2024-04-19T07:18:31-05:00 2023-06-30 873707167 CBIZ Marks Paneth LLC 685 Third Avenue New York NY 10017 990 2022-07-01 132898799 Scenic Hudson Inc SCEN 8454734440 85 Civic Center Plaza 300 Poughkeepsie NY 12601 Edward O Sullivan President 8454734440 2024-04-09 1 Edward Sullivan 999009999 1 Magdalena M Czerniawski P00535099 2125038800 2024-04-09 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z X Edward O Sullivan 85 Civic Center Plaza 300 Poughkeepsie NY 12601 27251484 0 X www.scenichudson.org X 1975 NY To sustain & enhance the Hudson Valley's inspirational beauty & health for generations to come. 32 32 84 110 0 0 10837430 18575477 3083890 3074300 948487 1129816 0 -1420 14869807 22778173 1002756 350000 0 0 8327727 8502928 0 0 1350998 2378511 2868369 11708994 11721297 3160813 11056876 38136273 51757863 968004 1458234 37168269 50299629 X Scenic Hudson brings together people and organizations to conserve rural and urban lands, create parks that connect people with nature and each other, and protect the land, river, and communities at the heart of the Hudson Valley's well-being and vitality. see Schedule O. 0 0 4474064 350000 1571259 PROMOTING REGIONAL IDENTITY - We make the Hudson Valley more attractive to residents and employers by helping to create a shared sense of place and stewardship that is recognized far beyond our borders. We protect world-class beauty; conserve family farms that supply fresh food to local and New York City consumers and drive a growing farm-to-table movement; create parks offering recreation and inviting spaces for people to gather; and mobilize residents to speak out against threats to the Hudson River and other irreplaceable natural assets that make the Valley a great place to live and visit. 2396286 820135 STREGNTHENING RESILIENCY - We further climate change adaptation and resilience in our land conservation and community planning work and develop new climate-mitigation policies consistent with our conservation values. We provide guidance for riverfront communities to adapt to and mitigate rising sea levels and other climate-change impacts, and develop strategies for embracing renewable energy without sacrificing core assets - iconic views, farmland, critical habitat, cultural/historic resources - that residents and visiors cherish. We help wildlife adapt by conserving lands containing irreplacebale (and flood-resistant) habitat and migration pathways. We also create and manage our parks to serve as models of resiliency. 1995330 836741 BUILDING COMMUNITY - We ensure that our work benefits all of the region's residents, urban and rural, especialy as demographic shifts continue. We respond to local concerns in diverse communities by partnering with residents and providing them with the expertise to turn neglected natural areas into safe places to exercise, relax, join with family and friends, and teach children about wildlife. In addition to uniting neighborhoods in a shared purpose, carrying out these initiatives affords much needed skill-building opportunities for teens and has the potential to attract new investment and jobs - the key for revitalizing our cities. 8865680 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 58 0 1 84 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 32 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY CT PA NJ FL MD RI UT VA IL MA X X Jason Camporese Chief Finance & Operations Officer 8454734440 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 Andrew Gelb Director 1.00 X 0 0 0 Carl H Loewenson Jr Co-Vice Chair 1.00 X X 0 0 0 Carlos A Gonzalez Director 1.00 X 0 0 0 Charlene Chai Director 1.00 X 0 0 0 Cybele Fishman Director 1.00 X 0 0 0 Dawn Watson Director 1.00 1.00 X 0 0 0 Deidrea Miller Director 1.00 X 0 0 0 Edward B Whitney Treasurer 1.00 1.00 X X 0 0 0 Eirchard