2025-02-25T07:55:53-06:00 2024-06-30 873707167 CBIZ Advisors LLC 685 Third Avenue New York NY 10017 990 2023-07-01 237148333 The Scenic Hudson Land Trust Inc SCEN 8454734440 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 Seth McKee Executive Director 8454734440 2025-02-20 1 1 Magdalena Czerniawski P00535099 2125038800 2025-02-20 2023 2025-03-06 01:10:19Z Seth McKee 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 8815424 0 X www.scenichudson.org X 1936 NY See Schedule O for The Scenic Hudson Land Trust's mission statement. 16 15 0 250 -42578 0 10684935 1184504 129399 0 6859717 7195978 13188 101038 17687239 8481520 6872940 4000 0 0 0 0 0 0 67914 8198038 11732946 15070978 11736946 2616261 -3255426 299109372 312090088 8298643 8554186 290810729 303535902 See Schedule O for The Scenic Hudson Land Trust's mission statement. 0 0 10800090 4000 96763 The Scenic Hudson Land Trust (which has no employees) was founded exclusively for the benefit of and to serve the purposes of Scenic Hudson, to the extent that those purposes relate to acquiring and holding land in the Hudson River Valley, in order to preserve and protect such land for the benefit of the public, including transferring lands to federal, state and local governments and other not-for-profit organizations. Accordingly, the Land Trust acquires conservation easements and normally holds title to program related investments in land and parks owned by the Organization. 10800090 1 1 0 0 0 0 1 0 0 1 1 1 0 0 1 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 X 31 0 1 0 1 1 1 EI CJ AS HK 0 0 0 0 0 0 0 0 0 0 X 16 15 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 NY PA NJ X X Jason Camporese Chief Finance & Operations 8454734440 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 Alexander Reese Chair 1.00 X X 0 0 0 Andrew Gundlach Director 1.00 X 0 0 0 Cybele Fishman Director 1.00 X 0 0 0 Daniel J Kramer Director 1.00 1.00 X 0 0 0 Dawn Watson Vice Chair 1.00 1.00 X X 0 0 0 Douglas S Land Director 1.00 X 0 0 0 Edward B Whitney Treasurer 1.00 1.00 X X 0 0 0 Edward O Sullivan Assistant Secretary 5.00 45.00 X X 0 509132 127132 Frederic C Rich Director 1.00 2.00 X 0 0 0 JE Hoke Slaughter Director 1.00 X 0 0 0 James C Goodfellow Director 1.00 X 0 0 0 Jay Saunders Director 1.00 X 0 0 0 Kristin Gamble Director 1.00 1.00 X 0 0 0 Leigh Seippel Director 1.00 X 0 0 0 Richard H Klapper Secretary 1.00 X X 0 0 0 Richard Krupp Director, Ex Officio 1.00 1.00 X 0 0 0 Rudolph S Rauch III Secretary (outgoing) 1.00 X X 0 0 0 W Patrick McMullan Director (outgoing) 1.00 X 0 0 0 Erin Riley Senior VP 5.00 40.00 X 0 342743 98514 Jason Camporese Chief Finance & Operations Officer 5.00 45.00 X 0 329196 64586 Seth McKee Executive Director 15.00 35.00 X 0 223407 59347 0 1404478 349579 0 0 1 0 Mission Title Agency LLC 551 Fifth Avenue 23rd Floor New York NY 10176 Title Agency 105159 1 438647 745857 333905 1184504 3415474 -42578 3458052 4275 0 4275 4275 4275 4114408 333904 3780504 3780504 3780504 Other Income 900099 96763 96763 96763 8481520 96763 -42578 7242831 X 4000 4000 3208981 3026938 114129 67914 30026 30026 65281 65281 650750 650750 146399 146399 138113 138113 51375 51375 240332 240332 Land project expenses 5259361 5259361 Conservation easements 1903546 1903546 Bad Debt Expense 38782 38782 11736946 10800090 868942 67914 488999 427049 60142070 59210512 3185753 2988954 6810098 232756 237591 65074617 261756 63845111 64812861 37078050 32528249 124188397 132723928 9948236 12350846 299109372 312090088 1431236 1025160 2654233 2792346 4213174 4736680 8298643 8554186 X 91083625 92642792 199727104 210893110 290810729 303535902 299109372 312090088 -3255426 16299476 -318877 0 X X 0 1 X 1 0 X X 1 Scenic Hudson Inc 132898799 7 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X X 148 15785.00 2 3 1 1 3050.00 148052 181186281 21660643 9206000 193640924 171927168 21021113 11762000 181186281 213657818 -33083650 8647000 171927168 175149228 47045590 8537000 213657818 176952880 8625 6295723 8108000 175149228 0.00490 0.99510 0 1 1 64678145 64678145 396472 261756 134716 64812861 Pooled Investment Funds - Ex U.S. Commingled Funds 50433211 F Pooled Investment Funds - Alternative Investment Funds 43196306 F