2013-02-05T15:29:35-06:00 2012-06-30 410975573 HLB TAUTGES REDPATH LTD 4810 WHITE BEAR PARKWAY WHITE BEAR LAKE MN 55110 990 2011-07-01 411713652 MINNESOTA LAND TRUST MINN 6516479590 2356 UNIVERSITY AVE WEST NO 240 SAINT PAUL MN 55114 KRIS WILLIAM LARSON 6516479590 2013-01-29 1 THOMAS W HODNEFIELD CPA P00185415 6514267000 2013-01-29 2011 2016-02-25 16:41:14Z KRIS WILLIAM LARSON 2356 UNIVERSITY AVE WEST NO 240 SAINT PAUL MN 55114 1840253 0 X WWW.MNLAND.ORG X 1991 MN SEE SCHEDULE O 18 18 13 100 0 0 2601671 1457460 36528 110500 49779 71053 -36594 192025 2651384 1831038 200 27050 0 0 729813 829880 0 0 181667 1673763 896582 2403776 1753512 247608 77526 3907032 3845123 57097 54032 3849935 3791091 X THE MINNESOTA LAND TRUST PRESERVES MINNESOTA'S NATURAL AND SCENIC HERITAGE THROUGH PUBLIC AND PRIVATE PARTNERSHIPS. 1 0 1441353 27050 278208 PROTECTED 1,209 ACRES OF SIGNIFICANT NATURAL AND SCENIC LAND AND 39,766 FEET OF FRAGILE SHORELINE BY COMPLETING 15 NEW LAND PROTECTION PROJECTS THIS PAST FISCAL YEAR WHILE MANAGING, MONITORING AND ENFORCING ALL PREVIOUSLY COMPLETED EASEMENTS. THIS BRINGS THE TOTAL NUMBER OF LAND PROTECTION PROJECTS COMPLETED BY THE LAND TRUST TO 439, PROTECTING 39,902 ACRES OF SIGNIFICANT LAND AND 857,160 FEET OF SHORELINE. THESE PROJECTS ARE INCREASINGLY FOCUSED ON SPECIFIC LANDSCAPES IN MINNESOTA SELECTED BY THE LAND TRUST BECAUSE THEY BEST REPRESENT MINNESOTA'S CHERISHED NATURAL AREAS. WE ALSO COMPLETED THE FIRST PHASE OF THE RADIO TOWER BAY RESTORATION PROJECT AS ONE OF THE FIRST PROJECTS IN THE OVERALL ST. LOUIS RIVER RESTORATION INITIATIVE. 1441353 1 1 0 1 0 0 1 0 0 1 1 0 0 0 0 1 1 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 5 0 1 13 1 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X THE ORGANIZATION 6516479590 2356 UNIVERSITY AVE WEST NO 240 SAINT PAUL MN 55114 JOHN SHARDLOW 1.00 X X 0 0 0 SUE STEINWALL 1.00 X X 0 0 0 JIM MAYER 1.00 X X 0 0 0 CHUCK MOOS 1.00 X X 0 0 0 KURT APFELBACHER 1.00 X X 0 0 0 BRAD FULLER 1.00 X 0 0 0 COLLEEN CAREY 1.00 X 0 0 0 DAVE FRANSEN 1.00 X 0 0 0 DUNN YOSHITANI 1.00 X 0 0 0 JULIE PERRUS 1.00 X 0 0 0 KELLY SCANLAN 1.00 X 0 0 0 MELISSA PETERSON 1.00 X 0 0 0 PATRICK HYNES 1.00 X 0 0 0 SHARON JOHNSON 1.00 X 0 0 0 STAN ELLISON 1.00 X 0 0 0 SUSAN HEEGAARD 1.00 X 0 0 0 TIM EDMAN 1.00 X 0 0 0 WILLIE RAHR 1.00 X 0 0 0 KRIS WILLIAM LARSON 50.00 X 95000 0 1900 95000 0 1900 0 0 0 0 0 50190 957388 449882 31356 1457460 FEES FOR SERVICE 531390 110500 110500 110500 71053 71053 2180 50190 9215 -7035 -7035 CONDEMNATION PROCEEDS 900099 167708 167708 INSURANCE REIMB 900099 31352 31352 199060 1831038 278208 0 95370 2050 2050 25000 25000 96900 58140 14535 24225 583729 472244 14708 96777 6446 5842 407 197 89483 71864 9607 8012 53322 39968 4139 9215 13201 13201 