WASHINGTON
- Sen. Chuck Grassley, chairman of the Committee on Finance, and Sen.
Max Baucus, ranking member, today continued their independent review
of The Nature Conservancy's activities, transactions and practices.
The senators sent a detailed letter asking questions about previously
raised issues as well as new issues.
The
text of the senators' letter follows. The names of individuals who
have not been named publicly in media reports have been redacted.
March
3, 2004
Mr.
Steven J. McCormick President and Chief Executive Officer
The
Nature Conservancy
4245
North Fairfax Drive
Arlington
,
VA
22203-1606
Dear
Mr. McCormick:
We
appreciate the cooperation of The Nature Conservancy (TNC) with the
Finance Committee's independent review of TNC's activities,
transactions and practices. This letter is a follow-up regarding
certain information the Finance Committee received from the first
round of questions. Further, some questions (noted as such at the end
of this letter) relate to new issues not raised in our earlier letter
dated
July
16, 2003
.
I.
Conservation Buyer Program
1.
Identify each and all of the TNC conservation buyer transactions for
the ten year period described in our letter of July 16, 2003 (whether
related party buyers or non-related buyers), that involved a
charitable donation or charitable pledge made to TNC by the purchaser
within a time frame beginning 6 months prior to closing on the land
purchase from TNC and ending two years after the land purchase. For
each such transaction list the amount and date(s) of payment of the
contribution or pledge; attach a copy of the charitable pledge
documentation; and attach any paperwork associated with the charitable
gift- to the extent such information was not already provided in
response to our prior letter.
2.
In response to question 1, above, if the information has already been
provided to us, indicate where each item may be found in such
materials, including transaction number.
3.
Questions regarding the
Davis
Mountains
,
Texas
,
property transactions:
a.
Did _____ make a charitable pledge (or charitable contribution) with
respect to the transaction for the 5,854 acres on or about
December
22, 1997
?
b.
Why did _____ give back to TNC the land she had purchased two years
before? Why did she give back just part of it and not all of it?
c.
Was there anything different about the land she kept as opposed to the
land she gave back such as an improvement of the land, or a special
feature of the land retained (or given up)?
d.
What did _____ end up paying for the land she retained? Was it
approximately the sale price of $1,160,834?
e.
Did _____ pay the $5,426,632 purchase price for the 27,133 acres? If
not, what did she pay?
f.
Did _____ pay the $2,839,717 for the charitable pledge she made? If
not, how much did she pay? When were payments made on the pledge?
g.
Did _____ hold a position with TNC as a director, officer or employee?
If so, discuss her position, her term with TNC, whether she continues
to have a relationship with TNC, and, if so, in what capacity.
h.
Attach all correspondence and other communications, including e-mail
and any memos that relate to the purchase of
Davis
Mountains
property by _____.
i.
Please provide a copy of the
January
31, 1992
,
opinion letter to _____ from Steptoe & Johnson, referred to in the
January
29, 1997
,
letter from _____ to _____ of Steptoe & Johnson, regarding
charitable contribution deductions for premiums paid for real property
and donations of appreciated stock to pay the premium portion of the
purchase price.
4.
Questions regarding the
Shelter
Island
(Thompson Hill) transaction:
a.
The value of the conservation easement was appraised at $1,594,000.00
as of
October
28, 1999
.
When was this information conveyed to the TNC and the Dougherty's?
b.
Did the _____ donate part of the land that now makes up Mashomack
Preserve? If so, how much land and what percentage of the total? What
was the then value of the gift?
http://www.senate.gov/~finance/press/Gpress/2004/prg030304b.pdf
