2011 annual report

ANNUAL REPORT 2011

CONNECTING PEOPLE TO !EIR PARKS

Our organization began with a relatively simple mission: to connect people to their parks. By improving the quality of our local parks and promoting their benefits and amenities, we are encouraging locals and visitors to explore the more than 120 parks and green spaces within the City of Charleston.

Over the course of 2011, we made significant progress toward that goal as evidenced by our growing number of Park Angel volunteers, our attendance at events and fundraisers and our partnerships with community groups and neighborhood organizations.

Working with the Mount Pleasant Land Conservancy, residents of the Avondale area and Charleston County, we were able to acquire 3.7 acres of prime urban park land in West Ashley. The site will be developed as the city’s first Urban Horticulture Center.

Another amazing community partnership resulted in a revived Corrine Jones Playground. We worked with local businesses, neighbors and the City of Charleston to replace 15-year-old playground equipment with a larger playground area and new equipment. All you need to do is ask the neighborhood kids about the success of this project.

FROM OUR CHAIRMAN OF !E BOARD AND OUR EXECUTIVE DIRECTOR

As awareness of our mission has grown we’ve seen more supporters, donors and community partners come together for the good of our city’s parks. This year 150 new Park An-gels joined our cause, bringing our total to more than 500 volunteers. Those Park Angels donated 2,483 hours of time to Conservancy programs.

Our major fundraiser, Party for the Parks, brought in $63,000 thanks to sponsors and attendees. The party with its street vendors, multi-talented performers and delicious food al-lowed us to spread the word about our mission while having a great time.

As we wrap up the year we pause to look at just how far we’ve come. None of it is possible without our dedicated volunteers, supporters and donors. Your contributions – whether time, talent or treasure – have helped us to further our mission.

From the Board of Trustees and the Conservancy staff, we offer our thanks for your past and continued support in helping connect people to our parks.

LETTER FROM THE CHAIRMAN

AND EXECUTIVE DIRECTOR . . . . . . . . . . . . . . . . . 3

LETTER FROM THE MAYOR . . . . . . . . . . . . . . . . . . . 4

ACTIVE PARK PROJECTS MAP . . . . . . . . . . . . . . . . . 6

PARK PROJECT HIGHLIGHTS

CORRINE JONES PLAYGROUND . . . . . . . . . . . . . 8

ELLIOTBOROUGH COMMUNITY GARDEN . . . . 10

MAGNOLIA-SYCAMORE GREEN SPACE . . . . . . 12

VOLUNTEERISM

PARK ANGELS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

AQUA ANGELS . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

COLLEGE OF CHARLESTON

GRADUATE STUDENTS . . . . . . . . . . . . . . . . . . . 18

OUTREACH

COMMUNITY OUTREACH . . . . . . . . . . . . . . . . . . 20

PARTY FOR THE PARKS . . . . . . . . . . . . . . . . . . . . 22

LISTINGS

BOARD OF TRUSTEES . . . . . . . . . . . . . . . . . . . . . 24

2011 SUPPORTERS . . . . . . . . . . . . . . . . . . . . . . . . 26

PARK ANGELS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

SUPPORT YOUR PARKS . . . . . . . . . . . . . . . . . . . . . . 30

FINANCIALS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

TABLE OF CONTENTS

On behalf of the City of Charleston and the Departments of Parks and Recreation, I am pleased to join with the Charleston Parks Conservancy in recognizing its accomplishments in 2011 and offering my thanks to the volunteers, donors and supporters who have worked so hard to make our city parks amazing spaces where we can play, exercise and unwind.

FROM MAYOR RILEY, CITY OF CHARLESTON

The Conservancy, in a few short years, has engaged the Charleston community in actively supporting the parks in exciting new ways. The Conservancy doubled its work this year with projects in 23 city parks and green spaces. While the city manages our parks with the resources available, the Conservancy continues to act as a catalyst in bringing new resources. New Corrine Jones Playground equipment, future plans for an urban horticultural center and new gardens at Cannon Park, Simonton Park, Brittlebank Park and Elliotborough Community Garden are but a few examples of the Conservancy’s unique ability to fund enhancements to our parks over and above what the city might be able to accomplish without its efforts.

Over this year, the Charleston Parks Conservancy has continued to establish itself as a model public-private partnership. Its work promotes the long-term health and vitality of the parks we all love. It is my belief that the quality of a city is directly related to the quality of its parks. The Conservancy’s mission helps make that possible through its continued work in our community.

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MAGNOLIA - SYCAMOREGREENSPACE

RIVERLAND TERRACEMAYBANK TENNIS CENTER

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SIMONTON PARKALLAN PARK

CORRINE JONES PARK

GIBBES MUSEUM

COLONIAL LAKE

CANNON PARKLOGAN PARK

HAZEL PARKER PLAYGROUND

MARION SQUAREEAST BAY PARK

CHAPEL STREETTIEDMANN PARK

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ACTIVE PARK PROJECTS

Allan ParkBrittlebank Park

Cannon ParkChapel Street Fountain Park

Colonial LakeCorrine Jones Park

East Bay and Calhoun ParkElliotborough Park and Community Garden

Etiwan ParkGibbes Museum Courtyard Garden

Hazel Parker PlaygroundLogan Park

Magnolia – Sycamore GreenspaceMarion Square

Maybank Tennis CenterRiverland Terrace Greenspace

Simonton ParkTiedemann Park and Nature CenterUpper Meeting Street Greenspace

West Ashley GreenwayWindermere Boulevard Community Garden

CORRINE JONES PLAYGROUND

Dozens of volunteers, donors and neighbors played a role in turning a worn out playground into a revitalized

space with new equipment and plenty of room for children to run and play.

In late 2009, a group of neighborhood residents met with the Conservancy to start a conversation about the

options for an updated playground. From that initial discussion grew a community led effort to raise money

for new playground equipment and plantings.