50274 13826 33313 3135 100586 73822 5132 21632 84055 65533 5927 12595 46208 42430 1093 2685 4943 2210 2141 592 9317 6988 745 1584 7407 7407 PROJECT EXPENSES 352285 352285 EASEMENT ACQ 204410 204410 23896 4741 18137 1018 1753512 1441353 130492 181667 549347 427179 281657 43707 145244 138395 15000 6943 11834 72014 52217 30684 19797 2893157 3189211 3907032 3845123 57097 54032 57097 54032 X 1346820 1208678 2286908 2366206 216207 216207 3849935 3791091 3907032 3845123 X 77526 -136370 X 0 1 1 X 0 X 1413705 2204319 841619 2601671 1457460 8518774 1413705 2204319 841619 2601671 1457460 8518774 448288 8070486 86974 46049 62270 49779 71053 316125 8834899 308211 0.91350 0.88980 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 963 963 1752549 1753512 237676 59419 0 0 257840 178555 270189 237676 944260 1416390 22220 2248 4906 963 30337 64460 44639 67547 59419 236065 354098 2185 2185 X X X 439 39902.00 0 0 10 2 1 6480.00 305043 3117814 161348 -69514 140952 3068696 2512834 333581 400999 129600 3117814 2406569 95585 112680 102000 2512838 2450798 188715 -112417 120527 2406569 0.93000 0.07000 0 0 9000 9000 63014 52217 10797 19797 1831038 1753512 77526 -136370 -136370 -58844 1694668 -136370 -136370 1831038 0 1831038 1753512 0 1753512 0 1753512 EXPLANATION OF CHANGES TO CONSERVATION EASEMENTS: PART II, LINE 3: AMENDMENTS TO EASEMENTS: GILLUND FARM (GILLUND) - A SMALL PORTION OF THE PROTECTED LAND (LESS THAN 1 ACRE) WAS CONDEMNED BY THE COUNTY FOR THE EXPANSION OF RADISSON ROAD AND CREATION OF A BIKE/WALKING TRAIL. THE LAND TRUST WAS COMPENSATED THROUGH A SETTLEMENT OFFER. CEDAR BLUFF HOMESTEAD (AFTON DEVELOPMENT, LLC) - DUE TO A SERIES OF EVENTS AND ECONOMIC CHANGES FOLLOWING THE EXECUTION AND RECORDING OF THE PLAT FOR THE CEDAR BLUFF HOMESTEAD DEVELOPMENT AND THE ORIGINAL EASEMENT, THE CONSERVATION DEVELOPMENT DID NOT PROCEED ON THE TIME LINE REQUIRED UNDER THE TERMS OF THE DEVELOPMENT AGREEMENT WITH THE CITY, RESULTING IN A DEFAULT BY THE OWNER UNDER THAT CONTRACT. AFTER THE DEFAULT, THE CITY RECONSIDERED THE SIZE AND NUMBER OF RESIDENTIAL LOTS ON THE PLAT AND CHANGED MANY OF ITS ORIGINAL REQUIREMENTS FOR PLAT APPROVAL, REQUIRING AMENDMENT OF THE EXISTING PLAT AND THE ORIGINAL EASEMENT. THE CITY'S REVISED REQUIREMENTS RESULT A SLIGHT CHANGE IN THE LEGAL DESCRIPTION OF THE PROTECTED PROPERTY, AND THE LOCATION OF SOME OF THE PROTECTED PROPERTY WITHIN THE INDIVIDUAL RESIDENTIAL LOTS. ADDITIONALLY, AS A CONDITION OF APPROVAL OF THE PROPOSED AMENDED PLAT, CEDAR BLUFF HOMESTEAD 2ND ADDITION, THE CITY REQUIRES THAT IT BE ADDED AS A CO-HOLDER OF THE AMENDED AND RESTATED EASEMENT. THIS AMENDMENT WAS COMPLETED SUBJECT TO A LEGAL COURT PROCEEDING. LAMPREY PASS (STEINKE 1 -3) - IT WAS DISCOVERED DURING THE ANNUAL MONITORING