Balsam Mountain Trust - Form 990

V

r

Return of Organization Exempt From Income Tax

990

Form

Under section 501(c), 527, or 4947( a)(1) of the Internal Revenue Code ( except black lung benefit trust or private foundation)

Department of the Treasury Internal Revenue Serv ice

► The organization may have to use a copy of this return to satis fy state reporting requirements.

and end

A For the 2005 calendar year , or tax year beginning B

Check i f applicable

Please use IRS label or printor

Address Ljchange ]change

B alsam Mountain Trust

56-2217688 Room/suite E Telephone number

Number and street (or P.O. box if mail is not delivered to street address)

type

Final

tons

=return

O

D Employer identification number

C Name of organization

828-631-1060

speCific52 Su ar Loaf Road Instruc-

re tua'

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etue11ded r

Fsy

2005 )pen to Public Insoection

F Accounting method

or town, state or country, and ZIP + 4

® Cash 0 Accrual

lva NC 2 8 7 7 9 city • Section 501 ( c)(3) organizations and 4947 ( a)(1) nonexempt charitable trusts must attach a completed Schedule A (Form 990 or 990 EZ)

H and I are not applicable to section 527 orga niza tions 0 Yes ®No H(a ) Is this a group return for affiliates? N/A H(b) If "Yes," enter number of affiliates. Website : jo�N/A ) 14 (i nsert no) 0 4947(a)(1) or E:] 527 H(c) Are all affiliates included? N/A =Yes =No Organization type (check only one) Po- ® 501(c) ( 3 (If "No, attach a list.) Check here 0,- = if the organization's gross receipts are normally not more than $25,000. The H(d) Is this a separate return filed by an organization covered by a group ruling? O Yes No organization need not file a return with the IRS; but if the organization chooses to file a return, be sure to file a complete return. Some states require a complete return . Group Exemption Number jo� N/A I M Check ► = if the organization is not required to attach Sch. B (Form 990, 990-EZ, or 990-PF). Gross receipts: Add lines 6b, 8b, 9b, and 10b to line 12 ► 383,178. Aending ' on

I G J K

L

Part I

Revenue - Expenses . and Chanaes in Net Assets or Fund Balances Contributions , gifts, grants , and similar amounts received:

1

1a

a Direct public support b Indirect public support c Government contributions ( grants) d Total (add lines 1a through 1c) (cash $

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1c 371,751.

(l)

2 3 4

Membership dues and assessments Interest on savings and ternpolaly cash investments

3

Dividends and interest from securities

5

4

6 a Gross rents

6a

Less: rental expenses c Net rental income or (loss ) ( subtract line 6b from line 6a) Other investment income ( describe ► 7 8 a Gross amount from sales of assets other

6b 7

8a

7,500 . 30,350 . <22 Stmt

850 . 1

9b b Less : direct expenses other than fundraising expenses line from line special events (subtract 9b 9a) or (loss from ) c Net income 10a 10 a Gross sales of inventory, less returns and allowances 10b b Less: cost of goods sold from line 10a) schedule subtract line 10b )( c Gross profit or ( loss) from sales of inventory ( attach Other revenue ( from Part VII, line 103) 11 12 Total revenue add lines 1d 2 3 4 5 6c, 7, 8d, 9c, 10c and 11 13 14

CL W

15 16 17 18

d

19

4% 20 21 02-03-06

Program services ( from line 44, column (B)) Management and general ( from line 44, column ( C))

APR

Fundraising ( from line 44, column ( D)) Payments to affiliates ( a ttach schedule) Total expenses (add lines 16 and 44, column (A)) Excess or ( deficit) for the year (subtract line 17 from line 12) Net assets or fund balances at beginning of year ( from line 73, column ( A))

Other changes in net assets or fund balances ( attach explanation)

16

For Privacy Act and Paperwork Reduction Act Notice , see the separate instructions.

Bid

<22

850 .

9c

10c

20

06

V

11 12 13

352,828. 151,377.

O

14

10 5 3 2 .

N

15

See Statement

Net assets or fund balances at end of year ( combine lines 18, 19, and 20 ) LHA

3,927.

(B) Other

(A) Securities

than inventory

y

371,751.

6c

8b b Less: cost or other basis and sales expenses 8c c Gain or (loss ) ( attach schedule ) d Net gain or ( loss) (combine line 8c, columns ( A) and ( B )) Special events and activities ( attach schedule ). If any amount is from gaming , check here ► 9 of contributions a Gross revenue ( not including $ 9a repo rted on line 1a)

M

1d 2

b

0

)

noncash $

Program service revenue including government fees and contracts ( from Pa rt VII, line 93)

5

z z

371,751.

lb

2

16 17

161,909.

18

190,919.

19

186,911.

20

2,500.

21

380,330.

Form 990 (2005)

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Form 990 2005) Pali II Statement of

56-2217688 Balsam Mountain Trust All organizations must complete column (A). Columns (B), (C), and (D) are required for section 501(c)(3)

Functional Expenses

Page 2

and (4) organizations and section 4947(a)(1) nonexempt charitable trusts but optional for others.

