HomeMy WebLinkAboutJefferson Land Trust Sponsor Information 2018JEFFERSON LAND TRUST
2018 OPERATING BUDGET
INCOME 2018
Restricted Capital Funds, Grant Funds from Gov'l and
Private Sources
$196,000
Operations Income
Annual Contributions $293,000
Special Events $162,000
Fee for Services $151,000
Investment Income $8,000
Other / Release from Restriction $68,000
TOTAL INCOME $878,000
EXPENSE
Program Expenses Advertising, Facility Rental, Food, Travel,
Postage, Supplies, Printing
$55,000
Acquisition and Conveyance Acquisition and closing
expenses, due diligence expenses, recording fees
$1,100
Land/Easement Holding Expenses $26,000
Professional Services Appraisals, environmental
assessments, legal, surveys, financial management, land
consulting
$129,000
Administrative Expenses Accounting, equipment, postage,
shipping, rent, communications, utilities
$107,000
Training $9,000
Payroll $548,000
TOTAL EXPENSE $875,000
NET INCOME $3,000
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1
Jefferson Land Trust Organization
March 2018
Jefferson Land Trust
Board of Directors
Jefferson Land
Trust Advisor’s
Circle
Executive Director
Richard Tucker
1.0 FTE
Stewardship Director
Erik Kingfisher
1.0 FTE
Finance Manager
Jennifer
Calhoun.6
FTE
Director of
Conservation and
Strategic Partnerships
Sarah Spaeth
1.0 FTE
Deputy Director
Chris Clark
1.0 FTE
VCC Intern
1 FTE
Preserve
Manager
Carrie
Clendaniel
1.0 FTE
Finance
Assistant
Kathleen
Wacker
.5 FTE
Outreach
Director
Caroline
Robertson
1.0 FTE
Development
Manager
Sarah Zablocki-
Axling
1.0 FTE
Admin
Assistant
Rebekah
Korenowsky
.6 FTE
JEFFERSON LAND TRUST AND SUBSIDIARY
Consolidated Financial Statements
For the Years Ended December 31, 2016 and 2015
Aiken & Sanders, Inc PS
CERTIFIED PUBLIC
ACCOUNTANTS &
MANAGEMENT
CONSULTANTS
TABLE OF CONTENTS
Independent Auditor’s Report .......................................................................................................... 1
Consolidated Financial Statements:
Consolidated Statement of Financial Position ............................................................................................. 5
Consolidated Statement of Activities and Changes in Net Assets-2016 ................................................. 7
Consolidated Statement of Activities and Changes in Net Assets-2015 ...................................................... 8
Consolidated Statement of Functional Expenses-2016 ................................................................................ 9
Consolidated Statement of Functional Expenses-2015 .............................................................................. 11
Consolidated Statement of Cash Flows ....................................................................................................... 9
Notes to the Consolidated Financial Statements ................................................................... 11
Aiken&S
anders, Inc PS
Independent Auditor’s Report
To the Board of Directors
Jefferson Land Trust & Subsidiary Port
Townsend, WA
Report on the Financial Statements
We have audited the accompanying consolidated financial statements of Jefferson Land Trust and Subsidiary
(collectively, JLT, a nonprofit organization), which comprise the consolidated statement of financial position as of
December 31, 2016 and 2015, and the related consolidated statements of activities and changes in net assets,
functional expenses, and cash flows for the years then ended, and the related notes to the consolidated financial
statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
accounting principles generally accepted in the United States of America; this includes the design, implementation,
and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are
free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits
in accordance with auditing standards generally accepted in the United States of America. Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free
from material misstatement.
343 West Wishkah Street, Aberdeen, Washington 98520-6130
CERTIFIED PUBLIC ACCOUNTANTS Telephone (360) 533-3370 Fax (360) 532-7123
& MANAGEMENT CONSULTANTS
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal cont rol. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
1
MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AND WASHINGTON SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position
of the JLT as of December 31, 2016 and 2015, and changes in net assets and its cash flows for the years then ended in
accordance with accounting principles generally accepted in the United States of America.
