURCHASED THESE ADDITIONAL RIGHTS AND RESTRICTIONS FOR LESS THAN THEIR FAIR MARKET VALUE, AS DETERMINED BY AN APPRAISAL CONDUCTED BY AN INDEPENDENT APPRAISER, WITH FUNDING FROM A PRIVATE DONOR. THE AMENDMENT WAS APPROVED BY THE VERMONT LAND TRUST'S BOARD OF TRUSTEES. VAUGHN RIVER RD - THE PRIMARY CONSERVATION PURPOSE OF THE VAUGHN RIVER RD CONSERVATION EASEMENT IS THE PRESERVATION OF WORKING FARMLAND, AS SUPPORTED BY VERMONT LAW AND POLICY. THE VAUGHN RIVER RD FARM CONSISTS OF TWO NON-CONTIGUOUS PARCELS, THE RIVER ROAD PARCEL AND THE SANDGATE ROAD PARCEL. THE EASEMENT MODIFICATION FURTHERS THE PROTECTION OF WORKING FARMLAND BY REPLACING A RIGHT OF FIRST REFUSAL WITH AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV") ON THE SANDGATE ROAD PARCEL. THE OPAV WILL KEEP THE LAND AFFORDABLE TO FARMERS, AS SUPPORTED BY VERMONT LAW AND POLICY, WHICH RESULTS IN THE LAND REMAINING AS OPEN FARMLAND. ALSO, IN ACCORDANCE WITH THE TERMS OF THE ORIGINAL EASEMENT AND VLT STEWARDSHIP POLICY, THE MODIFICATION INCLUDES AN APPROVAL TO SUBDIVIDE AND SEPARATELY CONVEY THE RIVER ROAD AND SANDGATE ROAD PARCELS, RESULTING IN TWO VIABLE AGRICULTURAL UNITS INSTEAD OF ONLY ONE. TO SUPPORT THE INDEPENDENT AGRICULTURAL OPERATION OF THE SANDGATE ROAD PARCEL, THE MODIFICATION ALLOWS FOR A SIZED CAPPED (2,500 FT2) SINGLE-FAMILY DWELLING IN ONE OF TWO SPECIFIED LOCATIONS THAT HAVE LITTLE TO NO IMPACT ON TILLABLE SOILS. CONCURRENTLY, THE MODIFICATION ELIMINATES THE RIGHT TO BUILD RESIDENTIAL RENTAL HOUSING UNIT ON THE RIVER ROAD PARCEL. FINALLY, THE MODIFICATION ENHANCES THE AGRICULTURAL VIABILITY OF THE PROPERTY BY ADDING THE RIGHT TO PROVIDE FARM EMPLOYEE HOUSING ON THE PROPERTY. SUCH HOUSING IS CRITICAL TO FARM OPERATIONS IN RURAL AREAS WITH FEW TO NO AFFORDABLE HOUSING OPTIONS. THE HOLDERS HAVE THE SOLE DISCRETION TO APPROVE THE EMPLOYEE HOUSING, IF THE LANDOWNER DEMONSTRATES THAT THE EMPLOYEE HOUSING IS NECESSARY TO THE FARM BUSINESS, IS LOCATED WITHIN AN EXISTING BUILDING COMPLEX, IS DESIGNED AND SIZED TO BE NO LARGER THAN NECESSARY TO MEET THE NEEDS OF THE CURRENT AND REASONABLY FORESEEABLE FARM BUSINESS, IS A NON-MONETARY BENEFIT OF EMPLOYMENT AND IS OTHERWISE CONSISTENT WITH THE PURPOSES OF THE EASEMENT. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. AN APPRAISAL CONDUCTED BY AN INDEPENDENT APPRAISER VERIFIED THAT THE VALUE OF THE ADDITIONAL RESTRICTIONS EXCEEDED ANY VALUE TO THE LANDOWNER ASSOCIATED WITH THE EASEMENT MODIFICATION. THE EASEMENT IS CO-HELD BY, AND THE AMENDMENT WAS APPROVED BY, THE VERMONT HOUSING AND CONSERVATION BOARD AND THE VERMONT AGENCY OF AGRICULTURE, FARMS AND MARKETS, AS WELL AS THE VERMONT LAND TRUST'S BOARD OF TRUSTEES. 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 $243,641 COST OF LAND SOLD $1,523,287 TOTAL $1,766,928 PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF TIMBER HARVEST EXPENSE AND DEPLETION $243,641 COST OF LAND SOLD $1,523,287 TOTAL $1,766,928 X 26 122851 FAIR MARKET VALUE X 21 0 ZERO VALUE X 2 3059000 FAIR MARKET VALUE 22 0 1 1 PART I, LINE 32B: VERMONT LAND TRUST USES A BROKERAGE FIRM TO SELL STOCK GIFTS AND 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 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 