2011-11-10T09:19:55-06:00 2010-12-31 RSM MCGLADREY INC 1185 AVENUE OF THE AMERICAS NEW YORK NY 100362602 990 2010-01-01 133028060 OPEN SPACE CONSERVANCY INC OPEN 2122908200 1350 BROADWAY NO 201 NEW YORK NY 10018 ROBERT K ANDERBERG 2122908200 2011-11-09 1 MARTIN GREIF 2123721000 2010 2016-02-24 21:20:13Z CHRISTOPHER J ELLIMAN 1350 BROADWAY NO 201 NEW YORK NY 10018 42597746 0 X WWW.OSINY.ORG X 1980 NY A SUPPORTING ORGANIZATION OF THE OPEN SPACE INSTITUTE INC THAT HOLDS LANDS & CONSERVATION EASEMENTS. 20 20 44 0 0 0 8884305 10904624 87607 0 6328155 6344083 552149 376455 15852216 17625162 4030728 2688060 0 0 2520834 2777907 0 0 177872 4832942 5135937 11384504 10601904 4467712 7023258 208887629 233542005 11900733 9063465 196986896 224478540 SEE SCHEDULE O FOR ORGANIZATION'S MISSION STATEMENT. 0 0 6169823 2674260 SEE SCHEDULE O FOR ACQUISITION PROGRAM ACCOMPLISHMENTS. 2663854 SEE SCHEDULE O FOR STEWARDSHIP PROGRAM ACCOMPLISHMENTS. 190451 13800 SEE SCHEDULE O FOR PUBLIC POLICY PROGRAM ACCOMPLISHMENTS. 9024128 1 1 0 1 0 1 0 0 1 1 1 0 0 1 1 0 1 0 0 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 1 88 0 1 44 1 0 0 0 0 0 0 0 0 0 0 X 20 20 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA CT GA MA ME NC NJ NH NY PA TN WA X JOSEPH HOLLAND 2122908200 1350 BROADWAY NEW YORK NY 10018 X JOHN H ADAMS 3.00 X X 0 0 0 PETER A BIENSTOCK 3.00 X X 0 0 0 CAROLINE NIEMCZYK 3.00 X X 0 0 0 PAUL J ELSTON 3.00 X X 0 0 0 EDWARD A AMES 3.00 X X 0 0 0 SUSAN BABCOCK 3.00 X 0 0 0 ELIZABETH BORDEN 3.00 X 0 0 0 GILMAN S BURKE 3.00 X 0 0 0 JOHN CAHILL 3.00 X 0 0 0 HOLLY HEGENER 3.00 X 0 0 0 T JEFFERSON CUNNINGHAM III 3.00 X 0 0 0 J MATTHEW DAVIDSON 3.00 X 0 0 0 JOHN ERNST 3.00 X 0 0 0 SAMUEL G HUBER 3.00 X 0 0 0 FELIX KAUFMAN 3.00 X 0 0 0 SAMUEL W LAMBERT III 3.00 X 0 0 0 W BARNABAS MCHENRY 3.00 X 0 0 0 KATHERINE O ROBERTS 3.00 X 0 0 0 HUME R STEYER 3.00 X 0 0 0 PATRICIA F SULLIVAN 3.00 X 0 0 0 CHRISTOPHER J ELLIMAN 33.00 X 241886 50006 53324 JOSEPH J MARTENS LEFT ON 11911 38.10 X 233939 11281 28975 PETER HOWELL 22.90 X 109107 81185 19218 ROBERT K ANDERBERG 37.10 X 158226 12177 20243 ANTONIA BOWRING 26.40 X 91673 47261 24844 JENNIFER GROSSMAN LEFT ON 62211 40.00 X 125589 0 11259 JOSEPH G HOLLAND 36.30 X 87222 8934 3379 SAMAYLA DEUTCH 35.40 X 117709 15422 18773 TALLY BLUMBERG 33.30 X 110346 21850 23755 SUSAN BARBARISI 37.90 X 74828 4071 9543 1350525 252187 213313 7 0 1 0 ARDEN FARMS INC 21 CLOVE FURNACE DRIVE ARDEN NY 10910 ESTATE MAINTENANCE & CARETAKER 294854 PRIME BUCHHOLZ & ASSOCIATES 25 CHESTNUT STREET PORTSMOUTH NH 03801 INVESTMENT CONSULTANT 121885 2 427654 10476970 1140000 10904624 1046123 1046123 78131 78131 78131 78131 28383170 1887374 23839177 1133407 4543993 753967 5297960 5297960 LOAN ALLOWANCE ADJ. 900099 262610 262610 IN-KIND INT INCOME 900099 31998 31998 SETTLEMENT INCOME 900099 3716 3716 298324 17625162 0 0 6720538 2458060 2458060 230000 230000 1394239 946828 374771 72640 810421 550338 217866 42217 78819 53525 21188 4106 331178 217845 96196 17137 163250 110862 43883 8505 15714 1261 14453 18846 18846 382093 382093 195129 180129 15000 59774 59774 11546 8110 3436 10625 10625 659176 441845 184064 33267 39716 23237 16479 1513 937 576 100826 100826 338715 338715 134785 134785 COST OF EASEMENTS 2287917 2287917 PROPERTY MAINTENANCE 553578 553578 REAL ESTATE TAXES 257929 257929 MISCELLANEOUS 68055 57002 11053 10601904 9024128 1399904 177872 13381922 14918088 11236572 7123347 193844 175531 12417615 7318750 777438 1257075 36290494 2056844 32855134 34233650 43786132 35944755 90942311 129154990 3296661 3415819 208887629 233542005 541855 312394 2625109 1019983 8670463 7613168 63306 117920 11900733 9063465 X 54420118 64606065 142566778 159872475 196986896 224478540 208887629 233542005 X 7023258 20468386 X X 0 1 1 X 0 X X X 0 0 0 OPEN SPACE INSTITUTE 521053406 7 1 1 1 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 701 176819 1158 404001 1859 580820 10600045 14278150 10601904 14858970 680095 892949 170024 223237 0 0 0 0 749680 892949 1642629 2463944 569 580820 581389 187420 223237 