OF THE PROTECTED PROPERTY THAT THE OWNER HAD CONSTRUCTED A NEW TRUCK SHELTER/BARN WITHIN TRACT 1 OF THE PROTECTED PROPERTY NEXT TO OTHER EXISTING BARNS AND GRANARIES. THIS WAS A VIOLATION OF THE TERMS OF THE EASEMENT. THE AMENDMENT RESOLVED THE VIOLATION BY ELIMINATING OF ALL BUILDING RIGHTS PERMITTED ON TRACT 2 OF THE PROTECTED PROPERTY. MISSISSIPPI RIVER (FALK) - THE CONSERVATION EASEMENT PERMITTED THE ORIGINAL GRANTORS TO SUBDIVIDE THE PROPERTY TO CREATE A 20-ACRE PARCEL AND REMOVE THAT PARCEL FROM ALL THE TERMS AND RESTRICTIONS OF THE EASEMENT. THE GRANTORS EXERCISED THIS RIGHT IN THE FALL OF 2011 AND SOLD THE 20-ACRE PARCEL TO A DEVELOPER. THE RECORDED AFFIDAVIT RELEASED THE 20 ACRES FROM THE TERMS AND RESTRICTIONS OF THE CONSERVATION EASEMENT. RED WING (MAURER) - AMENDMENT TO CORRECT A MUTUAL MISTAKE REGARDING THE LAND COVER OF CERTAIN AREAS OF THE PROTECTED PROPERTY THAT WERE INACCURATELY DEPICTED ON THE ORIGINAL PROPERTY MAP ATTACHED AS EXHIBIT B TO THE EASEMENT. VALLEY CREEK (STELTZNER) - TECHNICAL AMENDMENT TO CORRECT ERROR IN LEGAL DESCRIPTION CENACLE WOODS (COMMUNITY OF RECOVERING PEOPLE) - AMENDMENT TO ALLOW FOR A NEW GARAGE TO REPLACE THE TWO OLDER GARAGES NEAR THE MAIN BUILDING WITH A MAXIMUM HEIGHT NOT TO EXCEED THE HEIGHT OF THE ADJACENT MAIN BUILDING. IN ADDITION, THE GARAGE THAT WAS TORN DOWN NEAR THE RESIDENCE WILL NOT BE ALLOWED TO BE REPLACED OR RECONSTRUCTED. PINE POINT (WOOD) - AMENDMENT TO CLARIFY TERMS AND RESTRICTIONS RELATED PRIMARILY TO THE OWNERS RESERVED RIGHT TO CONSTRUCT A RUSTIC DWELLING ON THE PROTECTED LAND AND TO REPLACE THE MAP ATTACHED AS EXHIBIT B WITH A NEW PROPERTY MAP. WILD RIVER STATE PARK (NELSON 2) - AMENDMENT TO ELIMINATE THE RIGHT TO CONSTRUCT ONE OF THE TWO PERMITTED DWELLINGS WITH ACCESSORY BUILDINGS, ELIMINATE THE ABILITY TO SUBDIVIDE THE PROPERTY INTO TWO PARCELS, AND UPDATE THE PROPERTY MAP. STANCHFIELD TOWNSHIP - THE AMENDMENT ADDED LANGUAGE TO HELP PRESERVE THE CONSERVATION EASEMENT AND IMPROVE ENFORCEMENT AND ADMINISTRATION OF THE CONSERVATION EASEMENT. EXPLANATION OF EASEMENTS ENFORCEMENT POLICIES: PART II, LINE 5: THE MINNESOTA LAND TRUST HAS EXTENSIVE POLICIES AND PROCEDURES COVERING ITS CONSERVATION EASEMENT STEWARDSHIP PROGRAM. THE ULTIMATE RESPONSIBILITY OF THE LAND TRUST'S CONSERVATION EASEMENT STEWARDSHIP PROGRAM IS TO PRESERVE THE CONSERVATION VALUES ASSOCIATED WITH EACH PROPERTY. THEREFORE, THE LAND TRUST IS PREPARED TO LEGALLY DEFEND AND ENFORCE ITS EASEMENTS WHEN NECESSARY. LEGAL ENFORCEMENT, HOWEVER, IS A REMEDY OF LAST RESORT. THE GOALS OF THE LAND TRUST'S EASEMENT STEWARDSHIP PROGRAM INCLUDE ENCOURAGING VOLUNTARY COMPLIANCE WHENEVER POSSIBLE, ESTABLISHING AND MAINTAINING GOOD RELATIONSHIPS WITH LANDOWNERS AND THE COMMUNITIES IN