Aiken & Sanders, Inc., PS
Certified Public Accountants
& Management Consultants
June 10, 2017
2
Jefferson Land Trust and Subsidiary
A Washington Not For Profit Organization
Consolidated Statement of Financial Position
As of December 31, 2016 and December 31, 2015
Assets
2016 2015
Current Assets:
Cash and cash equivalents $ 461,603 $ 477,335
Accounts receivable ,323 33 ,645 49
Current pledges receivable ,322 82 ,724 97
Note receivable-current portion ,380 4 ,167 4
Prepaid expenses ,610 12 5,306
Total Current Assets
Land and Conservation Easements:
594,238 634,177
Habitat land ,533,608 2 ,490,598 2
Working land ,728 97 ,728 97
Open space land 332,761 332,771
Conservation easements 57 54
Total Land and Conservation Easements
Fixed Assets:
,964,154 2 ,921,151 2
Furniture, equipment, and improvements ,469 82 ,530 68
Less: Accumulated depreciation (35,801 )
(28,314)
Fixed assets, net
Other Assets:
,668 46 40,216
Long term pledges receivable 123,122 213,374
Long term note receivable ,497 58 ,877 62
Land hold fee-net ,331 58 ,000 75
Investments 754,875 553,243
Total Other Assets 994,825 904,494
Total Assets ,599,885$ 4 $ 4,500,038
The accompanying notes are an integral part of these financial statements
3
Jefferson Land Trust and Subsidiary
A Washington Not For Profit Organization
Consolidated Statement of Financial Position
As of December 31, 2016 and December 31, 2015
Liabilities & Net Assets
2016 2015
Current Liabilities:
Accounts payable ,046$ 6 ,589$
17
Accrued liabilities and deferred revenue ,490 48 42,198
Total Current Liabilities Long-
Term Liabilities:
,536 54 59,787
Total Long-Term Liabilities
Net Assets:
Unrestricted
- -
Undesignated 398,270
339,559
Board designated 3,012,737
2,926,151
3,411,007
3,265,710
Temporarily restricted ,072,441 1 ,121,942
1
Permanently restricted ,901 61 52,599
Total Net Assets ,545,349 4 4,440,251
Total Liabilities & Net Assets ,599,885$ 4 $ 4,500,038
The accompanying notes are an integral part of these financial statements
4
Jefferson Land Trust and Subsidiary A
Washington Not For Profit Organization
Consolidated Statement of Activities and Changes in Net
Assets
For the Year Ended December 31, 2016
Unrestricted
Support and Revenues:
Gifts and contributions $ 125,621 $ 253,620 $ 7,920
$
387,161
Fair value of easement acquisitions 1,010,000 - -
1,010,000
Grants and contracts
Special events income, net of
488,371 - -
488,371
expenses of $38,620 103,197 - -
103,197
Net investment return 51,277 - 1,382
52,659
Net assets released from restriction 303,121 (303,121) -
-
Total Support and Revenue
Expenses:
2,081,587 (49,501) 9,302
2,041,388
Program services 1,593,001 - -
1,593,001
Management and general 174,984 - -
174,984
Fundraising 168,305 - -
168,305
Total Expenses 1,936,290 - -
1,936,290
Temporarily Permanently Total Restricted
Restricted 2016
The accompanying notes are an integral part of these financial statements
5
Jefferson Land Trust and Subsidiary
A Washington Not For Profit Organization
Consolidated Statement of Activities and Changes in Net
Assets
For the Year Ended December 31, 2015
Unrestricte
d
Change in Net Assets 145,297 (49,501) 9,302
105,098
Net Assets, Beginning of Year 3,265,710 1,121,942 52,599
4,440,251
Net Assets, End of Year $ 3,411,007 $ 1,072,441 $ 61,901 $ 4,545,349
Support and Revenues:
Gifts and contributions $ 130,437 $ 304,411 $ 7,660
$
442,508
Grants and contracts
Special events income, net of
1,441,631 - -
1,441,631
expenses of $34,818 123,726 - -
123,726
Temp
orar
ily
Per
man
ently
Tota
l
Rest
ricte
d
Rest
ricte
d
2015
The accompanying notes are an integral part of these financial statements
6
Jefferson Land Trust and
Subsidiary A Washington Not For
Profit Organization
Consolidated Statement of Functional Expenses
For the Year Ended December 31, 2016
Management Fund- Total
Program and General Raising 2016
Salaries $ 242,515 $ 67,288 $ 96,208 $
406,011
Timber sales - 9,385 -
9,385
Net investment return 7,613 - 460
8,073
Net assets released from restriction 361,752 (361,752) -
-
Total Support and Revenue
Expenses:
2,065,159 (47,956) 8,120
2,025,323
Program services 557,064 - -
557,064
Management and general 172,916 - -
172,916
Fundraising 118,765 - -
118,765
Total Expenses 848,745 - -
848,745
Change in Net Assets 1,216,414 (47,956) 8,120
1,176,578
Net Assets, Beginning of Year 2,049,296 1,169,898 44,479
3,263,673
Net Assets, End of Year $ 3,265,710 $ 1,121,942 $ 52,599
$
4,440,251
Payroll taxes 19,511 5,414 7,740
32,665
Employee benefits 28,894 8,017 11,463
48,374
Value of conservation easements written down 1,009,997 - -
1,009,997
Professional fees 153,944 47,311 24,395
225,650
Land and stewardship expenses 73,158 - -
73,158
Rent 14,001 3,436 5,150
22,587
Public awareness 4,056 523 1,549
6,128
Dues and subscriptions 2,817 1,207 1,627
5,651
Insurance 9,344 1,325 1,894
12,563
Postage and printing 5,781 216 8,060
14,057
Other 2,257 34,095 9
36,361
Travel and seminars 10,579 2,714 2,269
15,562
Office supplies 5,314 765 1,767
7,846
Telephone 3,040 844 1,205
5,089
Depreciation and amortization 4,385 1,092 2,010
7,487
Utilities 743 206 294
1,243
Web design and maintenance 2,665 - 2,665
5,330
Bank fees - 531 -
531
Total Expenses $ 1,593,001 $ 174,984 $ 168,305 $
1,936,290
The accompanying notes are an integral part of these financial statements.