Pooled Investments - Global Commingled Funds 39094411 F 132723928 Due to supporting organization 4624009 Operating lease liability 112671 4736680 X 42766732 16299476 18636486 34935962 7830770 650750 650750 8481520 28731108 17644912 17644912 11086196 650750 650750 11736946 Part II, Line 3: The following easements were modified, transferred or terminated as of June 30, 2021: Modified: Hudson River Maritime Museum - Easement modified to create third-party right of enforcement for public access for the City of Kingston. Transferred: None. Terminated: None. Modified, transferred or terminated as of June 30, 2022: Modified: Fraleigh Easement - The amendment applies only to a portion of the Fraleigh conservation easement in Red Hook (due to a subdivision, the amendment only applies to a portion of the encumbered property). The amendment was signed July 30, 2021. The CE was amended in response to Section 8.4.B.which calls for the periodic review of the location and configuration of the Farmstead Complex. Negotiations with landowners began in 2018. Transferred: Finnegan Easement - The Finnegan easement in Philipstown - was transferred to the Open Space Institute Land Trust, Inc on August 11, 2021. The easement had previously been coheld between SHLT and OSILT, but it was decided that to simplify things, OSI would take full responsibility and we would transfer our interest in the CE to them. Terminated: None. Modified, transferred or terminated as of June 30, 2023: Modified: Kelder - (Town of Rochester, County of Ulster, approximately 95 acres) The amendment replaces the right of first refusal with a covenant to farm and preemptive purchase right to ensure that the property remains in agricultural use and affordable for future farm operations. The conservation easement and amendment were acquired for independently appraised market value and no deduction was taken on either transaction. Transferred: None. Terminated: None. The following easements were modified, transferred or terminated as of June 30, 2024: Modified: Bontecou - The Bontecou and Zacek (West) conservation easements were amended to pursuant to Internal Revenue Service Notice 2023-30 to add "safe harbor" deed language for extinguishment and boundary line adjustment clauses. Modified: Zacek (West) - The Bontecou and Zacek (West) conservation easements were amended to pursuant to Internal Revenue Service Notice 2023-30 to add "safe harbor" deed language for extinguishment and boundary line adjustment clauses. Modified: Grace - The Grace conservation easement amendment added a Preemptive Purchase Right and Covenant to Farm to the terms of the conservation easement. Part II, Line 5: POLICY ON ENFORCEMENT OF CONSERVATION EASEMENTS: The organization(s) policies on Conservation Easement Monitoring and Violations conform to Land Trust Alliance Standards and Practices. The policies require that each conservation easement is monitored annually by a physical inspection of the property. If any violation of the conservation easement has occurred, the landowner is notified by certified letter of the violation. When appropriate, the letter outlines corrective measures that will mitigate the problems. Legal action, authorized by the board, may be taken in the event that a landowner disregards the terms of the easement and/or refuses to take corrective measures. Part II, Line 9: REPORTING OF CONSERVATION EASEMENTS ON REVENUE/EXPENSE STATEMENT: Purchased easements are expensed in the period acquired. Contributions for the purpose of purchasing conservation easements are temporarily restricted at year-end if the purchase of the conservation easement has not been completed. Donated conservation easements are not recorded as revenue or expense by the Organization, except those conservation easements donated (in full or in part) by third parties to satisfy the requirements of governmental funding programs. The Organization recognizes that it is the responsibility of the donor to report the appraised value of a donated conservation easement to the Internal Revenue Service; the Organization does not participate in the appraisal or reporting of these values. Part V, Line 4: USE OF ENDOWMENT FUNDS: As