The Corrine Jones neighborhood spent more than a year raising $20,000 toward the park renovation while the Conservancy facilitated between neighbors and the

city to create a plan for a new playground.

Thanks to business and personal donations plus community fundraising events, the project came together in October

when about 40 volunteers, along with Conservancy and City of Charleston staff, spent a full day assembling the equipment, sifting sand for a play area and spreading a mound of mulch. This project was a true testament to what the Conservancy

can do when it joins with the community for park renovations and improvements.

8 | PROJECTS

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Elliotborough Park and Community Garden literally grew up in spring 2011 thanks to students from the

Clemson Architecture Center in Charleston. The architecture and landscape architecture students worked with the Conservancy to design and build

a vertical garden in the park.

The garden runs parallel to the fence along the road and is outfitted with solar lights, spelling

“ECG” so passers-by on the Crosstown know it’s the Elliotborough Community Garden. The students

also added lockers for storing tools and supplies as well as compost bins.

Clemson students were just one of the groups working in Elliotborough. Groups of volunteers from

local law firm Motley Rice and a downtown Charleston Starbucks gave their time to improve the garden, truly putting the “community” into this community garden.

The Conservancy received two community grants for the Elliotborough vertical garden project from the Bakker Family Fund of the Coastal Community Foundation of South Carolina and Keep Charleston

Beautiful.

ELLIOTBOROUGH COMMUNITY GARDEN

PROJECTS | 11 10 | PROJECTS

MAGNOLIA"SYCAMORE GREENSPACE

A community of very vocal supporters, a like-minded conservation group and a vision for Charleston’s horticulture

future led to a major land acquisition for the Conservancy in 2011.

The entire effort began when a resident living near a 3.7-acre vacant lot on the corner of Sycamore Avenue

and Magnolia Road in West Ashley inquired about whether he might plant some vegetables on the vacant lot.

That inquiry snowballed into the Parks Conservancy partnering with the Mount Pleasant Land Conservancy to apply for money from Charleston County’s Greenbelt Program to purchase the property for a future community garden

and horticultural center. Thanks to an outpouring of community support, Charleston County Council approved the request

to conserve the property through Charleston County’s Greenbelt Program in August.

In October, the Charleston Parks Conservancy, Mount Pleasant Land Conservancy and the Greater Avondale community

along with Charleston County Council representatives gathered to celebrate the forthcoming transformation of

the empty lot into an amazing community resource. They planted three live oak trees on the property, a

symbol of the relationship among the Parks Conservancy, the community and the municipalities.

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PARK ANGELS

This year our Park Angel ranks grew to 550 people who expressed their commitment to

Charleston’s parks and green spaces. Our Park Angels gave their time, talents and energy to

planting, watering and weeding as well as helping with community events and fundraisers and spreading the word about the Conservancy and its mission. In fact, volunteers gave almost

2,500 hours of time to our cause.

14 | VOLUNTEERISM

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AQUA ANGELSThis year the Conservancy launched a new

volunteer program called Aqua Angels. Several volunteers picked up a hose and spent 344 hours watering various parks.

Thanks to the Aqua Angels, our plants and park gardens stayed lush and green throughout

the withering heat of the Charleston summer. Aqua Angels could select a park and a watering

time that was convenient to their schedule, making this an ideal way for anyone

to get involved.

16 | VOLUNTEERISM VOLUNTEERISM | 17

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COLLEGE OF CHARLESTON GRADUATE STUDENTS

ADOPT !E CONSERVANCY

EDUCATE YOU

Students from the College of Charleston Graduate Student Association selected the Conservancy as their philanthropy project for 2011. The students raised money and

volunteered time to help plant a new garden at Cannon Park near their campus. While

juggling their school schedules, they assisted with a winter rose pruning at the park, notified the nearby Harleston Village neighborhood of the ongoing project, and got their hands dirty

prepping the soil for a new flower bed. In April, they spent more than five hours planting 350

plants in a new bed at the base of the columns leftover from the old Charleston Museum.

At the end of this year we began to significantly expand our Educate You programming initiatives to include more classes and

activities for children. By teaching children to love, appreciate and respect nature, they

grow into environmentally conscientious adults who have a deep connection to their

parks and green spaces.

We continued our popular Help for the Home Gardener series of classes, giving beginner gardeners the tools they need to grow their

own fruits and vegetables while helping them establish a deeper connection to the soil

and what it can produce for them.

18 | VOLUNTEERISM OUTREACH | 19

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COMMUNITY OUTREACH

A key aspect of our mission is connecting people to their parks. We do that by hosting

events in the parks as well as joining in community events that promote parks, green

spaces and connecting to the outdoors.

The second annual springtime Park Week encouraged the community to get out and

enjoy their parks in a variety of ways: on their bikes, with their pets or with

their families.

The Conservancy also participated in the annual Green Fair in Marion Square, connecting

with the community and other like-minded organizations on the concepts of conservation, protecting the environment and thriving in the

natural space around us.

20 | OUTREACH OUTREACH | 21

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PARTY FOR !E PARKS

In just its second year, the Party for the Parks – Amusement on the Avenue was a rousing success both in terms of exposure for the Conservancy and its programs and

as a fundraiser.

Originally planned as an outdoor event at Colonial Lake, the weather forecast turned ominous and the event was moved to the

Gaillard Municipal Auditorium. The organizers brought the outdoor theme inside with tents, plants and lighting to mimic the nighttime sky.

Thanks to the hard work of the planning committee and sponsors, the event

raised more than $60,000.

22 | OUTREACH

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BOARD OF TRUSTEES

Darla D. Moore, ChairmanMichael Brewer

Sandra Deering

Jim Fields

Linda Guy

Gregory Muth

Scott Parker

T.J. Parsell, Jr.