Do not include amounts reported on line 6b, 8b, 9b, 10b, or 16 of Part 1

(B) Program services

(A) Total

(C) Management and general

(D) Fundraising

Grants and allocations (attach schedule)

22

0 . noncash $

(cash $

0

If this amount includes foreign grants , check here ► El

23 Specific assistance to individuals (attach schedule) 24 Benefits paid to or for members (attach schedule)

22

23 24

25 Compensation of officers, directors, etc

26 Other salaries and wages

52,423. 11,825. 1,987. 7,363. 5,477.

25 26

27

27 Pension plan contributions 28 Other employee benefits 29 Payroll taxes 30 Professional fundraising fees

28

29 30 31 32

1 646.

33 Supplies 34 Telephone

33

7,469.

34

6,356.

35 Postage and shipping

35

31 Accounting fees 32 Legal fees

36 Occupancy

36

37 Equipment rental and maintenance 38 Printing and publications

37

39 Travel

39

40 Conferences, conventions, and meetings

40

872. 2 661. 1 690. 1,727. 1,789.

41 Interest 42 Depreciation, depletion, etc (attach schedule)

41 42

300 .

43 Other expenses not covered above (itemize) a Environmental

43a

38

b Consulting Expense c Vehicle Expense

43b 43c

d Other Expenses e lnsurance Expense

43d

If

43f 43

g

49,211. 1-1,825. 1 887. 6 9 62 . 5,206.

0.

100. 401. 271. 1 646.

4,900. 6,356.

2,569.

872. 2 6 61. 1,690. 1,727. 759.

1 0 3 0.

300.

50 541. 6,454. 55.

50,541. 6,794 . t 711. 278.

43e

3,212.

340. 656. 278.

44 Total functional expenses . Add lines 22 through 43. (Organizations completing columns (B)-(D), carry these totals to lines 13-15)

4 61 909. 51 377. 0,532. Joint Costs . Check ► EJ if you are following SOP 98-2 ► Are any joint costs from a combined educational campaign and fundraising solicitation reported in (B) Program services ? If "Yes," enter ( i) the aggregate amount of these joint costs $ N/A ; (ii) the amount allocated to Program services $ and NO the amount allocated to Fundraising $ N/A ( iii) the amount allocated to Management and general $

. Yes ® No N/A N/A

Form 990 (2005)

523011 02-03-08

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Form 990(2005 Balsam Mountain Trust Part III Statement of Program Service Accomplishments (see the instructions)

56-2217688

Page 3

Form 990 is available for public inspection and, for some people, serves as the primary or sole source of information about a particular organization. How the public perceives an organization in such cases may be determined by the information presented on its return. Therefore, please make sure the return is complete and accurate and fully describes, in Part III, the organization's programs and accomplishments. What is the organization's primary exempt purpose? ►

See

Statement

3

Program Se rv ice Expenses (Required for 501(c)(3) and (4) orgs., and 4947(a)(1) trusts; but optional for others.)

All organizations must describe their exempt purpose achievements in a clear and concise manner State the number of clients served, publications issued, etc. Discuss achievements that are not measurable. (Section 501(c)(3) and (4) organizations and 4947(a)(1) nonexempt charitable trusts must also enter the amount of grants and allocations to others.)

a Study, evaluation and recommendation regarding land management, including scientific surveys and water guality monitoring of property donated as a conservation easement.

(Grants and allocations

91,077.

If this amount includes foreign grants, check here

$

b Providing of Educational Programs to public and private elementary, middle and high schools in the western North Carolina region

(Grants and allocations

If this amount includes foreign grants, check here

$

22,123.

►

c Preparation of publications and a ers for dissemination to the general public regarding studies in the Balsam Mountain conservation easement land

(Grants and allocations

If this amount includes foreign grants, check here

$

d The Nature Center is utilized as multi-disciplinary education and Center accomodates a broad range but is not limited to Env. Educ.,

0

16,145.

a destination (on-site) The research facility. of user groups which include Scientific res.etc.

If this amount includes foreign grants, check here See Statement 4 and allocations If this amount includes foreign grants, check here (Grants $ f Total of Program Service Expenses (should equal line 44, column (B), Program services)

21,037.

(Grants and allocations $ e Other program services (attach schedule)

►

El ►

995. 151,377. Form 990 (2005)

523021 02-03-06

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Note : Where required, attached schedules and amounts within the description column should be for end-of-year amounts only.

46

N

,

(A) Beginning of year

47a 47b

48 a Pledges receivable b Less. allowance for doubtful accounts Grants receivable 49 Receivables from officers, directors, trustees, 50

48a

47c

48c

48b

49 50

and key employees 51 a Other notes and loans receivable b Less: allowance for doubtful accounts

51a 51c

51b

52

Inventories for sale or use Prepaid expenses and deferred charges

53

633.

Investments - securities 55 a Investments - land, buildings, and

►

54

equipment basis b Less. accumulated depreciation

56

59

62 N

63

Cost

FMV

55a

11,956.

55b

1,800.

55c

See Statement

5

)

50,000.

198,659. 11,748.

Grants payable Deferred revenue Loans from officers, directors, trustees, and key employees

58

0.

59

387,363. 7,033.

60 61 62 63 64a 64b 65

)

-

11,748.

66

7,033.

136,911. 50,000.

67

380,330.