7
Jefferson Land Trust and Subsidiary
A Washington Not For Profit Organization
Consolidated Statement of Functional Expenses
For the Year Ended December 31, 2015
Management Fund- Total
Program and General Raising 2015
Salaries $ 260,528 $ 80,690 $ 70,098 $
411,316
Payroll taxes 20,556 6,526 5,547
32,629
Employee benefits 26,967 8,561 7,277
42,805
Professional fees 137,450 45,282 16,127
198,859
Land and stewardship expenses 54,908 - -
54,908
Rent 15,621 4,510 3,832
23,963
Public awareness 4,141 98 3,475
7,714
Dues and subscriptions 1,989 631 537
3,157
Insurance 9,124 1,518 1,290
11,932
Postage and printing 5,687 255 6,383
12,325
Other 1,442 17,171 39
18,652
Travel and seminars 4,747 3,113 504
8,364
Office supplies 5,072 1,242 1,055
7,369
Telephone 2,980 946 804
4,730
Depreciation 4,511 1,432 1,217
7,160
Utilities 1,040 330 280
1,650
Web design and maintenance 301 - 300
601
Bank fees - 611 -
611
Total Expenses $ 557,064 $ 172,916 $ 118,765 $
848,745
The accompanying notes are an integral part of these financial statements
8
Jefferson Land Trust and Subsidiary
A Washington Not For Profit Organization
Consolidated Statement of Cash Flows
For the Years Ended December 31, 2016 and December 31, 2015
2016 2015
Cash flows from operating activities:
Cash received from grantors, donors and customers ,086,139$ 2 ,019,107$ 2
Cash paid to suppliers and employees ,925,450) (1 (845,159)
Cash received from interest ,171 19 10,575
Net cash provided (used) by operating activities
Cash flows from investing activities:
179,860 1,184,523
Cash paid for equipment and improvements (13,938) (40,244)
Cash paid for investments (283,657) (450,832)
Cash received from investments 137,838 273,100
Proceeds from notes receivable ,167 4 ,964 3
Cash paid for land (65,002) ,017,800) (1
Cash paid for land hold fee - (100,000)
Cash received from refund of land hold fee ,000 25 -
Net cash provided (used) by investing activities
Cash flows from financing activities:
(195,592) (1,331,812)
Net cash provided (used) by financing activities - -
Net increase (decrease) in cash & cash equivalents (15,732) (147,289)
Cash & cash equivalents at beginning of year 477,335 624,624
Cash & cash equivalents at end of year $ 461,603 $ 477,335
The accompanying notes are an integral part of these financial statements
9
Jefferson Land Trust and Subsidiary
A Washington Not For Profit Organization
Consolidated Statement of Cash Flows
For the Years Ended December 31, 2016 and December 31, 2015
Reconciliation of increase (decrease) in net assets to net cash
provided (used) by operating activities:
Increase (decrease) in net assets:
Adjustments:
$ 105,098 ,176,578$ 1
Depreciation and amortization ,160 7 ,160
7
Land hold fee amortization (adjustment) ,331) (8 ,000
25
Realized and unrealized losses (gains) on investments (33,488) ,540
2
Donated land
Changes in assets and liabilities:
-
(158,020)
(Increase) decrease in accounts receivable ,322 16
(14,471)
(Increase) decrease in pledges receivable 105,654
140,025
(Increase) decrease in prepaid expense ,304) (7
(751)
Increase (decrease) in accounts payable (11,543)
(662)
Increase (decrease) in accrued expenses and deferred revenue ,292 6 7,124
Net cash provided (used) by operating activities $ 179,860 $ 1,184,523
The accompanying notes are an integral part of these financial statements
10
A. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Organization--
Jefferson Land Trust (The Land Trust) is a Washington not-for-profit corporation formed on April 7, 1989. The Land Trust’s
purpose is to acquire, preserve and manage open space lands and easements for land conservation purposes
benefitting the public. The Land Trust also provides information and materials to the public on land conservation
issues. The Land Trust serves Jefferson County on the Olympic Peninsula in Washington State. The Land Trust
has been accredited by the national Land Trust Alliance since August 5, 2009.