Pamela Pearce

COMMUNITY PARTNERS

Charleston Horticultural Society

City of Charleston

Clemson Architecture

Studio V in Charleston

College of Charleston Graduate

Student Association

Gibbes Museum of Art

Mount Pleasant Land Conservancy

Rotary Club of Charleston - Breakfast

STAFF

Jim Martin, Executive DirectorJenny Bloom

Sarah Craig

Liles Eanes

Kellen Goodell

Romaine Heyward

Mary Horton

Amelia Jenkins

Neves Richards

Brittany Wallace

Paul Wentz

24 | LISTINGS

$5000 and above. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mr. Robb A. AllanMs. Darla Moore

$2,000 to $4,999. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ABC Studios Army Wives - Season 4AnonymousThe Bakker Family Fund of the Coastal Community Foundation of South CarolinaMr. and Mrs. Michael BrewerDesignWorksMr. and Mrs. Michael DoughertyThe Gould CompanyKeep Charleston BeautifulLongborough Owners AssociationLowndes Pointe Property Owners Association Inc.Mr. and Mrs. Gregory J. MuthWagener Terrace Neighborhood Association

2011 SUPPORTERS $1,000 to $1,999. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ms. Ruth B. BarrowMs. Charlotte B. BeersMr. Wes CarterMr. Cary ChastainThe Citadel FoundationMr. Francis X. ClasbyFirst Citizens BankThe King, Inc.Ms. Jennifer LePageMarshall Walker GroupMeadWestvacoDr. and Mrs. E. Conyers O’Bryan, Jr.Ms. Johnnie ReedRiverland Terrace Garden ClubRon Davis RealtorsRoyal Cup CoffeeSynergy Unlimited, LLC

$500 to $999. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

AnonymousMr. and Mrs. Gregory H. AtkinsonBarre Evolution, LLCCassina Group, LLCCollege of Charleston Graduate Student AssociationCommunity Foundation of Greater BirminghamMr. and Mrs. Kevin J. ConlonCoppedge and Tison Real EstateMs. Traci D. Davis and Ms. Cassandra D. SalgadoMr. James P. Fields, Jr.Graywade, LLC

Mr. Marlon E. KimpsonMr. and Mrs. James LedlieMagnolia Plantation FoundationManaker Cipolla and Associates, LLCMr. Theodore B. ManuelMr. James D. MartinMorris Square TownhomesMr. and Mrs. Marc MurphyMr. John M. Rivers, Jr.Rotary Club of Charleston BreakfastMr. Andrew SavageSchwab Charitable FundSoomro Enterprise, LLCMr. Dan ThompsonMr. Charles S. Way, Jr.

$100 to $499. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mr. and Mrs. Timothy A. BarkleyMs. Claire BerlinskyMs. Julie BlairMs. Amy BuckleyMs. Mary BullenBuxton Legal GroupMs. Carolina ByranMs. Cecelia ByersMr. Jamieson ClairCottage Aroma Bella SpaMr. Nathan M. CrystalDr. and Mrs. Brian G. CuddyMs. Lauretta L. DaileyMr. and Mrs. Brian DanleyMs. Hilda DebackerMr. and Mrs. Spencer DeeringMr. and Mrs. Garrett J. Dieck

Mr. and Mrs. Harry DrabkinMr. and Mrs. Charles DuellMr. and Mrs. James T. Dyke, Jr.Mr. and Mrs. Brian EanesMs. Claire EadonMr. Marc EngelkeMr. and Mrs. David B. EpsteinMs. Margaret L. EhrhardtMs. Courtenay M. FainMr. Ian FreemanMs. Melissa GarvanThe GE FoundationMr. and Mrs. Robert HagoodMr. and Mrs. Chappell Halstead Mr. Ronald Hansen and Mrs. Susan SiegmundMr. David B. Herring and Ms. Sundi H. SmithHewitt & HewittMr. and Mrs. Demetre HomerMr. and Mrs. Bobby HoodMs. Emily JeffersMs. Amelia JenkinsMr. and Mrs. Richard T. JerueMr. and Mrs. James KerrMr. and Mrs. Scottie KimbleMs. Hilary KussMr. J. Michael Light and Dr. Yalani L. VanzuraMr. and Mrs. Larry LipovLuAnn McCants InteriorsMs. Lynn McCollum-LasherMs. Gia McKenzieMs. Julia MimsMoss and Lewis CPAsMr. and Mrs. David PastreMr. and Mrs. John L. PaulMr. Randall Phillips

Mr. Tarek W. RavenelMr. and Mrs. Mikell RichardsMr. and Mrs. Carter RowsonMr. and Mrs. Jonathan SanchezMr. and Mrs. William SimpsonMs. Michelle SmythMs. Jennifer SnowdenStitch No 9, LLCMs. Kirsty SuttonMr. and Mrs. Jules TomlinsonMs. Leslie A. TurnerMr. and Mrs. Trenholm WalkerMr. and Mrs. Clarke WallaceMs. Sheila WertimerMr. and Mrs. Frederick H. WestMr. and Mrs. William WhalenMr. and Mrs. Matthew Yoder

$25 to $99. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mr. and Mrs. Robert L. AndersonMr. and Mrs. Travers AuburnMr. and Mrs. David AvRutickMr. and Mrs. John BarhamBuilding Art LLCMr. Robert CainCamp Bow Wow of CharlestonMr. Mark CarrMs. Constance J. ClasbyMs. Donna CorcoranMs. Susan DitterlineMr. Walter DuaneMs. Edith DuBoseMs. Jaquelin P. FleetMr. and Mrs. Brent GibadloMr. Ryan Glenn