410657 615986 0 176819 176819 PART IV, SUPPLEMENTAL INFORMATION: PART II-A, AFFILIATED GROUP RETURN STATEMENT: PURSUANT TO REGULATIONS SECTION 56.4911-8(B), AND IRC SECTION 4911(F), AN AFFILIATED GROUP OF ORGANIZATIONS IS TREATED AS A SINGLE ORGANIZATION FOR THE PURPOSES OF THE TAX IMPOSED BY IRC SECTION 4911(A). THEREFORE, SINCE THE AFFILIATED GROUP DID NOT HAVE EXCESS LOBBYING EXPENDITURES OR EXCESS GRASSROOTS LOBBYING EXPENDITURES, THE FILING ORGANIZATION IS DEEMED TO NOT HAVE EXCESS LOBBYING EXPENDITURES OR EXCESS GRASS ROOTS LOBBYING EXPENDITURES FOR THE PURPOSES OF THE DISCLOSURE ON PART II-A, LINE 1(H) AND 1(I), COLUMN A AND IT IS REFLECTED AS SUCH UNDER REGULATIONS SINCE THE GROUP DOES NOT HAVE EXCESS LOBBYING OR EXCESS GRASS ROOTS EXPENDITURES. AFFILIATED GROUP MEMBER: OPEN SPACE INSTITUTE, INC. (EIN 52-1053406) 1350 BROADWAY, SUITE 201 NEW YORK, NY 10018 X X X X 265 20226.00 4 1 1 421.00 15804 132462248 16003854 4739869 143726233 115507939 20637191 3682882 132462248 173073908 -51183509 6382460 115507939 1.00000 0 1 1 31045268 31045268 3207684 1017685 2189999 1444465 767621 676844 276954 271538 5416 316123 316123 34233650 PRIVATELY MANAGED INVESTMENT FUNDS 129154990 F 129154990 DEPOSIT ON SALE 117920 117920 17625162 10601904 7023258 14006412 6461974 20468386 27491644 24130779 14006412 -7118702 6887710 17243069 382093 382093 17625162 10219811 0 10219811 382093 382093 10601904 DESCRIPTION OF HOW ORGANIZATION REPORTS CONSERVATION EASEMENTS: PART II, LINE 9: PURCHASED EASEMENTS THAT HAVE A RESALE VALUE ARE RECORDED AT COST. DONATED EASEMENTS THAT HAVE A RESALE VALUE ARE RECORDED AT FAIR MARKET VALUE. CONSERVATION EASEMENTS DETERMINED BY OSI TO HAVE NO RESALE VALUE ARE WRITTEN DOWN TO A $1 CARRYING VALUE. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE WALLACE ENDOWMENT IS INTENDED TO BE USED FOR THE PURPOSE OF ACQUIRING AND HOLDING LAND IN THE HUDSON RIVER VALLEY IN ORDER TO PRESERVE AND PROTECT SUCH LAND FOR THE BENEFIT OF THE PUBLIC, AND SECONDARILY FOR OTHER PURPOSES THAT ARE IN FURTHERANCE OF THE CONSERVATION OF THE SCENIC BEAUTY, HISTORIC VALUES AND RESOURCES OF THE HUDSON RIVER VALLEY. PART XI, LINE 8 - OTHER ADJUSTMENTS: INTERFUND TRANSFERS 13,580,676. LOSS ON IMPAIRMENT OF REAL ESTATE -7,118,702. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON IMPAIRMENT OF REAL ESTATE -7,118,702. THE OPEN SPACE INSTITUTE, INC. (OSI) FOLLOWS THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, OSI MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE TAX POSITIONS FOR OSI AND EACH OF THE CONSOLIDATED ENTITIES INCLUDING THE OPEN SPACE CONSERVANCY (OSC) AND CONCLUDED THAT OSI HAD TAKEN NO UNCERTAIN INCOME TAX POSITIONS THAT REQUIRE ADJUSTMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, OSI IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2007, WHICH IS THE STANDARD STATUTE OF LIMITATIONS LOOK-BACK PERIOD. 1 0 0 0 0 0 0 NORTH AMERICA LAND ACQUISITION - WHITE MOUNTAIN PROJECT 35000 WIRE TRANSFER FMV NORTH AMERICA LAND ACQUISITION - CHIGNECTO ISTHMUS PROJECT 35000 WIRE TRANSFER FMV NORTH AMERICA LAND ACQUISITION - GREEN MOUNTAIN PROJECT 40000 WIRE TRANSFER FMV NORTH AMERICA LAND ACQUISITION - GREEN MOUNTAIN PROJECT 60000 WIRE TRANSFER FMV NORTH AMERICA LAND ACQUISITION - CHIGNECTO ISTHMUS PROJECT 60000 WIRE TRANSFER FMV 1 0 0 0 0 1 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: ALL GRANTEES EXECUTE A WRITTEN AGREEMENT WHICH REQUIRES THEM TO SUBMIT ANNUAL WRITTEN REPORTS TO OSC FOR THE PERIOD OF THE AGREEMENT. THE REPORTS MUST CONTAIN A REVIEW OF KEY PROJECT ACTIVITIES RELATED TO THE ACCOMPLISHMENTS, OBSTACLES, AND LESSONS LEARNED DURING THE REPORTING PERIOD, AND A SUMMARY ACCOUNTING OF FINANCIAL ACTIVITIES. 