On September 5, 2007, JLT Resources, LLC was formed with the Land Trust as its only member. JLT Resources, LLC was
formed for the purpose of purchasing and holding land for conservation purposes.
Principles of Consolidation--
2016 2015
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
11
These financial statements consolidate the statements of Jefferson Land Trust and JLT Resources, LLC (collectively,
“JLT”). Inter-organization balances and transactions have been eliminated in consolidation.
Basis of accounting--
The consolidated financial statements of JLT have been prepared on the accrual basis of accounting.
Basis of presentation—
Net assets, revenues, gains and losses are classified based on the existence or absence of donor -imposed restrictions.
Accordingly, the net assets of JLT and changes therein are classified and reported as follows:
Unrestricted Net Assets- Include all net assets on which there are no donor-imposed restrictions for use, or for which
donor-imposed restrictions were temporary and have expired or been fulfilled.
Temporarily Restricted Net Assets- Include all net assets subject to donor imposed restrictions that will be
met by actions of JLT and/or passage of time.
Permanently Restricted Net Assets- Include all net assets received by donations wherein the donors impose a
permanent restriction on the use of the gift. The donors require the gift to be invested and only the income
from such investments may be used to support the intended cause.
All donor-restricted support is reported as increases in temporarily or permanently restricted net assets, depending on the
nature of the restriction. When restrictions expire (that is, when a stipulated time restriction ends and/or purpose
restriction is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and
reported in the consolidated statement of activities as net assets released from restriction. Gifts of equipment are
reported as unrestricted support unless explicit restrictions that specify how the assets are to be used and gifts of
cash and other assets that must be used to acquire long-lived assets are reported as restricted support. Absent
explicit donor stipulations about how long those long-lived assets must be maintained, expirations of donor
restrictions are reported when the donated or acquired long-lived assets are placed in service.
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
12
Property and Fixed Assets--
Improvements, furniture and equipment are capitalized at cost if purchased, or, if donated, at the approximate fair value at
the date of donation. When retired or otherwise disposed of, the related carrying value and accumulated
depreciation are removed from the respective accounts and the net difference, less any amount realized from
disposition, is reflected in earnings. Maintenance and repairs are charged to expense as incurred. Costs of
significant improvements are capitalized. JLT provides for deprec iation using the straight-line method over the
estimated useful lives of the assets of five to ten years.
JLT records acquisitions of land at cost if purchased. Land acquired through donation is recorded at fair value, with fair
values generally based on independent professional appraisals. These assets fall into two primary categories:
Conservation Lands- Real property with significant ecological value for habitat, open space, or working lands.
Stewardship programs of JLT manage these properties to protect the natural biological diversity of the property.
JLT manages its working timberland as a Forest Stewardship Council-Certified, managed forest.
Conservation Easements- Voluntary legal agreements between a landowner and a land trust or go vernment agency to
permanently protect the identified natural features and conservation values of the property. These easements may
be sold or transferred to others so long as the assignee agrees to carry out, in perpetuity, the conservation purposes
intended by the original grantor. Conservation easements owned by JLT protect habitat, open space and working
lands, such as family farms, through its stewardship programs. Easements acquired represent numerous
restrictions over the use and development of land not owned by JLT. Since the benefits of such easements accrue
to the public upon acquisition, the fair market value of easements acquired is shown in the year of acquisition as
an addition to net assets to record the donation of the easement, and unless conveyed to a public agency for
consideration, shown as a reduction in net assets to record the value of the public’s benefit and to recognize that
these easements have no marketable value once severed from the land and held by JLT. Easements held by JLT
are carried on the consolidated statement of financial position at $1 each for tracking and accounting purposes.
One easement valued at $68,000 in total was donated to JLT during the year ending December 31, 2016.
Accordingly, $68,000 of contribution revenue and $67,999 of related write down expense have been reported on
the consolidated statement of activities for the year end December 31, 2016.
