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Donations and Gifts <br />Donors may offer to donate land or money to a government or land trust to lower taxes, <br />a good will gesture, or to leave a legacy. In some instances, donated land may be <br />traded or sold and the proceeds used to acquire more desirable park or open space <br />land. <br />Endowments <br />A fund, based on an initial gift of substantial size, established in perpetuity for a specific <br />purpose as stated by the donor. Endowed funds provide dependable and predictable <br />resources to help meet new or recurring expenses. As the gift grows in value on a <br />"total- return" basis, it provides an accumulation of annual spendable income at the <br />same time that the principal continues to appreciate. <br />Life Estate <br />The landowner sells or donates the land, but retains the right to live on it throughout his <br />or her lifetime. <br />Park Foundations <br />A not - profit organization set up to serve as a conduit for contributions to park and open <br />space projects. <br />Private Foundation Grants <br />Many private foundations and companies provide grants for trails, greenways, and open <br />space preservation. <br />Land Trusts /Conservancies <br />Land trusts are nonprofit, tax exempt organizations directly involved in protecting <br />environmentally significant land for the public benefit. Land trusts are not trusts in the <br />legal sense. In fact, many refer to themselves as conservancies, foundations, or <br />associations. They accept donations of properties, buy land, or help landowners <br />establish legal restrictions that limit harmful use and development. Some land trusts do <br />not own land but monitor conservation restrictions they helped put in place. <br />Open Space Acquisition Funding and Protection Strategies — Draft October 2001 14 <br />