68 69

0.

and complete lines

-

°

68 Permanently restricted 69 Organizations that do not follow SFAS 117, check here ► complete lines 70 through 74. Capital stock, trust principal, or current funds 70

<

71 72

Z

73

Paid-in or capital surplus, or land, building, and equipment fund Retained earnings, endowment, accumulated income, or other funds Total net assets or fund balances (add lines 67 through 69 or lines 70 through 72;

column ( A) must equal line 19; column ( B) must equal line 21)

186,911.

73

74

Total liabilities and net assets/fund balances . Add lines 66 and 73

198,659.t

74

LL

10,156.

57c

57b

Total liabilities . Add lines 60 through 65) 66 Organizations that follow SFAS 117, check here ► 67 through 69 and lines 73 and 74

m V

633.

57a

Total assets must equal line 74). Add lines 45 through 58 Accounts payable and accrued expenses

Unrestricted Temporarily restricted

53 54

56

64 a Tax-exempt bond liab il ities b Mortgages and other notes payable Other liabilities (describe ► 65

67

1,877.

Investments - other

57 a Land, buildings, and equipment: basis b Less accumulated depreciation Other assets (describe ► 58

60 61

376,574.

46

47 a Accounts receivable b Less* allowance for doubtful accounts

52

(B) End of year

146,149. 45

Cash - non-interest-bearing Savings and temporary cash investments

45

Page 4

56-2217688

Form 990 2005) Balsam Mountain Trust Part IV Balance Sheets (See the instructions)

and 70 71 72

380,330. 387,363. Form 990 (2005)

523031 02-03-08

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Reconciliation of Revenue per Audited Financial Statements W ith Revenue per Return (See the instructions.)

Pa rt IV-A a b

e

b1

2 Donated services and use of facilities

b2

3 Recoveries of prior year grants

b3

b

c d

e

b4 b c

Amounts included on Part I, line 12, but not on line a: 1 Investment expenses not included on Part I, line 6b 2 Other (specify)-

d1 I d2

Add lines d1 and d2 Total revenue (Part I line 12) Add lines c and d

No.

d e

Reconciliation of Expe nses per Audited Financial Statements With Expenses per Return

Part IV- B a

N/A

a

Total revenue, gains, and other support per audited financial statements Amounts included on line a but not on Part I, line 12. 1 Net unrealized gains on investments

4 Other (specify): Add lines b1 through b4 c Subtract line b from line a d

Page 5

56-2217688

Balsam Mountain Trust

Form 990 2005

N/A

a

Total expenses and losses per audited financial statements Amounts included on line a but not on Part I, line 17 1 Donated services and use of facilities

b1

2 Prior year adjustments reported on Part I, line 20 3 Losses reported on Part I, line 20

b3

4 Other (specify)

b4

b2

b

Add lines bl through b4 Subtract line b from line a

c

Amounts included on Part I, line 17, but not on line a: 1 Investment expenses not included on Part I, line 6b

dl

2 Other (specify):

d2 d

Add lines d1 and d2 Total expenses (Part I line 17). Add lines c and d

Current Officers , Directors , Trustees , and Key Employees (List each person who was an officer, director, trustee,

Pa rt V-A

or kev emolovee at any time dunna the year even if they were not compensated ) (See the instructions) (B) Title and average hours (C) Compensation (A) Name and address per week devoted to If not aid , enter

position

P'O-.

(

(D) Contributions to a ployee benefit plans & deferred compensation plans

(E) Expense account and

other allowances

-----------------------------------------------------------------

52,423.

See Statement 6

5,019.

1,997.

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Form 990 (2005) 523041 02-03-08

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Current Officers , Directors , Trustees , and Key Employees (continued)

Part V-A

Pace6

Yes No

75 a Enter the total number of officers, directors, and trustees permitted to vote on organization business at board

►

meetings

0

b Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A,

c

Part II-A or II-B, related to each other through family or business relationships'? If "Yes," attach a statement that identifies the individuals and explains the relationship( s)

75b

X

Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to this organization through common supervision or common control'?

75c

X

Note. Related organizations include section 509(a)(3) supporting organizations. If 'Yes," attach a statement that identifies the individuals, explains the relationship between this organization and the other organization(s), and describes the compensation arrangements, including amounts paid to each individual by each related organization.

d Does the organization have a written conflict of interest policy? 75d Pa rt V- R Former Officers . Directors . Trustees . and Kev Emnlovees That Received Compensation or Other

X

Benefits (If any former officer, director, trustee, or key employee received compensation or other benefits (described below) during the year, list that person below and enter the amount of compensation or other benefits in the appropriate column. See the Instructions ) (D) Contributions to (E) Expense benefit (B) Loans and Advances (C) Compensation employee (A) Name and address account and plans & deferred compensation pans other allowances None

Part VII Other Information (See the instructions.) 76

IYesl No

Did the organization engage in any activity not previously reported to description of each activity

77

Were any changes made in the organizing or governing documents bi If "Yes," attach a conformed copy of the changes

78 a Did the organization have unrelated business gross income of $1,000 b If "Yes," has it filed a tax return on Form 990-T for this year? Was there a liquidation, dissolution, termination, or substantial contra 79 80 a Is the organization related (other than by association with a statewide membership, governing bodies, trustees, officers, etc., to any other et N/A b If "Yes," enter the name of the organ izationloo81 a Enter direct or indirect political expenditures (See line 81 523161/02-03-06

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Form 990(2005 Balsam Mountain Trust Part VI Other Information (continued)

56-2217688

82 a Did the organization receive donated services or the use of materials, equipment, or facilities at no charge or at substantially less than fair rental value's b If "Yes," you may indicate the value of these items here Do not include this

age 7 Yes No

82a

X

83a 83b

X

amount as revenue in Part I or as an expense in Part II

(See instructions in Part III.)