Estimates--
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of
America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements,
and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could
differ from those estimates.
Expense Allocation--
The costs of providing various programs and other activities have been summarized on a functional basis in the consolidated
statement of functional expense. Accordingly, certain costs have been allocated among the programs and
supporting services in line with benefits received.
Cash and Cash Equivalents--
For reporting purposes, JLT considers all unrestricted highly liquid investments with a purchased maturity of three months or
less to be cash and cash equivalents.
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
13
Concentrations--
JLT maintains its cash in bank deposit accounts with three financial institutions. JLT’s cash balances may, at times, exceed
federally insured limits.
At December 31, 2016, two donor’s pledges represented approximately 55% of pledges receivable, and the total of all
pledges from board members represented approximately 56% of pledges receivable.
At December 31, 2015, two donor’s pledge represented approximately 55% of pledges receivable, and the total of all pledges
from board members represented approximately 58% of pledges receivable.
Investments--
Investments in marketable securities with readily determinable fair values are valued at their fair values in the consolidated
statement of financial position. Certificates of deposit are carried at cost plus accrued interest in the consolidated
statement of financial position. Unrealized gains and losses are included in the change in net assts.
Grants and Contracts--
JLT receives grants and contracts from federal, state, and local agencies, as well as from private organizations, to
be used for specific programs or land purchases. The excess of grants receivable over reimbursable expenditures
to-date is recorded as deferred revenue.
Federal Income Taxes--
The Internal Revenue Service has determined Jefferson Land Trust and JLT Resources, LLC (a disregarded
entity) to be exempt from federal income taxes under Internal Revenue Code Section 501(c)(3).Contributions to
JLT are deductible as allowed under IRC Section 170(b)(I)(A)(vi).
During the year ended December 31, 2012, the Land Trust elected the provisions of Section 501(h), relating to
expenditures to influence legislation.
Subsequent Events--
JLT has evaluated subsequent events through June 10, 2017, the date on which the consolidated financial
statements were available to be issued.
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
14
B. UNRESTRICTED NET ASSETS:
Unrestricted net assets consisted of the following at December 31, 2016 and 2015:
2016 2015
Designated:
Quimper Wildlife Corridor $ 415,869 $
417,869
Chimacum Creek 264,409
284,409
Duckabush Riparian Forest 492,800
492,800
Donovan Creek 270,000
205,000
Duckabush Wetlands & Oxbow 530,000
530,000
Bulis Forest Preserve 125,240
125,240
Upper Snow Creek Forest 340,000
340,000
Snow Creek Uncas Preserve 100,000
100,000
Chimacum Commons ,850 90 ,850
90
Snow Creek Estuary ,000 86 ,000
86
Silver Reach 125,000
125,000
Gateway ,000 85 ,000
85
Kilham Corner ,930 38 ,930
38
Stewardship Fund 4 8,582
4,999
Conservation easements 57
54
Total Designated ,012,737 3 ,926,151
2
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
15
Undesignated 398,270
339,559
Total Unrestricted Net Assets $ 3,411,007 $ 3,265,710
C. TEMPORARILY RESTRICTED NET ASSETS:
JLT’s temporarily restricted net assets consisted of the following at December 31, 2016 and 2015:
2016 2015
Purpose Restriction:
For stewardship of Bullis Forest Preserve $ ,487 81 $ ,410
91
Satterberg Foundation Grant ,881 99 ,026
97
Working Farm Fund -
-
Consulting fees - ,410
4
Anonymous Agricultural Foundation Grant ,736 26 ,153
49
Stewardship funding 576,546 ,730
8
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
16
Cross Foundation ,000 40
-
Midori Farm Fund ,086 32
-
Education Outreach Fund ,290 5 ,915
19
Other program restrictions ,972 4 ,201
10
Time Restriction:
866,998
280,845
Outstanding pledges 205,443
311,097
Total Temporarily Restricted Net Assets $ 1,072,441 $ 591,942
Net assets of $194,602 and $221,727, respectively, were released from donor restrictions by incurring expenses
satisfying the purpose restriction specified by the donor, and net assets of $108,519 and $140,025, respectively,
were released due to the expiration of time restrictions for the years ended December 31, 2016 and 2015.
D. PERMANENTLY RESTRICTED NET ASSETS:
At December 31, 2016 and 2015, respectively, JLT had $61,901 and $52,599 of permanently restricted net assets
in a general endowment fund, the income of which is available to support general operations.
E. ENDOWMENTS:
The JLT endowment consists of one fund established to support general operations. As required by U.S. GAAP,
net asset associated with endowment funds are classified and reported based on the existence or absence of
donorimposed restrictions.