K Elbaum Director 1.00 X 0 0 0 Elyse Arnow Brill Director 1.00 X 0 0 0 Frederic C Rich Director 1.00 2.00 X 0 0 0 Gil Raviv Director 1.00 X 0 0 0 James C Goodfellow Director 1.00 1.00 X 0 0 0 Jay Arzu Director (outgoing) 1.00 X 0 0 0 Jennifer Ehrlich Rimmer Director 1.00 X 0 0 0 Jesse B Clinton Director (outgoing) 1.00 X 0 0 0 Jessica O Matthews Director (outgoing) 1.00 X 0 0 0 Judah S Kraushaar Assistant Treasurer 1.00 X X 0 0 0 Julia Harte Widdowson Director 1.00 X 0 0 0 Kristin Gamble Director 1.00 1.00 X 0 0 0 Leslie Richards-Yellen Director 1.00 X 0 0 0 Maarten R Van Hengel Director 1.00 X 0 0 0 Mario Johnson Secretary 1.00 X X 0 0 0 Marjorie L Hart Director 1.00 X 0 0 0 Michael P Dowling Director 1.00 X 0 0 0 Omar Kathwari Director 1.00 X 0 0 0 Rebecca R Cohen Director 1.00 X 0 0 0 Richard K Elbaum Director 1.00 X 0 0 0 Richard Krupp Chair 1.00 X X 0 0 0 Richard O Rieger Director 1.00 X 0 0 0 Robert C Lieber Director 1.00 X 0 0 0 Stephen M Clement III Director (outgoing) 1.00 X 0 0 0 Suzy Welch Director 1.00 X 0 0 0 Theodore V Buerger Director (outgoing) 1.00 X 0 0 0 Thomas D Butler Director 1.00 X 0 0 0 Usha Wright Co-Vice Chair 1.00 1.00 X X 0 0 0 Zack McKown Director 1.00 X 0 0 0 Amy Kacala Exec. Dir. HHFT 5.00 40.00 X 97049 59004 28377 Edward O Sullivan President 40.00 5.00 X 500226 0 126400 Erin Riley Senior Vice President 40.00 5.00 X 318073 0 96416 Jason Camporese Chief Finance & Operations 40.00 5.00 X 303995 0 62253 Peter Lopez Exec. Dir. Policy, Adv. & Science 40.00 5.00 X 157429 0 763 Seth McKee Exec Dir,Scenic Hudson Land Trust 35.00 15.00 X 202464 0 63995 Cari Watkins-Bates Director of Land Conservation 40.00 X 129918 0 15860 Hayley Carlock Dir. Environmental Advocacy & Legal Affai 40.00 X 129249 0 48216 Riley Johndonnell Director of Communications 40.00 X 152472 0 33268 Rita Shaheen Dir. of Parks & Community 40.00 X 132390 0 36203 Theresa Andersen Human Resources Director 40.00 X 162520 0 27384 2285785 59004 539135 17 0 1 0 Kivvit LLC 222 West Merchandise Mart Plaza Su Chicago IL 60654 Consulting Services 125333 1 X 702147 6400000 143750 11329580 288786 18575477 Fees (see Schedule O) 900099 3074300 3074300 3074300 534444 534444 4863728 4268356 595372 595372 595372 49700 702147 204955 -155255 -155255 Insurance proceeds 900099 153835 153835 153835 22778173 3228135 0 974561 X 350000 350000 1949130 1093191 404788 451151 5081683 4071044 546434 464205 186085 176473 9517 95 735890 552613 95789 87488 550140 393202 76693 80245 55995 45646 10349 11500 11500 180799 180799 114103 114103 840268 817024 6929 16315 403626 283968 46237 73421 272264 220810 18398 33056 84210 58632 19478 6100 65071 45306 15051 4714 15290 15290 61990 50212 4339 7439 Program/public outreach 706190 526760 59724 119706 Bad debt expense 50000 50000 Ind. fundraising expens 7063 7063 11721297 8865680 1504619 1350998 4245 2911970 6178764 8739309 3530404 5616720 134220 127441 184359 135869 63780 48490 13808821 28851028 12396739 920000 920000 1099300 4542905 38136273 51757863 968004 993231 0 465003 968004 1458234 X 27259540 38060975 9908729 12238654 37168269 50299629 38136273 51757863 11056876 2074484 0 X X 0 1 X 1 0 X 13573250 7925678 7320356 10837430 18575477 58232191 13573250 7925678 7320356 10837430 18575477 58232191 22479808 35752383 500921 469541 270950 331829 534444 2107685 176505 20000 203535 400040 60739916 13235467 0.58860 0.64420 X Schedule A, Part II, Line 10, Explanation of Other Income: Miscellaneous - 2019 Amount: $ 20,000. Gross Income from Fundraising Events - 2018 Amount: $ 176,505. 2022 Amount: $ 49,700. Insurance proceeds - 2022 Amount: $ 153,835. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 26895 153904 180799 11540498 11721297 736065 184016 0 0 816355 667709 735450 736065 2955579 4433369 170676 163662 167148 180799 682285 204089 166927 183863 184016 738895 1108343 145075 139113 142283 26895 453366 24718844 10025000 3013467 1268000 36489311 30187632 390308 -4712096 1147000 24718844 25175230 549491 5627290 1164379 30187632 23037120 2130575 1018535 1011000 25175230 22903088 19448 1216992 1102408 23037120 0.86670 0.13330 0 1 1 23910 23910 0 160449 111959 48490 48490 Security deposit 1450 Due from related party 4104360 Program-related loan receivable from for-profit subsidiary 384 Operating lease right-of-use asset 436711 4542905 Operating lease liability 465003 465003 X 49458996 2074484 24720442 26794926 22664070 114103 114103 22778173 25436444 13836313 13836313 11600131 114103 7063 121166 11721297 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 four "quasi-endowment" funds, which had a combined market value of $208,504,719 as of June 30, 2023, as follows: 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, 2023, the balance of the Board Designated Fund was $ 31,626,625. 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, 2023, the balance of the Kathryn W. Davis Fund was $4,862,688. The combined value of the Board Designated Fund and Kathryn W. Davis Fund ($27,364,313) is reported in Schedule D, Part V of the Scenic Hudson 990. Because of the small size of the Board Designated Fund relative to SH's operations, and the restricted purpose of the Kathryn W. Davis Fund, Scenic Hudson is highly dependent on donor contributions to meet its annual operating needs. 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, 2023, the balance of the Wallace Fund was $180,255,813. 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, 2023, the balance of the Easement Enforcement Fund was $930,468. The capital costs of preserving the highest priority conservation lands in the Hudson Valley far exceed 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 combined value of the Wallace Fund and Easement Enforcement Fund ($181,186,281) excluded from this 990 and reported in Schedule D, Part V of The Scenic Hudson Land Trust 990. HHFT does hold a "quasi-endowment" fund (the "Fund"), which had a value of $2,890,848 as of June 30, 2023. The Board established the Fund during the fiscal year ended June 30, 2021 with a grant (the "Gift") of $50,000 to support future operating and maintenance costs of the Hudson Highlands Fjord Trail by The Scenic Hudson Land Trust, Inc. (SHLT), a related, tax-exempt organization. The Gift is subject to a Gift Agreement (the "Agreement") whereby the HHFT Board of Directors may determine how, when and in what amounts balances in the Fund are applied to pay such operating expenses. There were no such expenses incurred during the fiscal year ended June 30, 2023. Part X, Line 2: DISCLOSURE OF UNCERTAIN TAX POSITIONS: The Organization believes it had no uncertain tax positions as of June 30, 2023 and 2022 in accordance with Accounting Standards Codification ("ASC") Topic 740, "Income Taxes," which provides standards for establishing and classifying any tax provisions for uncertain tax positions. Part XI, Line 2d - Other Adjustments: Consolidation Eliminations -187,014. Related Entity Revenue 24,914,519. Indirect Fundraising Expense -7,063. Part XII, Line 2d - Other Adjustments: Consolidation Eliminations -3,074,300. Related Entity Expenses 16,910,613. Part XII, Line 4b - Other Adjustments: Indirect Fundraising Expense 7,063. Gala 2023 751847 702147 49700 4446 93355 104554 2600 751847 702147 49700 4446 93355 104554 2600 204955 -155255 1 Environmental Defense Fund Inc 257 Park Ave South New York NY 10010 116107128 501(c)(3) 50000 0 Donation to support the New York State Clean Water, Clean Air, Green Jobs Environmental Bond Act ballot measure public education campaign fund. Vote Yes for Clean Water&Jobs Kevin McDonald 14 Donellan Rd Hampton Bays NY 11946 813530312 501(c)(4) 