C o n s e r vat i o n e a s e m e n t s

Protection In Perpetuity

D u c k s u n l i m i t e D ’s c o n s e r v a t i o n l a n D s P r o g r a m

When we see land as a community to which we belong, we may begin to use it with love and respect.

- Aldo Leopold

Written by David Marrone, Ducks Unlimited

Ducks Unlimited conserves, restores, and manages wetlands and associated

habitats for North America’s waterfowl. These habitats also benefit other

wildlife and people.

Private landowners control the vastmajority ofundeveloped land in the

UnitedStates.Unfortunately,manylandownersareunderfinancialpressurefrom

taxesandtheencroachingsprawlofdevelopment.Landownersarelookingforaway

toprotecttheirlandandwayoflifeforfuturegenerations,butalsotocontinueto

usetheland for theirownbenefit.Conservationeasementsarebeingusedasa

planningoptionatadramaticallyincreasingrate.Landownersareincreasinglyusing

conservationeasementstoprotectpropertyinitsnaturalstateandtopossiblybenefit

fromavailabletaxsavings.

DucksUnlimited, Inc. is dedicated to the conservationofwetlands,

waterfowl,andotherwildlife.Begunin1937byagroupofvisionarysportsmenwho

shared a common cause, DU has since conserved almost 12 million acres of

wetlandandwildlifehabitat.Theorganizationisanon-profitcharitablecorporation

fundedthroughthedonationsofover1,000,000supportersfromacrosstheglobe.

DUisenhancedbythededicationofover50,000volunteerswhospendcountless

hours of their time in support of DU’s efforts. Ducks Unlimited’s conservation

messagereachesuntoldnumbersofpeopleeachdaythroughmediaoutletsincluding

abi-monthlymagazine;aweeklytelevisionshow,TheWorldofDucksUnlimited,

onVERSUSNetwork,TheWorldofDucksUnlimitedonradio;andawebsite

atwww.ducks.org.

conservation easements are being useD as a Planning oPtion at a Dramatically

increasing rate.

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As the global leader in wetlands conser vation, DU looks beyond the present and focuses i t s e f for ts on goa ls that wi l l prov ide long-term benefi t s for wi ld l i fe hab i tat . DU wor ks throughout Nor th Amer ica and other par ts of Lat in Amer ica wi th i t s s i s ter or gan izat ions DU Canada and DU Mex ico to protec t vas t l andscapes for some 900 spec ies o f w i ld l i fe . Ducks Un l im i ted pro jec t s not on ly prov ide a bene f i t t o w i l d l i f e , bu t a l s o fo s t e r a hea l t h i e r env i r onmen t fo r

humans by prov id ing c leaner a i r and water.

W h a t i s a n e a s e m e n t ? Thedictionarydefinesaneasementasaninterestorrightwhich

onepersonhasinthelandofanother.Ownershipoflandcanbethought

ofasabundleofrightstothatland.Theownercantransferawaysome

orallofthoserights.Theownermaytransferhisorherinterestinrightssuch

aswater,development,ortimberandstillownthelandtowhichthoserightsare

attached.

W h a t i s a c o n s e r v a t i o n e a s e m e n t ?

Aconservationeasementisalegalagreementbetweenaproperty

owner(donor)andaqualifiedconservationorganizationorpublicagency

(holder)inwhichtheownervoluntarilyagreestorestrictthetypeandamount

ofdevelopmentthatmaytakeplaceonhisorherproperty.Aconservation

easementisawaytoprotectpropertythathasaconservationorhistoric

valuewhilekeepingthepropertyinitsnaturalandundevelopedstateand

stillmaintainingownershipoftheproperty.Theowneralsokeepstheright

tousethepropertyforeconomicgainorrecreationandtherighttosellor

deedthepropertytoanother.Adonationofaconservationeasementalsomay

reduceestate,income,andpropertytaxes.

