2014-02-15T14:05:30-06:00 2013-06-30 020327524 NATHAN WECHSLER & CO PA 44 SCHOOL STREET LEBANON NH 03766 990 2012-07-01 030264836 VERMONT LAND TRUST INC VERM 8022235234 8 BAILEY AVENUE MONTPELIER VT 05602 GILBERT LIVINGSTON 8022235234 2014-02-04 1 ORESTE MOSCA P00366101 6034482650 2012 2015-11-30 17:44:51Z GILBERT LIVINGSTON 8 BAILEY AVENUE MONTPELIER VT 05602 17950505 0 X VLT.ORG X 1977 VT TO CONSERVE LAND FOR THE FUTURE OF VERMONT. 15 15 49 15 0 0 10512918 12666658 791174 751303 356077 629671 51190 57790 11711359 14105422 52181 0 0 0 3000172 3361853 0 0 493204 8016874 10958036 11069227 14319889 642132 -214467 33729867 38045441 3732453 6621845 29997414 31423596 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 534,000 ACRES. THIS LAND INCLUDES MORE THAN 760 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 1 11972231 202117 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. 691105 171023 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. 218496 199117 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. 130212 195687 THE BREWSTER UPLANDS CONSERVATION TRUST IS A PROJECT TO MANAGE 1,000+ ACRES FOR PUBLIC ACCESS RECREATION AND EDUCATIONAL PURPOSES. 130212 195687 13012044 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 1 103 0 1 49 1 0 1 CJ 0 0 0 0 0 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 VIRGINIA BARLOW 1.00 X 0 0 0 PETER HAYDEN 1.00 X 0 0 0 MOLLY LEBOWITZ 1.00 X 0 0 0 SARAH MUYSKENS 1.00 X 0 0 0 MARC MIHALY 1.00 X 0 0 0 ELIOT ORTON 1.00 X 0 0 0 CHARLIE SINCERBEAUX 1.00 X 0 0 0 DEB BRIGHTON 1.00 X 0 0 0 WALTER POLEMAN 1.00 X 0 0 0 JOHN ROBERTS 1.00 X 0 0 0 HEATHER DARBY 1.00 X 0 0 0 PETE LAND 1.00 X 0 0 0 CHARLIE TIPPER 1.00 X 0 0 0 SUSAN ABBOTT 1.00 X 0 0 0 ELENA GUSTAVSON 1.00 X 0 0 0 GILBERT LIVINGSTON 40.00 X 136792 0 0 ELISE ANNES 40.00 X 110771 0 2220 DENNIS SHAFFER 40.00 X 90727 0 22268 REBECCA ELDER 40.00 X 56750 0 4200 NICK RICHARDSON 40.00 X 27263 0 4261 SIOBHAN SMITH 40.00 X 65248 0 19420 487551 0 52369 2 0 0 0 0 97647 1034448 6708279 4826284 1095768 12666658 PROJECT INCOME 515100 745212 745212 CONSERVED PROPERTY LOGGING INCOME 110000 3961 3961 FARM INCOME 110000 2130 2130 751303 351770 351770 57790 0 57790 57790 57790 2651330 1471654 2390070 1455013 261260 16641 277901 16641 261260 14105422 767944 0 670820 603565 307260 194552 101753 1879792 1481275 185072 213445 668352 482206 104688 81458 210144 181045 8102 20997 108680 108680 26944 23106 3495 343 186423 105200 62662 18561 50454 28472 16959 5023 149258 110914 38344 129930 115533 6231 8166 34299 19355 11529 3415 76702 76702 76976 65473 10616 887 32547 15333 16083 1131 DEVELOPMENT RIGHTS EXPE 7303679 7303679 0 0 CONVEYANCE OF PROPERTY 1680000 1680000 0 0 PROJECT FEASIBILITY AND 221818 221818 0 0 OTHER OPERATING EXPENSE 201187 113531 67625 20031 679139 572462 88683 17994 14319889 13012044 814641 493204 574371 348444 4295830 2080893 90497 548807 697729 370290 10608 10608 11044795 