82b

6,000.

83 a Did the organization comply with the public inspection requirements for returns and exemption applications? b Did the organization comply with the disclosure requirements relating to quid pro quo contributions? N/A 84 a Did the organization solicit any contributions or gifts that were not tax deductible? N/A b If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not 85

tax deductible? N/A 501(c)(4), (5), or (6) organizations a Were substantially all dues nondeductible by members? N/A b Did the organization make only in-house lobbying expenditures of $2,000 or less? N/A If "Yes" was answered to either 85a or 85b, do not complete 85c through 85h below unless the organization received a waiver for proxy tax owed for the prior year Dues, assessments, and similar amounts from members d Section 162(e) lobbying and political expenditures e Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices f Taxable amount of lobbying and political expenditures (line 85d less 85e) c

88

85b

N/A

85d

N/A

85e

N/A

85f

N/A N/A

85

N/A

85h

501(c)(7) organizations. Enter a Initiation fees and capital contributions included on

line 12 87

84b 85a

85c

9 Does the organization elect to pay the section 6033(e) tax on the amount on line 85f? h If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount on line 85f to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year? 86

84a

86a

N/A

b Gross receipts, included on line 12, for public use of club facilities

86b

N/A

501(c)(12) organizations. Enter a Gross income from members or shareholders b Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.)

87a

N/A

87b N A greater interest taxable corporation or partnership, At any time during the year, did the organization own a 50% or in a or an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301 7701-3? If "Yes," complete Part IX

89 a 501(c)(3) organizations. Enter: Amount of tax imposed on the organization during the year under: section 4911► 0 . ; section 4912 ► 0 . ; section 4955 ► b 501(c)(3) and 501(c)(4) organizations. Did the organization engage in any section 4958 excess benefit

88

X

89b

X

0.

transaction during the year or did it become aware of an excess benefit transaction from a prior year? If "Yes," attach a statement explaining each transaction c Enter. Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958 d Enter Amount of tax on line 89c, above, reimbursed by the organization 90 a List the states with which a copy of this return is filed ►NC

► ►

b Number of employees employed in the pay period that includes March 12, 2005

91 a The books are in care of ► Christopher Crouch

0. 0.

90b

Telephone no. ►

Located at ► 52 Sucrar Loaf Road, Sylva, NC b At any time during the calendar year, did the organization have an interest in or a signature or other authority over a financial account in a foreign count ry (such as a bank account , secu rities account , or other financial account)? If "Yes ," enter the name of the foreign count ry ► N/A the instructions for exceptions and requirements See fil ing for Form TD F 90-22. 1, Report of Foreign Bank

2

(828) ZIP + 4

631 -10 41

► 28779 Yes

No

91b

X

91c

X

and Financial Accounts c At any time during the calendar year , did the organization maintain an office outside of the United States' If "Yes ," enter the name of the foreign count ry ► N/A 92 Section 4947(a)(1) nonexempt chari table trusts filing Form 990 in lieu of Form 1041 - Check here and enter the amount of tax-exempt interest received or accrued during the tax year ► I 92

► 0 N/A Form 990 (2005)

523152 02-03-06 7 A^An M-1 I1A

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8 Analysis of Income - I roaucmg Activities (See the instructions.)

Pa rt VII

Unrelat ed business income

Note: Enter g ross amounts unless otherwise indicated. 93 Program service revenue

(E)

Exclu ded by section 512 , 513, or 514

(B) Amount

(A) Business code

E(C)sion

(D ) Amount

Related or exempt function income

code

a b

c d

e f Medicare/Medicaid payments g Fees and contracts from government agencies 94 Membership dues and assessments

3,927.

14

95 Interest on savings and temporary cash investments 96 Dividends and interest from securities 97 Net rental income or (loss) from real estate a debt-financed property b not debt-financed property 98 Net rental income or (loss) from personal property 99 Other investment income 100 Gain or (loss) from sales of assets

<22,850.>

other than inventory 101 Net income or (loss) from special events 102 Gross profit or (loss) from sales of inventory 103 Other revenue a b

c d

e

95

923 .> <18,923.>

<18

►

Relationship of Activities to the Accomplishment of Exempt Purposes (See the instructions.)

Pa rt VI II Line No . V

0.1

0..

104 Subtotal (add columns (B), (D), and (E)) 105 Total (add line 104, columns (B), (D), and (E)) Note : Line 105 plus line 1d, Part 1, should equal the amount on line 1 2, Part I.

Explain how each activity for which income is reported in column (E) of Part VII contributed importantly to the accomplishment of the organization's exempt purposes (other than by providing funds for such purposes).

Interest earned on monies deposited from contributions received.