PIGEON N&J - THE PURPOSE OF THE PIGEON N&J CONSERVATION EASEMENT IS TO PROTECT WORKING FARMLAND, AS WELL AS THE NATURAL RESOURCE AND SCENIC VALUES ASSOCIATED WITH THE PROPERTY. THE EASEMENT MODIFICATION FURTHERS THE PROTECTION OF WORKING FARMLAND BY REPLACING A RIGHT OF FIRST REFUSAL WITH AN OPTION TO PURCHASE AT AGRICULTURAL VALUE ("OPAV"). THE OPAV WILL KEEP THE LAND AFFORDABLE TO FARMERS, AS SUPPORTED BY VERMONT LAW AND POLICY, WHICH RESULTS IN THE LAND REMAINING AS OPEN FARMLAND. IN ADDITION, THE MODIFICATION PROVIDES THAT THE LANDOWNER MAY SEEK THE EASEMENT HOLDERS' APPROVAL OF A NEW LOCATION FOR AN EXISTING FARM LABOR HOUSING UNIT RIGHT. CONSISTENT WITH THE AGRICULTURAL VIABILITY PURPOSE OF THE EASEMENT, THE MODIFICATION CLARIFIES THE LANDOWNER'S RIGHTS TO CONDUCT RURAL ENTERPRISES ON THE PROPERTY THAT ARE COMPATIBLE WITH THE AGRICULTURAL AND OTHER VALUES OF THE PROPERTY. THE MODIFICATION CONFORMED THE BOUNDARY LINES OF TWO ONE-ACRE LOTS EXCLUDED FROM THE EASEMENT WITH LOCAL ZONING REQUIREMENTS, THEREBY MAINTAINING THE ORIGINAL INTENT OF THE EASEMENT. FINALLY, THE MODIFICATION ALLOWS THE FIVE-ACRE FARMSTEAD COMPLEX, WHICH INCLUDES A HOME AND AGING INFRASTRUCTURE NO LONGER CONTRIBUTING TO THE AGRICULTURAL OPERATIONS OF THE PROPERTY, TO BE HELD IN SEPARATE OWNERSHIP, WHILE REMAINING SUBJECT TO RESTRICTIONS AGAINST FURTHER DEVELOPMENT. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. AN APPRAISAL CONDUCTED BY AN INDEPENDENT APPRAISER VERIFIED THAT THE VALUE OF THE ADDITIONAL RESTRICTIONS EXCEEDED ANY VALUE TO THE LANDOWNER ASSOCIATED WITH THE EASEMENT MODIFICATION. THE EASEMENT IS CO-HELD BY, AND THE AMENDMENT WAS APPROVED BY, THE VERMONT HOUSING AND CONSERVATION BOARD AND THE VERMONT AGENCY OF AGRICULTURE, FARMS AND MARKETS, AS WELL AS THE VERMONT LAND TRUST'S BOARD OF TRUSTEES. RIVER VIEW FARM - THE CONSERVATION PURPOSE OF THE RIVER VIEW FARM CONSERVATION EASEMENT IS THE PRESERVATION OF AGRICULTURAL, FORESTRY, OPEN SPACE, RECREATIONAL, SCENIC AND NATURAL RESOURCE VALUES OF THE PROPERTY. THE MODIFICATION TO THE RIVER VIEW 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 AGRICULTURAL 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 AS OPEN FARMLAND. ALSO, THE MODIFICATION ADDS RESTRICTIONS TO THE PROPERTY PROTECTING THE 17-ACRES OF THE SILVER MAPLE-OSTRICH FERN RIVERINE FLOODPLAIN FOREST NATURAL COMMUNITY AS WELL AS THE VEGETATION ALONG THE BANKS OF THE CONNECTICUT RIVER AND A TRIBUTARY THERETO LOCATED ON THE PROPERTY. IN ADDITION, THE MODIFICATION CODIFIED THE PUBLIC'S RECREATIONAL ACCESS TO THE CONNECTICUT RIVER ACROSS THE PROPERTY. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT PURCHASED THESE ADDITIONAL RIGHTS AND RESTRICTIONS FOR LESS THAN THEIR FAIR MARKET VALUE, AS DETERMINED BY AN APPRAISAL CONDUCTED BY AN INDEPENDENT APPRAISER. THE STATE OF VERMONT PROVIDED FUNDING FOR THE ACQUISITION OF THESE RIGHTS. THE AMENDMENT ADDED THE VERMONT HOUSING & CONSERVATION BOARD AND THE VERMONT AGENCY OF AGRICULTURE FOOD AND MARKETS AS CO-HOLDER OF THE EASEMENT. THE AMENDMENT WAS APPROVED BY THE VERMONT LAND TRUST'S BOARD OF TRUSTEES. 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 204966 1441668 VERMONT LAND TRUST INC