WHICH OUR EASEMENTS ARE LOCATED, DOCUMENTING THE CONDITION OF LANDS PROTECTED BY EACH EASEMENT AT THE TIME THE EASEMENT IS COMPLETED AND MONITORING THAT CONDITION OVER TIME, MAINTAINING ACCURATE RECORDS AND BEING EFFICIENT AND EFFECTIVE WITH THE USE OF FUNDS IN SUPPORTING STEWARDSHIP ACTIVITIES. COMPONENTS OF THE STEWARDSHIP PROGRAM INCLUDE: CREATING AN APPROPRIATE BASELINE PROPERTY REPORT, EASEMENT ADMINISTRATION, MONITORING, LANDOWNER RELATIONS, COMMUNITY RELATIONS AND EASEMENT ENFORCEMENT AND DEFENSE. THE LAND TRUST HAS SPECIFIC POLICIES AND PROCEDURES FOR EACH OF THESE COMPONENTS. AS ONE OF THE FIRST NATIONALLY ACCREDITED LAND TRUSTS IN THE COUNTRY, THESE POLICES AND PROCEDURES AND THEIR IMPLEMENTATION BY THE LAND TRUST HAVE PASSED LAND TRUST ACCREDITATION COMMISSION SCRUTINY. ALL CONSERVATION EASEMENTS ACCEPTED BY THE MINNESOTA LAND TRUST GRANT TO THE LAND TRUST EXPANSIVE RIGHTS TO ENTER, MONITOR AND INSPECT THE PROPERTY. ALL EASEMENTS ALSO PROVIDE COMPREHENSIVE ENFORCEMENT RIGHTS AND REMEDIES FOR THE LAND TRUST IN THE EVENT OF A VIOLATION AND DETAIL THE LIMITED CIRCUMSTANCES UNDER WHICH THE CONSERVATION EASEMENT COULD BE MODIFIED OR TERMINATED. DESCRIPTION OF HOW ORGANIZATION REPORTS CONSERVATION EASEMENTS: PART II, LINE 9: CONSERVATION EASEMENTS ACCEPTED OR PURCHASED BY THE LAND TRUST ARE NOT RECOGNIZED AS ASSETS OR REVENUES IN THE ACCOMPANYING FINANCIAL STATEMENTS BECAUSE THE LAND TRUST DOES NOT HAVE FEE TITLE TO THE PROPERTIES AND THERE ARE NO EXPECTED FUTURE ECONOMIC BENEFITS. IF PURCHASED, THE COSTS OF CONSERVATION EASEMENTS ARE EXPENSED WHEN THE EASEMENTS ARE ACQUIRED. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT FUND WAS ESTABLISHED TO PROVIDE LONG-TERM OPERATING SUPPORT FOR THE MINNESOTA LAND TRUST. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: A TAX EXPENSE OR BENEFIT FROM AN UNCERTAIN INCOME TAX POSITION (INCLUDING TAX-EXEMPT STATUS) MAY BE RECOGNIZED ONLY WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT BELIEVES THE LAND TRUST HAS NO UNCERTAIN INCOME TAX POSITIONS THAT WOULD RESULT IN AN ACCRUAL, EXPENSE OR BENEFIT UNDER THE MORE LIKELY THAN NOT STANDARD. 1 NORTH AMERICA 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION LAND CONSERVATION 25000 0 0 0 0 0 0 25000 0 25000 X NORTH AMERICA LAND CONSERVATION 25000 CHECK 1 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: THE LAND TRUST MONITORS THE EXPENSES GRANTED FROM ITS RAINY LAKE FUND VIA SEVERAL MECHANISMS, INCLUDING ANNUAL IN-PERSON MEETINGS AND WRITTEN REPORTS FROM ENTITIES RECEIVING THE FUNDS. DINNER AND AUCTION 52370 50190 2180 6291 2924 52370 50190 2180 6291 2924 9215 -7035 X 2 16356 SELLING PRICE X 9 0 N/A X 1 15000 ESTIMATED FAIR VALUE 5 0 1 1 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): AMOUNTS