Mr. and Mrs. Robert C. GoodellMs. Mary HaightMr. and Mrs. Edwin HarleyMr. and Mrs. Carter C. HudginsMrs. Amy K. HutchinsonIsland Home Dog Training, LLCMr. and Mrs. James R. KoonceMr. and Mrs. Edward LenahanMr. Walter LimehouseMrs. Amanda Long Mr. and Mrs. Brooks MatthewsMs. Anne MeadorsMr. and Mrs. John MilkereitMs. Ellen MooneyMr. and Mrs. Jason O’LearyMr. Brady Quirk-GarvanMr. Randall RawsonMr. and Mrs. Robert L. RoneScout Horticultural ConsultingSun Dog Cat MoonMs. E. Bailey SurrettMr. John Warren IIIMs. Linda WhitworthMs. Harriet P. WilliamsMs. Laurie YarbroughMr. and Mrs. Thomas D. Young

26 | LISTINGS LISTINGS | 27

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BY T HE NUMBERS

28 | LISTINGS LISTINGS | 29

GIFTS IN KIND. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

44 North VodkaAmen Street Fish and Raw BarBank of South CarolinaBauer International’s Island HouseBraxton Crim Graphic DesignBrent and Becky’s BulbsCall Me LibbyCarolina One Real EstateCaroline’s Market & CateringCharleston Area Convention & Visitors BureauCharleston Cookie CompanyCharleston Dog WalkerCharleston MagazineCharleston RiverdogsCottage Aroma Bella SpaCupcakeDavid’s Catering & ConfectionsDwellSmarte house studio, llcEventWorks RentalsFastSigns of CharlestonMs. Jaquelin P. FleetFlower CottageFrancis Marion HotelGolf Cars of CharlestonHarris TeeterHarry Barker IncorporatedHoly City BrewingHughes RentalHuskIcebox Innovative Beverage Services

TRIBUTE GIFTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

South Carolina Beer . . . . . . . . . . In Honor of Darla Moore Wholesalers AssociationMs. Anne Blessing . . . . . . . . . . . . In Honor of Molly YoungThe Beach Company . . . . . . . . . In Honor of Sargeant JasperMs. Melissa Garvan . . . . . . . . . . . In Honor of the Staff at Morris

Financial PlannersMr. and Mrs. William Oehler . . . In Honor of Judy and Cole OehlerMr. DuBose Egleston . . . . . . . . . In Honor of Amy JenkinsMr. Charles Owings . . . . . . . . . . . In Honor of Capers Owings, Jr.Mr. and Mrs. Stephen Hoffius . . In Memory of Magoo Dunn Hoffius

Kings Courtyard InnKnight Printing and GraphicsLa FourchetteMalandro SoulMINI of CharlestonOak SteakhouseOle Charleston ForgeOrganic Garden SupplyOsteria La BottigliaPearlstine DistributorsPiggly WigglyProduction Design AssociatesMs. Jennifer L. RaderSoiree by Tara GuerardSouth Carolina AquariumSpecialty TreesSugar BakeshopThe Teak HutTotal Beverage SolutionMr. and Mrs. Gregory Van SchaackVapor Apparel

GARDEN IN THE PARKS VOLUNTEERS. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tim Agee Katie Anweiler Van Atkins Van Atkins Debbie Austin Ledlie Bell Joan Berry-Warder Ron Boyce Amy Buckley Leslie Brady Ann Calhoun Karen Caplan Tommy Ceccuzzi Citadel Heroism Day Volunteers The Charleston Riverdogs Staff Josh Childress College of Charleston Graduate Student AssociationGwen Corinth Susan Corning Diana Councell Nick D’Allasandro James Deering Sandra Deering Katie Dickson David Dubois Susan Epstein

2011 PARK ANGELS

Joan Fluett Lauren Garcia Melissa Garvan Sara Gouldon Beverly Gumb Pauline Haber Pat Harpell Nancy Hart Eddie Hewitt Romaine Heyward Sharon Hitzelberg Lee Hopkins HPP Community Helpers GroupFran Hummell Germanine Jenkins Katie Kerns Rolf Kolconay Bob Linker Neltie Linker Andrea Lovejoy Ron Lovejoy Susie Marcell Beth McGinty Eileen McGuffie Catherine McGuinn Debbie McNally Libby Metzler

Jim Midgely Joann Milkreit Pat Miner Motley Rice VolunteersFrank Nellis Ben Newton Liese Nichols Megan Nista Stephanie Oppenheimer Randall Phillips Tina Ragonia Pam Rhodes Donna Schnupp John Seidler Starbucks and Clemson ArchitectureJosh Stoble Wofford Stribling Marlene Wentz Mary Wilbur Claire Xidis

AQUA ANGELS

. . . . . . . . . . . . . . . . . . . . . . . . . .

Debbie Austin

Michelle Bing

Cryste Carroll

Diana Councell

Melissa Garvan

Penn Griffen

Pat Harpell

Lee Hopkins

Ron Lovejoy

Eileen McGuffie

Joanne Milkereit

We can’t do this without your support! It takes a community

who cares enough to give.

MEMBERSHIP

Memberships and donations to the Charleston Parks

Conservancy directly affect positive change in our parks and green spaces by funding programs and initiatives such

as renovations, upkeep, park equipment and community

education programs.

For more about memberships, visit our website at

CharlestonParksConservancy.org.

PARK SPECIFIC CONTRIBUTIONS

Support our parks with site specific contributions or allow the Conservancy to

apply your gift to urgent needs within our present projects.

MATCHING GIFTS

Your gift can go twice as far. Ask your employer

to match your contribution to the Conservancy.

VOLUNTEER

The Conservancy’s Park Angels are individuals in

the Charleston community who understand the

importance of preserving, sustaining and

beautifying our parks.

