Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $11,152

• 1f · All other contributions, gifts and grants

  $1,564,474

• 1g · Noncash contributions included above

  $40,000

• 2a · Program service revenue: Return of Program Funds

  total $250,000 · related or exempt $250,000

• 2b · Program service revenue: Maintenance Agreement Income

  total $10,000 · related or exempt $10,000

• 3 · Investment income

  total $2,784,165 · unrelated business $36,013 · excluded $2,748,152

• 6a · Gross rents

  real property $10,850

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $10,850

• 6d · Net rental income or loss

  total $10,850 · excluded $10,850

• 7a · Gross sales of assets other than inventory

  securities $42,186,213

• 7b · Less cost or other basis and sales expenses

  securities $35,753,085

• 7c · Gain or loss

  securities $6,433,128

• 7d · Net gain or loss

  total $6,433,128 · unrelated business $2,606 · excluded $6,430,522

• 11a · Other revenue: Bridge Loan Interest Income

  total $809,450 · related or exempt $809,450

• 11b · Other revenue: Insurance Settlement Proceeds

  total $333,000 · related or exempt $333,000

• 11c · Other revenue: Misc Income

  total $8,258 · related or exempt $8,258

• 11e · Other revenue, total

  $1,150,708

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,370,755 · program services $1,370,755

• 11a · Fees: management

  total $3,364,300 · program services $3,174,693 · management and general $131,595 · fundraising $58,012

• 11b · Fees: legal

  total $32,608 · program services $32,608

• 11c · Fees: accounting

  total $83,100 · management and general $83,100

• 11f · Fees: investment management

  total $686,244 · management and general $686,244

• 16 · Occupancy

  total $231,908 · program services $231,908

• 20 · Interest

  total $113,992 · program services $113,992

• 22 · Depreciation, depletion and amortization

  total $47,189 · program services $47,189

• 23 · Insurance

  total $329,157 · program services $329,157

• 24a · Other expenses: Land project expenses

  total $3,248,454 · program services $3,248,454

• 24b · Other expenses: Conservation easements

  total $2,867,462 · program services $2,867,462

• 24c · Other expenses: Bad Debt Expense

  total $360,000 · management and general $360,000

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $427,049 · end of year $1,725,054

• 2 · Savings and temporary cash investments

  beginning of year $59,210,512 · end of year $9,173,320

• 3 · Pledges and grants receivable

  beginning of year $2,988,954 · end of year $2,261,850

• 7 · Other notes and loans receivable

  beginning of year $6,810,098 · end of year $8,627,506

• 9 · Prepaid expenses and deferred charges

  beginning of year $237,591 · end of year $270,507

• 10a · Land, buildings and equipment: cost or other basis

  $65,781,573

• 10b · Land, buildings and equipment: accumulated depreciation

  $308,945

• 10c · Land, buildings and equipment, net

  beginning of year $64,812,861 · end of year $65,472,628

• 11 · Investments: publicly traded securities

  beginning of year $32,528,249 · end of year $85,414,293

• 12 · Investments: other securities

  beginning of year $132,723,928 · end of year $124,167,687

• 15 · Other assets

  beginning of year $12,350,846 · end of year $35,567,181

• 17 · Accounts payable and accrued expenses

  beginning of year $1,025,160 · end of year $2,166,305

• 23 · Secured mortgages and notes payable

  beginning of year $2,792,346 · end of year $2,906,337

• 25 · Other liabilities

  beginning of year $4,736,680 · end of year $11,370,273

• 27 · Net assets without donor restrictions

  beginning of year $92,642,792 · end of year $111,026,722

• 28 · Net assets with donor restrictions

  beginning of year $210,893,110 · end of year $205,210,389

The filer's explanations (Part III)

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 of Scenic Hudson, Inc. ("SH"), is a senior executive and has served the organization since his date of hire in 1999. Mr. Sullivan also provides essential services to The Scenic Hudson Land Trust, Inc. ("SHLT"), which has no employees. The Executive Compensation Committee and Board have determined that Mr. Sullivan's executive compensation package appropriately reflects best practices and aligns with market research provided by the independent compensation consultant. During the year ended June 30, 2020, SH and Mr. Sullivan entered into a long-term employment agreement under IRC Section 457(f). The terms of the agreement ran through January 31, 2025, at which time Mr. Sullivan completed his commitment and received a one-time lump sum payment of $400,000. Over the term of the agreement, SHLT agreed to provide SH with funds sufficient to enable SH to make payments due under the 457(f) plan. Accordingly, SHLT recognized this obligation over the term of the 457(f) agreement. During the year ended June 30, 2025, SHLT recognized $47,000 of expense related to the agreement, which is included in the amount reported on Part II, column C. Erin Riley, Senior Vice President of Scenic Hudson, Inc. ("SH"), is a senior executive and has served the organization since her date of hire in 1997. Ms. Riley also provides essential services to The Scenic Hudson Land Trust, Inc. ("SHLT"), which has no employees. The Executive Compensation Committee and Board have determined that Ms. Riley's executive compensation package appropriately reflects best practices and aligns with market research provided by the independent compensation consultant. During the year ended June 30, 2021, SH and Ms. Riley 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 have completed her commitment and will receive a one-time lump sum payment of $275,000. Over the term of the agreement, SHLT agreed to provide SH with funds sufficient to enable SH to make payments due under the 457(f) plan. Accordingly, SHLT recognized this obligation over the term of the 457(f) agreement. During the year ended June 30, 2025, 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 of Scenic Hudson, Inc. ("SH"), is a senior executive and has served the organization since his date of hire in 1991. Mr. McKee provides essential services to The Scenic Hudson Land Trust, Inc. ("SHLT"), which has no employees. The Executive Compensation Committee and Board have determined that Mr. McKee's executive compensation package appropriately reflects best practices and aligns with market research provided by the independent compensation consultant. During the year ended June 30, 2024, SH and Mr. McKee 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 have completed his commitment and will receive a one-time lump sum payment of $200,000. Over the term of the agreement, SHLT agreed to provide SH with funds sufficient to enable SH to make payments due under the 457(f) plan. Accordingly, SHLT recognized this obligation over the term of the 457(f) agreement. During the year ended June 30, 2025, 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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• Beacon Waterfront LLC

  Land Conservation · NY

  Directly controlled by The Scenic Hudson Land Trust Inc

• Wiccopee Farm LLC

  Land Conservation · NY

  Directly controlled by The Scenic Hudson Land Trust Inc

• Slopeline LLC

  Land conservation · NY

  Directly controlled by The Scenic hudson Land Trust Inc

• Quarry Waters LLC

  Land conservation · NY

  Directly controlled by The Scenic hudson Land Trust Inc

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• Northside Junction LLC

  Own Property · NY

• Northside Junction Master Tenant LLC

  Leaseholder · NY

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• Fall Kill Brookside LLC

  C · Own Property · NY

• Parker Fall Kill LLC

  C · Own Property · NY · 100% owned · share of income $194 · controlled entity

  Directly controlled by Scenic Hudson Land Trust Inc