2024-05-15T17:18:51-05:00 2023-12-31 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2023-01-01 222864907 THE WESTERLY LAND TRUST WEST 4013152610 PO BOX 601 WESTERLY RI 02891 NICHOLAS STAHL PRESIDENT 4013152610 2024-05-14 1 NICHOLAS STAHL 999009999 0 JOLANTA TUCK CPA P01340068 9592007000 2024-05-14 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z NICHOLAS STAHL PO BOX 601 WESTERLY RI 02891 1079509 0 X WESTERLYLANDTRUST.ORG X 1987 RI THE WESTERLY LAND TRUST CONSERVES OPEN SPACE, REVITALIZES CULTURALLY SIGNIFICANT PROPERTIES AND PROVIDES ENVIRONMENTAL PROGRAMS FOR THE ENDURING BENEFIT OF OUR COMMUNITY. 15 15 5 150 0 0 910305 730707 104400 103259 240 1369 -10644 33611 1004301 868946 0 0 0 0 342804 361613 0 0 69752 829629 493919 1172433 855532 -168132 13414 8768262 8586549 5937142 5726651 2831120 2859898 X THE WESTERLY LAND TRUST CONSERVES OPEN SPACE, REVITALIZES CULTURALLY SIGNIFICANT PROPERTIES, AND PROVIDES ENVIRONMENTAL PROGRAMS FOR THE ENDURING BENEFIT OF OUR COMMUNITY. 0 0 332533 150422 THE WESTERLY LAND TRUST, A NOT-FOR-PROFIT CORPORATION, OPERATES THROUGHOUT WESTERLY TO CONSERVE SPACE AND ENHANCE COMMUNITY RESOURCES. SPECIFIC PROGRAMS INCLUDE THE PRESERVATION OF OPEN SPACE, REHABILITATION AND REDEVELOPMENT OF ESTABLISHED NEIGHBORHOODS, AND ESTABLISHMENT OF EDUCATION AND RECREATION OPPORTUNITIES FOR THE PUBLIC. THE TRUST'S PROGRAMS AND ACTIVITIES ARE DIRECTED TO THE PROTECTION AND ENHANCEMENT OF THE ENVIRONMENT, AGRICULTURE, AND WATER RESOURCES AS WELL AS THE COMMUNITY'S "SENSE OF PLACE." WESTERLY IS RECOGNIZED AS A PLACE WITH SPECIAL CHARM AND ATTRACTIONS WHICH ARE A SOURCE OF PRIDE TO ITS RESIDENTS AND A MAGNET FOR TOURISTS AND NEW RESIDENTS. THE TRUST AIMS TO PROTECT AND STRENGTHEN THAT REPUTATION. 337710 THE LAND TRUST CURRENTLY HOLDS 31 PROPERTIES TOTALING MORE THAN 1,700 ACRES. THE MOST RECENT ACQUISITION WAS THE COTTRELL FAMILY PRESERVE IN FEBRUARY 2022, WHICH LIES ON THE NATIONALLY DESIGNATED WILD AND SCENIC PAWCATUCK RIVER. IN 2004, THE WESTERLY LAND TRUST EXPANDED ITS MISSION TO INCLUDE RE-DEVELOPMENT OF BLIGHTED COMMERCIAL PROPERTIES IN AREAS OF HISTORICAL SIGNIFICANCE IN DOWNTOWN WESTERLY. THE CONCEPT IS THAT SMART GROWTH WILL BENEFIT THE TOWN AND REDUCE DEVELOPMENTAL PRESSURE ON ENVIRONMENTALLY SENSITIVE AREAS. IN ADDITION TO THE HISTORIC UNITED THEATER, MONTGOMERY WARD, AND INDUSTRIAL TRUST BUILDINGS, THE LAND TRUST AND ITS PARTNERS OWN PROPERTIES BETWEEN MAIN STREET AND THE PAWCATUCK RIVER.IN 2017, THE WESTERLY LAND TRUST WAS AWARDED NATIONAL ACCREDITATION BY THE LAND TRUST ACCREDITATION COMMISSION, AND IN 2022 THIS ACCREDITATION WAS RENEWED FOR ANOTHER FIVE-YEAR TERM. 670243 1 1 0 0 0 0 1 0 0 0 1 0 1 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 20 0 1 5 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 15 15 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 RI