SUPPORT YOUR PARKS

30 | SUPPORT SUPPORT | 31

32 | !NANCIALS !NANCIALS | 33

THE CHARLESTON PARKS CONSERVANCY

FINANCIAL STATEMENTS

YEAR ENDED DECEMBER 31, 2011

CHARLESTON PARKS CONSERVANCY

TABLE OF CONTENTS

DECEMBER 31, 2011

INDEPENDENT AUDITORS’ REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

STATEMENT OF FINANCIAL POSITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

STATEMENT OF ACTIVITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

STATEMENT OF CASH FLOWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

STATEMENT OF FUNCTIONAL EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

34 | !NANCIALS

To the Board of DirectorsCharleston Parks ConservancyCharleston, South Carolina

We have audited the accompanying statement of financial position of the Charleston Parks Conservancy (a nonprofit organization) as of December 31, 2011, and the related statements of activities, cash flows, and functional expenses for the year then ended. These financial statements are the responsibility of the Organization’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Organization’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material aspects, the financial position of the Charleston Parks Conservancy as of December 31, 2011, and changes in net assets and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

April 20, 2012

!NANCIALS | 35

CHARLESTON PARKS CONSERVANCYSTATEMENT OF FINANCIAL POSITIONDECEMBER 31, 2011

ASSETS Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 385,311 Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,806 Trade date receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,511 Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9,019,320 Intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,556 Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,391 TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,747,895

LIABILITIES & NET ASSETS Liabilities Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 20,206 Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,451 Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,157

Net assets Unrestricted: Undesignated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 659,415 Board designated as endowment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,019,320 Temporarily restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,003

Total net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,719,738

TOTAL LIABILITIES & NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,747,895

2See independent auditors’ report and accompanying notes.

36 | !NANCIALS !NANCIALS | 37

CHARLESTON PARKS CONSERVANCYSTATEMENT OF CASH FLOWSFOR THE YEAR ENDED DECEMBER 31, 2011

Cash flows from operating activities:

Change in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,465 Adjustments to reconcile change in net asset to net cash used in operating activities: Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,524 Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,877 Net realized and unrealized income on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (564,701) Bad debt expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .295 Change in operating assets and liabilities: Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,806) Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,648 Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,451 Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,860)

Net cash used in operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (500,107)

Cash flows from investing activities: Sale of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850,000 Purchase of land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20,511) Purchase of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,573)

Net cash provided by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 826,916

Net change in cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326,809

Cash and cash equivalents - beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,502

Cash and cash equivalents - end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 385,311

Supplemental disclosure of cash flow information: Noncash transactions: donations in-kind and related noncash expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 61,376


CHARLESTON PARKS CONSERVANCYSTATEMENT OF ACTIVITIESFOR THE YEAR ENDED DECEMBER 31, 2011

Unrestricted Board Temporarily Total Designated RestrictedREVENUES, GAINS AND SUPPORT Contributions $ 18,356 $ - $ 64,310 $ 82,666 In-kind contributions 61,376 - - 61,376 Special events 91,023 - - 91,023 Grants 275 - 5,000 5,275 Program revenues 5,649 - - 5,649 Other income 584 - - 584 Interest income 15 - - 15 Net realized and unrealized income on investments - 564,701 - 564,701

Total revenues, gains and support 177,278 564,701 69,310 811,289

Net assets released or reclassified 881,623 (850,000) (31,623) -

Total revenues, gains, support and releases 1,058,901 (285,299) 37,687 811,289

EXPENSES Program services 321,713 - - 321,713 Management and general 150,238 - - 150,238 Fundraising 327,873 - - 327,873

Total expenses 799,824 - - 799,824

Changes in net assets 259,077 (285,299) 37,687 11,465

Net assets at beginning of year 400,338 9,304,619 3,316 9,708,273

Net assets at end of year $ 659,415 $ 9,019,320 $ 41,003 $ 9,719,738


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CHARLESTON PARKS CONSERVANCY STATEMENT OF FUNCTIONAL EXPENSESFOR THE YEAR ENDED DECEMBER 31, 2011

Program Management Fundraising Total Services and General

Salaries and wages $ 152,102 $ 56,720 $ 188,212 $ 397,034 Payroll taxes 12,060 4,445 14,819 31,324 Employee benefits 3,059 807 804 4,670 Events 2,245 - 70,620 72,865 Web services 16,505 5,901 10,605 33,011 Occupancy 6,000 18,876 6,000 30,876 Professional fees 156 27,518 - 27,674 Playground renovations 26,866 - - 26,866 Amortization 7,959 7,959 7,959 23,877 Design 20,283 - - 20,283 Plants, mulch and compost 18,798 - - 18,798 Hardscape 18,514 - - 18,514 Advertising and marketing 13,149 1,345 3,296 17,790 Depreciation 5,508 5,508 5,508 16,524 Supplies 7,519 52 2,240 9,811 Board expense - 1,520 7,811 9,331 Insurance 74 6,821 - 6,895 Books, subscriptions and reference 195 - 6,665 6,860 Signage 4,187 - - 4,187 Miscellaneous 1,139 1,443 1,191 3,773 Conferences, meetings and travel 1,391 1,867 22 3,280 Telephone and telecommunications - 3,187 - 3,187 Meals and entertainment 2,065 848 187 3,100 Printing and copying - 2,337 364 2,701 Postage 194 322 1,570 2,086 Automobile 1,745 25 - 1,770 Office supplies - 1,398 - 1,398 Bank service charges - 1,339 - 1,339 Total expenses $ 321,713 $ 150,238 $ 327,873 $ 799,824

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CHARLESTON PARKS CONSERVANCYNOTES TO FINANCIAL STATEMENTSDECEMBER 31, 2011

A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of the Organization- The Charleston Parks Conservancy (the Conservancy) was incorporated in December 2006 as a non-profit organization under the laws of South Carolina. The Conservancy’s mission is to: (i) preserve and encourage exceptional horticulture practices in South Carolina’s public gardens and public landscapes, with a particular emphasis on historical landscapes and gardens that offer unrestricted public access; (ii) promote educational programs designed to encourage gardening and horticulture as a career or hobby; and (iii) encourage high standards for the horticulture industry. The Conservancy’s support and revenue come primarily from contributions and grants, special events and income on investments.