Nature of Endowments and Interpretation of Relevant Laws- JLT’s Board of Directors has reviewed the Washington
State Prudent Management of Institutional Funds Act (PMIFA) and, having considered its rights and obligations
thereunder, has determined that it is desirable to preserve, on a long-term basis, the fair value of the original gift
as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the
contrary. As a result of this determination, JLT classifies as permanently restricted nets assets (a) the original value of gifts
donated to the permanent endowment, and (b) the original value of subsequent gifts to the
permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the
accumulation is added to the fund.
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
17
The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is
classified as temporarily restricted net assets until those amounts are appropriated for expenditure by JLT in a
manner consistent with the standard of prudence prescribed by PMIFA. However, JLT has informed donors of its
spending policy which states that no distributions will be made during the first five years of the fund’s existence
or until it reaches a threshold balance of $400,000. Since these milestones have not yet been reached, JLT adds all
amounts earned to the permanently restricted balance.
In accordance with PMIFA, JLT considers the following factors in making a determination to appropriate or accumulate
donor-restricted endowment funds, (1) the duration and preservation of the various funds, (2) the purposes of the
donor-restricted endowment funds, (3) general economic conditions, (4) the possible effect of inflation and
deflation, (5) the expected total return from income and the appreciation of investments, (6) other resources of
JLT, and (7) JLT’s investment policies.
Endowment net assets, all permanently restricted, totaled $61,901 and $52,599, respectively, at December 31, 2016 and
2015.
Changes in endowment net assets for the year ended December 31, 2016 are as follows:
Temporarily Permanently
Restricted Restricted Total
Endowment Net Assets 1/1/2016 $ - $ ,599 52 $ ,599
52
Contributions - ,920 7 ,920
7
Investment Income - ,133 1 ,133
1
Net Appreciation (Depreciation) - 249
249
Endowment Net Assets 12/31/16 $ - $ 61,901 $ 61,901
Changes in endowment net assets for the year ended December 31, 2015 are as follows:
Temporarily Permanently
Restricted Restricted Total
Endowment Net Assets 1/1/2015 $ - $ 44,479 $ 44,479
Contributions - ,660 7 ,660 7
Investment Income - 957 957
Net Appreciation (Depreciation) - (497)
(497)
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
18
Endowment Net Assets 12/31/15 $ -
$ 52,599
$
52,599
Funds with Deficiencies- From time to time, the fair value of assets associated with individual donor-restricted
endowment funds may fall below the level that the donor or PMIFA requires JLT to retain as a fund of perpetual
duration. In accordance with U.S. GAAP, deficiencies of this nature are reported in unrestricted net assets. There
were no such deficiencies as of December 31, 2016 or 2015.
Return Objectives and Risk Parameters- JLT has adopted investment and spending policies for endowment
assets that attempt to provide a predictable stream of funding to programs supported by its endowment while
seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of
donor-restricted funds that JLT must hold in perpetuity or for donor-specified periods as well as board-designated
funds. Under this policy, as approved by the Board of Directors, the endowment assets are invested in a manner
that is intended to produce results that exceed the price and yield results of a custom Policy Index ma de up of
various indices. The composition of the custom Policy Index is based upon the strategic asset allocation of the
investment portfolio and assumes a moderate level of investment risk. The investment objectives of the
Operations Endowment Fund include maintenance of principal, timely liquidity, and preservation of purchasing
power over time.
Strategies Employed for Achieving Objectives- To satisfy its long-term rate-of-return objective, JLT notes that
for funds earmarked for capital appreciation, appropriate investments include intermediate term bond
funds/ETF’s, equity mutual funds, equity ETF’s, and unconstrained bond funds.
Spending Policy and How the Investment Objectives Relate to the Spending Policy - JLT’s spending policy
intends that no distributions shall be made from the Operations Endowment Fund for the first five years of its
existence or until it reaches a threshold balance of $400,000, whichever shall first occur. After a five -year period
which ended in December of 2014, or after achieving the $400,000 threshold, distributions shall be made on an
annual basis as determined by the Board. Regular disbursements should be limited to a maximum of 5% of the
value of the portfolio at the beginning of each fiscal year, or one-half of the income generated by the fund for the
most recent fiscal year, whichever is less. At no time will the distribution of the spendable amount result in the
invasion of the original amounts donated.
F. ACCOUNTS RECEIVABLE:
Accounts receivable are stated at the amount management expects to collect from outstanding balances.
Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation
allowance based on its assessment of the current status of individual accounts. Balances still outstanding after
management has used reasonable collection efforts are written off through a charge to the valuation allowance and
a credit to trade accounts receivable.