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W h a t k i n d o f p r o p e r t i e s q u a l i f y f o r a c o n s e r v a t i o n e a s e m e n t ? As a general rule, a conservation easement must have a valid

conservationpurpose.AguideisprovidedbytheInternalRevenueCode

Section170(h)(4)(A),whichdefinesvalidconservationpurposesas:

1. ThEPRESERVATIONOfLANDAREASfOROUTDOOR

RECREATIONBy,ORThEEDUCATIONOf,ThE

gENERALPUBLIC;

2.ThEPROTECTIONOfARELATIVELyNATURALhABITAT

OffISh,WILDLIfE,ORPLANTS,ORSImILARECOSySTEm;

3.ThEPRESERVATIONOfOPENSPACE(INCLUDINg

fARmLANDANDfORESTLAND)WhERESUCh

PRESERVATIONIS-

1. for the scenic enjoyMent of the general

pUblic, or

2. pUrsUant to a clearly DelineateD feDeral,

state, or local governMent conservation

policy, anD Will yielD a significant pUblic

benefit, or

3. the preservation of a historically iMportant

lanD area or certifieD historic strUctUre.

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a ProPerty must have significant resources anD conservation value

Pertinent to Du’s mission to be consiDereD for an easement to

Ducks unlimiteD.

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P r e s e r v i n g a P i e c e o fW a t e r f o w l H i s t o r y

Whatbeganasoneman’sdreamhasdevelopedintoawaterfowllegend.

Itallbeganin1940whenWallaceClaypoolpurchased3,500acresinnortheast

Arkansasnear the small townofWeiner andbeganconstructionof theWild

Acres farm reservoir.Wild Acres farm was managed for agriculture and to

providewaterfowlandwetlandwildlifehabitatinnortheastArkansas,apartof

theworldthatwasundergoingmajorchanges.Vastareasofthisportionofthe

DeltawerebeingconvertedtoagricultureandWildAcresfarmandWallace’s

reservoirservedasareminderoftimespassed.Thefarmwasmanaged forhigh

qualitywaterfowlhabitatandannuallywinteredupwardsof500,000mallards.

Claypool’sReservoirgaineditstrue“claimtofame”onDecember23,

1956at3:14p.m.CentralStandardtimewhen4millionviewers sawNBC’s

“WideWideWorld”televiseitsfirstliveduckhuntwithapproximately300,000

wild mallards before the camera. In 1966 at age 81, mr. Claypool sold his

belovedreservoirtosomegoodfriendsfrommemphis,Tennessee.Onaphoto

ofClaypoolReservoirthathangsinthepresentdayclubhouse,Wallacewrote,

“Tomyfriendsandsuccessors,BayardBoyle,SnowdenBoyle,ToofBrownand

NorfleetTurner, I entrust the fulfillmentofmy life’swork,WildAcres and its

ducks.”Accordingtomr.JohnnyRiley,managerofClaypool,“thepresent

owners have truly fulfilled Wallace’s dream of protecting his life’s work

whentheyentrustedlongtermprotectionofClaypooltoDucksUnlimited’s

WetlandsAmericaTrustthroughaperpetualconservationeasement.”Through

DucksUnlimitedthispieceofwaterfowlhistory,ClaypoolReservoir,willbe

preservedforever.

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H o w l o n g d o e s a c o n s e r v a t i o n

e a s e m e n t l a s t ? Aneasementmaybegrantedforatermofyearsorinperpetuity.

however,inorderforalandownertotakeadvantageofthetaxbenefitsofa

donatedeasement,itmustbegiveninperpetuity.

W h a t i s c o n t a i n e d i n t h e

e a s e m e n t d o c u m e n t ? The conservation easement document contains a series of

restrictionsrelatingtotheuseoftheland.Theownertransfers,bydeed

ofconservationeasementtoDU,certainrightswhichwillprotectthe

propertyinthefuture.Theownerinitiallygivesupdevelopmentanduse

rightstotheproperty,butthenreservestherightstheyspecificallydesire

andneedtofarm,ranch,hunt,etc.ThedocumentisrecordedontheLand

RecordsoftheTownorCountywherethepropertyislocated.Thisway,the

easementisattachedtothelandbytherecordsand“runswiththeland.”In

otherwords,allsubsequentownersoftheproperty,oranyonewhoobtains

aninterestintheproperty,purchasesitsubjecttothetermsoftheeasement.