Information Regard ing Taxable Subsidiaries and Disregarded Entities (see the instructions)

Part IX

A Name, address, and)EIN of corporation, partnership, or disregarded entity

(B) Percentage of ownership interest

D Total Income

C Nature of)activities

(E) End-of-year assets

%

N/A

% intormation liegaramg i ransters Associated wrtn Personal benetrt Contracts (See the instructions)

Part A

(a) Did the organization, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract? (b) Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? Note: If "Yes" to (b), file Form 8870 and Form 4720 (see instructions) Please

Sign Here Paid Preparer' s

Use Only 523183 02-03-06

Under penalties of perju ry , I decl are that I have examined this return , including accom anyin officer) is based on all infor anon correct and complete Decl aration of reparer (other t

o

' S natur of office Prepare' signature Firm's name (or y us if s elf-employed), address, and ZIP+4

0 Yes Yes

® No No

schedules and statements , and to the best of my knowledge and belief, it is true, which pr:parer has any knowledge

'

Dat

T wn ti S, GR cw* vi Type or print name and title. Date

ec sell-

I

-Fr4j -tPreparer's SSN or PTIN

03/29/06 employed Jo. P00279391 58-1729751 EIN ► 33 Peachtree Road, NE, Suite 2600 Phone no. ► (404) 264-1700 Atlanta, Georgia 30326-1089 BK

Metcalf Davis,

CPAs

Form 990 (2005)

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OMB No 1545-0047

Organization Exempt Under Section 501 (c)(3)

SCHEDULE A (Form 990 or 990-EZ)

(Except Private Foundation ) and Section 501(e), 501(f), 501(k), 501(n), or 4947( a)(1) Nonexempt Charitable Trust Supplementary Information-(See separate instructions.) MUST be comoleted by the above organizations and attached to their Form 990 or 990-EZ

Depa rt ment of the Treasury Intern al Revenue Serv ice

2005 oyer identification number

Name of the organization

2217688

Bal

Compensation of the Five Highest Paid Employees Other Than Officers , Directors , and Trustees

Part I

/See none 1 of the Instnlctlnns I Ist each one_ If there are none. enter "None"1

(b) Title and average hours per week devoted to position

(a) Name and address of each employee paid more than $50,000

(c) Compensation

Contrib benefit plans & deferr ed compensation

(e) Expense account and other allowances

---------------------------------

None - -------------------------------------------------------------------------------------------------------------------------------Total number of other employees paid over $50,000

►

0

Compensation of the Five Highest Paid Independent Contractors for Professional Se rvices (See pane 2 of the instructions. List each one (whether individuals or firms). If there are none, enter "None.")

Pa rt II-A

(a) Name and address of each independent contractor paid more than $50,000

Total number of others receiving over $50,000 for professional services

►

(b) Type of service

1

I (c) Compensation

0

Compensation of the Five Highest Paid Independent Contractors for Other Se rvices (List each contractor who performed services other than professional services, whether individuals or

Part II-B

firms. If there are none, enter "None." See pane 2 of the instructions.) (b) Type of service

(a) Name and address of each independent contractor paid more than $50,000

Total number of other contractors receiving over $50,000 for other services

523101/02-03-06

►

0

LHA For Paperwork Reduction Act Notice , see the Instructions for Form 990 and Form 990-EZ.

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Schedule A (Form 990 or 990-EZ) 2005

Schedule A (Form 990 or 990-EZ) 2005 Balsam Mountain

Part III

Paget

56-2217688

Trust

Statements About Activities (See page 2 of the instructions.)

Yes No

During the year, has the organization attempted to influence national, state, or local legislation, including any attempt to influence public opinion on a legislative matter or referendum? If 'Yes," enter the total expenses paid or incurred in connection with the (Must equal amounts on line 38, Part VI-A, or lobbying activities ► $ $

I

1

X

2a

X

b Lending of money or other extension of credit?

2b

X

c Furnishing of goods, services, or facilities9

2c

X

d Payment of compensation (or payment or reimbursement of expenses if more than $1,000)?

2d

line i of Part VI-B.) Organizations that made an election under section 501(h) by filing Form 5768 must complete Part VI-A. Other organizations checking 'Yes" must complete Part VI-13 AND attach a statement giving a detailed description of the lobbying activities. 2 During the year, has the organization, either directly or indirectly, engaged in any of the following acts with any substantial contributors, trustees, directors, officers, creators, key employees, or members of their families, or with any taxable organization with which any such person is affiliated as an officer, director, trustee, majority owner, or principal beneficiary (If the answer to any question is "Yes, a ttach a detailed statement explaining the transactions) a Sale, exchange, or leasing of property?

e Transfer of any part of its income or assets9 3 a Do you make grants for scholarships, fellowships, student loans, etc.? (If "Yes; attach an explanation of how you determine that recipients qualify to receive payments.) b Do you have a section 403(b) annuity plan for your employees? c During the year, did the organization receive a contribution of qualified real property interest under section 170(h)? 4 a Did you maintain any separate account for participating donors where donors have the right to provide advice

on the use or distribution of funds? b Do you provide credit counselin debt management, credit repair, or debt negotiation services?

Part IV

X

2e

X

3a 3b 3c

X X X

4a

X

4b

X

Reason for Non-Private Foundation Status (See pages 3 through 6 of the instructions.)

