2015-12-14T10:27:25-06:00 2015-06-30 020327524 NATHAN WECHSLER & CO PA 44 SCHOOL STREET LEBANON NH 03766 990 2014-07-01 030264836 VERMONT LAND TRUST INC VERM 8022235234 8 BAILEY AVENUE MONTPELIER VT 05602 GILBERT LIVINGSTON PRESIDENT 8022235234 2015-12-08 1 ORESTE MOSCA CPA P00366101 6034482650 2014 2016-04-25 22:37:26Z GILBERT LIVINGSTON 8 BAILEY AVENUE MONTPELIER VT 05602 15657794 0 X VLT.ORG X 1977 VT TO CONSERVE LAND FOR THE FUTURE OF VERMONT. 15 15 46 0 0 0 14323174 10809042 664384 1320269 1845944 1221692 82868 82229 16916370 13433232 0 0 0 0 3428559 3444515 0 0 495002 15065170 8035768 18493729 11480283 -1577359 1952949 36414419 42896850 5135251 10128242 31279168 32768608 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 8931407 905112 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. 743956 59613 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. 79431 46234 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. 205734 348373 THE BREWSTER UPLANDS CONSERVATION TRUST IS A PROJECT TO MANAGE 1,000+ ACRES FOR PUBLIC ACCESS RECREATION AND EDUCATIONAL PURPOSES. 205734 348373 9960528 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 1 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 1 122 0 1 46 1 0 1 CJ 0 0 0 0 1 1 0 0 0 X 15 15 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 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 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 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 GILBERT LIVINGSTON PRESIDENT 40.00 X 130037 0 16618 ELISE ANNES VP COMMUNITY RELATIONS 40.00 X 113783 0 1075 REBECCA ELDER SECRETARY 40.00 X 45161 0 19350 NICK RICHARDSON VP FOR ENTERPRISE 40.00 X 85364 0 18807 SIOBHAN SMITH VP FOR CONSERVATION 40.00 X 85368 0 18812 DENNIS SHAFFER VP FOR STEWARDSHIP 40.00 X 139735 0 8040 599448 0 82702 3 1 0 0 WILLIAM MACLAY ARCHITECTS 4509 MAIN STREET WAITSFIELD VT 05673 DESIGN AND SUPERVISE OFFICE RENOVATION 104987 1 7462 1113046 5008490 4680044 3159500 10809042 PROJECT INCOME 515100 1300482 1300482 FARM INCOME 110000 12612 12612 CONSERVED PROPERTY LOGGING INCOME 110000 7175 7175 1320269 392769 392769 82229 0 82229 82229 82229 2458550 594935 1668690 555872 789860 39063 828923 39063 789860 13433232 1359332 0 1264858 907725 445845 315111 146769 1694717 1391501 138747 164469 700513 532074 102722 65717 141560 74787 36282 30491 84134 84134 29501 11902 16590 1009 196362 111774 61278 23310 59453 33842 18553 7058 188954 136356 52598 123413 108323 7185 7905 35750 20350 11156 4244 162770 162770 99300 84512 14788 46773 29572 15981 1220 DEVELOPMENT RIGHTS EXPE 5739060 5739060 0 0 PROFESSIONAL FEES 227400 91744 127880 7776 CHARITABLE GIFT ANNUITY 190355 190355 0 0 OTHER OPERATING EXPENSE 135458 77106 42272 16080 717085 634521 63610 18954 11480283 9960528 1024753 495002 340980 559900 1691320 1376534 492635 234175 0 161448 757213 414068 10608 10608 16219257 1332912 6763677 14886345 7324682 6678754 3006828 2589303 3067207 3125276 12959269 12860439 36414419 42896850 375268 322636 2842395 7668501 1917588 2137105 5135251 10128242 X 9429147 11508882 12480471 11581227 9369550 9678499 31279168 32768608 36414419 42896850 1952949 -463509 0 X 0 1 X 1 1 1 X 13702042 11304092 13414000 14987558 12129311 65537003 13702042 11304092 13414000 14987558 12129311 65537003 3638897 61898106 368376 431262 409560 509887 474998 2194083 3961 3961 67735047 192762 