1) Donation
Land or gifts may be given to the Foundation which will give the donor a charitable contribution for income tax purposes equal to the fair market value of the gifted land or item as determined by a qualified appraiser. Such a gift also reduces the value of one's taxable estate.

2) Reserved Life Estate
A gift of land through a reserved life estate enables a donor to retain possession and use of the gifted property for one's lifetime. A charitable contribution for income tax purposed is allowed in accordance with Internal Revenue Service regulations. As with a donation of land, the gifted property is removed from one's taxable estate.

3) Testamentary Gift
You may include a provision in your will to bequeath cash, securities, or property to the Foundation. Testamentary gifts do not result in a charitable contribution for income tax purposes, but such gifts can dramatically reduce the estate tax liability faced by the next generation. Codicils to a will can be an effective interim measure to protect land while planning is underway.

4) Bargain Sale
A bargain sale is a sale of land at less than fair market value. The difference between the bargain sale price and the fair market value is a charitable contribution. Therefore, it is part gift, and part sale. The seller realizes a combination of a tax savings and a return on a portion of the equity in the land.

5) Matching Gifts
If you work for a company which has a matching gifts program, your contribution may be doubled or more by the company.

Land Acquisition

In addition to the various land and estate planning mechanisms which can effect land conservation through gifts to the Foundation there are other methods which are available to landowners to conserve land.

1) Conservation easements
A conservation easement imposes permanent restrictions on the future use of the land. For example, an easement can require that property remain forever in its natural state or in agriculture. As ownership changes, the land remains subject to the restrictions of the easement. A charitable contribution is allowed equal to the difference between the fair market value of the land before and after the easement. An easement may also reduce the value of land within one's estate as well as property taxes. The Foundation has entered into an agreement with the Peconic Land Trust so that we may assist landowners in planning and implementing a conservation easement.

2) Limited development
The high value of land on Long Island has, at times, put significant parcels of farmland and open space beyond acquisition by the foundation. The Foundation is able with assistance from the Peconic Land Trust and Conservation advisors, to prepare conservation plans for such parcels which identify areas to be protected, as well as marginal land which can be developed or sold to pay for the acquisition and management of the preserve areas. Such :"limited development" plans enable the Foundation to self finance acquisitions and implement alternatives to outright development.

3) Fair market purchase
If funds are available, the Foundation may purchase land at fair market value. In some instances, such purchases are dependent upon the ability of the Foundation to raise the necessary funds from the community at large. Gifts to the Foundation are of course tax deductible and can enable the Foundation to make such purchases. In other instances, the Foundation may negotiate a purchase in conjunction with a governmental development rights or open space program. If you or your attorney would like to discuss a potential bequest or gift please do not hesitate to call the Foundation.