1 BEAR PAW REGIONAL GREENWAYS PO BOX 19 DEERFIELD NH 03037 043340659 501(C)(3) 150000 LAND ACQUISITION - CLAY POND PROJECT BERKSHIRE NATURAL RESOURCES COUNCIL 20 BANK ROW PITTSFIELD MA 01201 042430091 501(C)(3) 60000 LAND ACQUISITION - MOUNT DARBY PROJECT DOWNEAST COASTAL CONSERVANCY PO BOX 760 MACHIAS ME 04654 010430078 501(C)(3) 30000 LAND ACQUISITION - GRAIN POINT PROJECT ENVIRONMENTAL ADVOCATES OF NY 353 HAMILTON STREET ALBANY NY 12210 222360736 501(C)(3) 5000 GENERAL OPERATING SUPPORT MAINE COAST HERITAGE TRUST 1 BOWDOIN MILL ISLAND NO 201 TOPSHAM ME 04086 237099105 501(C)(3) 300000 LAND ACQUISITION - COBSCOOK BAY PROJECT MAINE COAST HERITAGE TRUST 1 BOWDOIN MILL ISLAND NO 201 TOPSHAM ME 04086 237099105 501(C)(3) 150000 LAND ACQUITION - MAQUOIT BAY PROJECT MANOMET CENTER PO BOX 1770 MANOMENT MA 02345 223051362 501(C)(3) 45000 IMPLEMENTATION OF STATE WILDLIFE ACTION PLANS NORTHEAST WILDERNESS TRUST CORP 14 BEACON STREET NO 506 BOSTON MA 02108 010729039 501(C)(3) 200000 LAND ACQUISITION - PISCATAQUIS PRESERVE PROJECT PALISADES INTERSTATE PARKS COMMISSION ADMINISTRATION BUILDING BEAR MOUNTAIN NY 10911 N/A 250000 SAM PRYOR CAMPGROUND PLEASANT RIVER WILDLIFE FOUNDATION PO BOX 154 ADDISON ME 04606 311631801 501(C)(3) 100000 LAND ACQUISITION - MASON BAY PROJECT SACO VALLEY LAND TRUST PO BOX 1581 SACO ME 04072 010433636 501(C)(3) 25200 LAND ACQUISITION - CRANBERRY MARSH NORTH PROJECT SOCIETY FOR PROTECTION OF NH FORESTS 54 PORTSMOUTH STREET CONCORD NH 03301 020222237 501(C)(3) 250000 LAND ACQUISITION - CRANBERRY MARSH NORTH PROJECT THE NATURE CONSERVANCY 4245 N FAIRFAX DRIVE ARLINGTON VA 22203 530242652 501(C)(3) 500000 MOOSEHEAD CONSERVATION PROJECT THE NATURE CONSERVANCY 4245 N FAIRFAX DRIVE ARLINGTON VA 22203 530242652 501(C)(3) 44500 LAND ACQUISITION - BISBEE FARM PROJECT THE NATURE CONSERVANCY 4245 N FAIRFAX DRIVE ARLINGTON VA 22203 530242652 501(C)(3) 55000 CASE FOR WILDLIFE PROJECT THE NATURE CONSERVANCY 4245 N FAIRFAX DRIVE ARLINGTON VA 22203 530242652 501(C)(3) 103560 LAND ACQUISITION - SCHOODAC BROOK PROJECT THE TRUSTEES OF RESERVATIONS 572 ESSEX STREET BEVERLY MA 01915 042105780 501(C)(3) 15000 MASSACHUSETTS ACCREDITATION ACCELERATION PROGRAM THE TRUSTEES OF RESERVATIONS 572 ESSEX STREET BEVERLY MA 01915 042105780 501(C)(3) 50000 LAND ACQUISITION - THREE MILE RIVER PROJECT TRUST FOR PUBLIC LAND 116 NEW MONTGOMERY STREET SAN FRANCISCO CA 94105 237222333 501(C)(3) 10000 CANADA VIEW PROJECT TRUST FOR PUBLIC LAND 116 NEW MONTGOMERY STREET SAN FRANCISCO CA 94105 237222333 501(C)(3) 50000 MAINE COMMUNITY SCAPE PROJECT 20 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ALL GRANTEES EXECUTE A WRITTEN AGREEMENT WHICH REQUIRES THEM TO SUBMIT ANNUAL WRITTEN REPORTS TO OSC FOR THE PERIOD OF THE AGREEMENT. THE REPORTS MUST CONTAIN A REVIEW OF KEY PROJECT ACTIVITIES RELATED TO THE ACCOMPLISHMENTS, OBSTACLES, AND LESSONS LEARNED DURING THE REPORTING PERIOD, AND A SUMMARY ACCOUNTING OF FINANCIAL ACTIVITIES. X X X X X 0 1 0 0 0 0 0 0 0 CHRISTOPHER J ELLIMAN 241886 50006 0 0 0 0 28298 5850 18579 3840 288763 59696 0 0 JOSEPH J MARTENS LEFT ON 11911 233939 11281 0 0 0 0 9349 451 21388 1031 264676 12763 0 0 PETER HOWELL 109107 81185 0 0 0 0 4448 3310 8431 6273 121986 90768 0 0 ROBERT K ANDERBERG 158226 12177 0 0 0 0 6358 490 14709 1131 179293 13798 0 0 ANTONIA BOWRING 91673 47261 0 0 0 0 3740 1928 14793 7626 110206 56815 0 0 SAMAYLA DEUTCH 117709 15422 0 0 0 0 4755 623 13761 1803 136225 17848 0 0 TALLY BLUMBERG 110346 21850 0 0 0 0 3823 757 18713 3705 132882 26312 0 0 PART I, LINE 4B CHRISTOPHER J. ELLIMAN PARTICIPATES IN A NONQUALIFIED 457 PLAN. THE TOTAL AMOUNT OF COMPENSATION DEFERRED IN 2010 FROM OPEN SPACE INSTITUTE, INC. AND ANY OTHER RELATED ORGANIZATIONS WAS $22,000. X 2 265000 APPRAISAL X LOAN FORGIVENESS 1 875000 BOOK 0 0 0 ORGANIZATION'S MISSION FORM 990, PART III, LINE 1 THE MISSION OF OPEN SPACE INSTITUTE, INC. (OSI) IS TO PROTECT SCENIC, NATURAL, AND HISTORIC LANDSCAPES THAT ENSURE PUBLIC ENJOYMENT, CONSERVE HABITATS, AND SUSTAIN COMMUNITY CHARACTER. OPEN SPACE CONSERVANCY, INC. (OSC) IS A SUPPORTING ORGANIZATION OF OPEN SPACE INSTITUTE, INC. OSI AND OSC ACHIEVE THEIR MISSIONS THROUGH FOUR PRINCIPAL PROGRAMS: 1. THE ACQUISITION PROGRAM UNDERTAKES THE DIRECT ACQUISITION OF LAND AND CONSERVATION EASEMENTS IN NEW YORK STATE AND PROVIDES GRANTS AND LOANS, PRIMARILY TO OTHER LAND TRUSTS, TO PROTECT DIVERSE LANDSCAPES INCLUDING PARKS, PRESERVES, WORKING FARMS AND FORESTS IN THE EASTERN UNITED STATES. IN GENERAL, ALL ACQUISITIONS OF LAND AND CONSERVATION EASEMENTS, AND ALL GRANT AND LOAN TRANSACTIONS ARE HANDLED BY OSC. THE COMBINED OPERATING EXPENSES OF OSI AND OSC FOR THE ACQUISITION PROGRAM IN 2010 WERE $7,077,505. 