The Conservancy operates a variety of programs. The Beautification program through Garden in the Parks partners with local government and community volunteers to provide continuous caregiving and maintenance to various parks and green space. The Park Renovations program is aimed at restoring, rejuvenating, and reinventing community parks and green spaces by replacing outdated equipment, developing long term park function-ality plans, and redesigning existing parks for optimal use. The Education program is designed to encourage life-long learning and leadership while actively improving community parks and green spaces through advancing knowledge of the environment, community, and history, as well as providing direction in the setup and management of community gardens and other community green spaces. The activities of the Conservancy are concentrated in the Charleston, South Carolina geographical area.

The Conservancy is an organization exempt from income taxation under Section 501(a) as an entity described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and is exempt from state income taxes under related state provisions.

Basis of Accounting- The accompanying financial statements have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables and other liabilities.

Basis of Presentation- In accordance with Financial Statements of Not-For-Profit Organizations, the Conservancy reports information regarding its financial position and activities according to the following net asset classifications:

Unrestricted Net Assets - not subject to donor-imposed restrictions. Unrestricted net assets may be designated for specific purposes by action of the Board of Directors.

Temporarily Restricted Net Assets - subject to donor-imposed stipulations that may be fulfilled by actions of the Conservancy to meet the stipulations or become unrestricted at the date specified by the donor.

Permanently Restricted Net Assets - subject to donor-imposed stipulations that they be retained and invested permanently by the Conservancy. The donors require the Conservancy to use all or part of the investment return on these net assets for specified or unspecified purposes.

Support and revenue are reported as increases in unrestricted net assets unless use of the related assets is limited by donor-imposed restrictions that are not fulfilled in the accounting period.

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A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

All expenses are reported as decreases in unrestricted net assets. Expirations of temporary restrictions on net assets, such as the fulfillment of donor-imposed stipulations or the lapsing of a specified time period, are reported as net assets released or reclassified.

Contributions subject to donor-imposed restrictions are recorded as temporarily restricted support and are reclassified as unrestricted when the donor-imposed restriction has been fulfilled or the stipulated time period has elapsed. Promises to give that are scheduled to be received after the end of the reporting period are shown as increases in temporarily restricted net assets and are reclassified to unrestricted net assets when the purpose or time restriction is met. Promises to give subject to donorimposed stipulations that the corpus be maintained permanently are recognized as increases in permanently restricted net assets. Conditional promises to give are not recognized until they become unconditional, that is, when the conditions on which they depend are substantially met. Contributions to be received after one year are discounted at the risk-free rate on the last day of the fiscal year in which the promises are received. Amortization of the discount is recorded as contribution revenue. Special event revenue is record-ed as a deferred liability until the event is held.

Estimates- Management uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates used. Areas requiring sig-nificant estimates include the estimated fair value of the Conservancy’s investments and the related unrealized gains or losses on investments, the fair market value of in-kind contributions and land, and the allocation of expenses by function. It is at least reasonably possible that the estimates used will change within the near term.

Promises to Give- Contributions are recognized in the year that the unconditional promises to give are made and are classified into unrestricted or temporarily restricted assets. The Conservancy uses the allowance method to account for uncollectible promises to give. Management estimates the allowance based on the aging and knowledge of individual outstanding balances as well as past experience.

Property and Equipment- Property and equipment are stated at cost or, if donated, at fair market value at the date of donation, less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets.

Intangible Assets- Intangible assets subject to amortization are stated at cost or, if donated, at fair market value at the date of donation, less accumu-lated amortization. Amortization is computed on a straight-line basis over the estimated useful lives of the assets.

Investments/Endowment Funds- The Conservancy holds an investment in a private investment pool, which is carried at fair market value. Donated in-vestments are recorded as contributions at their fair market value on the date of the gift. Unrealized gains and losses are included in the change in netassets in the accompanying Statement of Activities. Purchases and sales of securities are recorded on a trade-date basis. The Conservancy’s investment in the private investment pool has been designated by the board of directors as an endowment fund.

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As a result, the Conservancy follows the accounting guidelines set forth in Endowments of Not-For-Profit Organizations. Under South Carolina law, the Conservancy is subject to the State Prudent Management of Institutional Funds Act (SPMIFA). The Board of Directors of the Conservancy has inter-preted SPMIFA as requiring the preservation of the fair value of the original gift of any donor-restricted endowment funds absent explicit donor stipula-tions to the contrary. As a result of this interpretation, the Conservancy classifies as permanently restricted net assets (a) the original gifts donated to a permanent endowment, (b) subsequent gifts to a permanent endowment, and (c) accumulations to a permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of any donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Conservancy in a manner consistent with the standards prescribed by SPMIFA. In accordance with SPMIFA, the Conservancy considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds:

(1) The duration and preservation of the fund. (2) The purpose of the organization and the donor-restricted endowment fund. (3) General economic conditions. (4) The possible effects of inflation and deflation. (5) The expected total return from income and the appreciation of investments. (6) Other resources of the organization. (7) The investment policies of the organization.

Management and the Board of Directors are responsible for the investment of all Conservancy funds. The policies and strategies employed for achieving objectives applicable to the endowed investments are as follows:

Return Objectives and Risk ParametersThe Conservancy attempts to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the Conservancy must hold for a donorspecified period as well as board-designated funds. The endowment assets are invested in a manner intended to produce results that exceed the price and yield results of appropriate benchmarks without putting the assets at imprudent risk.

Strategies Employed for Achieving ObjectivesTo satisfy its long-term objectives, the Conservancy relies on a total return strategy in which investment returns are achieved through capital appreciation. The Conservancy has invested its endowment assets into a single private investment pool (the Pool). The Pool’s primary investment objective is to provide superior risk-adjusted rates of return with relatively low volatility and with relatively low correlation to most major market indices.

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Spending Policy and How the Investment Objectives Relate to Spending PolicyThe Conservancy invests endowment funds with the objective of obtaining sufficient returns to grow the balance in the accounts and to fund operating shortfalls.