X COLLEEN SULLIVAN 4013152610 PO BOX 601 WESTERLY RI 02891 DAVID RATHBUN DIRECTOR 2.00 X 0 0 0 DONNA ANDERSON SECRETARY 4.00 X X 0 0 0 GAIL MALLARD DIRECTOR 2.00 X 0 0 0 GENE RENZ DIRECTOR 2.00 X 0 0 0 GERRY GORMAN TREASURER 2.00 X X 0 0 0 JEFFREY WALKER DIRECTOR 2.00 X 0 0 0 JENNIFER BRINTON DIRECTOR 2.00 X 0 0 0 JOSEPH MICELI DIRECTOR 2.00 X 0 0 0 KATE SMITH DIRECTOR 2.00 X 0 0 0 LINDA GRIFFIN VICE PRESIDENT 2.00 X X 0 0 0 LYMAN GOFF DIRECTOR 2.00 X 0 0 0 NICHOLAS J STAHL PRESIDENT 6.00 X X 0 0 0 POLLY CHORLTON DIRECTOR 2.00 X 0 0 0 RICHARD PANCIERA OUTGOING-DIRECTOR 2.00 X 0 0 0 STEPHANIE RAIA DIRECTOR 2.00 X 0 0 0 WILLIAM MCKENDREE DIRECTOR 2.00 X 0 0 0 JENNIFER FUSCO EXECUTIVE DIRECTOR 45.00 X 125000 0 3462 125000 0 3462 1 0 0 0 0 64009 50188 34400 582110 1342 730707 PROGRAM RENTAL INCOME 531390 103259 103259 103259 18787 18787 167471 184889 -17418 -17418 -17418 12122 50188 25674 -13552 -13552 FORGIVENESS OF DEBT 900099 47163 47163 47163 868946 150422 0 -12183 128462 83246 23456 21760 176857 114885 32334 29638 21533 12731 3746 5056 7863 4649 1368 1846 26898 15903 4679 6316 4919 4919 54070 42315 11755 29372 27453 1919 3366 1230 64 2072 22174 9695 9415 3064 7035 933 6102 96774 92425 4349 707 707 97499 97499 38473 28263 10210 REPAIRS & MAINTENANCE 82643 79604 3039 PROGRAM EXPENSES 15683 14508 1175 DUES & SUBSCRIPTION 5471 4701 770 35733 34577 1156 855532 670243 115537 69752 204507 235211 488195 506977 39292 29091 10348 11668 8028700 1547502 6718880 6481198 89012 104376 1218028 1218028 8768262 8586549 43750 46004 5893392 5680647 5937142 5726651 X 2652572 2708478 178548 151420 2831120 2859898 8768262 8586549 13414 15364 0 X 0 1 X 1 0 X 678861 760190 773085 910305 730707 3853148 678861 760190 773085 910305 730707 3853148 1008035 2845113 549 325 258 240 18787 20159 13592 1049 14641 2903 47163 50066 3938014 442507 0.72250 0.63360 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2020 AMOUNT: $ 2,903. FORGIVENESS OF DEBT - 2023 AMOUNT: $ 47,163. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 2 30.80 0 0 0 1 1 400.00 0 1 0 0 3600175 3600175 889709 183984 705725 3538816 1363518 2175298 6481198 INVESTMENTS IN LIMITED LIABILITY COMPANIES 1218028 C 1218028 X 897862 15364 13552 28916 868946 0 868946 869084 13552 13552 855532 0 855532 PART II, LINE 9: PARCELS OWNED IN FEE THAT HAVE A RECORDED CONSERVATION EASEMENT ARE LISTED WITH AN IMPAIRED VALUE OF 15% OF THE ACQUISITION COST OR, IF DONATED, AT 15% OF THE ESTIMATED FAIR MARKET VALUE AT THE TIME OF GIFT. PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE FOUNDATION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2023, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE FOUNDATION'S FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2020 ARE CLOSED AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. IF THE FOUNDATION HAS UNRELATED BUSINESS INCOME TAXES, IT WILL RECOGNIZE INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS AS PART OF THE INCOME TAX PROVISION AND INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE STATEMENTS OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 13,552. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 13,552. PART II, LINE 5: THE ORGANIZATION'S WRITTEN POLICY REGARDING THE PERIODIC MONITORING, INSPECTION, VIOLATIONS AND ENFORCEMENT OF THE CONSERVATION EASEMENTS IT HOLDS IS SUMMARIZED AS FOLLOWS. TRAINED MONITORS ANNUALLY CONDUCT A WALKING INSPECTION OF ALL OF THE ORGANIZATION'S CONSERVATION EASEMENTS ACCORDING TO BOARD APPROVED POLICIES AND PROCEDURES, COMPARING CURRENT CONDITIONS TO DOCUMENTED BASELINE PHOTOGRAPHS, PREVIOUS YEAR'S INSPECTION REPORT, AND CONSERVATION EASEMENT DOCUMENT. POTENTIAL VIOLATIONS ARE REPORTED TO THE STEWARDSHIP CHAIR AND BOARD OFFICERS, AND, IF NECESSARY, DISCUSSED WITH LEGAL COUNSEL. A BOARD APPROVED VIOLATION AND RESOLUTION POLICY AND PROCEDURE IS FOLLOWED, WHICH DELINEATES CATEGORIES OF VIOLATIONS, LANDOWNER CONTACT AND RESOLUTION PROCEDURES. TO DATE THERE HAVE BEEN NO MAJOR VIOLATIONS. PART II, LINE 9: CONSERVATION EASEMENTS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS EITHER AS ASSETS OR LIABILITIES. THE ACQUISITION COSTS AND OTHER COSTS ASSOCIATED WITH CONSERVATION EASEMENTS (TITLE INSURANCE, LEGAL FEES, APPRAISALS, SURVEYS, ETC.) ARE EXPENSED IN THE PERIOD INCURRED. FARM DINNER 62310 50188 12122 12024 5222 6900 1528 62310 50188 12122 12024 5222 6900 1528 25674 -13552 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR WESTERLY PROPERTIES FUNDING X 619120 1790933 0 1 1 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR WESTERLY PROPERTIES FUNDING X 930408 1134442 0 1 1 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR WESTERLY PROPERTIES FUNDING X 601362 1071407 0 1 1 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR WESTERLY PROPERTIES FUNDING X 310200 391515 0 1 1 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR WESTERLY PROPERTIES FUNDING X 1292350 1292350 0 1 1 5680647 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 47163 FORGIVENESS OF A PORTION OF THE LONG-TERM DEBT AFTER SALE OF 177 MAIN ST. INCLUDED IN TOTAL 2023 CONTRIBUTION FROM SUBSTANTIAL CONTRIBUTOR 0 SCHEDULE L, PART II, LOANS TO AND FROM INTERESTED PERSONS: (A) NAME OF PERSON: SUBSTANTIAL CONTRIBUTOR(B) RELATIONSHIP WITH ORGANIZATION: SUBSTANTIAL CONTRACTOR(C) PURPOSE OF LOAN: WESTERLY PROPERTIES FUNDING(A) NAME OF PERSON: SUBSTANTIAL CONTRIBUTOR(B) RELATIONSHIP WITH ORGANIZATION: SUBSTANTIAL CONTRACTOR(C) PURPOSE OF LOAN: WESTERLY PROPERTIES FUNDING(A) NAME OF PERSON: SUBSTANTIAL CONTRIBUTOR(B) RELATIONSHIP WITH ORGANIZATION: SUBSTANTIAL CONTRACTOR(C) PURPOSE OF LOAN: WESTERLY PROPERTIES FUNDING(A) NAME OF PERSON: SUBSTANTIAL CONTRIBUTOR(B) RELATIONSHIP WITH