1158471 4823181 9886324 6881478 7581847 2617322 2700868 3110569 3092997 10628282 11424363 33729867 38045441 1318658 334195 403796 4323375 2009999 1964275 3732453 6621845 X 8150910 10437403 13370939 12091428 8475565 8894765 29997414 31423596 33729867 38045441 -214467 1640649 0 X 0 1 X 1 0 X 12389139 11229568 13702042 11304092 13414000 62038841 12389139 11229568 13702042 11304092 13414000 62038841 2847004 59191837 608115 334340 368376 431262 409560 2151653 3254 824 4078 3961 3961 64198533 786978 0.92200 0.89130 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 45069 45069 14274820 14319889 865994 216499 0 0 729764 816004 703461 865994 3115223 4672835 48875 31720 25208 45069 150872 182441 204001 175865 216499 778806 1168209 X X X 1786 425201.00 4 0 9 1 1 4328.00 160584 1 19863755 2769672 2218807 4013782 156317 20682135 19969688 2670916 -245941 2396721 134187 19863755 15675215 5813221 2761648 4153128 127268 19969688 15700077 1460724 1564094 2943074 106606 15675215 19900037 2736666 -3025225 3813115 98286 15700077 0.24000 0.52000 0.24000 1 0 8262518 833776 9096294 1339435 638599 700836 363530 351948 11582 30672 214864 167924 77612 9886324 INVESTMENTS - CERTIFICATE OF DEPOSIT 329500 F INVESTMENTS - ALTERNATIVE INVESTMENTS 2371368 F 2700868 TIMBERLAND INVESTMENTS, NET OF ACCUMULATED DEPLETION 2257997 C TRANSFERABLE DEVELOPMENT RIGHTS 835000 F 3092997 CHARITABLE REMAINDER TRUSTS 1279092 DEPOSITS 33950 MISCELLANEOUS RECEIVABLES 73855 BENEFICIAL INTEREST IN NET ASSETS HELD BY VERMONT COMMUNITY FOUNDATION 9904366 BEQUESTS RECEIVABLE 133100 11424363 DEFERRED CHARITABLE ANNUITIES 1864275 DEFERRED OPTION PAYMENTS 100000 1964275 X 17201960 1640649 1455889 3096538 14105422 0 14105422 15775778 1455889 1455889 14319889 0 14319889 EXPLANATION OF CHANGES TO CONSERVATION EASEMENTS: PART II, LINE 3: CANAAN - NORRIS/CARLSON2 (EDWARDS)- AMENDEMENT - THIS AMENDMENT FURTHERED THE PRIMARY PURPOSE OF THE UNDERLYING EASEMENT - THE CONSERVATION OF PRODUCTIVE AGRICULTURAL AND FORESTRY LANDS IN ORDER TO FACILITATE ACTIVE AND ECONOMICALLY VIABLE FARM USE OF THE PROTECTED PROPERTY NOW AND IN THE FUTURE - BY (1) ADDING THE RIGHT TO PROVIDE FARM EMPLOYEE HOUSING ON A PORTION OF THE PROPERTY, AND (2) GIVING THE HOLDERS THE OPTION TO PURCHASE A PORTION OF THE PROPERTY AT ITS AGRICULTURAL VALUE (THE "OPTION"). WITH RESPECT TO THE FARM LABOR HOUSING, SUCH HOUSING IS CRITICAL TO FARM OPERATIONS IN RURAL AREAS WITH FEW TO NO AFFORDABLE HOUSING OPTIONS. THE HOUSING MUST BE A NON-MONETARY BENEFIT OF EMPLOYMENT AND CAN ONLY BE CREATED WITH THE EASEMENT HOLDERS' PRIOR APPROVAL. THE HOLDERS HAVE SOLE DISCRETION TO APPROVE THE EMPLOYEE HOUSING, IF THE GRANTORS DEMONSTRATE 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 REASONABLE FORESEEABLE FARM BUSINESS, AND IS OTHERWISE CONSISTENT WITH THE PURPOSES OF THE EASEMENT. THE OPTION CLEARLY FURTHERS THE AGRICULTURAL PURPOSES OF THE EASEMENT BY KEEPING THE AGRICULTURAL LAND AFFORDABLE TO FARMERS, AS SUPPORTED BY VERMONT LAW AND POLICY. THERE WAS NO MONETARY BENEFIT TO THE LANDOWNER AS A RESULT OF THE AMENDMENT, AS DETERMINED BY AN INDEPENDENT APPRAISER. 