The organization is not a private foundation because it is: (Please check only ONE applicable box) 5 0 A church, convention of churches, or association of churches . Section 170(b)(1)(A)(i). 6 0 A school. Section 170(b)(1)(A)( n). (Also complete Pa rt V.) 7

0

8

0

9

0

A hospital or a cooperative hospital service organization . Section 170(b)(1)(A)(ui). A Federal, state, or local government or governmental unit. Section 170 (b)(1)(A)(v). A medical research organization operated in conjunction with a hospital . Section 170(b)(1)(A )(ui). Enter the hospital ' s name, city,

and state ► An organization operated for the benefit of a college or university owned or operated by a governmental unit Section 170(b)(1)(A)(iv). (Also complete the Suppo rt Schedule in Part IV-A.) An organization that normally receives a substantial part of its suppo rt from a governmental unit or from the general public.

10 11a lib 12

O 0

13

0

Section 170 ( b)(1)(A)(w). (Also complete the Suppo rt Schedule in Part IV-A.) A community trust. Section 170(b)(1)(A)( w). (Also complete the Suppo rt Schedule in Part IV-A.) An organization that normally receives: ( 1) more than 33 1/3% of its suppo rt from contributions , membership fees, and gross receipts from activities related to its charitable, etc., functions - subject to certain exceptions , and (2) no more than 33 1/3% of its suppo rt from gross investment income and unrelated business taxable income ( less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a )( 2). (Also complete the Suppo rt Schedule in Part IV-A.) An organization that is not controlled by any disqualified persons (other than foundation managers ) and suppo rts organizations described in: (1) lines 5 through 12 above; or ( 2) sections 501 ( c)(4), (5), or (6), if they meet the test of section 509(a)(2). Check the box that describes El Type 3 El Type 2 the type of suppo rting organization : ► El Type 1 Provide the following information about the suppo rt ed organizations . ( See page 6 of the instructions.) (a) Name(s) of supported organization(s)

14

U

I

(b) Line number from above

An or g anization organized and operated to test for public safety. Section 509(a )( 4). (See page 6 of the instructions.) Schedule A (Form 990 or 990-EZ) 2005

10 n n A n n 7 n n

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Schedule A (Form 990 or 990-EZ) 2005 Balsam Mountain Trust 56-2217688 art IV-A Support Schedule (Complete only if you checked a box on line 10, 11, or 12 ) Use cash method of accounting.

Page 3

Note : You may use the worksheet in the instructions for converting from the accrual to the cash method of accounting Calendar year ( or fiscal year

beginning in )

(a) 2004

►

Gifts, grants, and contributions received. (Do not include unusual grants. See line 28. Membership fees received

15 16 17

187

Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose

(e) Total

(d) 2001

c) 2002

(b) 2003

275.

159 051.

413 112.

0.

0.

0.

0.

0.

0.

0.

0.

0.

458.

592.

0.

0.

759 438.

Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the

18

organization after June 30, 1975

1,0 5 0.

Net income from unrelated business

19

activities not included in line 18

0.

0.

0.

0.

20

Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf

0.

0.

0.

0.

21

The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge Other income. Attach a schedule. Do not include gain or (loss) from

0.

0.

0.

0.

187,733 . 187 733. 1,877.

159,643. 159 643. 1.596.

413 112. 413 112. 4,131.

0.

22

sale of capital assets 23 24

Total of lines 15 through 22 Line 23 minus line 17

25

Enter 1% of line 23

26

Organizations described on lines 10 or 11: a Enter 2% of amount in column (e), line 24 b Prepare a list for your records to show the name of and amount contributed by each person (other than a governmental unit or publicly supported organization) whose total gifts for 2001 through 2004 exceeded the amount shown in line 26a. Do not file this list with your return . Enter the total of all these excess amounts

c Total support for section 509(a)(1) test: Enter line 24, column ( e) d Add: Amounts from column (e) for lines:

18

1,050.

27

15,210.

► 26b

356,417. 760,488.

19

26b

► 26d

356,417.

► 26e

e Public support (line 26c minus line 26d total)

f

► 26a

► 26c

22

760,488. 760 488.

► 26f

Public support percentage (line 26e (numerator) divided by line 26c (denominator))

357 467. 403,021. 52.9951%

Organizations described on line 12: a For amounts included in lines 15, 16, and 17 that were received from a "disqualified person; prepare a list for your records to show the name of, and total amounts received in each year from, each "disqualified person." Do not file this list with your return . Enter the sum of such amounts for each year:

N/A

(2001) (2002) (2003) b For any amount included in line 17 that was received from each person (other than "disqualified persons"), prepare a list for your records to show the name of, and amount received for each year, that was more than the larger of (1) the amount on line 25 for the year or (2) $5,000. (Include in the list organizations described in lines 5 through 11b, as well as individuals.) Do not file this list with your return . After computing the difference between the amount received and N/A the larger amount described in (1) or (2), enter the sum of these differences (the excess amounts) for each year: (2001) (2002) (2004) (2003) 16 15 c Add: Amounts from column (e) for lines: (2004)

17

21

20

► 27c ► 27d

and line 27b total

d Add: Line 27a total

e Public support (line 27c total minus line 27d total) 27f ► N/A f Total support for section 509(a)(2) test Enter amount on line 23, column (e) g Public support percentage ( line 27e ( numerator ) divided by line 27f (denominator)) h Investment income Dercentaae ( line 18. column (e) (numerator) divided by line 27f (denominator ))