300000 0 Contribution to support activities associated with the campaign to pass the Environmental Bond Act. 1 1 Part I, Line 2: The board approved the expenditure and regularly monitors the grants given. X X X X X 0 1 0 0 0 0 0 1 0 Edward O Sullivan President 377617 0 110000 0 12609 0 126400 0 0 0 626626 0 0 0 Erin Riley Senior Vice President 231127 0 65000 0 21946 0 80644 0 15772 0 414489 0 0 0 Jason Camporese Chief Finance & Operations 230127 0 73000 0 868 0 24922 0 37331 0 366248 0 0 0 Seth McKee Exec Dir,Scenic Hudson Land Trust 170777 0 30000 0 1687 0 16948 0 47047 0 266459 0 0 0 Theresa Andersen Human Resources Director 138298 0 23000 0 1222 0 13212 0 14172 0 189904 0 0 0 Riley Johndonnell Director of Communications 137649 0 14073 0 750 0 10717 0 22551 0 185740 0 0 0 Amy Kacala Exec. Dir. HHFT 97049 28391 0 30000 0 613 0 12757 7090 8530 104139 80291 0 0 Hayley Carlock Dir. Environmental Advocacy & Legal 115774 0 13040 0 435 0 10950 0 37266 0 177465 0 0 0 Rita Shaheen Dir. of Parks & Community 118980 0 11831 0 1579 0 10868 0 25335 0 168593 0 0 0 Peter Lopez Exec. Dir. Policy, Adv. & Science 147609 0 7500 0 2320 0 0 0 763 0 158192 0 0 0 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. See Schedule 0, reference to Form 990, Part VI, Section B, Line 15 for more details. 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, 2023, 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, 2023, SHLT recognized $55,000 of expense related to the agreement which is included in the amount reported on part II, column C. Part II, Column B(III): The amount in this column for certain individuals represents contributions to 457(b) retirement plan, group term life insurance and auto allowance. X 31 288786 Fair Market Value 0 1 0 Part I, Column (b): Number in column (B) represents number of contributions received. FORM 990, PART III, LINE 1: FURTHER CONTEXT FOR ORGANIZATION'S MISSION (CONTINUED): Scenic Hudson helps people and communities preserve land and farms and create parks where people experience the outdoors and enjoy the Hudson River. We also bring together people, businesses and government to protect the river and natural resources that are the engines of the valley's local economies. Today, in the face of new challenges and the effects of climate change, we are dedicated to making the Hudson Valley a great place to live, work and play. Our focus is on strengthening and maximizing benefits all can enjoy from the region's great assets - beautiful open spaces, working farms, and vibrant cities and town centers. Form 990, Part VI, Section B, line 11b 990 REVIEW AND OVERSIGHT PROCESS: 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 the Board Membership and Governance Committee in some cases) 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 B, line 15 PROCESS FOR DETERMINING EXECUTIVE COMPENSATION: Executive compensation is determined by the Executive Compensation Committee, who engages a third-party consultant who provides a market analysis with recommendations, in consultation with the Board of Directors. The Executive Compensation Committee also incorporates first hand research data on comparable organizations in Scenic Hudson's staff and/or budget size in their recommendations. Form 990, Part VI, Section C, line 19 PUBLIC AVAILABLILITY 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 VIII, LINE 2A: DESCRIPTION OF PROGRAM SERVICE REVENUE: As detailed in Schedule R, Part VII, Scenic Hudson provides The Scenic Hudson Land Trust and Hudson Highland Fjord Trail Inc., related organizations with the services of its employees, office space and general administrative support through a service agreement. Program service revenue, which totaled $3,074,300 during fiscal year 2023 represents the fees collected under these agreements. FORM 