IN COLUMN B ARE THE NUMBER OF CONTRIBUTIONS THIRD PARTY USE: PART I, LINE 32B: WE USE A BROKER TO HANDLE SALES OF STOCK; IN THE PAST WE HAVE USED REALTORS TO SELL PROPERTIES THAT WE HELD IN FEE. NON REPORTING OF REVENUE: PART I, LINE 33: CONSERVATION EASEMENTS ACCEPTED BY THE MINNESOTA LAND TRUST ARE NOT RECORDED AS ASSETS OR REVENUE BECAUSE THE LAND TRUST DOES NOT HAVE TITLE TO THE PROPERTIES AND THERE ARE NO EXPECTED FUTURE ECONOMIC BENEFITS FOR THE LAND TRUST. AMOUNTS REPORTED ON SCHEDULE M ARE FOR THOSE CASES WHERE THE LAND TRUST RECEIVES DONATED PROPERTY IN ITS NAME. ORGANIZATION MISSION STATEMENT FORM 990, PART I, LINE 1 THE MINNESOTA LAND TRUST PRESERVES MINNESOTA'S NATURAL AND SCENIC HERITAGE THROUGH PUBLIC AND PRIVATE PARTNERSHIPS. WE ACHIEVE OUR MISSION BY WORKING WITH LANDOWNERS, COMMUNITIES AND OTHER STRATEGIC ENVIRONMENTAL AND CONSERVATION PARTNERS BY: PERMANENTLY PRESERVING LAND AND WATER RESOURCES BASED ON SOUND ANALYSIS AND PLANNING THROUGH CONSERVATION EASEMENTS AND OTHER TOOLS; EDUCATING AND ADVOCATING FOR THE PRESERVATION OF MINNESOTA'S UNIQUE ENVIRONMENTAL SYSTEMS; CONNECTING PEOPLE WITH THE BENEFITS OF MINNESOTA'S NATURAL HERITAGE; AND LEADING THE CONSERVATION MOVEMENT FORWARD. NEW PROGRAM SERVICES FORM 990, PART III, LINE 2 THE LAND TRUST SIGNIFICANTLY EXPANDED ITS EFFORTS TO HELP RESTORE THE ST. LOUIS RIVER ESTUARY IN DULUTH, MN. THIS INITIATIVE WILL IDENTIFY, PLAN FOR AND IMPLEMENT LARGE-SCALE AQUATIC RESTORATION AND REMEDIATION PROJECTS WITHIN THIS "AREA OF CONCERN" TO HELP THE LARGEST ESTUARY ON LAKE SUPERIOR RECOVER FROM MORE THAN A CENTURY OF INDUSTRIAL CONTAMINATION AND WILDLIFE HABITAT ALTERATION. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE IS COMPRISED OF THE OFFICERS OF THE ORGANIZATION AND ALL CHAIRS OF THE OTHER STANDING COMMITTEES. CURRENTLY THERE ARE SEVEN MEMBERS OF EXECUTIVE COMMITTEE. ALL THE MEMBERS OF THE COMMITTEE ARE ON THE FULL BOARD OF DIRECTORS. THE COMMITTEE IS AUTHORIZED TO ACT ON BEHALF THE BOARD, BUT THIS ROLE IS LIMITED TO URGENT ACTION WHICH NEEDS TO BE TAKEN ON BEHALF OF THE ORGANIZATION IN BETWEEN THE BI-MONTHLY BOARD MEETINGS. ANY ACTION TAKEN IS REVIEWED AT THE NEXT MEETING OF THE FULL BOARD OF DIRECTORS AND THE FULL BOARD IS NOTIFIED IN ADVANCE OF ALL MEETINGS OF THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION A, LINE 4 THE LAND TRUST AMENDED AND RESTATED ITS BYLAWS IN ORDER TO INCREASE THE NUMBER OF DIRECTORS NEEDED FOR A QUORUM FROM ONE-THIRD TO A MAJORITY AND TO CLARIFY WHEN A DIRECTOR'S TERM BEGINS. FORM 990, PART VI, SECTION B, LINE 11 THE EXECUTIVE DIRECTOR AND THE TREASURER OF THE BOARD OF DIRECTORS REVIEW THE DRAFT OF THE FORM 990 WITH THE TAX PREPARER. THE FORM 990 IS ALSO REVIEWED BY THE ENTIRE