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W h a t r e s t r i c t i o n s a r e c o n t a i n e d i n a

c o n s e r v a t i o n e a s e m e n t ? Aneasementistailoredtofittheparticularpropertybasedon

thedesiresoftheownerandthegoalsoftheconservationgroup.The

onlyruleisthatallrestrictionsmustbeconsistentwiththeapplicable

laws.Typicalrestrictionseliminatecommercialandindustrialusesand

mining, limit subdivision, roads,homes,other structures,anddesign

timber cutting according to best management practices. An easement

mightprohibitall futuredevelopment,commonlycalleda“foreverwild”

easement.Aneasementmightpreservethelandforhistoricoreducational

use,orallowacertainamountofdevelopment thatwillnotdamage the

naturalvalue,buthelptheownergaineconomicbenefit.

for example,mr.Smithowns a2,000-acre ranch.hewants to

donate a conservationeasementbuthas certainneeds forhis family and

ranch business. mr. Smith donates an easement that prohibits future

development,buthereservestherighttosubdividetwolots,oneforeach

childonaspecifiedportionoftheranch,andtobuildadditionalfeeding

structuresandstoragebuildingsfortheranchingoperation.healsoreserves

therightforhimselfandfamilytohuntandfishtheproperty.mr.Smith

hasprotectedhislandbutalsoreservedtherightsnecessarytocontinuehis

ranchingoperationandpassitontohischildren.

Du has the welcomeD Duty of monitoring anD enforcing the

conservation easement forever.

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C a n a n e a s e m e n t b e c h a n g e d ? Theconservationeasementisadocumentthatdictatespreservation

inperpetuity.Asthesayinggoes“perpetuityisalongtime.”Changesseldom

occurinpractice.Theonlytimeasignificantchangeisallowediswiththe

approvalofacourtoflawupontheshowingthattheoriginalpurposefor

theeasementisnolongervalid.Aneasementoccasionallymaybeamended

forcertainreasons.Theadditionofpropertytotheeasement,clarification

oftermsorboundaries,oradditionalrestrictionscouldbegroundsforan

amendment.Asageneralrule,aneasementonlywillbeamendedifthe

amendment will strengthen the document and increase protection of

theproperty.

W h o c a n h o l d a c o n s e r v a t i o n e a s e m e n t ? Aneasementholdershouldbechosenwithgreatcare,andit

isrecommendedthataqualifiedorganizationbeselected.Adonormust

besurethattheholderhastheexpertise,time,andfinancialcommitment

toprotectthepropertyindefinitely.Inordertotakeadvantageofthetax

benefitsofthedonation,oneconditionisthattheownermustgrantthe

easementtoapublicagencyoraconservationorganizationthatqualifiesas

apubliccharityunderInternalRevenueCodeSection501(c)(3).

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because nearly three-fourths of our wetlanDs are on Private lanDs, working with lanDowners is an integral Part of Ducks unlimiteD’s conservation Plan.

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H o w d o e s D u c k s U n l i m i t e d f i t i n ? Since nearly three-fourths of America’s remaining wetlands are

found on private lands, working with landowners is an integral part of

DU’s conservation program. DU believes that most lands can benefit

wildlifeandproduceaneconomicreturntoitsowner.DUcanprovidethe

landownerwithtechnicaladviceandhelpthelandowneradoptwildlife

friendlymanagementpractices.DUisanationalorganizationwithsignificant

resources.AnendowmentfundensuresDUwillbeabletomonitorand

enforcerestrictionsonthepropertiesinperpetuity.

W h a t r e s p o n s i b i l i t i e s d o e s D U h a v e a s t h e h o l d e r o f a n e a s e m e n t ? monitoringandenforcementofthetermsofaneasementarea

cooperative effort between the owner and the holder.The holder is

responsibleforenforcementoftherestrictionsinthedocument.Theholder

mustmonitorthepropertyonaregularbasis,andmaintainawritten

record.Eachyeararegionalbiologistorotherqualifiedrepresentative

from DU will visit the property and prepare a written report based

upon the condition of the property. Usually the owner or his manager

choosestoaccompanythebiologist.Bothpartiesneedtobeassuredthat

thepropertycontinuestobemaintainedincompliancewiththetermsof

theeasement.Shouldthemonitoringuncoveraviolation,thenDUhasthe

dutyandlegalrighttorequiretheownerorviolatortocorrecttheproblem.

Theholdermaytakelegalaction.Communicationbetweentheownerand

theholderhelpstoeliminatetheneedfordrasticaction,andmostproblems

aresolvedbythepartiesthemselves.