990, PART IX: STATEMENT OF FUNCTIONAL EXPENSES (PROGRAM EXPENSE RATIO): 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 86.9% and 88.2%, respectively, for the fiscal years ended June 30, 2023 and 2022. The Scenic Hudson Land Trust Inc 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 237148333 Land Conservation NY 501(C)(3) Line 12a, I Scenic Hudson Inc 1 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 1 Northside Junction LLC 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 851529685 Own Property NY N/A 0 0 Fall Kill Brookside LLC 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12061 851504526 Own Property NY Scenic Hudson Inc C 384 1.00000 1 Parker Fall Kill LLC 85 Civic Center Plaza Suite 300 Poughkeepsie NY 12601 852325226 Own Property NY N/A C 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 The Scenic Hudson Land Trust Inc O 2769300 Board resolution/Svcs. Agreement The Scenic Hudson Land Trust Inc B 6400000 Board resolution The Scenic Hudson Land Trust Inc O 265000 Board resolution 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 supported and controlled by SH, and SH is the sole member of SHLT. 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 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. 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 2023 totaled $2,769,300. SH and Hudson Highlands Fjord Trail, Inc. (HHFT) are related, tax-exempt organizations. HHFT is supported and controlled by SH, and SH is the sole member of HHFT. Each organization has its own governing board; however, a majority of the board of HHFT is appointed by that of SH. HHFT was founded exclusively for the benefit of and to serve the purposes of SH, to the extent that those purposes relate to developing and operating an accessible linear public park located between Cold Spring, New York and Beacon, New York, currently known as "the Fjord Trail." Although HHFT does have its own employees, SH provides HHFT with office space and general administrative support through a services agreement. Under this agreement, HHFT provides payment to SH of an amount approved annually by the Board of Directors which in fiscal year 2023 totaled $40,000. Part III and Part IV: Northside Junction, LLC ("Northside Junction"), a New York Limited Liability Company, was formed on June 17, 2020 and organized as a partnership for the purpose of acquiring, rehabilitating, maintaining, leasing, and selling or otherwise disposing of its interest in real property located in Poughkeepsie, NY (the "Property"). The Property will be renovated as a historic rehabilitation project to generate federal historic tax credits ("HTCs") and State of New York historic tax credits ("NY HTCs and collectively with the HTCs, the "Tax Credits") in accordance with Sections 47 and 50 of the IRC and Section 210-B-26 of the Laws of New York, respectively. Northside Junction is further intended to enter into one or more Brownfield Site Cleanup Agreement(s) and to be a Volunteer, as defined in Section 27-1405(1)(b) of the State of New York Environmental Conservation Law (the "ECL"), under the New York State Department of Environmental Conservation Brownfield Cleanup Program ("BCP") in accordance with Title 14 of Article 27 of the ECL. Fall Kill Brookside, LLC ("Fall Kill"), a New York Limited Liability Company which has elected to be treated as a corporation for tax purposes, was formed on June 17, 2020 and organized with Scenic Hudson as its sole member. Fall Kill holds a 0.01% interest in Northside Junction. Parker Fall Kill, LLC ("Parker"), a New York Limited Liability Company which has elected to be treated as a corporation for tax purposes, was formed on June 17, 2020 and organized with the Land Trust as its sole member. Parker holds a 99.99% interest in Northside Junction.