ORGANIZATION: SUBSTANTIAL CONTRACTOR(C) PURPOSE OF LOAN: WESTERLY PROPERTIES FUNDING(A) NAME OF PERSON: SUBSTANTIAL CONTRIBUTOR(B) RELATIONSHIP WITH ORGANIZATION: SUBSTANTIAL CONTRACTOR(C) PURPOSE OF LOAN: WESTERLY PROPERTIES FUNDING(A) NAME OF PERSON: SUBSTANTIAL CONTRIBUTOR(B) RELATIONSHIP WITH ORGANIZATION: SUBSTANTIAL CONTRACTOR(C) PURPOSE OF LOAN: WESTERLY PROPERTIES FUNDING FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP SHALL BE OPEN TO ANY INDIVIDUAL WHO: (I)SUBSCRIBES TO THE PURPOSES OF THE CORPORATION AND AGREES TO ABIDE BY ITS PURPOSES; AND (II) HAS PAID CURRENT ANNUAL DUES AS ESTABLISHED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER SHALL BE ENTITLED TO VOTE FOR THE ELECTION OF THE BOARD OF DIRECTORS OR THE REMOVAL OF DIRECTORS AND EACH MEMBER SHALL BE ENTITLED TO ONE VOTE IF PRESENT. NO MEMBER SHALL BE ELIGIBLE TO VOTE ON ANY OTHER MATTER WITH REGARD TO THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B WESTERLY LAND TRUST HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY THE FINANCE COMMITTEE AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS ELECTRONICALLY SENT TO THE BOARD FOR APPROVAL. ONCE THE BOARD HAS APPROVED THE RETURN IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH MEMBER OF THE BOARD OF DIRECTORS ANNUALLY SHALL SIGN A STATEMENT THAT AFFIRMS SUCH PERSON HAS RECEIVED A COPY OF THE POLICY, READ AND UNDERSTANDS THE POLICY, AND AGREED TO COMPLY WITH THE POLICY. THE EXECUTIVE DIRECTOR REGULARLY MONITORS THE ORGANIZATION'S RELATIONSHIPS. THE PRESIDENT AND ALL DIRECTORS ARE RESPONSIBLE FOR RAISING CONFLICT OF INTEREST ISSUES AS THEY ARISE. AN INTERESTED PERSON OR A PERSON REPRESENTING AN INTERESTED ENTITY MAY MAKE A PRESENTATION TO THE BOARD OF DIRECTORS, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING DISCUSSION OF AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE BOARD OF DIRECTORS SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER THE PRESENTATION AND DUE DILIGENCE, THE BOARD OF DIRECTORS SHALL DETERMINE BY A MAJORITY VOTE OF A QUORUM OF ALL THE DISINTERESTED BOARD MEMBERS WHETHER THE TRANSACTIONS OR ARRANGEMENT IS IN THE WLT'S BEST INTEREST, FOR ITS OWN BENEFITS. WHETHER IT IS FAIR AND REASONABLE, AND WHETHER IT CONFORMS TO THE LETTER AND SPIRIT OF THE STATEMENT. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO, MODIFY, OR DECLINE THE TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD APPROVES THE EXECUTIVE DIRECTOR'S SALARY AFTER TAKING INTO ACCOUNT COMPENSATION FOR SIMILAR POSITIONS IN OTHER ORGANIZATIONS, THE EXECUTIVE DIRECTOR'S EXPERIENCE AND WHAT THE ORGANIZATION CAN SUSTAIN FINANCIALLY. A COMPENSATION REVIEW FOR THE EXECUTIVE DIRECTOR TAKES PLACE ON AN ANNUAL BASIS. THE APPROVAL IS DOCUMENTED IN THE ORGANIZATION'S BOARD MINUTES AND WAS LAST APPROVED IN 2020. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.