2. THE STEWARDSHIP PROGRAM MANAGES ALL OF THE REAL PROPERTY OWNED BY OSI AND OSC. OSI AND OSC ALSO HAVE AN ACTIVE PROGRAM OF CONVEYING LANDS TO GOVERNMENTAL AGENCIES, AND LANDS TRUST WHICH ARE CAPABLE OF HOLDING AND MANAGING SUCH LANDS FOR THE BENEFIT OF THE GENERAL PUBLIC. THUS, OVER PAST YEARS OSI AND OSC HAVE SIGNIFICANTLY EXPANDED THE ADIRONDACK AND CATSKILL FOREST PRESERVES AND HAVE CREATED OR ENLARGED DOZENS OF STATE PARKS IN NEW YORK STATE. OSI AND OSC ALSO CONVEY PROPERTY TO PRIVATE CONSERVATION BUYERS SUBJECT TO STRINGENT CONSERVATION EASEMENTS DESIGNED TO PROTECT THE SCENIC BEAUTY AND ECOLOGICAL INTEGRITY OF THE PROPERTY. OSI ALSO MONITORS AND ENFORCES THE CONSERVATION EASEMENTS AND IT HOLDS, AND MANAGES AND SERVICES THE PORTOFOLIO OF LOANS AND GRANTS THAT IT HAS MADE. THE TOTAL OPERATING EXPENSES FOR THE STEWARDSHIP PROGRAM IN 2010 BY OSI AND RELATED ENTITIES WERE $2,740,409. 3. THE PUBLIC POLICY PROGRAM INCLUDES CONSERVATION RESEARCH, THE OUTDOORS AMERICA CAMPAIGN (OAC), AND THE ALLIANCE FOR NEW YORK STATE PARKS (ALLIANCE). CONSERVATION RESEARCH CONDUCTS AND DISSEMINATES RESEARCH ON EFFICIENT WAYS TO BALANCE THOUGHTFUL REGULATION AND PERMANENT PROTECTION OF OPEN SPACES. OAC WORKS TO ACHIEVE FULL FUNDING FOR THE FEDERAL LAND AND WATER CONSERVATION FUND. THE ALLIANCE WORKS FOR INCREASED GOVERNMENT FUNDING FOR THE NEW YORK STATE PARKS SYSTEM AND ALSO RAISES PRIVATE MONEY TO FUND NEEDED CAPITAL IMPROVEMENTS. THE TOTAL OPERATING EXPENSES OF OSI/OSC FOR THE PUBLIC POLICY PROGRAM IN 2010 WERE $1,949,216. 4. THE ENVIRONMENTAL PARTICIPATION & EDUCATION PROGRAM INCLUDES CITIZEN ACTION, THE MALCOLM GORDON CHARITABLE TRUST (MGCT), AND THE BARNABAS MCHENRY ENDOWMENT FUND. CITIZEN ACTION IS A FISCAL SPONSORSHIP PROGRAM FOR EMERGING LOCAL ORGANIZATIONS WITH MISSIONS THAT COMPLEMENT THAT OF OSI/OSC. MGCT PROVIDES ENVIRONMENTAL EDUCATION GRANTS. THE MCHENRY ENDOWMENT FUNDS THE BARNABAS MCHENRY HUDSON RIVER VALLEY AWARDS WHICH PAIR YOUNG ENVIRONMENTAL LEADERS WITH PROJECTS IN THE HUDSON RIVER VALLEY. THE TOTAL OPERATING EXPENSES OF OSI FOR THE ENVIRONMENTAL PARTICIPATION & EDUCATION PROGRAM IN 2010 WERE $868,940. OSI/OSC'S FOUR PRINCIPAL PROGRAMS ARE DIRECTED BY A CONSISTENT OVERALL CONSERVATION STRATEGY THAT EMPHASIZES CONSERVATION ON A LANDSCAPE LEVEL. ACQUISITION PROGRAM ACCOMPLISHMENTS FORM 990, PART III, LINE 4A A) LAND ACQUISITION IN NEW YORK STATE: OSI AND OSC'S LAND ACQUISITION PROGRAM PERMANENTLY PROTECTS OPEN SPACE AND NATURAL LANDS IN THREE PRINCIPAL REGIONS IN NEW YORK STATE - THE HUDSON RIVER VALLEY, CATSKILLS, AND ADIRONDACKS - AND IS OPERATED THROUGH OSI AND ITS SUPPORTING ORGANIZATION OSC. THE SUBSTANTIAL MAJORITY OF THE LAND ACQUISITION PROGRAM IS CONDUCTED BY OSC. OPEN SPACE CONSERVANCY'S LAND PROGRAM PROTECTED 3,956 ACRES OF LAND IN 2010, AND SINCE ITS INCEPTION IT HAS PROTECTED MORE THAN 120,000 ACRES OF OPEN SPACE THROUGHOUT NEW YORK STATE. MUCH OF OSI'S AND OSC'S CONSERVATION WORK TAKES PLACE IN THE HUDSON RIVER VALLEY IN NEW YORK STATE. THE UPPER HUDSON RIVER VALLEY IS COMPRISED OF THE CAPITAL DISTRICT IN ALBANY AND COLUMBIA, RENSSELAER, SARATOGA, AND WASHINGTON COUNTIES OF NEW YORK. TO DATE, OSC HAS PERMANENTLY PROTECTED MORE THAN 6,400 ACRES IN THIS AREA THROUGH DIRECT LAND ACQUISITIONS AND CONSERVATION EASEMENTS. IN 2010, OSC ACQUIRED THE TWO HISTORIC FARMS (THE LEISER FARM AND BATTLEVIEW FARM) IN COLUMBIA AND WASHINGTON COUNTIES, RESPECTIVELY, PROTECTING HISTORIC VIEWS AND LANDS ALONG THE HUDSON RIVER AND THE KINDERHOOK CREEK. THE MIDDLE SECTION OF THE HUDSON RIVER VALLEY INCLUDES GREENE, DUTCHESS, AND ULSTER COUNTIES IN NEW YORK. IN TOTAL, OSC HAS PROTECTED MORE THAN 17,000 ACRES IN THE MID-HUDSON RIVER VALLEY THROUGH