Funds with DeficienciesFrom time to time the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or SPMI-FA requires the Conservancy to retain as a fund of perpetual duration. In accordance with GAAP, deficiencies of this nature are reported in unrestricted net assets. There were no such deficiencies as of December 31, 2011.

Fair Value of Financial Instruments- GAAP requires certain assets to be stated at fair value instead of historical cost. The Company’s investments in marketable securities fall under this requirement. Fair value as defined under GAAP is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Financial Accounting Standards Board’s (FASB) Fair Value Measurements establishes a framework for measuring fair value, and expands disclosures about fair valuemeasurement. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted prices in active markets. Under this standard, fair value measurements are disclosed by level within that hierar-chy. These levels include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by the Conservancy in determining fair value is greatestfor assets or liabilities categorized in Level 3.

Private Investment PoolThe fair value of the Conservancy’s investment in the Pool is based upon the Pool’s net asset value (NAV), which is determined by the pool manager us-ing a market approach. The valuation of the underlying investments incorporate significant unobservable inputs that cannot be corroborated withobservable market data. Valuations may also be adjusted to reflect a lack of liquidity or marketability. These assets are classified as Level 3 based upon the significant estimates and assumptions used in determining the value of the underlying investments of the Pool.

The Pool is charged management fees of 1.5% per annum of the NAV and an incentive fee payable to the Pool’s investment manager that is equal to 20% of the appreciation in NAV of each share outstanding in any year, to the extent that the NAV per share exceeds a previously established “high water mark.” The Pool provides for quarterly redemptions, along with certain limitations and restrictions.

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Expense Allocation- The costs of providing the various programs and other activities have been summarized on a functional basis in the Statements of Activities and Functional Expenses. Accordingly, certain costs have been allocated among the programs and supporting services benefited.

Donations-in-kind and Contributed Services- Material gifts-in-kind items used in the Conservancy programs and services (e.g., free rent, equipment, etc.) are recorded as income and expense at the time the items are placed into service or used.

Contributed property and equipment are recorded at fair value at the date of donation as unrestricted support and revenue unless the use of such contributed assets is restricted by a donor-imposed restriction.

Contributed services are reported as contributions at their fair value if such services create or enhancenonfinancial assets, would have been purchased if not provided by contribution, require specialized skillsand are provided by individuals possessing such specialized skills. In addition, the appropriate value ofdonated services of individuals is recorded as an expense when such services qualify for costreimbursement from third-party providers.

Income Taxes- The Conservancy has adopted Accounting Standards Codification 740 (“ASC 740”), Income Taxes. ASC 740 requires that a tax position be recognized or derecognized based on a “more likely than not” threshold. This applies to positions taken or expected to be taken in a tax return where there is uncertainty about whether a tax position will ultimately be sustained upon examination. The Conservancy has evaluated its tax positions and determined that it does not have any uncertain tax positions that meet the criteria under ASC 740. Accordingly, implementation of ASC 740 did not have any impact on the accompanying financial statements. Fiscal years ending on or after December 31, 2008 remain subject to examination by federal and state tax authorities.

Advertising- Advertising costs are expensed as incurred. Advertising expense was $17,790 for the year ended December 31, 2011.

Cash and Cash Equivalents- For purposes of these statements, the Conservancy considers all highlyliquid investments with original maturities of three months or less to be cash equivalents. The carrying amounts reported in the financial statements for cash and cash equivalents approximate those assets’ fair values.

Reclassification- Certain 2010 items, including the classification of net assets among unrestricted, board designated, temporarily restricted and permanently restricted, have been reclassified in order to conform with the 2011 financial statement presentation.

Concentrations of Risk and Risk Factors- The Conservancy maintains cash and cash equivalent balances with three financial institutions. At December 31, 2011, the Conservancy had cash deposits of $392,906. Of this amount, $58,036 was in excess of the Federal Deposit Insurance Corporation limit of $250,000.

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All of the Conservancy’s investments as of December 31, 2011 are held in a single private investment pool. This investment is a speculative investment that involves risks, including but not limited to portfolio risks (including, but not limited to, interest rate risks, currency risks, default and credit risks, eq-uity risks, and volatility risks), leverage and liquidity risks, counterparty risks, operational and regulatory risks, risks relating to fund terms and structure, and tax risks.

The Conservancy’s investments are held by an investment manager and are thereby subject to concentrations of credit risk. The Conservancy’s invest-ments are not insured by the Securities Investor Protection Corporation (SPIC) or by any other insurance coverage.

The Conservancy’s investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with its investments, it is at least reasonably possible that changes in the fair values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the Statement of Financial Position. The investment pool may hold underlying investments in securities with contractual cash flows, such as asset backed securities, interest rate swaps, and mortgage backed securities.

The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, delinquencies or defaults, or both, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

B. LAND, PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

Furniture and office equipment $ 46,458 Software 32,662 Vehicles and equipment 12,708

Property and equipment, at cost 91,828 Accumulated depreciation (49,437)

Property and equipment, net $ 42,391

Depreciation expense for the year ended December 31, 2011 was $16,523.

During the year ended December 31, 2011 the Conservancy was granted ownership of land subject to a conservation easement. The Conservancy assisted the grantor in obtaining a grant to acquire the property, and paid a total of $20,511 in acquiring the property. The property was acquired for thepurpose of a potential future horticultural center and Conservancy headquarters, as well as a site for additional Conservancy programs, which complies with the restrictions placed upon the property based upon the conservation easement. Subsequent to year end, a decision was made to deed the property to the City of Charleston and to negotiate a long-term lease from the City. This transaction is expected to occur during the year ended December 31, 2012.

!NANCIALS | 45


C. INTANGIBLE ASSETS

Intangible assets consist of the following:

Website design costs $ 171,431 Accumulated amortization (147,875) Intangible assets, net $ 23,556

Amortization expense for the year ended December 31, 2011 was $23,876. Amortization of $21,360 and $2,195 is expected for the years ending December 31, 2012 and 2013, respectively.