N /A

► 27e

N/ A N/ A

► 27

N /A

%

► 27h

N/A

%

28 Unusual Grants : For an organization described in line 10, 11, or 12 that received any unusual grants during 2001 through 2004, prepare a list for your records to show, for each year, the name of the contributor, the date and amount of the grant, and a brief description of the nature of the grant. Do not file this list with your return Do not include these grants in line 15. 523121 02-03-06

Schedule A (Form 990 or 990-EZ) 2005

None

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Schedule A (Form 990 or 990-EZ) 2005 Balsam Mountain Trust Private School Questionnaire (See page 7 of the instructions.) Part V

56-2217688 N/A

Page 4

(To be completed ONLY by schools that checked the box on line 6 in Pa rt IV) No 29

Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws, other governing instrument, or in a resolution of its governing body? Does the organization include a statement of its racially nondiscriminatory policy toward students in all its brochures, catalogues,

30

and other written communications with the public dealing with student admissions, programs, and scholarships? Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during the period of solicitation for students, or during the registration period if it has no solicitation program, in a way that makes the policy known to all parts of the general community it serves2

31

If 'Yes," please describe; if 'No," please explain. (If you need more space, attach a separate statement.)

32

Does the organization maintain the following: a Records indicating the racial composition of the student body, faculty, and administrative staff b Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory basis? Copies of all catalogues, brochures, announcements, and other written communications to the public dealing with student admissions, programs, and scholarships? d Copies of all material used by the organization or on its behalf to solicit contributions? If you answered 'No" to any of the above, please explain. (If you need more space, attach a separate statement.) c

33

Does the organization discriminate by race in any way with respect to: a Students' rights or privileges?

b Admissions policies? c d e f

Employment of faculty or administrative staff? Scholarships or other financial assistance? Educational policies? Use of facilities9

g Athletic programs? h Other extracurricular activities? If you answered 'Yes' to any of the above, please explain. (If you need more space, attach a separate statement.)

34 a Does the organization receive any financial aid or assistance from a governmental agency? b Has the organization's right to such aid ever been revoked or suspended? 35

If you answered 'Yes' to either 34a or b, please explain using an attached statement. Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4.05 of Rev. Proc. 75-50, 1975-2 C.B. 587, covering racial nondiscrimination? If "No,' attach an explanation

Schedule A (Form 990 or 990-EZ) 2005

523131 02-03-08

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Page 5 56-2217688 N/A

Schedule A (Form 990 or 990-EZ) 2005 Balsam Mountain Trust Pa rt VI-A Lobbying Expenditures by Electing Public Charities (See page 9 of the instructions.) (To be completed ONLY by an eligible organization that filed Form 5768) !`hnnL ►

if the nrnSnnStinn heinnne in an a ff dintorl nrniin

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1111110h I

I if vnu rharkerl "e snd'limited control' nrovlslnns aooly_

Limits on Lobbying Expenditures

(a) Affiliated group

(The term "expenditures" means amounts paid or incurred.)

totals

To be completed for ALL electing organizations

N/A 36 37 38 39 40 41

Total lobbying expenditures to influence public opinion (grassroots lobbying) Total lobbying expenditures to influence a legislative body (direct lobbying) Total lobbying expenditures (add lines 36 and 37) Other exempt purpose expenditures Total exempt purpose expenditures (add lines 38 and 39) Lobbying nontaxable amount. Enter the amount from the following table -

36 37 38 39 40

If the amount on line 40 is -

The lobbying nontaxable amount is -

Not over $500 , 000

20% of the amount on line 40

Over $500,000 but not over $1, 000,000

$100 , 000 plus 15% of the excess over $500,000

Over $ 1 , 000,000 but not over $1,500,000

$175, 000 plus 10% of the excess over $ 1,000,000

Over $1,500, 000 but not over $17,000,000

$225, 000 plus 5% of the excess over $1,500,000

Over $17,000,000

$1, 000,000

41

42

42 Grassroots nontaxable amount (enter 25% of line 41) 43 Subtract line 42 from line 36. Enter -0- if line 42 is more than line 36 44 Subtract line 41 from line 38. Enter -0- if line 41 Is more than line 38

43 44

Caution : If there is an amount on either line 43 or line 44, you must file Form 4720.

4-Year Averaging Period Under Section 501(h) (Some organizations that made a section 501(h) election do not have to complete all of the five columns below. See the instructions for lines 45 through 50 on page 11 of the instructions.) Lobbying Expenditures During 4 -Year Averaging Period Calendaryear ( or

fiscal year beginning in)

►

(a)

(b )

( c)

(d)

2005

2004

2003

2002

N/A (e)

Total

45 Lobbying nontaxable amount

0

46 Lobbying ceiling amount 150% of line 45(e)) 47 Total lobbying

0

0

expenditures 48 Grassroots nontaxable

amount

0

49 Grassroots ceiling amount

(150% of line 48(e)) 50 Grassroots lobbying expenditures

Pa rt VI- B

0 0

Lobbying Activity by Nonelecting Public Charities (For report ing only by organizations that did not complete Pa rt VI-A) (See page 11 of the instructions.)