0.91380 0.92880 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 47428 47428 11432855 11480283 724014 181004 0 0 703461 865994 1000000 724014 3293469 4940204 25208 45069 81574 47428 199279 175865 216499 250000 181004 823368 1235052 X X X 1993 449173.00 4 0 11 1 1 5828.00 229101 1 21550798 1587873 683671 3315653 168135 20338554 20682135 3323191 3020999 5348249 127278 21550798 19863755 2769672 2218807 4013782 156317 20682135 19969688 2670916 -245941 2396721 134187 19863755 15675215 5813221 2761648 4153128 127268 19969688 0.34000 0.51000 0.15000 1 0 12664616 833776 13498392 2003090 748562 1254528 382020 363408 18612 52673 283082 220942 114813 14886345 INVESTMENTS - CERTIFICATE OF DEPOSIT 154500 F INVESTMENTS - ALTERNATIVE INVESTMENTS 2434803 F 2589303 TIMBERLAND INVESTMENTS, NET OF ACCUMULATED DEPLETION 2213776 C TRANSFERABLE DEVELOPMENT RIGHTS 835000 F OPTION PAYMENT 75500 C YANKEE FARM CREDIT 1000 C 3125276 CHARITABLE REMAINDER TRUSTS 1135676 TIMBER 28040 MISCELLANEOUS RECEIVABLES 89309 BENEFICIAL INTEREST IN NET ASSETS HELD BY VERMONT COMMUNITY FOUNDATION 11424314 BEQUESTS RECEIVABLE 183100 12860439 DEFERRED CHARITABLE ANNUITIES 1987105 DEFERRED OPTION PAYMENTS 150000 2137105 X 13525595 -463509 555872 92363 13433232 0 13433232 12036155 555872 555872 11480283 0 11480283 PART II, LINE 3: ELLIS HOME/TARTE LOTS, GEORGIA, VT - THE PURPOSES OF THE ELLIS FARM CONSERVATION EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FORESTRY LANDS, SOIL RESOURCES AND THE ESSENTIAL CHARACTERISTICS OF THE VERMONT COUNTRYSIDE. THE MODIFICATION TO THE ELLIS 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 TWO OF THE FIVE NONCONTIGUOUS PARCELS THAT COMPRISE THE PROTECTED 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. VLT CO-HOLDS THE EASEMENT WITH THE VERMONT HOUSING AND CONSERVATION BOARD ("VHCB") AND THE VERMONT AGENCY OF AGRICULTURE, FOOD AND MARKETS ("VAAFM"). BOTH VHCB AND VAAFM APPROVED THE AMENDMENT. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. THE AMENDMENT WAS APPROVED BY VLT'S BOARD OF TRUSTEES. HORNBECK-FARR EAST, ORWELL, VT - THE PURPOSES OF THE HORNBECK-FARR EAST FARM CONSERVATION EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FORESTRY LANDS, SOIL RESOURCES AND THE ESSENTIAL CHARACTERISTICS OF THE VERMONT COUNTRYSIDE. THE MODIFICATION TO THE HORNBECK-FARR EAST 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. SIMILARLY, THE MODIFICATION RECONFIGURED THE FARMSTEAD COMPLEX AND ADDED A SOLE DISCRETION FARM LABOR HOUSE RIGHT, BOTH ESSENTIAL TO THE VIABILITY OF THE FARM OPERATION AND CONSEQUENTLY THE MAINTENANCE OF THE AGRICULTURAL NATURE OF THE COUNTRYSIDE. IN ADDITION, THE MODIFICATION ADDED SPECIAL PROTECTIONS FOR CLAYPLAIN FOREST AND RIPARIAN HABITAT ON THE PROPERTY, INCLUDING HABITAT FOR RARE FISH, PLANT AND BIRD SPECIES. 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 FULL 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 ASSOCIATED WITH THE EASEMENT MODIFICATION. VHCB, VAAFM AND THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION TO ENHANCE THE RESTRICTIONS ON THE HORNBECK-FARR EAST FARM. MCGRATH, GLOVER, VT - FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY CONVEYING THE FEE INTEREST IN AN ACRE OF LAND PREVIOUSLY RETAINED BY VLT AS AN "ANCHOR PARCEL" TO THE OWNER OF THE CONSERVED LAND AND INCORPORATING SUCH PARCEL INTO THE TO THE EASEMENT. VLT'S BOARD OF TRUSTEES