D. NET ASSET CLASSIFICATION

Temporarily restricted net assets are available for use in specific parks or projects as follows:

Allan Park $ 34,200 Gibbes Museum Park 3,278 Elliottsborough Park 1,483 Cannon Park 910 Rotary Park 550 Riverland Terrace 307 Daffodils, Roses and Caladiums 275

Total $ 41,003

Board designated net assets are comprised entirely of the Moore endowment, which totals $9,019,320 as of December 31, 2011.

E. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table sets forth by level within the fair value hierarchy the Conservancy’s assets and liabilities accounted for at fair value on a recurring ba-sis as of December 31, 2011. Assets and liabilities are classified in their entirety based on the least observable level of input that is significant to the fairvalue measurement. The Conservancy’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There were no changes during the year ended December 31, 2011 to the Company’s valuation techniques used to measure asset fair values on a recurring basis. Quoted Prices in Active Markets for Significant Other Significant Identical Assets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3)

Investments: Private investment pool $ - $ - $ 9,019,320

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E. FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)

The Company had $385,311 of cash and cash equivalents as of December 31, 2011 which was not classified.

The following table presents additional information about Level 3 assets and liabilities measured at fair value. Both observable and unobservable inputs may be used to determine the fair value of positions that the Conservancy has classified within the Level 3 category. As a result, the unrealized gains and losses for assets and liabilities within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g.,change in actuarial models) inputs.

Investments

Beginning balance, January 1, 2011 $ 9,304,619 Total investment income 564,701 Purchases and settlements (850,000)

Total $ 9,019,320

The total gains and losses on Level 3 assets and liabilities are included in the change in net assets in the Statement of Activities.

F. INVESTMENTS IN ENTITIES THAT CALCULATE NET ASSET VALUE PER SHARE

The Pool’s primary investment objective is to provide superior risk-adjusted rates of return with relatively low volatility and with relatively low correla-tion to most major market indices. The Pool is permitted to invest in an unlimited range of securities, financial instruments and other assets. The Pool’s investment manager organizes the Pool’s portfolio positions into business units, each of which generally pursues a different type of investment strategy. Examples of these key business units include: (1) Corporate Credit; (2) Emerging Markets Credit; (3) Structured Credit; (4) Various Equity; (5) Volatility and Convertibles; (6) Other Private Investments; (7) Insurance; and (8) Developed Markets Fixed Income. In each case, the Pool may invest directly or through derivatives and other products, such as options, swaps, futures, participations and repurchase agreements.

Redemptions of the Conservancy’s investment in the Pool are available at the end of each calendar quarter end with appropriate notice. Redemption requests may not exceed 10% of the total Pool net asset value (NAV) or $5,0000,000 for any quarter redemption. The minimum distribution is $250,000.Shares of the Pool may not be transferred without the prior written consent of the Pool’s Board of Directors.

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G. ENDOWMENTS

The endowment fund consists of one individual donor-restricted endowment fund. As required by GAAP, net assets associated with endowment funds, including funds designated by the Board of Directors to function as endowments, are classified and reported based on the existence or absence of donorimposed restrictions.

The following tables present the necessary information for endowments:

Endowment Net Asset Composition by Type of Fund as of December 31, 2011:

Temporarily Permanently Unrestricted Restricted Restricted TotalBoard designated endowment $ 9,019,320 $ - $ - $ 9,019,320

Changes in Endowment Net Assets during the year ended December 31, 2011:

Temporarily Permanently Unrestricted Restricted Restricted Total

Endowment net assets, beginning of year $ 9,304,619 $ - $ - $ 9,304,619Net income (realized and unrealized) 564,701 - - 564,701Appropriations of endowment assets for expenditure (850,000) - - (850,000)

Total $ 9,019,320 $ - $ - $ 9,019,320

H. RELATED PARTY TRANSACTIONS

Certain board members, or individuals and entities related to board members, contributed a total of $8,585 during the year ended December 31, 2011.

Travel expenses and other expense reimbursements paid to board members totaled $8,453 during the year ended December 31, 2011, $978 of which remained payable and was included in accounts payable as of December 31, 2011.

See also note J for a contract and commitment with an entity partially owned by a member of the board of directors.

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I. IN-KIND CONTRIBUTIONS

The Conservancy is provided the use of office space by the City of Charleston Department of Parks as an in-kind contribution. The Conservancy records the in-kind contribution and related occupancy expense at the estimated fair value of $1,500 per month. The Conservancy recognized an in-kind contri-bution of $18,000 related to this office space during the year ended December 31, 2011.

The Conservancy received other in-kind contributions totaling $43,376 for various services and products, including donated storage space, donated program supplies, and other goods and services contributed as in-kind sponsorships for various Conservancy programs and events.

J. OPERATING LEASES AND OTHER COMMITMENTS

The Conservancy subleases office space under an operating lease which began November 1, 2010. The lease requires monthly payments of $1,000 and expires October 31, 2012. Lease expense for 2011 under this operating lease was approximately $12,000. Future minimum lease payments of $10,000 are expected to be paid during the year ended December 31, 2012.

The Conservancy has entered into an arrangement with the City of Charleston to help fund a beautification and improvement project at a local park. A contract totaling $102,000 for the design phase of the project was in process as of December 31, 2011 with an entity partially owned by a board mem-ber. The total contract is $102,000, with a total remaining commitment from the Conservancy and the City of Charleston of $66,300 on the design con-tract. Of this amount, $33,150 is expected to be paid by the Conservancy upon completion of the design phase of the project.

K. SUBSEQUENT EVENTS

Management has evaluated subsequent events through April 20, 2012, the date which the financial statements were available to be issued.

FIND US: Charleston Parks Conservancy | PO Box 21000 | Charleston | SC | 29413 | 843.724.5003 | charlestonparksconservancy.org

2011 annual report

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