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. WEST HAVEN - RICHARDS J&P (WILLIAMS PROP LLC) - AMENDMENT - THE AMENDMENT CORRECTED AN ERROR IN THE LEGAL DESCRIPTION OF THE PROPERTY. BRANDON - DANA/COHEN (GOODRICH) - AMENDMENT - THIS AMENDMENT UPGRADED THE HOLDERS' RIGHT OF FIRST REFUSAL WITH AN OPTION TO PURCHASE AT AGRICULTURAL VALUE (THE "OPTION"). THE OPTION CLEARLY FURTHERS THE AGRICULTURAL PURPOSES OF THE EASEMENT BY KEEPING THE AGRICULTURAL LAND AFFORDABLE TO FARMERS, AS SUPPORTED BY VERMONT LAW AND POLICY. THIS AMENDMENT ALSO REPLACES THE RESTRICTIONS ON THE FARMSTEAD COMPLEX WITH A PROHIBITION ON SUBDIVISION, A REQUIREMENT THAT SUCH LAND BE USED FOR AGRICULTURAL AND RESIDENTIAL PURPOSES ONLY, AND A LIMITATION ON RESIDENTIAL STRUCTURES TO ONE (1) SINGLE-FAMILY DWELLING AND APPURTENANT STRUCTURES. FINALLY, THE AMENDMENT CLARIFIED EARLIER EASEMENT LANGUAGE BY MODERNIZING THE HOME OCCUPATIONS AND ACCESSORY USE CLAUSES, AND DESIGNATING A SITE FOR THE ALREADY PERMITTED FARM LABOR HOUSING UNIT. THERE WAS NO MONETARY BENEFIT TO THE LANDOWNER AS A RESULT OF THE AMENDMENT, AS DETERMINED BY AN INDEPENDENT APPRAISER. 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. BRISTOL - CHOINIERE - AMENDMENT - THIS AMENDMENT EXPANDED PROTECTION OF AN INTACT BLOCK OF FARMLAND FROM 154 ACRES TO 198 ACRES BY REVISING THE RESTRICTION ON SUBDIVISION TO PROVIDE THAT A 44 ACRE SUBSEQUENTLY CONSERVED ADJACENT PARCEL CANNOT BE SEPARATELY SOLD FROM THE FARM. THE EASEMENT WAS PURCHASED BY AND IS CO-HELD BY VERMONT LAND TRUST (VLT), THE VERMONT HOUSING AND CONSERVATION BOARD (A QUASI-PUBLIC AGENCY OF THE STATE OF VERMONT) (VHCB), THE VERMONT AGENCY OF AGRICULTURE, FOOD AND MARKETS (VAAFM). THE EASEMENT INCLUDES A RIGHT OF ENFORCEMENT OF THE UNITED STATES DEPARTMENT OF AGRICULTURE, NATURAL RESOURCE CONSERVATION SERVICE (NRCS). THE VLT BOARD OF TRUSTEES, ALL OTHER CO-HOLDERS AND NRCS APPROVED THE AMENDMENT. TINMOUTH - BLANCHARD (TOWN) - AMENDMENT - THIS AMENDMENT ADDED 62 ACRES TO THE ORIGINAL CONSERVATION EASEMENT FOR A NEW TOTAL OF 262 PROTECTED ACRES. THE ADDITIONAL ACREAGE INCREASES THE WILDLIFE HABITAT VALUES OF THE ORIGINAL PARCEL BY CONSERVING A LARGER PIECE OF INTACT FOREST. IT ALSO ENHANCES THE PROPERTY'S RECREATIONAL VALUES BY CONNECTING IT TO A KEY PIECE OF THE TINMOUTH MOUNTAIN HIKING TRAIL. THE PROTECTED PROPERTY, INCLUDING THE NEW ACREAGE, IS PART OF A MULTI-LANDOWNER, MULTI-PARCEL EFFORT TO CONSERVE THE GREATER TINMOUTH MOUNTAIN AND SURROUNDING FARMLAND. IN ADDITION, THE AMENDMENT UPGRADED THE EASEMENT PUPOSES TO INCLUDE WILDLIFE CONNECTIVITY BECAUSE NEW EVIDENCE INDICATES THAT THIS LARGE BLOCK OF INTACT WILDLIFE HABITAT IS IMPORTANT FOR BEAR AND OTHER LARGE MAMMAL MOVEMENT IN RUTLAND