FINANCE COMMITTEE OR THE EXECUTIVE COMMITTEE AS TIME PERMITS. AT THE EXECUTIVE DIRECTOR'S DISCRETION, ANY QUESTIONS OR CONCERNS MAY ALSO BE REVIEWED WITH OUTSIDE LEGAL COUNSEL. ANY REQUESTED OR REQURIED CHANGES ARE THEN DISCUSSED WITH THE TAX PREPARER AND A FINAL 990 IS PREPARED FOR REVIEW BY THE FINANCE COMMITTEE. A COPY OF THE FINAL FORM 990 IS DISTRIBUTED TO THE FULL BOARD OF DIRECTORS FOR REVIEW AND COMMENT. PRIOR TO FILING, THE FULL BOARD OF DIRECTORS ACCEPTS THE FORM 990 AND RELATED DOCUMENTS. FORM 990, PART VI, SECTION B, LINE 12C IN ADDITION TO ANNUALLY ASKING ALL BOARD MEMBERS AND STAFF TO DISCLOSE POTENTIAL CONFLICTS, ALL MAJOR ORGANIZATIONAL TRANSACTIONS ARE EVALUATED WITH RESPECT TO POTENTIAL CONFLICTS OF INTEREST. THE EXECUTIVE DIRECTOR OR THE CHAIR OF THE BOARD ARE INVOLVED IN EVALUATING RESPECTIVE POTENTIAL CONFLICTS AND DOCUMENTING DECISIONS. RECORDS ARE KEPT OF ALL POTENTIAL CONFLICTS AND RELATED DECISIONS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS ALSO SERVES AS THE PERSONNEL COMMITTEE OF THE BOARD WITH SPECIFIC RESPONSIBILITY TO EVALUATE THE PERFORMANCE OF THE EXECUTIVE DIRECTOR AND SET COMPENSATION FOR THE EXECUTIVE DIRECTOR. THE EXECUTIVE COMMITTEE REVIEWS AVAILABLE DATA REGARDING COMPENSATION OF SIMILAR POSITIONS IN SIMILAR SITUATIONS AND SETS COMPENSATION ACCORDINGLY. ALL OF THE MEMBERS OF THE EXECUTIVE COMMITTEE ARE "INDEPENDENT" AND KNOWLEDGEABLE ABOUT NONPROFIT COMPENSATION. DECISIONS OF THE EXECUTIVE COMMITTEE ARE DOCUMENTED IN THE MINUTES AND/OR IN THE PERSONNEL FILE OF THE EXECUTIVE DIRECTOR AS APPROPRIATE. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE MINNESOTA LAND TRUST WEB SITE AND ON FILE WITH THE MINNESOTA ATTORNEY GENERAL'S OFFICE. COPIES ARE ALSO AVAILABLE UPON REQUEST. AN ANNUAL REPORT SUMMARIZING AUDITED FINANCIAL INFORMATION AND PROGRAM INFORMATION IS ALSO PREPARED ANNUALLY. IT IS WIDELY DISTRIBUTED TO DONORS AND OTHER INTERESTED PARTIES AND IS AVAILABLE ON THE MINNESOTA LAND TRUST WEB SITE. COPIES OF OTHER GOVERNANCE DOCUMENTS AND LAND TRUST POLICIES ARE MADE AVAILABLE ON A CASE BY CASE BASIS AS REQUESTED. IN PRACTICE, REQUESTS HAVE BEEN VERY RARE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -136,370. EMPLOYEES PART I,LINE 5 & PART V, LINE 2A THE MINNESOTA LAND TRUST USES THE SERVICES OF DOHERTY EMPLOYER SERVICES, A PROFESSIONAL EMPLOYER ORGANIZATION, TO PROVIDE THE ORGANIZATION WITH HUMAN RESOURCES SERVICES INCLUDING PAYROLL PROCESSING AND BENEFITS MANAGEMENT. ALL MINNESOTA LAND TRUST EMPLOYEES ARE CO-EMPLOYED BY DOHERTY. HOWEVER, DOHERTY IS SOLELY RESPONSIBLE FOR COMPLYING WITH ALL INCOME AND SOCIAL SECURITY TAX LAWS AND REGULATIONS RELATED TO OUR EMPLOYEES, INCLUDING COMPLETING ALL REQUIRED TAX FILINGS SUCH AS IRS FORMS W2S AND W3S.