Historically, bad debts have been immaterial. During 2016 and 2015, there were bad debts of $0 and $0,
respectively. As of December 31, 2016, management estimated that all accounts receivable were collectible.
JLT had no material amounts past due at December 31, 2016.
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
19
G. PLEDGES RECEIVABLE:
JLT received promises to give from a number of donors in years prior to 2016. JLT has provided an allowance for
uncollectible amounts based on its assessment of the current status of individual pledges and has discounted
pledges to current value using a rate of .6%. Pledges receivable at December 31, 2016 are to be received as
follows:
Less than one year $ ,569 82
Two to five years 126,915
Thereafter ,600 6
216,084
Less discount to present value
(503)
Less allowance for uncollectible
(10,138)
$ 205,443
JLT has implemented a new development strategy that will result in a significant reduction of pledge receivables
over the next 5 years. This planned reduction is in response to several changes in JLT’s constituency – an
increase in foundation grants, an increase in an operating reserve that will provide emergency working cash
equivalent to 6 months of operational expenses, and a desire by our donors to not request commitments that are
relatively inflexible.
H. NOTE RECEIVABLE:
On February 15, 2008, JLT granted a loan to an individual in relation to one of the pieces of conservation land
owned by JLT. A promissory noted was received in exchange. The promissory note is for the amount of $93,750
and is to be paid in monthly installments of approximately $600. The note matures on January 15, 2028 with an
annual interest rate of 5%.
Future expected amounts to be received at December 31, 2016 are as follows:
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
20
2017 $ 4
,380 2018 4 ,604
2019 4 ,840
2020 5 ,087
2021 5 ,348
Thereafter ,618 38
$ 62,877
I. FURNITURE, EQUIPMENT, AND IMPROVEMENTS:
Furniture, Equipment, and Improvements consist of the following at December 31, 2016 and 2015:
2016 2015
Furniture & Equipment, and Software $ ,617 52 $ ,678 38
Accumulated Depreciation and Amortization (29,831)
(25,329)
22,786 1 3,349
Leasehold Improvements ,852 29 ,852 29
Accumulated Depreciation ,970) (5 ,985)
(2
23,882 2 6,867
Fixed Assets-Net $ 46,668 $ 40,216
Accumulated Depreciation and Amortization was $35,801 and $28,314 at December 31, 2016 and 2015,
respectively.
J. LAND AND CONSERVATION EASEMENTS:
Land and conservation easements at December 31 are summarized as follows:
2016 2015
Quimper Wildlife Corridor $ 418,867 $
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
21
417,869
Chimacum Creek 261,410
284,410
Duckabush Riparian Forest 492,800
492,800
Donovan Creek 205,000
205,000
Duckabush Wetlands & Oxbow 530,000
530,000
Bulis Forest Preserve 125,240
125,240
Upper Snow Creek Forest 340,000
340,000
Snow Creek Uncas Preserve 165,000
100,000
Chimacum Commons ,850 90 ,850
90
Snow Creek Estuary ,000 86 ,000
86
Silver Reach 125,000
125,000
Gateway ,000 85 ,000
85
Kilham Corner ,930 38 ,930
38
Conservation easements 57
54
Total Unrestricted Net Assets $ 2,964,154 $ 2,921,151
K. ECONOMIC DEPENDENCY:
For 2016 and 2015, grant funding was primarily provided by the State of Washington Recreation and
Conservation Office and Jefferson County. A reduction in this level of support, if it were to occur, could have a
significant impact on JLT’s operations.
L. CONTINGENCIES:
Amounts received or receivable from federal and state government agencies are subject to audit and potential
adjustment by the contracting agencies. Any disallowed claims, including amounts already collected, would
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
22
become a liability of JLT if so determined in the future. It is management’s belief that no material amounts
received or receivable will be required to be returned in the future.
M. RETIREMENT PLAN:
JLT maintains a Simplified Employee Pension – Individual Retirement Accounts Contribution Benefit Plan (“the
Plan”). Eligible employees may join the Plan after one year of service. There were employer contributions of
$8,514 and $0, respectively, for 2016 or 2015.
N. LEASE AGREEMENTS:
On June 21, 2012, JLT entered into an operating lease as lessee for its administrative office in Port Townsend,
Washington. The lease expired in June of 2014 and is now on a month to month basis. The agreement calls for
monthly payments of $1,563 plus utilities. JLT also rents a storage unit on a month to month basis. Rent expense
totaled $22,587 and $23,963 for the years ended December 31, 2016 and 2015, respectively.