COUNTY. VLT PROGRAM STAFF EVALUATED THE CONSERVATION VALUES OF THE NEW ACREAGE PRIOR TO CONSERVATION AND VLT STEWARDSHIP STAFF UPDATED THE BASELINE DOCUMENTATION REPORT TO REFLECT THE NEW ACREAGE. THE AMENDMENT WAS APPROVED BY THE VLT BOARD OF TRUSTEES. ALBANY - URIE - AMENDMENT - THIS AMENDMENT FURTHERED THE PRIMARY PURPOSE OF THE UNDERLYING EASEMENT - THE CONSERVATION OF PRODUCTIVE AGRICULTURAL AND FORESTRY LANDS IN ORDER TO FACILITATE ACTIVE AND ECONOMICALLY VIABLE FARM USE OF THE PROTECTED PROPERTY NOW AND IN THE FUTURE - 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 HOUSING MUST BE A NON-MONETARY BENEFIT OF EMPLOYMENT AND CAN ONLY BE CREATED WITH THE EASEMENT HOLDERS' PRIOR APPROVAL. TEH HOLDERS HAVE SOLE DISCRETION TO APPROVE THE EMPLOYEE HOUSING, IF THE GRANTORS DEMONSTRATE THAT THE EMPLOYEE HOUSING IS NECESSARY TO THE FARM BUSINESS, IS LOCATED WITHIN AN EXISTING BUILDING COMPLEX, IS DISIGNED AND SIZED TO BE NO LARGER THAN NECESSARY TO MEET THE NEEDS OF THE CURRENT AND REASONABLY FORESSEABLE FARM BUSINESS, AND IS OHTERWISE CONSISTENT WITH THE PURPOSES OF THE EASEMENT. INDEPENDENT APPRAISAL ANALYSIS HAS DEMONSTRATED THAT THE EMPLOYEE HOUSING RIGHT HAS A MINIMAL IMPACT ON THE VALUE OF THE PROTECTED PROPERTY, IN PART BECAUSE THE EASEMENT HOLDERS CAN DENY ANY REQUEST THEREFORE WITHOUT JUSTIFICATION. 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. SWANTON - DECKER - AMENDMENT - THIS AMENDMENT STRENGTHENED THE CONSERVATION VALUES OF THE EASEMENT BY INCREASING THE AMOUNT OF CONSERVED CROPLAND AND PATURELAND, THEREBY FURTHERING THE PRIMARY PURPOSE OF THE EASEMENT - THE PROTECTION OF PRODUCTIVE AGRICULTURAL LANDS. THE HIGH QUALITY AGRICULTURAL LAND WAS BROUGHT INTO THE PROTECTION OF THE EASEMENT BY A BOUNDARY LINE ADJUSTMENT OF A SMALL PORTION OF THE SOUTHERN BOUNDARY OF THE PROPERTY. FOLLOWING THE ADJUSTMENT, THE TOTAL ACREAGE OF THE PROTECED PROPERTY REMAINED THE SAME AT 243 ACRES, ALTHOUGH THE RECONFIGURATION RELEASED A NARROW STRIP OF LAND WITH MARGINAL AGRICULTURAL OR CONSERVATION VALUE REPRESENTING LESS THAN HALF OF ONE PERCENT OF THE ORIGINAL ACREAGE. AN INDEPENDENT APPRAISER DETERMINED THAT THERE WAS NO ENHANCED VALUE TO THE RECEIVING PROPERTY. THE AMENDMENT WAS CAREFULLY EVALUATED BY VERMONT LAND TRUST (VLT) STEWARDSHIP STAFF TO DETERMINE THAT IT PROVIDED ENHANCED CONSERVATION VALUES, WHICH ARE DOCUMENTED IN AN UPDATED BASELINE DOCUMENTATION REPORT. THE EASEMENT IS CO-HELD BY, AND THE AMENDMENT WAS APPROVED BY, VHCB AND VAAFM, AS WELL AS VLT'S BOARD OF TRUSTEES. HYDE PARK - BORNEMANN - AMENDMENT - THIS AMENDMENT CORRECTED A SCRIVENER'S ERROR ON THE ORIGINAL EASEMENT TO ACCURATELY STATE THE ACREAGE OF THE PROTECTED PROPERTY AND THE EXCLUDED PARCEL AS 95 ACRES AND 11.8 ACRES, RESPECTIVELY. THE AMENDMENT WAS APPROVED BY THE VERMONT LAND TRUST BOARD OF TRUSTEES. DOVER - RATHEAU - AMENDMENT - THIS AMENDMENT STRENGTHENS HABITAT PROTECTION VALUES OF THE ORIGINAL 