 |
 |
 |
 |
|||||||||||||||||||||
 |
|
Is my 2007 contribution to VFPP tax deductible? And Answers ...
1. Is my 2007 contribution to VFPP tax deductible? If your total contribution was made in 2007 and it was less than $500, it is tax deductible and you should have received a tax acknowledgment letter from us at the time of your donation. If your total 2007 contribution was $500 or more you had the option of making it restricted allowing VFPP to return the funds to you in case the Valley Floor acquisition is not finalized. If you made your donation restricted by signing and returning the escrow agreement, your contribution was not considered a gift in 2007 and therefore not deductible. Please contact Hilary at VFPP if you need to confirm the status of your contribution. If your contribution was $500 or more and you did not sign the Escrow Agreement you should have received a tax acknowledgment letter from VFPP for your 2007 tax filing in January 2008. --|| back to top list of questions 2. What is happening with San Miguel Valley Corporation's appeal? After both parties has filed all of their briefs with the Colorado Supreme Court, Oral arguments were presetented by the Town and SMVC on January 22, 2008. We hope for a decision this spring, although it can take up to nine months. Click here to view the most recent trial updates and legal documents relating to the appeal. 3. What is the status of the acquisition funds? On May 9th $50,876,281.15 was deposited in a Wells Fargo account established by the Town, SMVC and the Court. $24.5MM from both the Town and VFPP as well as $876,281.15 in interest accumulated since the day of the value judgment The funds can be removed by SMVC at any time, ending the appeal. The Wells Fargo account is invested in safe and conservative 6 month Treasury Bills (also stipulated by the parties and Court) earning just under a 5% interest rate. As of late February, the amount held had increased in value by approximately $2,005,313. --|| back to top list of questions 4. What happens to the funds if the Supreme Court rules in the Town's favor? Once the appeals process has been exhausted and the Court awards title to the property to the Town, VFPP will acknowledge all restricted private contributions as tax-deductible, charitable donations. The acquisition funds, together with all interest earned during the appeals process will become the property of SMVC. 5. What happens to the funds if the Supreme Court rules in SMVC's favor? In the event that the Court rules against Telluride's eminent domain action, the acquisition funds together with interest accrued will be returned to the Town and VFPP. VFPP will return restricted funds to contributors, as stipulated in the Escrow Agreements on file. (NOTE: It is very important that contributors of restricted funds notify VFPP of any changes to contact information provided on Escrow Agreements. If you have changed your legal name, your mailing or email address or your phone number, please contact VFPP.) In the event that the Town is ultimately unsuccessful in acquiring the property, unrestricted funds returned to VFPP by the Court, already acknowledged as charitable donations by VFPP, will be used for an alternative charitable purpose consistent with the policies of VFPP. 6. What is the status of the SMVC legal fees for which the Town will be responsible? After the valuation trail in February, SMVC submitted a bill of attorney fees and costs of approximately$3.4MM. The Town agreed to and paid SMVC $2.2MM and contested the balance. In September, Judge Greenacre issued and order allowing approximately $200,000 of SMVC remaining fees and denied approximately $1MM. All of the legal fees have been paid out of the Town's Open Space Fund. --|| back to top list of questions
|
 |
|||||||||||||||||||||
|
|
 |
|||||||||||||||||||||||
|
|
 |
info@valleyfloor.org ©
2006 Valley Floor Preservation Partners |
|
|||||||||||||||||||||
 |
 |
 |
 |
Valley Floor Preservation Partners • PO Box 202 • Telluride, CO 81435