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D o e s D U a c c e p t a l l e a s e m e n t s o f f e r e d ? No.DUconcentratesitsconservationeffortsinPriorityAreas,of

importance towaterfowl.These areas include themost importantnesting,

migration, and wintering areas for migratory birds throughout North

America.IfthepropertydoesnotfitwithDU’smission,DUwillhelpthe

landownerfindamoreappropriateorganizationtoaccepttheeasement.

i f i d o n a t e a n e a s e m e n t t o D U ,w i l l i t e v e r b e t r a n s f e r r e d t o t h e g o v e r n m e n t ? DU is aprivatenonprofit corporation. It isnot affiliatedwith

the federalgovernmentoranystateor localgovernmentbranch.Inthe

unlikely event that DU should ever cease to exist as a conservation

organization, the easement document provides that the easement

automaticallytransferstoanotherprivatenonprofitorganizationthat

hasexperiencewithconservationeasements.

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W h a t i s t h e r e s p o n s i b i l i t y o f t h e

o w n e r i n t h e e a s e m e n t p r o c e s s ? Each state has its own laws that will determine the legal

consequencesofaconservationeasement.Eachprospectivedonorshould

consulthisorherattorneyandtaxprofessionalastothelawsoftheirstate

andthelegalandtaximplicationsoftheproposedeasement.

The landowner is responsible for obtaining an appraisal of the

property.Theappraiserwillfurnishbothamarketvalueofthepropertyand

avalueof theproperty after a conservation easementhasbeenplaced

thereon.Thisdifferenceinvaluationmaydeterminetheamountofthetax

deductionallowed.AccordingtoIRSrules,ifagiftisvaluedat$5,000or

more,anappraisalmustbecompletedbyaqualifiedappraisertodocument

thedonation.Aqualifiedappraiserisonewhoisknowledgeableinmaking

appraisalsofthetypeofpropertydonated,whoisnotthedonororholder.(See

InternalRevenueCode,26USCSection170Et.Seq.,andTreasuryRegulations

1-170Et.Seq.forlegalrequirements.)

ABaselineDocumentationReport isnecessary for all easement

donations.The “BDR” is an inventory of the conservation values of the

property,whichincludeshabitatandwetlandanalysis,aswellassuggested

managementideastoensureitsprotectionandhighestusetowaterfowland

wildlife.Itisessentiallya“snapshotpicture”ofthepropertyatthetimeof

donation.TheIRSrequiresadonorto“makeavailabletotheholderprior

tothetimethedonationismade,documentationsufficienttoestablish

the conditionof theproperty at the timeof the gift.” (SeeTreasury

RegulationsSection1-170A-14.)ABDRfulfillstheIRSdocumentation

requirement,andprovidestheholderwithcriticalinformationaboutthe

propertythatisusedformonitoringandenforcement.Thecostofthisreport

mayrunseveralthousanddollars.DUcanhelpthedonortoarrangefor

thepreparationofthesedocuments.

Additionally,thelandownerwillneedtoobtainatitlesearchoratitle

opinionfromatitleexaminerorattorneyinthearea.Titleinformationis

necessarytodisclosetheencumbrancesrecordedonthelandrecordsthat

mightbeinconflictwiththeconservationeasement.Thecostmaybeminimal,

dependingonhowlongthedonorhasheldtitletothepropertyandthe

numberofencumbrancesrecordedonthelandrecords.

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the Process is one of mutual cooPeration as both Donor anD holDer are working towarD the Protection of

valuable habitat.

W h a t a r e t h e s t e p s i n t h ee a s e m e n t p r o c e s s ? A landownerwhowishes todonate a conservation easement to

DUshouldcontactthenearestDUoffice.Alistofofficesfollowsinsidethe

backcover.Aregionalbiologistwillcontactthelandownerandconduct

asitevisittodetermineifthepropertycontainsvaluablehabitatandifit

complementsDU’smission.Theregionalbiologistwillprepareadocument

for use by DU called a Preliminary Property Inspection Report (or PPI

forshort).Thetermsintheeasementdocumentwillthenbenegotiated

betweentheownerandDU.In themeantime, theownerwill arrange

for the appraisal, title work, and BDR. The process is one of mutual

cooperationasbothdonorandholderareworkingtowardtheprotection

ofvaluablehabitat.Whenbothpartiesaresatisfiedwiththetermsandthe

conditionsof theconservationeasement, it is signedandrecordedwith

therecordingclerkofthelocalcountyortown.