O. SUBSEQUENT EVENTS:
No events have occurred through June 10, 2017, which is the date the financial statements were available to be
issued based on JLT facts and circumstances, for events requiring recording or disclosure in the financial
statements for the year ended December 31, 2016.
P. INCOME TAX & UNCERTAIN TAX POSITIONS:
Jefferson Land Trust and JLT Resources, LLC (a disregarded entity) are tax exempt non-profit organizations
under the Internal Revenue Code Section 501(c)(3) and are not classified as a private foundation. Accordingly,
the financial statements do not include any provision for income taxes.
JLT files income tax returns in the U.S. federal jurisdiction. The Trust is no longer subject to U.S. federal income
tax examinations by tax authorities for years before 2013. Currently, there is no examination or pending
examination with the Internal Revenue Service (IRS) or any other state or federal taxing authorities.
JLT adopted the provisions of FASB ASC 740-10, Accounting for Uncertainty in Income Taxes, on January 1,
2009. As of December 31, 2016, there are no tax positions for which the deductibility is certain but for which
there is uncertainty regarding the timing of such deductibility.
Q. INVESTMENTS AND FAIR VALUE MEASUREMENTS:
JLT follows U.S. GAAP which establishes a framework for measuring fair value. That framework provides a fai r
value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives
the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
Measurements) and the lowest priority to unobservable inputs (Level 3 Measurements). The three levels of the fair
value hierarchy under ASC 958 are described as follows:
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
23
Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in
active markets that the Trust has the ability to access.
Level 2: Inputs to valuation methodology include: Quoted prices for similar assets or liabilities in active markets.
Quoted prices for identical or similar assets or liabilities in inactive ma rkets. Inputs other than quoted prices that
are observable for the asset or liability. Inputs that are principally from or corroborated by observable market data
by correlation or other means.
Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of
any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of
observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for assets measured at fair value. There have been
no changes in the methodologies used at December 31, 2016.
Stocks: Valued at quoted market prices in active markets for identical assets.
Mutual Funds: Valued at quoted market prices in active markets, which represent the net asset value (NAV) of
shares held by the JLT at year end.
Certificates of Deposit: Valued at original investment plus received and accrued interest.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable
value or reflective of future fair values. Furthermore, although the Trust believes its valuation methods are
appropriate and consistent with other market participants, the use of different methodologies or assumptions to
determine the fair value of certain financial instruments could result in a differ ent fair value measurement at the
reporting date.
The following table sets forth by level, within the fair value hierarchy, JLT’s assets at fair value as of December
31, 2016:
Assets at Fair Value as of December 31, 2016
Level 1 Level 2 Level 3 Total
Mutual funds $ 608,094 $ - $ - $ 608,094
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
24
Total Assets at Fair Value: $ 608,094 $ - $ - $ 608,094
Certificates of deposit, held
at cost plus accrued interest
146,781
Total Investments $
7
54,875
The following table sets forth by level, within the fair value hierarchy, JLT’s assets at fair value as of December
31, 2015:
Assets at Fair Value as of December 31, 2015
Level 1 Level 2 Level 3 Total
Stocks $ - $ - $ - $ -
Mutual funds 376,376 - - 376,376
Total Assets at Fair Value: $ 376,376 $ - $ - $ 376,376
Certificates of deposit, held
at cost plus accrued interest 176,867
Total Investments
Investment return for the years ended December 31 consisted of the following:
$ 5 53,243
2016 2015
Interest income $ ,171 19 $ ,613 10
Realized/unrealized (loss) gain ,488 33 ,540) (2
Total $ ,659 52 $ ,073 8
Jefferson Land Trust and Subsidiary
Notes to Consolidated Financial Statements
December 31, 2016 and 2015
25
R. LAND PURCHASE AND HOLD FEE:
JLT signed a purchase and sale agreement with a third party during 2015 for the purchase of approximately 850
acres of forest land in Jefferson County. The terms of the agreement, dated March 17, 2015, required JLT to
purchase the property for an amount not to exceed the appraised fair market value of the property.
The terms of the agreement required the payment of a $100,000 non-refundable hold fee to the third party to allow
time for the purchase process to be completed and for JLT to raise the necessary funding to complete the
purchase. The hold fee agreement was to expire on March 17, 2019. During 2016, JLT signed an amended
agreement that resulted in the refund of $25,000 of the $100,000 hold fee and extended the agreement to nine year
from the original five years, now expiring in 2023.
JLT adjusted amortization of the hold fee to the new life of the agreement which resulted in an increase to the hold
fee asset of $8,331 in 2016. Amortization expense of $25,000 was recognized during 2015.