DIRECT LAND ACQUISITIONS AND CONSERVATION EASEMENTS. OSC'S HIGHLIGHTED LAND PROTECTION INITIATIVES HERE INCLUDE THE SHAWANGUNK RIDGE WHERE THE ORGANIZATION HAS SIGNIFICANTLY EXPANDED THE MINNEWASKA STATE PARK PRESERVE, THE MOHONK PRESERVE, AND CREATED THE SAM'S POINT PRESERVE. IN 2010, OSC MADE SEVEN ACQUISITIONS IN THE MID-HUDSON RIVER VALLEY PROTECTING A TOTAL OF 641 ACRES. THESE ACQUISITIONS PROTECTED CLIFF FACE, DEEP RAVINES AND IMPORTANT HABITAT, AS WELL AS PROVIDING ENHANCED RECREATIONAL OPPORTUNITIES FOR THE GENERAL PUBLIC. OSI ALSO ACQUIRED APPLEDOORN FARM, A HISTORIC 18TH CENTURY FARM IN THE SHADOW OF THE SHAWANGUNK RIDGE. THE LOWER SECTION OF THE HUDSON RIVER VALLEY INCLUDES ORANGE, PUTNAM, ROCKLAND AND WESTCHESTER COUNTIES IN NEW YORK. OSC HAS PROTECTED OVER 16,000 ACRES IN THE LOWER HUDSON RIVER VALLEY THROUGH DIRECT LAND ACQUISITIONS AND CONSERVATION EASEMENTS. IN 2010, OSC ACQUIRED BOTH AN HISTORIC FARM IN THE CORNWALL AREA OF ORANGE COUNTY (THE HOUGHTON FARM) AND AN IMPORTANT INHOLDING TO THE TEATOWN LAKE RESERVATION RESULTING IN THE PROTECTION OF 210 ACRES OF LAND. FOR OVER 30 YEARS, OSC HAS PRESERVE LAND IN THE CATSKILL MOUNTAIN REGION OF NEW YORK STATE, WHERE IT HAS CONSERVED MORE THAN 27,600 ACRES TO DATE. IN THE BEAVERKILL VALLEY ALONE, OSC HAS WORKED WITH PRIVATE LANDOWNERS AND THE STATE OF NEW YORK TO PROTECT MORE THAN 19,200 ACRES OF WORKING FARMS AND FORESTS. IN 2010, OSC PURCHASED PROPERTY IN DELAWARE COUNTY AND ACQUIRED A CONSERVATION EASEMENT ON SCENIC LANDS IN THE BEAVERKILL VALLEY. THE ADIRONDACK REGION POSSESSES AN UNPARALLELED MIX OF PUBLIC AND PRIVATE LAND, LARGE WILDERNESS EXPANSES, COUNTLESS RECREATIONAL OPPORTUNITIES, AND UNIQUE OPPORTUNITIES TO PROTECT LARGE, INTACT WORKING FORESTS. TO DATE, OSC HAS PROTECTED 23,821 ACRES IN THE REGION. IN 2010, OSC PURCHASED A 2,364-ACRE FORMER GIRL SCOUT CAMP IN WASHINGTON COUNTY AND RECEIVED A DONATED EASEMENT ON THE 511 ACRES OF LAND IN THE WESTERN ADIRONDACKS. B) ACQUISITION OUTSIDE NEW YORK STATE THROUGH RE-GRANTS: OUTSIDE NEW YORK STATE, OSI AND OSC PROVIDE BOTH SHORT-TERM, LOW-INTEREST BRIDGE LOANS AND GRANTS TO NON-PROFIT CONSERVATION ORGANIZATIONS WORKING TO PERMANENTLY PROTECT OPEN SPACE. DELAYS IN PUBLIC AND PRIVATE FUNDING CAN CREATE UNCERTAINTY AND PREVENT LAND CONSERVATION GROUPS FROM CLOSING DEALS. MORE RECENTLY, THE PRECARIOUS NATURE OF STATE AND FEDERAL SUPPORT FOR CONSERVATION HAS CREATED SHORT FALLS IN THE PERMANENT FINANCING THAT MANY LOCAL LAND TRUSTS DEPEND ON TO COMPLETE ACQUISITIONS. OSI AND OSC MAKES GRANTS TO THESE ORGANIZATIONS TO ENABLE THEM TO FUND THESE PROJECTS AND BRING THEM TO CLOSURE. IN 2010, OSC MADE 37 GRANTS FOR A TOTAL OF $2,424,260 THROUGH THE FOLLOWING PROGRAMS: NORTHERN FOREST PROTECT FUND ($500,000); MASSACHUSETTS ACCREDITATION ACCELERATION PROGRAM ($71,000); WESTERN MASSACHUSETTS LAND PROTECTION FUND ($60,000); TRANSBORDER FUND ($240,000); AND THE SAVING NEW ENGLAND'S WILDLIFE FUND ($1,553,260). 1. NORTHERN FOREST PROTECTION FUND (NFPF): SPANNING 26 MILLION ACRES IN NORTHERN NEW ENGLAND AND NEW YORK STATE, THE NORTHERN FOREST IS THE ECOLOGICAL, ECONOMIC, AND CULTURAL MAINSTAY OF THIS PREDOMINANTLY RURAL AND LARGELY LOW-INCOME REGION, PROVIDING WILDLIFE HABITAT, RAW MATERIALS, JOBS, AND RECREATION FOR MILLIONS OF RESIDENTS AND VISITORS. CONTINUING LAND SALES BY TIMBER COMPANIES THREATEN TO FRAGMENT THE REGION'S BASE OF WORKING FORESTLANDS. USING CRITERIA FORMULATED WITH THE HELP OF AN EXPERT ADVISORY COMMITTEE, OSC'S NFPF DIRECTS FUNDS TOWARDS PROJECTS THAT: PROTECT LARGE LANDSCAPES, INCLUDING ECOLOGICAL RESERVES AND WORKING FORESTLAND; FACILITATE PUBLIC RECREATION; AND INTEGRATE LOCAL COMMUNITY INTERESTS. THROUGH 2009, THE NFPF MADE 17 GRANTS AND 13 LOANS TOTALING $29 MILLION TO PROTECT 1.6 MILLION ACRES OF ECOLOGICAL PRESERVES AND WORKING FORESTLANDS. IN 2010, THE NFPF AWARDED A $500,000 GRANT TO THE NATURE CONSERVANCY FOR ITS MOOSEHEAD FOREST PROJECT, PROTECTING SOME 310,000 ACRES. FUNDING FOR THE NFPF CAME FROM THE DORIS DUKE CHARITABLE FOUNDATION AND THE SURDNA FOUNDATION. 