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W h a t i f t h e r e i s a m o r t g a g e o n

t h e p r o p e r t y ? Aneasement,ifrecordedafteramortgage,couldbeextinguished

ifthemortgageiseverforeclosed.mortgagesonthepropertyshouldbe

identified,andifthedonorwillbeclaimingadeduction,asubordination

shouldbeobtained.Theexistingmortgageholderswillhavetosubordinate

(makesecondary)theirrightstothoseoftheeasementholder.Inother

words, the easementhas tobefirst in line.Thedonor should contact

anylendersearlyintheeasementprocessandobtainasubordinationfor

thosemortgages.

W h a t i s t h e e n d o w m e n t f u n d ? DUhas thewelcomeddutyofmonitoringandenforcing the

easementforever.Ofcourse,thisrequiresfunding.DUhasestablishedan

endowmentfundthatissetasideforthepermanentworkofmonitoring

andenforcingeasements.DUwillrequestthateachdonormakea

tax-deductibledonation to the endowment fund.Thisdonation is based

upontheassessmentofthedonatedeasementtowardtheoverallmissionof

DU.Adonationtothefundensuresthattheowner’swisheswillbecarried

outinperpetuity.

C a n i d o n a t e a n e a s e m e n t i n m y w i l l ? Aconservationeasementmaybegrantedinawill,butsome

potential tax benefits may be lost. The landowner should negotiate the

termsof the easementwith theholder, andarrange for abequest to the

endowmentfund.Theownershouldworkwithhisorherestateplanning

professionaltoupdatehisorherwillwiththeappropriateinstructionsfor

theexecutortofollowtocompletethedonation.Itisrecommendedthatthe

landownerconsultlegalcounselregardingstatelaw.

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W h a t a r e t h e e s t a t e t a x b e n e f i t s ? Propertypassedbywillorbylawuponthedeathoftheowneris

subjecttoestateorinheritancetaxes.federalestatetaxesarebaseduponthe

currentfairmarketvalueoftheproperty.mostpropertyvaluesappreciate,

orincrease,overtime.Whenthelandownerdies,thefairmarketvalueof

thepropertyisassessedatfullvalueforitshighestuse,usuallydevelopment.

Estatetaxescancreatealargetaxburdenforheirs.Iftheestateis“landrich

andcashpoor”thetaxcouldforceheirstoselltheproperty.Aconservation

easementcanbetheidealtechniquetoreducethevalueofanestateandpossibly

lowertheestatetaxburden.Ifapropertyisrestrictedduringtheowner’s

lifetime,onlytherestrictedvalueofthepropertyisincludedintheestate.

for example, mrs. Smith owns a 1,000-acre farm that was

bought in the depression for a few dollars an acre. In the real estate

markettoday,thelandwouldbringatleast$5,000peracre.herestate

valueisoverfivemilliondollarsinrealestatealone,andcouldhaveatax

liability.Shedecidestodonateaconservationeasementontheproperty,

enablinghertosignificantlyreducehertaxburdenandpossiblyhelppass

thefarmtoherchildren.

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a conservation easement can be the iDeal technique to reDuce the value of an estate anD lower the estate tax burDen.

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W h a t a r e t h e i n c o m e t a x b e n e f i t s ? Toqualifyforataxdeduction,onerequirementisthataconservationeasementdonationmustbeacharitablegiftasdefinedbytheIRS.Thedonationmustbemadetoaqualifiedcharitableorganizationandifworthmorethan$5,000,documentedbyaqualifiedappraisal.Themaximumcharitabledeductionissetbyfederaltaxlawatapercentageofyourannualadjustedgrossincome(AgI).Tax lawschangefrequentlysobesuretoconsultyouraccountantorfinancialplannerforcurrentregulations.Insomestates,thereisalsoadeductionorcreditagainststateincometaxesforthedonationofaneasement.generally,thedonorof appreciated real estate (most conservation easement property is long termcapitalgainproperty)maybeallowedtodeductupto30percentofadjustedgrossincomeinoneyear.Theexcessvalueofthegiftmaybecarriedforwardforfiveadditionaltaxyears.ThePensionActof2006raisedthefederaltaxdeductionadonor can take for donating a conservation easement from 30 percent oftheir adjustedgross incometo50percent.Italsoallowsqualifyingfarmersandranchers todeduct up to100percent of their income, provided the landremainsavailableforagriculturalproduction.Italsoincreasesthecarryover,orthenumberofyearsforadonortotakethedeductionfromfiveyearsto15years.Thesebenefitsonlyapplytoeasementsdonatedin2006-2007.Let’sassumemr.JohnsonhasaAgIof$100,000andaneasementvalueof$500,000in2007whenhemakesthedonation.hecandeduct50%of100,000or$50,000thatyear.Additionally,hecancarryovertheremainder(500,000-50,000=450,000)for15additionalyearsoruntilheusesupthededuction.Assuminghisincomeremainsconstant,hecoulddeduct$50,000eachyearfor15moreyearsforatotaldeductionof$500,000. If the property is ordinary income property, the amount of thedeductionisonlytheadjustedbasisoftheproperty. Corporatepropertyalsoistreateddifferently,andotherratesapply.Insomestates,thedonoralsomaybeentitledtoadeductiontowardstateincometaxes.Inallcases,thedonationshould be reviewed with a tax professional or attorney to determine thedeductionsallowed.