During the year, did the organization attempt to influence national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:

N/A Yes

No

Amount

a Volunteers b Paid staff or management (Include compensation in expenses reported on lines c through h.) c Media advertisements d Mailings to members, legislators, or the public e Publications, or published or broadcast statements f Grants to other organizations for lobbying purposes g Direct contact with legislators, their staffs, government officials, or a legislative body h Rallies, demonstrations, seminars, conventions, speeches, lectures, or any other means i Total lobbying expenditures (Add lines c through h.) If 'Yes' to any of the above, also attach a statement giving a detailed description of the lobbying activities.

0 Schedule A (Form 990 or 990-EZ) 2005

02-0a0e

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Page 6

Schedule A (Form 990 or 990-EZ) 2005 Balsam Mountain Trust 56-2217688 Pa rt VII Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations (See page 12 of the instructions.) 51

Did the reporting organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations? a Transfers from the reporting organization to a nonchantable exempt organization of. (i) Cash (ii) Other assets

Yes

b Other transactions: (i) Sales or exchanges of assets with a noncharitable exempt organization (ii) Purchases of assets from a noncharitable exempt organization (iii) Rental of facilities, equipment, or other assets (iv) Reimbursement arrangements (v) Loans or loan guarantees (vi) Performance of services or membership or fundraising solicitations c Sharing of facilities, equipment, mailing lists, other assets, or paid employees d If the answer to any of the above is 'Yes, complete the following schedule. Column (b) should always show the fair market value of the goods, other assets, or services given by the reporting organization. If the organization received less than fair market value in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received: (a) Line no.

52 a

(b) Amount involved

(c) Name of noncharitable exempt organization

No

51a(i) a(ii)

X

b(i) b(ii) b(iii)

X X X

b(iv)

X

b(v) b(vi)

X

c

X

X

X

N/A

(d) Description of transfers, transactions, and sharing arrangements

Is the organization directly or indirectly affil iated with, or related to, one or more tax-exempt organizations described in section 501 ( c) of the Code ( other than section 501(c)(3 )) or in section 527?

1

Yes

® No

bcneauie A (corm aau or aau -LL) zuuo

02-03-06

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56-2217688

Balsam Mountain Trust

Form 990

Gain (Loss) From Sale of Other Assets

Statement

Description

Date Acquired

Date Sold

Sale of antique automobile

01/01/03

07/11/ 05

Gross Cost or Sales Price Other Basis

Name of Buyer

To Fm 990, Part I, In 8

Form 990

Ex pense of Sale

1

Method Acquired PURCHASED Net Gain or (Loss)

Deprec

7,500.

30,000.

350.

0.

<22,850.>

7,500.

30,000.

350.

0.

<22,850.>

Other Changes in Net Assets or Fund Balances

Statement

2

Amount

Description Correction of prior period estimate

2,500.

Total to Form 990,

2,500.

Form 990

Part I,

line 20

Statement of Organization's Primary Exempt Purpose Part III

Statement

3

Explanation

To study, protect and manage the environment in the Western North Carolina region and educate the general public about the environment. Form 990

Other Program Services

Statement

4

Grants and Description

Allocations

Expenses

995. Total to Form 990,

Part III,

995.

line e

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Balsam Mountain Trust

Form 990

56-2217688

Other Assets

Statement

Description

5

Amount

Antique Automobile Restricted Asset Total to Form 990,

Form 990

0. 0. Part IV,

line 58,

Column B

0.

Part V - List of Officers, Directors, Trustees and Key Employees

Title and Avrg Hrs/Wk

Name and Address Craig Lehman

Statement

6

Employee Ben Plan Expense Contrib Account

Compensation

Trustee

52 Sugar Loaf Road Sylva, NC 28779

0.00

0.

0.

0.

James J. Chaffin, Jr. 42 Mobley Oaks Lane Spring Island, SC 29910

Trustee 0.00

0.

0.

0.

Betsy M. Chaffin 42 Mobley Oaks Lane Spring Island, SC 29910

Trustee 0.00

0.

0.

0.

William L.

Trustee

0.00

0.

0.

0.

Christopher M. Crouch 52 Sugar Loaf Road Sylva, NC 28779

Trustee 0.00

0.

0.

0.

Andrew L. Johnson

Trustee

0.

0.

0.

0.

0.

0.

0.

0.

0.

Bethea,

Jr.

5 Belfair Village Drive Bluffton, SC 29910

P.O. Box 1578 Chadds Ford, PA

0.00 19317

Dr. W. Michael Dennis

Trustee

330 W. Canton Avenue Winter Park, FL 32789 Christopher P. Marsh,

0.00

PhD

Trustee

42 Mobley Oaks Lane Spring Island, SC 29910

0.00

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6

56-2217688

Balsam Mountain Trust Dr. J. Daniel Pittillo Western Carolina University Cullowhee, NC 28723

Trustee

0.

0.

0.

Michael Skinner 52 Sugar Loaf Road Sylva, NC 28779

Executive Director 52,423. 0.00

5,019.

1,997.

Dr. W. Tucker Cline 1809 Brassfield Road Raleigh, NC 28614

Trustee

0.

0.

0.

Ms. Cherrie Pitillo 52 Sugar Loaf Road Sylva, NC 28779

Past Executive Director

0.

0.

0.

52,423.

5,019.

1,997.

0.00

0.00

0.00

Totals Included on Form 990, Part V

Statement(s)

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