APPROVED THE MODIFICATION. PUTNEY MOUNTAIN ASSOCIATION, PUTNEY, VT - CORRECTIVE AMENDMENT TO INCLUDE A REFERENCE TO AN INADVERTENTLY OMITTED EXECUTOR'S DEED TO THE LEGAL DESCRIPTION OF THE PROTECTED PROPERTY. THE VERMONT HOUSING AND CONSERVATION BOARD CONTRIBUTED FUNDING TOWARD THE CONSERVATION OF THE PROPERTY AND APPROVED THE CORRECTIVE AMENDMENT, ALONG WITH THE VLT BOARD OF TRUSTEES. MCLAREN, BARNET, VT - THE PURPOSES OF THE MCLAREN EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FOREST LAND, SCENIC AND NATURAL RESOURCES, AS WELL AS TO MAINTAIN THE ESSENTIAL CHARACTERISTICS OF THE VERMONT COUNTRYSIDE. THE EASEMENT MODIFICATION FURTHERED THESE PURPOSES BY MOVING A PERMITTED HOUSE SITE FROM AN AREA COMPRISED OF AGRICULTURAL LANDS AND WETLANDS TO A LESS PRODUCTIVE, LESS IMPACTFUL AND LESS VISIBLE WOODED AREA. THE MODIFICATION DID NOT RESULT IN AN IMPERMISSIBLE PRIVATE BENEFIT AS CONFIRMED BY AN INDEPENDENT APPRAISAL SHOWING THAT THE NEW HOUSE SITE DID NOT HAVE GREATER VALUE THAN THE PRIOR HOUSE SITE. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. THE VLT BOARD OF TRUSTEES APPROVED THE AMENDMENT. WARD, BROOKLINE, VT - FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY ADDING 88 ACRES OF PREVIOUSLY UNPROTECTED LAND TO THE EASEMENT AND REVISING THE PRE-APPROVED SUBDIVISION RIGHT IN THE EASEMENT TO CORRESPOND WITH THE NEW ACREAGE. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT'S BOARD OF TRUSTEES APPROVED THE MODIFICATION. BOURNE/FRIEND/PIERSON, WOODSTOCK & POMFRET, VT - FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT BY ADDING APPROXIMATELY 84 ACRES (25.5 OF WHICH ARE SUBJECT TO PRE-EXISTING CONSERVATION RESTRICTIONS HELD BY THE TOWN OF POMFRET) TO THE EASEMENT. IN ADDITION, THE EASEMENT ALLOWS FOR A RUSTIC CAMP AND MINOR RECREATIONAL STRUCTURES TO BE BUILT ON THE NEWLY CONSERVED LAND, THE DIVISION OF THE FARM PORTION OF THE PROPERTY (MOST OF WHICH CONSISTS OF THE ORIGINALLY CONSERVED LANDS) AND THE FORESTED PORTION OF THE PROPERTY (ENTIRELY CONSISTING OF THE NEWLY CONSERVED LANDS), AND PRIMITIVE ACCESS TO A SIMULTANEOUSLY BUT SEPARATELY CONSERVED ADJACENT PARCEL TO THE NORTH. THE AMENDMENT UPGRADED THE WATER SUPPLY AND WASTEWATER CLAUSE TO MODERNIZE THE EASEMENT LANGUAGE TO BE CONSISTENT WITH VERMONT LAW. FINALLY, THE MODIFICATION ENHANCED THE PROTECTION OF THE RIPARIAN AND WETLAND HABITATS ON THE PROPERTY BY ADDING MORE STRINGENT RESTRICTIONS ON FORESTRY AND OTHER ACTIVITIES IN SUCH AREAS. THE VALUE OF THESE ADDITIONAL RESTRICTIONS WAS DONATED TO VLT AND SUBSTANTIATED BY AN APPRAISAL CONDUCTED BY AN INDEPENDENT THIRD-PARTY APPRAISER. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT'S BOARD OF TRUSTEES APPROVED THE MODIFICATION. CHAMPLAIN VALLEY COHOUSING, CHARLOTTE, VT - PURSUANT TO A SETTLEMENT NEGOTIATED IN LIEU OF CONDEMNATION, VLT RELEASED A 0.22 ACRE PORTION OF THE 116.4 ACRES OF CONSERVED LAND TO ALLOW THE CONVEYANCE OF SUCH PARCEL TO THE VERMONT AGENCY OF TRANSPORTATION ("AOT"). THE RELEASE WAS REQUIRED BY AOT'S HIGHWAY WIDENING AND IMPROVEMENT PROJECT. SPECIFICALLY, THE 0.22 ACRES WILL BE USED TO BUILD A PEDESTRIAN UNDERPASS CONNECTING RECREATIONAL TRAILS LOCATED ON CONSERVED LANDS ON BOTH SIDES OF THE HIGHWAY. THE RELEASE HAS A DE MINIMUS IMPACT ON THE CONSERVATION VALUES OF THE PROPERTY BECAUSE THE 0.22 ACRES DOES NOT SUPPORT ANY MEANINGFUL AGRICULTURE OR FORESTRY USE, AND