W h a t a r e t h e p r o p e r t y t a x b e n e f i t s ? An easement donor may be entitled to a reduction in propertytaxes.Propertytaxesarebasedontheassessedvalueoftheproperty,whichisusuallyforitshighestandbestuse.Areductioninthefairmarketvaluebyeasementrestrictionscouldmeanacorrespondingreductionofpropertytax.Landrestrictedbyaconservationeasementalsomaybeeligibleforothertaxreliefthroughstateorlocalprogramsthathelpforestlandandfarmlandowners.Contactyoulocaltaxassessor.

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W h a t c o n s e r v a t i o n e a s e m e n t s m e a n t o m e .robert hortman, manager, meDway Plantation

Overthepastthreehundredyears,medway

Plantationhasbeenconstantlyevolving.Ithas

changed from a rice plantation to a brick

plantationtoatimber/shootingplantationand

nowtoaneducationalplantation.Therehave

beensomeoutstandingshootingseasons,some

better than others, some brilliant bird dogs,

and some wonderful memories of countless

people. Without the natural resources none

of these activities would have been possible.

however,keepingallthisinmind,themostimportanteventthathasevertaken

placeonmedwayistheassurancethatitwillbehereforfuturegenerationstohave

theopportunitytomaketheirmemoriesofthisspecialplace.Wehavetheunenviable

challenge to determine what this part of the world will look like for future

generations.Ifwedon’tactnow,thefutureofourwildplaceswillbeinjeopardy.

Ithasbeenmyprivilegetoworkwithmrs.Legendreincreatingthislegacyforour

generation.ThankstoconservationeasementsandtheeffortsofDucksUnlimited,

medwaywillbeprotectedfromtheonslaughtoffutureurbansprawl!Withoutsuch

avisionforthefuturetherewouldbelittlehopeforthenaturalworld.

“we have the unenviable challenge to Determine

what this Part of the worlD will look like for

future generations.”

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H o w d o i c o n t a c t D u c k s U n l i m i t e d ?

Du emPloys toP biologists anD lanD sPecialists locateD in Du’s regional offices anD at national heaDquarters.

The following list provides the addresses and phone numbers of all DU conservation offices across the U.S.

national Headquarters One Waterfowl Way Memphis, TN 38120-2351 (901) 758-3825 (901) 758-3850 Fax

Great Lakes/atlantic regional office 1220 Eisenhower PlaceAnn Arbor, MI 48108-3281(734) 623-2000(734) 623-2035 Fax

southern regional office193 Business Park Drive, Suite ERidgeland, MS 39157-6026 (601) 956-1936(601) 956-7814 Fax

Great Plains regional office 2525 River Road Bismarck, ND 58503(701) 355-3500 (701) 355-3575 Fax

Lowcountry initiative 3294 Ashley Phosphate Rd., Suite 1-FNorth Charleston, SC 29418(843) 745-9110 (843) 745-9112 Fax

Western regional office 3074 Gold Canal Drive Rancho Cordova, CA 95670-6116 (916) 852-2000 (916) 852-2200 Fax

Ducks Unlimited, inc. is a private 501 (c)(3) nonprofit organization. The contents of this booklet are advisory only.

please consult your attorney or professional advisor.

formoreInformationContact:

OneWater fowl Waymemphis TN38120

901.758.3825www.ducks .org

DU#Q0440