articulated in detail in Part VII of Schedule R, Scenic Hudson, Inc. (SH) and The Scenic Hudson Land Trust, Inc. (SHLT) are related, tax-exempt organizations. Neither organization holds a "permanent endowment," that is, a fund intended by the donor to preserve its original principal amount and thus where spending is restricted to income and other investment earnings. SH and SHLT do hold five "quasi-endowment" funds, which had a combined market value of $233,374,142 as of June 30, 2024, as follows: The Lila Acheson and Dewitt Wallace Hudson Valley Land Preservation Endowment (the "Wallace Fund") is a donor-restricted fund held by SHLT. It is principally used to support capital and other costs of purchasing land and conservation easements to meet SHLT's land preservation goals. Spending from the Wallace Fund is by application of the same spending rate determined by the Board and applied to SH's Board Designated Fund. Special appropriations are permitted under exceptional circumstances by Board approval, subject to donor restrictions. As of June 30, 2024, the balance of the Wallace Fund was $192,647,339. The capital costs of preserving the highest priority conservation lands in the Hudson Valley far exceed the appropriations available from the Wallace Fund. Accordingly, Scenic Hudson's land preservation program - which is run primarily through The Scenic Hudson Land Trust - is highly dependent on capital contributions from individuals, foundations and government entities. The Conservation Easement Enforcement Fund (the "Easement Enforcement Fund") is a board-designated fund held by SHLT. Appropriations are made at the discretion of the Board, generally by application of the same spending rate determined by the Board and applied to SH's Board Designated Fund. Spending is used primarily to cover legal and other costs incurred to support the perpetual obligation to monitor and enforce conservation easements and to defend lands held in fee for conservation. As of June 30, 2024, the balance of the Easement Enforcement Fund was $993,585. The combined value of the Wallace Fund and Easement Enforcement Fund ($193,640,924) is reported in Schedule D, Part V of The Scenic Hudson Land Trust 990. The Scenic Hudson Board Designated Fund is held by SH for the purpose of supporting the annual operating budget. Spending from the Board Designated Fund is determined annually by the board based on a percentage of the average balance over a rolling twelve-quarter period. As of June 30, 2024, the balance of the Board Designated Fund was $34,522,526. The Kathryn W. Davis Fund for Park Planning and Community Land Use (the "Kathyrn W. Davis Fund") is a donor-restricted fund held by SH. This fund is used to support SH's staff, consultants and other costs for park design, park management and land use planning. Spending from the Kathryn W. Davis Fund is by application of the same spending rate determined by the Board and applied to SH's Board Designated Fund. As of June 30, 2024, the balance of the Kathryn W. Davis Fund was $5,210,692. The combined value of the Board Designated Fund and Kathryn W. Davis Fund ($39,733,218) is excluded from this 990 and reported in Schedule D, Part V of the SH's 990. Because of the small size of the Board Designated Fund relative to SH's operations, and the restricted purposes of the Wallace Fund, Kathryn W. Davis Fund and Easement Enforcement Fund, Scenic Hudson is highly dependent on donor contributions to meet its annual operating needs. Hudson Highlands Fjord Trail, Inc. (HHFT) has established and holds a board-designated "quasi-endowment" fund (i.e., an endowment fund where spending is not limited to future income and investment earnings) exclusively dedicated to supporting future operating and maintenance costs of the Hudson Highlands Fjord Trail (the "Operating and Maintenance Fund"). The Operating and Maintenance Fund had a value of $3,367,949 as of June 30, 2024. HHFT has received donor-restricted gifts to the fund from multiple donors, including a 2021 grant from its supported organization. The original value of certain donations to such fund by the supported organization may revert to the supported organization, but only