TerraBites

A short newsletter of bite-size ideas to chew on for Terrafirma owner-member land trusts, released January, February, May, June, September, October and November.

Posts tagged planning

Financial Management during COVID-19

Financial management can be more of a challenge than usual in the midst of the COVID-19 pandemic, requiring additional thought, care and planning. The Land Trust Alliance has put together a list of frequently asked questions and answers regarding use of restricted funds, when to utilize reserves, and how to maintain fiscal controls while working remotely, plus links to more resources. Check it out here.

Note that this is intended as a starting point for land trusts to be supplemented by additional financial management materials and guidance and is not legal, financial or other advice. If a land trust or individual requires legal advice or other expert assistance, they should seek the services of competent professionals.

Have questions? Please let us know. You can email us directly or call 802-262-6051 for Leslie, or 202-800-2248 for myself.

Thank you,
Hannah

P.S. Do you have 10 minutes for practical tips on re-opening? Melanie Lockwood-Herman, executive director of the Nonprofit Risk Management Center, discusses strengthening relationships, organizational planning and getting your team and facilities ready when re-opening offices. See the quick course here.

Slight rate increase for 2018

Terrafirma has helped land trusts like yours defend their conservation portfolios since March 2013, increasing services along the way. After almost five years of operation, 71 land trusts have used insurance coverage to address serious conservation challenges, and all Terrafirma members have enjoyed fixed premium prices. Terrafirma continues to be sound and stable. To remain so, though, rates must go up slightly in 2018.

Your elected representatives from across the county serving on the Terrafirma Members Committee, after months of deliberation and investigation, approved a modest, $3-per-parcel increase to the base premium for 2018. For more information about this process, please visit www.terrafirma.org/premium.

Terrafirma will continue to make every effort to keep future increases as low and as infrequent as possible. Currently, no other increases are planned. In the meantime, we’re here to help! Please let us know if you have any questions. You can email us directly or call 202-800-2219 for Lorri, 202-800-2248 for myself or 802-262-6051 for Leslie.

TerraBite: Heads up on Possible Rate Change in 2018

Terrafirma is about to start its fifth policy year with over 500 members, 50 covered claims, and over $1 million paid out for covered claims. Thank you, members, for keeping this shared conservation defense liability risk pool strong.

Since Terrafirma started in 2013, your premium rate has been stable because we know how dear every penny is for conservation. But inflation is picking up, costs are increasing and claims payments are growing. It is time to make sure that Terrafirma remains solvent and protects the capital and reserves that all the member land trusts have worked to establish.

The actuaries are crunching the numbers and making projections about when and how much premiums may have to increase to keep Terrafirma there for you. Our initial assessment indicates that an increase in premium fees may be necessary for the 2018 policy year. Please know, however, that the Terrafirma member-elected Members Committee and ARMS staff know that everyone is on a tight budget, and we remain committed to keeping premiums as low as possible.

We also are committed to keeping Terrafirma members informed and protected, which is why we are alerting you now about this process and timing. Thank you for all you do for lasting conservation. Let us know if you have any questions.

Thank you,

Leslie

A Picture is Worth a Thousand Words

Last month we wrote about Lyme Land Conservation Trust and their major victory for land trusts everywhere. What turned the tide in their favor? Persuasive Baseline Documentation Reports, which can include maps, descriptions, and photographs. President John Pritchard said these photographs were "critical to their case"--the judge was visibly moved by the before and after pictures that clearly displayed extensive damage. As you make your own plans for managing the property that your land trust holds, don't forget this crucial component.

We’re here to help! If you have any questions about Baseline Documentation Reports or anything else, please let us know. You can email us directly or call 202-800-2219 for Lorri, 202-800-2248 for Hannah, or 802-262-6051 for Leslie.

Thanks,
Hannah

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