64 ACRE EASEMENT BY ADDING 28 ACRES OF WOODLAND, WILDLIFE AND RIPARIAN HABITAT AS WELL AS CREATING A PROTECTED HABITAT LINK BETWEEN CONSERVED PROPERTIES. THE CONSERVATION PURPOSES ARE TO PROTECT PRODUCTIVE AGRICULTURAL LANDS AND WOODLANDS, WILDLIFE HABITATS, NON-COMMERCIAL RECREATIONAL OPPORTUNITIES AND ACTIVITIES, AND OTHER NATURAL RESOURCE AND SCENIC VALUES OF THE UNDERLYING PROPERTY. THE ORIGINAL EASEMENT AREA INCLUDES WOODED UPLANDS AND OVER 900 FEET OF COLD BROOK. THE ADDITIONAL ACREAGE ENHANCES THE CONSERVATION VALUES OF THE ORIGINALLY CONSERVED AREA BY ADDING 580 FEET OF COLD BROOK AND 1,165 FEET OF A CLASS A TRIBUTARY OF COLD BROOK TO THE PROTECTED PROPERTY. THE NEW ACREAGE DIRECTLY LINKS THE ORIGINAL PROPERTY WITH AN ADJACENT 140 ACRE CONSERVED PROPERTY, THEREBY ENHANCING THE PROTECTED PROPERTY'S VALUE AS UN-FRAGMENTED WILDLIFE HABITAT, AS WELL AS ITS VALUE FOR EXPANDED RECREATIONAL OPPORTUNITIES. CONCURRENTLY, THE AMENDMENT RELEASED FIVE ACRES OF LAND CONTAINING NO STREAMS, WETLANDS, BROOK FRONTAGE OR OTHER SIGNIFICANT LANDSCAPE FEATURES FROM THE EASEMENT. AN APPRAISAL OF THE RESPECTIVE PARCELS REFLECTED THAT THE VALUE OF THE ADDITIONAL DEVELOPMENT - CONTINUED ON SCHEDULE O. DESCRIPTION OF HOW ORGANIZATION REPORTS CONSERVATION EASEMENTS: 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. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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 $179,513 COST OF LAND SOLD $1,275,500 ATLAS STAFF TIME $876 TOTAL $1,455,889 PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF TIMBER HARVEST EXPENSE AND DEPLETION $179,513 COST OF LAND SOLD $1,275,500 ATLAS STAFF TIME $876 TOTAL $1,455,889 X 32 312007 FAIR MARKET VALUE X 20 0 ZERO VALUE X 2 783761 FAIR MARKET VALUE 10 0 1 1 THIRD PARTY USE: PART I, LINE 32B: VERMONT LAND TRUST USES A BROKERAGE FIRM TO SELL STOCK GIFTS AND REALTORS TO SELL REAL ESTATE. NON REPORTING OF REVENUE: PART I, LINE 33: VERMONT LAND TRUST DOES NOT RECORD AS REVENUE DONATIONS OF CONSERVATION EASEMENTS BECAUSE THEY HAVE NO MARKETABLE VALUE. CHANGES IN PROGRAM SERVICES FORM 990, PART III, LINE 3 THE INCUBATOR DAIRY FARM OPERATION CEASED TO EXIST BECAUSE THE CATTLE HERD CONTRACTED JOHNE'S DISEASE AND ALL HAD TO BE SLAUGHTERED. 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 RIGHTS GRANTED ON THE 28 ACRES EXCEEDED THE VALUE OF THE DEVELOPMENT RIGHTS ON THE FIVE ACRES BY $62,500. OVERALL, THE AMENDMENT STRENGTHENED THE FOREST PROTECTION, WILDLIFE HABITAT AND RECREATIONAL PURPOSES OF THE EASEMENT, WHILE EXPANDING THE CONSERVED AREA FROM 64 AREAS TO 87 ACRES. VERMONT LAND TRUST (VLT) STAFF EVALUATED THE AMENDMENT TO ENSURE THAT IT FURTHERED THE CONSERVATION PURPOSES OF THE EASEMENT, AND UPDATED THE BASELINE DOCUMENTATION REPORT TO INCORPORATE THE ADDITIONAL LAND. THE AMENDMENT WAS APPROVED BY THE VLT 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 195687 1412087 VERMONT LAND TRUST INC