2. SAVING NEW ENGLAND'S WILDLIFE FUND (SNEW): WITH FUNDING FROM THE DORIS DUKE CHARITABLE FUND, OSC INITIATED THE SAVING NEW ENGLAND'S WILDLIFE FUND IN 2009 FOR THE ACQUISITION OF FEE INTEREST OR CONSERVATION EASEMENT OF ECOLOGICALLY CRITICAL LAND IDENTIFIED IN STATE WILDLIFE ACTION PLANS IN MASSACHUSETTS, MAINE, AND NEW HAMPSHIRE THROUGH RE-GRANTS TO QUALIFIED GRANTEES. IN 2010, SNEW AWARDED 11 CAPITAL GRANTS TOTALING $1.6 MILLION FOR ACQUISITION OF LAND OR EASEMENTS PROTECTING A TOTAL OF 6,600 ACRES AS WELL AS THREE "AMPLIFICATION" GRANTS FOR PROJECTS THAT INCREASE FUNDING AND SUPPORT FOR WILDLIFE HABITAT PROTECTION. 3. WESTERN MASSACHUSETTS LAND PROTECTION FUND (WMLP): FUNDED BY THE KOHLBERG FOUNDATION, THE WMLP FUND HAS PROGRAMMATIC GOALS OVERLAPPING THOSE OF SAVING NEW ENGLAND'S WILDLIFE, AND CAN THEREFORE BE USED TO SUPPLEMENT THAT FUND'S WORK IN WESTERN MASSACHUSETTS. IN 2010, WMLP GRANTED $60,000 TO BERKSHIRE NATURAL RESOURCES COUNCIL FOR ITS MT. DARBY PROJECT. 4. MASSACHUSETTS ACCREDITATION ACCELERATION FUND (MAAC): RECOGNIZING THAT ORGANIZATIONAL STRENGTH IS ESSENTIAL FOR LAND TRUSTS TO ACHIEVE CONSERVATION RESULTS, OSC LAUNCHED MAAC TO HELP THE SMALLER TRUSTS IN MASSACHUSETTS BRING THEIR ORGANIZATIONS UP TO THE ACCREDITED STANDARD SET RECENTLY BY THE LAND TRUST ALLIANCE. MAAC MAKES SMALL GRANTS FOR OPERATING IMPROVEMENTS. IN 2010, MAAC AWARDED $71,000 TO 15 LOCAL LAND TRUSTS. FUNDING FOR MAAC CAME FROM THE LAND TRUST ALLIANCE, PEW CHARITABLE TRUST, THE KOHLBERG FOUNDATION, AND OSI'S UNRESTRICTED RESERVES. 5. TRANSBORDER PROTECTION FUND: IN 2009, OSC ESTABLISHED THE TRANSBORDER PROTECTION FUND TO BE USED FOR GRANTS OR LOANS TO SUPPORT THE CONSERVATION OF ECOLOGICALLY SIGNIFICANT FORESTED LANDSCAPES IN SOUTHERN QUEBEC, NOVA SCOTIA, NEW BRUNSWICK, NEW YORK, VERMONT, NEW HAMPSHIRE, AND MAINE. IN 2010, OSC AWARDED $240,000 IN GRANTS TO THE NATURE CONSERVANCY OF CANADA AND TO THE TRUST FOR PUBLIC LAND FOR CONSERVATION ACQUISITIONS IN THIS REGION. FUNDING FOR THE TRANSBORDER PROTECTION FUND CAME FROM THE PARTRIDGE FOUNDATION. STEWARDSHIP PROGRAM ACCOMPLISHMENTS FORM 990, PART III, LINE 4B THE STEWARDSHIP PROGRAM IS RESPONSIBLE FOR THE MAINTENANCE AND STEWARDSHIP OF PROPERTIES ACQUIRED BY OSI AND OSC; MONITORS AND WHEN NECESSARY ENFORCES ITS PORTFOLIO OF CONSERVATION EASEMENTS, AND UNDERTAKES THE CONVEYANCE OF PROPERTY IT OWNS TO CONSERVATION AGENCIES (SUCH AS THE NEW YORK STATE OFFICE OF PARKS, RECREATION AND HISTORIC PRESERVATION OR THE NYS DEPARTMENT OF ENVIRONMENTAL CONSERVATION ) SO THAT IT CAN BE MANAGED FOR THE BENEFIT OF THE GENERAL PUBLIC. THE STEWARDSHIP PROGRAM ALSO SERVICES LOANS MADE TO OTHER LAND TRUSTS AND TO PRIVATE CONSERVATION BUYERS. IN 2010, OSI MADE LOANS TO THE HUNTERDON LAND TRUST ALLIANCE AND TO D&R GREENWAY, WHICH ALTOGETHER PROTECTED SOME 273 ACRES IN NEW JERSEY. OSC SOLD SEVEN FEE PROPERTIES AND FOUR EASEMENTS DURING 2010, FOR A TOTAL DISPOSITION OF 546 ACRES. THREE PARCELS AND THREE EASEMENTS WERE SOLD IN THE LOWER HUDSON RIVER VALLEY; FOUR PARCELS WERE SOLD IN THE CATSKILLS; AND ONE EASEMENT WAS SOLD IN THE MIDDLE HUDSON RIVER VALLEY. AS OF THE END OF 2010, OSC WAS MANAGING 88 SEPARATE PROPERTIES FOR A TOTAL OF 14,401 ACRES. IT WAS ALSO RESPONSIBLE FOR ENFORCING 265 CONSERVATION EASEMENTS. PUBLIC POLICY PROGRAM ACCOMPLISHMENTS FORM 990, PART III, LINE 4C A) CONSERVATION RESEARCH: AS THE AUTHOR AND SPONSOR OF ANALYSES, WHITE PAPERS AND RESEARCH REPORTS, THE CONSERVATION RESEARCH UNIT BRINGS TOGETHER THE EXPERTISE AND THE DECISION-MAKERS TO GUIDE PUBLIC POLICY. IN 2010, SUBSTANTIAL WORK MOVED FORWARD ON CATSKILLS RESEARCH, THE SOUTHERN APPALACHIANS MAPPING INITIATIVE, AND THE PRIVATE FOREST PLANNING COLLABORATIVE. THE GOAL OF THE CATSKILLS RESEARCH IS TO IDENTIFY HABITAT, WATER QUALITY, RECREATION AND AGRICULTURAL VALUES ACROSS A 2.7 MILLION-ACRE REGION THAT IS DISTINCTLY RURAL IN SPITE OF ITS CLOSE PROXIMITY TO NEW YORK CITY. TWO SEPARATE RESEARCH REPORTS ON THE REGION WERE NEAR COMPLETION BY THE END OF 