in circumstances where HHFT no longer is responsible for operating and maintaining the Hudson Highlands Fjord Trail. HHFT intends to grow such fund as its operating and maintenance obligations grow with the completion of each phase of the Fjord Trail project. Such fund is not intended to be sole or primary source of funding to pay operating and maintenance costs of the Fjord Trail, which are expected to be met in significant part in the usual manner, i.e., by application of annual contributions or earned revenues. Part X, Line 2: DISCLOSURE OF UNCERTAIN TAX POSITIONS: The Organization believes it had no uncertain tax positions as of June 30, 2024 and 2023 in accordance with ASC 740, "Income Taxes," which provides standards for establishing and classifying any tax provisions for uncertain tax positions. Part XI, Line 2d - Other Adjustments: Revenue from Related Organizations 25,965,451. Intercompany Eliminations -7,328,965. Part XII, Line 2d - Other Adjustments: Expenses from Related Organizations 20,707,052. Intercompany Eliminations -3,062,140. PART II, LINE 1: CLARIFICATION ON HISTORIC STRUCTURES: The purpose of acquiring conservation easements is preservation of vital lands in support of The Scenic Hudson Land Trust's mission; preservation of historic structures is incidental to The Scenic Hudson Land Trust's decision to acquire conservation easements. Europe (Including Iceland & Greenland) 0 0 Passive Foreign Investments 26712907 Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Passive Foreign Investments 13643532 East Asia and the Pacific - Australia, Brunei, Burma, Cambodia, 0 0 Passive Foreign Investments 7836100 0 0 0 0 0 0 48192539 0 48192539 0 0 0 0 0 0 1 Kingston Land Trust PO Box 2701 Kingston NY 12401 292338986 501(c)(3) 350000 0 River Cities Community Catalyst Grant - Land in Black Hands Farm Equipment Initiative. Rensselaer Plateau Alliance 27 Lake Ave New York NY 12018 943444825 501(c)(3) 70000 0 RPA Land Grant re: Landford Wood Community Forest. Hudson Highland Land Trust PO BOX 226 Garrison NY 10524 133528266 501(c)(3) 150000 0 Grant to support acquisition of Crane Property Wallkill Valley Land Trust 40 Sunset Ridge Road 220 New Paltz NY 12561 222867070 501(c)(3) 46635 0 Grant to support Faurie-Masterson Farm conservation easement Mental Health America 500 Montgomery Street Alexandria VA 22314 131614906 501(c)(3) 43735 0 Community catalyst grant to support the Brain & Body Coalition and nature based mental health Growing STEMZ 295 Mill Street Poughkeepsie NY 12601 863013843 501(c)(3) 15550 0 Community catalyst grant to support activation of The Junction in Poughkeepsie Startup PK 58 Overocker Road Poughkeepsie NY 12603 923055520 501(c)(3) 15600 0 Second community catalyst grant to support activation of The Junction in Poughkeepsie Mohawk Hudson Land Conservancy 425 Kenwood Ave Delmar NY 12054 141754157 501(c)(3) 150000 0 Grant to support Bozen Kill Preserve expansion (Settler's Hil) Orange County Land Trust PO BOX 269 Mountainville NY 10953 133692034 501(c)(3) 250000 0 Grant to support acquisition of Sugar Loaf 9 0 Part I, Line 2: The board approved the expenditure and management has procedures in place to monitor the grants given. 0 1 0 0 0 0 0 0 0 Edward O Sullivan Assistant Secretary 0 388945 0 110000 0 10187 0 126400 0 732 0 636264 0 0 Erin Riley Senior VP 0 229047 0 82000 0 31696 0 81400 0 17114 0 441257 0 0 Jason Camporese Chief Finance & Operations Officer 0 214002 0 92000 0 23194 0 26400 0 38186 0 393782 0 0 Seth McKee Executive Director 0 181613 0 40000 0 1794 0 15193 0 44154 0 282754 0 0 Part I, Line 3 Executive compensation is determined by the Executive Compensation Committee of Scenic Hudson, Inc., who engages a third-party consultant who provides a market analysis with recomendations, in consultation with the Board of Directors. Part I, Line 7 Bonuses are approved by the Board of Directors and Executive Compensation Committee as part of the overall compensation review and approval process, which includes review of peer compensation data and analysis prepared by an independent third-party compensation consultant. SCHEDULE J, PART I, LINE 4B: NOTE ON SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: EDWARD SULLIVAN, PRESIDENT During the year ended June 30, 2020, Scenic Hudson, Inc. ("SH") and Edward Sullivan, President of SH, entered into a long-term employment agreement under IRC Section 457(f). The terms of the agreement run through January 31, 2025 at which time Mr. Sullivan will complete his commitment and receive a one-time lump sum payment of $400,000. Since Mr. Sullivan provides essential services to The Scenic Hudson Land Trust, Inc. ("SHLT"), which has no employees, SHLT has agreed to provide SH with funds sufficient to enable SH to make payments due under the plan. Accordingly, SHLT will recognize this obligation over the term of the agreement. During the year ended June 30, 2024, SHLT recognized $80,000 of expense related to the agreement which is included in the amount reported on part II, column C. ERIN RILEY, SENIOR VICE PRESIDENT During the year ended June 30, 2023, Scenic Hudson, Inc. ("SH") and Erin Riley, Senior Vice President of SH, entered into a long-term employment agreement under IRC Section 457(f). The terms of the agreement run through June 30, 2026 at which time Ms. Riley will complete her commitment and receive a one-time lump sum payment of $275,000. Since Ms. Riley provides essential services to The Scenic Hudson Land Trust, Inc. ("SHLT"), which has no employees, SHLT has agreed to provide SH with funds sufficient to enable SH to make payments due under the plan. Accordingly, SHLT will recognize this obligation over the term of the agreement. During the year ended June 30, 2024, SHLT recognized $55,000 of expense related to the agreement which is included in the amount reported on part II, column C. SETH MCKEE, EXECUTIVE DIRECTOR OF THE SCENIC HUDSON LAND TRUST, INC. AND LAND PROGRAMS During the year ended June 30, 2024, Scenic Hudson, Inc. ("SH") and Seth Mckee, Executive Director of The Scenic Hudson Land Trust, Inc. and Land Programs, entered into a long-term employment agreement under IRC Section 457(f). The terms of the agreement run through June 30, 2027 at which time Mr. Mckee will complete his commitment and receive a one-time lump sum payment of $200,000. Since Mr. Mckee provides essential services to The Scenic Hudson Land Trust, Inc. ("SHLT"), which has no employees, SHLT has agreed to provide SH with funds sufficient to enable SH to make payments due under the plan. Accordingly, SHLT will recognize this obligation over the term of the agreement. During the year ended June 30, 2024, SHLT recognized $50,000 of expense related to the agreement which is included in the amount reported on part II, column C. SCHEDULE J, PART II: GENERAL NOTE ON OFFICERS, DIRECTORS, AND TRUSTEES: The persons listed in Part II of Schedule J perform services for The Scenic Hudson Land Trust, Inc. (SHLT) in their capacities as employees of Scenic Hudson, Inc. (SH); SHLT has no employees. Total compensation to each of such persons is required to be reported on Schedule J by both SH and SHLT notwithstanding that each of these directors and officers are paid directly and only by SH. As noted in Schedule R, Part V, SHLT is party to a services agreement with SH pursuant to which SH, among other things, makes the services of such persons available to SHLT. Please refer to Schedule R for more details. X 6 333905 FMV 0 1 0 Part I, Column (b): The number in column (b) represents the number of contributors. FORM 990, PART I, LINE 1 AND PART III, LINE 1: DESCRIPTION OF ORGANIZATION'S MISSION AND SIGNIFICANT ACTIVITIES: The mission of The Scenic Hudson Land Trust is to conserve land in the Hudson River Valley of important scenic, natural and/or agricultural value, and to create parks and trails for the public. We ensure that our work is grounded in science, and we serve as a regional leader and partner dedicated to conserving and enhancing the land and waterways of the Valley. The Scenic Hudson Land Trust carries out this mission in furtherance of the mission of Scenic Hudson, Inc., a related, tax-exempt organization, which is to preserve land and farms and create parks that connect people with the inspirational power of the Hudson River, while fighting threats to the river and natural resources that are the