DOES NOT HAVE NATURAL RESOURCE/ECOLOGICAL VALUE. VLT RECEIVED 50% OF THE PROCEEDS OF THE SETTLEMENT TO COMPENSATE VLT FOR ITS LOST PROPERTY INTEREST. AS REQUIRED BY THE EASEMENT, VLT WILL USE THE PROCEEDS TO PRESERVE UNDEVELOPED AND OPEN SPACE LAND IN THE STATE OF VERMONT. THE VLT BOARD OF TRUSTEE'S APPROVED THIS TRANSACTION. THIBAULT, CHARLOTTE, VT - THE PURPOSES OF THE THIBAULT FARM CONSERVATION EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FORESTRY LANDS, SOIL RESOURCES AND THE ESSENTIAL CHARACTERISTICS OF THE VERMONT COUNTRYSIDE. THE MODIFICATION TO THE THIBAULT 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. IN ADDITION, THE MODIFICATION ADDED SPECIAL PROTECTIONS FOR THE RIPARIAN HABITAT ON THE PROPERTY. FINALLY, THE AMENDMENT CLARIFIED THE PROPERTY DESCRIPTION BY REFERRING TO THE SURVEYED BOUNDARIES OF THE PROPERTY AND THE FARMSTEAD COMPLEX BECAUSE NEITHER WERE SURVEYED AT THE TIME OF CONSERVATION. THE OPAV ONLY IS CO-HELD BY 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 FULL 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 ASSOCIATED WITH THE EASEMENT MODIFICATION. VHCB, VAAFM AND THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION TO ENHANCE THE RESTRICTIONS ON THE THIBAULT FARM. METCALF, NORWICH, VT - THE PURPOSES OF THE METCALF CONSERVATION EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FORESTRY LANDS, SOIL RESOURCES, SCENIC AND OTHER NATURAL RESOURCE VALUES, AND THE ESSENTIAL CHARACTERISTICS OF THE VERMONT COUNTRYSIDE. THE AMENDMENT ENHANCED PROTECTION OF THESE VALUES BY ADDING A "SCENIC PROTECTION ZONE" TO A PORTION OF THE PROPERTY WHEREIN THE LANDOWNERS SHALL NOT CONSTRUCT NEW 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 $242,252 COST OF LAND SOLD $313,620 TOTAL $555,872 PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF TIMBER HARVEST EXPENSE AND DEPLETION $242,252 COST OF LAND SOLD $313,620 TOTAL $555,872 0 0 0 0 0 0 0 0 0 DENNIS SHAFFER VP FOR STEWARDSHIP 82802 0 0 0 56933 0 0 0 8040 0 147775 0 0 0 X 37 116816 FAIR MARKET VALUE X 21 0 ZERO VALUE X 6 3159500 FAIR MARKET VALUE 6 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 AGRICULTURE STRUCTURES, WITH LIMITED EXCEPTIONS. IN ADDITION, THE AMENDMENT REDUCED THE SIZE OF THE BARN COMPLEX TO CONDENSE THE DEVELOPMENT OF AGRICULTURAL STRUCTURES AND REDUCED THE SIZE CAP ON THE FARM LABOR HOUSING BUILDING. FINALLY, THE AMENDMENT CLARIFIED THE RESIDENTIAL USES OF THE FARMSTEAD COMPLEX. VLT AND THE LANDOWNER SIGNED AN UPDATED BASELINE DOCUMENTATION REPORT ASSOCIATED WITH THE EASEMENT MODIFICATION. VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION TO ENHANCE THE RESTRICTIONS ON THE PROPERTY. SILLOWAY, RANDOLPH, VT - THE PURPOSES OF THE SILLOWAY FARM CONSERVATION EASEMENT ARE TO CONSERVE PRODUCTIVE AGRICULTURAL AND FORESTRY LANDS, SOIL RESOURCES AND THE ESSENTIAL CHARACTERISTICS OF THE VERMONT COUNTRYSIDE. THE MODIFICATION TO THE SILLOWAY 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 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 FULL 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 ASSOCIATED WITH THE EASEMENT MODIFICATION. VHCB, VAAFM AND THE VLT BOARD OF TRUSTEES APPROVED THIS MODIFICATION TO ENHANCE THE RESTRICTIONS ON THE SILLOWAY FARM. 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 364723 1599657 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 -17988 7050408