2010, ONE FOCUSED ON FARMING AND FOOD DISTRIBUTION AND ANOTHER ON THE IDENTIFICATION OF LAND THAT WOULD BE APPROPRIATE FOR ECONOMIC DEVELOPMENT. ENCOURAGING APPROPRIATE DEVELOPMENT IN THE REGION ENSURES ECOLOGICAL VALUES ARE PRESERVED AND SECURES WILDLIFE HABITAT WHILE ENSURING THAT HUMANS ARE LIVING IN THRIVING ECONOMIC AND SOCIAL COMMUNITIES. OSI'S RESEARCH IS SHOWING THAT PRESERVING OPEN SPACES AND ENCOURAGING ECONOMIC DEVELOPMENT ARE NOT JUST WHOLLY COMPATIBLE, BUT ESSENTIAL. IN RESPONSE TO THE THREAT OF LARGE-SCALE CONVERSION OF FORESTLAND IN THE SOUTHEASTERN UNITED STATES TO NON-FOREST USE, OSI'S PRIVATE FOREST PLANNING COLLABORATIVE IS GATHERING DATA ON PRIVATE LAND OWNERSHIP, THE REGULATORY ENVIRONMENT, TIMBER MARKETS, REAL ESTATE, AND NATURAL RESOURCES. THE FINAL PRODUCT WILL INCLUDE A REPORT DETAILING THE NON-TIMBER FOREST VALUE, CONVERSION PRESSURES IN THE REGION, AND OPPORTUNITIES FOR LANDOWNERS TO ACCESS NEW REVENUE STREAMS. IN 2010, 11 LANDOWNERS WHO CONTROL 14 MILLION ACRES OF TIMBERLAND AGREED TO PARTICIPATE IN THE STUDY. B) OUTDOORS AMERICA CAMPAIGN: IN 2009, OSI CREATED THE OUTDOORS AMERICA CAMPAIGN, DEDICATED TO SEEKING FULL FUNDING FOR THE FEDERAL LAND AND WATER CONSERVATION FUND (LWCF), THE COUNTRY'S ONLY SOURCE OF DEDICATED CONSERVATION FUNDING. WHILE THE LWCF IS AUTHORIZED TO ANNUALLY RECEIVE $900 MILLION FROM OFFSHORE OIL AND GAS ROYALTIES, CONGRESS HAS OVER THE YEARS DIVERTED THESE MONIES FROM THEIR INTENDED PURPOSE, AND THE FUND HAS BEEN CONSISTENTLY UNDER-CAPITALIZED. WITH STAFF IN WASHINGTON, D.C. AND SUPPORT FROM OSI'S NEW YORK STAFF, AND WORKING WITH A ROSTER OF EXPERIENCED NON-PROFIT PARTNERS, OSI'S OAC HAS UNDERTAKEN AND DIRECTED EFFORTS TO EDUCATE DECISION-MAKERS ABOUT THE VALUE OF OUTDOOR SPACES. IN THE MEDIA, OAC EARNED HUNDREDS OF PRESS HITS IN 35 STATES, AND THE CAMPAIGN GREW TO REPRESENT OVER 800 DIVERSE MEMBER GROUPS. C) ALLIANCE FOR NEW YORK STATE PARKS: IN 2010, OSC LAUNCHED THE ALLIANCE FOR NEW YORK STATE PARKS, AN EFFORT TO ADVOCATE FOR PROPER GOVERNMENT FUNDING FOR THE PARKS SYSTEM AND TO ATTRACT PRIVATE CONTRIBUTIONS TO MAKE NEEDED CAPITAL IMPROVEMENTS. COMMITTED TO THE RESTORATION, MAINTENANCE AND SUPPORT OF NEW YORK'S 213 STATE PARKS AND HISTORIC SITES, THE ALLIANCE IMMEDIATELY WORKED TO MINIMIZE THE ANTICIPATED DAMAGE TO THE OFFICE OF STATE PARKS AND THE ENVIRONMENTAL PROTECTION FUND IN THE 2011-2012 STATE BUDGET. SINCE THEN IT HAS BEEN ADVANCING A "PENNIES FOR PARKS" PROPOSAL WHICH WOULD HELP TO RESTORE AND ENHANCE NEW YORK'S STATE PARKS WITH A ONE-PENNY TAX ON DISPOSABLE PLASTIC BAGS. FORM 990, PART VI, SECTION A, LINE 2 JOHN H. ADAMS, CHAIRMAN AND PATRICIA F. SULLIVAN, MEMBER ARE BOARD MEMBERS IN THE SAME SECTION 501(C)(4) ORGANIZATION, WHICH IS NOT A "RELATED ORGANIZATION". SUSAN BABCOCK, MEMBER, JOHN ERNST, MEMBER AND JOHN CAHILL, MEMBER ARE BOARD MEMBERS IN THE SAME SECTION 501(C)(3) ORGANIZATION, WHICH IS NOT A "RELATED ORGANIZATION". JOHN CAHILL, MEMBER AND JOHN ERNST, MEMBER ARE BOARD MEMBERS IN THE SAME 501(C)(3) ORGANIZATION, WHICH IS NOT A "RELATED ORGANIZATION". FORM 990, PART VI, SECTION B, LINE 11 OUR 990 IS PREPARED BY AN OUTSIDE INDEPENDENT ACCOUNTING FIRM. THE DRAFT FORM 990 IS REVIEWED BY THE CONTROLLER, CHIEF OPERATING OFFICER & GENERAL COUNSEL. AFTER THE STAFF REVIEW THE RETURN, IT IS THEN REVIEWED BY THE AUDIT COMMITTEE. THE REVIEWED AND CORRECTED 990 FORM IS THEN SENT OUT TO ALL THE BOARD MEMBERS OF THE ORGANIZATION FOR THEIR REVIEW AND COMMENTS. THE RETURN IS FILED ONCE ALL PARTIES HAVE COMPLETED THEIR REVIEW AND REQUIRED EDITS HAVE BEEN MADE. FORM 990, PART VI, SECTION B, LINE 12C OPEN SPACE CONSERVANCY, INC. HAS A CONFLICT OF INTEREST POLICY WHICH REQUIRES ALL INTERESTED PERSONS TO DISCLOSE CONFLICTS AND POTENTIAL CONFLICTS AS SOON AS THEY ARISE. ONCE A CONFLICT OR POTENTIAL CONFLICT HAS BEEN DISCLOSED, THE INTERESTED PERSON MAY NOT DISCUSS THE TRANSACTION THAT IS THE BASIS OF SUCH CONFLICT, AND MUST RECUSE HIMSELF OR HERSELF FROM ANY VOTE ON SUCH TRANSACTION. THE PRESIDENT EACH YEAR REPORTS TO THE BOARD OF TRUSTEES ALL CONFLICT TRANSACTIONS AND HOW THEY WERE HANDLED. THE BOARD OF OPEN SPACE CONSERVANCY, INC. HAS THE POWER TO TAKE REMEDIAL ACTION IF THE CONFLICT POLICY IS VIOLATED. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION FOR TOP MANAGEMENT AND KEY EMPLOYEES INVOLVES OUR COMPENSATION COMMITTEE WORKING WITH AN INDEPENDENT COMPENSATION CONSULTANT. THE COMMITTEE PERFORMS AN ANNUAL ASSESSMENT OF THE RESPONSIBILITIES AND PERFORMANCE OF THE CEO AND PRESIDENT. (OTHER TOP MANAGEMENT AND KEY EMPLOYEES ARE REVIEWED AT LEAST ANNUALLY BY THE CEO AND/OR THE PRESIDENT) THE COMMITTEE ALSO UTILIZES COMPENSATION SURVEYS AND INFORMATION GLEANED FROM FORM 990S OF COMPARABLE ORGANIZATIONS TO DETERMINE APPLICABLE COMPENSATION RATES. ONCE REASONABLE AND COMPETITIVE COMPENSATION RATES ARE ESTABLISHED THEY ARE APPROVED BY THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 OPEN SPACE INSTITUTE, INC. MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, WHISTLEBLOWER POLICY, DOCUMENT RETENTION AND DESTRUCTION POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC. THESE DOCUMENTS ARE SENT TO ANYONE WHO CONTACTS OUR ORGANIZATION AND REQUESTS SUCH INFORMATION. FORM 990, PART VII, SECTION A AN ESTIMATED WEEKLY AVERAGE HOURS OF THE BOARD OF DIRECTORS AND OFFICERS FROM RELATED ORGANIZATIONS: JOHN H. ADAMS - 3.00 AVERAGE HOURS PER WEEK PETER A. BIENSTOCK - 3.00 AVERAGE HOURS PER WEEK CAROLINE NIEMCZYK - 3.00 AVERAGE HOURS PER WEEK PAUL J. ELSTON - 3.00 AVERAGE HOURS PER WEEK EDWARD A. AMES - 3.00 AVERAGE HOURS PER WEEK SUSAN BABCOCK - 3.00 AVERAGE HOURS PER WEEK ELIZABETH BORDEN - 3.00 AVERAGE HOURS PER WEEK GILMAN S. BURKE - 3.00 AVERAGE HOURS PER WEEK JOHN CAHILL - 3.00 AVERAGE HOURS PER WEEK HOLLY HEGENER - 3.00 AVERAGE HOURS PER WEEK T. JEFFERSON CUNNINGHAM III - 3.00 AVERAGE HOURS PER WEEK J. MATTHEW DAVIDSON - 3.00 AVERAGE HOURS PER WEEK JOHN ERNST - 3.00 AVERAGE HOURS PER WEEK SAMUEL G. HUBER - 3.00 AVERAGE HOURS PER WEEK FELIX KAUFMAN - 3.00 AVERAGE HOURS PER WEEK SAMUEL W. LAMBERT III - 3.00 AVERAGE HOURS PER WEEK W. BARNABAS MCHENRY - 3.00 AVERAGE HOURS PER WEEK KATHERINE O. ROBERTS - 3.00 AVERAGE HOURS PER WEEK HUME R. STEYER - 3.00 AVERAGE HOURS PER WEEK PATRICIA F. SULLIVAN - 3.00 AVERAGE HOURS PER WEEK CHRISTOPHER J. ELLIMAN - 7.00 AVERAGE HOURS PER WEEK JOSEPH J. MARTENS - 1.90 AVERAGE HOURS PER WEEK PETER HOWELL - 17.10 AVERAGE HOURS PER WEEK ROBERT K. ANDERBERG - 2.90 AVERAGE HOURS PER WEEK ANTONIA BOWRING - 13.60 AVERAGE HOURS PER WEEK JOSEPH G. HOLLAND - 3.70 AVERAGE HOURS PER WEEK SAMAYLA DEUTCH - 4.60 AVERAGE HOURS PER WEEK TALLY BLUMBERG - 6.70 AVERAGE HOURS PER WEEK SUSAN BARBARISI - 2.10 AVERAGE HOURS PER WEEK CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 14,006,412. INTERFUND TRANSFERS 13,580,676. LOSS ON IMPAIRMENT OF REAL ESTATE -7,118,702. TOTAL TO FORM 990, PART XI, LINE 5: 20,468,386. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE OF THE OPEN SPACE INSTITUTE, INC (OSI), A SUPPORTED ORGANIZATION OF THE OPEN SPACE CONSERVANCY, INC. FUNCTIONS AS THE AUDIT COMMITTEE OF THE OPEN SPACE CONSERVANCY, INC. AND IS RESPONSIBLE FOR THE OVERSIGHT OF OUR FINANCIAL STATEMENTS AND SELECTION OF OUR INDEPENDENT ACCOUNTANT. THE COMMITTEE MEETS QUARTERLY TO REVIEW COMPLEX TRANSACTIONS AND INTERIM FINANCIAL STATEMENTS TO OBTAIN A BETTER UNDERSTANDING OF THE CURRENT FINANCIAL CONDITION OF THE ORGANIZATION. ON AN ANNUAL BASIS OUR AUDIT COMMITTEE REVIEWS THE REPORT TO THE AUDIT COMMITTEE PREPARED BY OUR OUTSIDE AUDITORS AND THE CONSOLIDATED FINANCIAL STATEMENTS OF OUR ORGANIZATION. THE AUDIT COMMITTEE PERIODICALLY REVIEWS THE NEED TO REPLACE OUR INDEPENDENT ACCOUNTANT BASED ON CERTAIN CRITERIA. THE CRITERIA CONSIDERED INCLUDE DETERMINING IF THE INDEPENDENT ACCOUNTANT POSSESSES A HIGH LEVEL OF KNOWLEDGE OF ACCOUNTING STANDARDS AND PRINCIPLES, GENERALLY AND NOT FOR PROFIT ACCOUNTING KNOWLEDGE, SPECIFICALLY AND IF THEY CAN COMPLETE THE REQUIRED WORK IN A TIMELY MANNER AT A COMPETITIVE PRICE. 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