foundation of the valley's prosperity. Form 990, Part VI, Section A, line 6 MEMBERS OF THE ORGANIZATION: Scenic Hudson, Inc. (SH), a related, tax-exempt organization that is the sole member of The Scenic Hudson Land Trust, Inc. (SHLT), provides SHLT with the services of its employees, office space and general administrative support through a services agreement. Under this agreement, SHLT provides payment to SH of an amount approved annually via board resolution, which covers a portion of these expenses. Please see Schedule R for more details. Form 990, Part VI, Section A, line 7a MEMBERS WITH POWER TO ELECT GOVERNING BODY: The Board of Directors shall include three (3) persons who shall serve ex officio, with full voting rights, in their capacities as the Chair, Treasurer and President of Scenic Hudson, Inc. The remaining number of Directors shall be elected by Scenic Hudson, Inc. as the sole member of The Scenic Hudson Land Trust, Inc. Form 990, Part VI, Section A, line 7b MEMBERS AUTHORITY OVER GOVERNANCE DECISIONS: The following actions may be taken only if authorized by the affirmative vote of at least three-quarters of the entire Board of Directors of Scenic Hudson, Inc, as the sole member, acting after they have been recommended by at least three-quarters of the entire Board of The Scenic Hudson Land Trust, Inc.: (i) the disposition of all or substantially all of the assets of the Corporation; (ii) a plan of merger or consolidation of the Corporation; or (iii) a plan of dissolution and distribution of assets of the Corporation. Pursuant to the Not-for-Profit Corporation Law of New York as amended by the New York Not-for-Profit Revitalization Act, the term "entire Board" means the total number of Directors entitled to vote which the Corporation would have at the time in question if there were no vacancies, consisting of the number of Directors that were elected as of the most recently held election of Directors. As the sole member, Scenic Hudson, Inc. shall have the exclusive power to amend The Scenic Hudson Land Trust, Inc.'s Certificate of Incorporation and Bylaws. The Board of Directors of The Scenic Hudson Land Trust Inc. may propose amendments to the Certificate of Incorporation or Bylaws for consideration by Scenic Hudson, Inc. by a majority vote of the Directors present at a Board meeting at which a quorum exists. Form 990, Part VI, Section B, line 11b 990 REVIEW AND OVERSIGHT PROCESS: The form 990 is prepared by an independent accountant. The Audit Committee first reviews the 990 in draft form for Scenic Hudson and The Scenic Hudson Land Trust. Once the Audit Committee has satisfactorily completed its review, they will recommend distribution of the drafts to the full Board of Directors for review and acceptance at its next meeting. Electronic copies of the draft 990s are distributed to the full board in preparation for the meeting. The board is encouraged to review the draft and provide comments or seek clarification, where necessary, before their acceptance. The return is filed upon acceptance by the board. Public inspection copies of the 990 are available on the Organization's board extranet and on the Organization's website (https://www.scenichudson.org/about-us/financial-and-governance/). Form 990, Part VI, Section B, line 12c MONITORING OF THE CONFLICT OF INTEREST POLICY: All board members and staff are required to review and sign the organization's conflict of interest policy annually. Board members who may have any real or perceived conflict of interest must abstain from discussion and voting around such issues. The Board of Directors reviews conflicts of interest that may arise (real or perceived) involving the staff. The Executive Committee (or in some cases the Board Membership and Governance Committee) reviews conflicts of interest (real or perceived) involving the executive team and board, however they may seek input from the full Board of Directors and/or legal counsel. Finally, all reported conflicts are summarized and reviewed by the independent auditor during the annual audit. A list is provided to the Audit Committee that specifies which, if any, board members reported a conflict. Form 990, Part VI, Section C, line 19 PUBLIC AVAILABILITY OF GOVERNING DOCUMENTS: The following corporate governance documents are available to the public on Scenic Hudson's website (https://www.scenichudson.org/about-us/financial-and-governance/): * Form 1023 * Form 990 * Audited financial statements * Certificate of Incorporation * Corporate by-laws * Whistleblower policy * Conflict of interest policy FORM 990, PART IX: Activities that occur in The Scenic Hudson Land Trust, Inc. and Hudson Highlands Fjord Trail, Inc., each a supporting organization of Scenic Hudson, directly impact the expenses of Scenic Hudson. Such activities include the purchase of conservation easements and land in fee title and construction of a linear park. With this in mind, the only meaningful calculation of the Program Expense Ratio is to consider the expenses of all entities on a consolidated basis as reported in the consolidated financial statements. On a consolidated basis, the Program Expense Ratio for Scenic Hudson and The Scenic Hudson Land Trust was 87% and 86.9%, respectively, for the fiscal years ended June 30, 2024 and 2023. FORM 990, PART I, LINE 5 AND PART V, LINE 1A: CLARIFICATION AS TO NUMBER OF EMPLOYEES: The Scenic Hudson Land Trust (SHLT) has no employees of its own. Scenic Hudson, Inc. (SH), a related, tax-exempt organization that is the sole member of SHLT, provides SHLT with the services of its employees, office space and general administrative support through a services agreement. Under this agreement, SHLT provides payment to SH of an amount approved annually via board resolution, which covers a portion of these expenses. Please see Schedule R for more details. Beacon Waterfront LLC 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 261107386 Land Conservation NY 0 1563968 The Scenic Hudson Land Trust Inc Wiccopee Farm LLC 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 824648169 Land Conservation NY 0 4101084 The Scenic Hudson Land Trust Inc Slopeline LLC 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 831226582 Land conservation NY 0 428511 The Scenic hudson Land Trust Inc Scenic Hudson Inc 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 132898799 Connecting people to the Hudson River - see Part VII NY 501(c)(3) Line 7 N/A 0 Hudson Highlands Fjord Trail 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 846261224 Trail Development NY 501(c)(3) Line 12a, I Scenic Hudson Inc 0 Northside Junction LLC 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 851529685 Own Property NY N/A 0 0 Northside Junction Master Tenant LLC 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 934910603 Leaseholder NY N/A 0 0 Fall Kill Brookside LLC 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12061 851504526 Own Property NY N/A C 0 Parker Fall Kill LLC 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12061 852325226 Own Property NY Scenic Hudson Land Trust Inc C 9395688 1.00000 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 Parker Fall Kill LLC D 11250716 FMV SCHEDULE R, PART II AND PART V, LINE 1O: EXPLANATION OF RELATIONSHIP WITH OTHER TAX-EXEMPT ORGANIZATION: Scenic Hudson, Inc. (SH) and The Scenic Hudson Land Trust, Inc. (SHLT) are related, tax-exempt organizations. SHLT is a supporting organization of SHI and is controlled by SHI. SHI is SHLT's sole member. Each organization has its own governing board, however, the board of SHLT is appointed by that of SH. General operations, including expenses related to staff and benefits, are carried on by SH while SHLT was founded exclusively to conserve land in the Hudson River Valley of important scenic, natural and/or agricultural value, and to create parks and trails for the public. As SHLT does not have any employees, SH provides SHLT with the services of its employees, office space and general administrative support through a services agreement. Under this agreement, SHLT provides payment to SH of an amount approved annually via Board resolution for such services on a quarterly basis, which in fiscal year 2024 totaled $3,022,140. Hudson Highlands Fjord Trail, Inc., a related organization is a supporting organization of SHI and is controlled by SHI. SHI is the sole member of HHFT.