Financial Statement Audit of the Delaware Agricultural Lands Preservation Foundation Financial Statement for Year Ended June 30, 2020

What Was Performed? A financial statement audit of the Delaware Agriculture Lands Preservation Foundation for the year ended June 30, 2020 was performed. Why This Report? This financial statement audit was performed in accordance with 29 Del. C. Section 2906 and 3 Del C. Sections 904(a)(8) and 904(a)(9). The Department of Agriculture manages Delaware’s Agricultural Lands (Aglands) Preservation Program. This program, established in 1991, allows landowners to voluntarily preserve their farms through a two-phase process. There are 490,000 acres in farms which comprise of 39% of State Land Area in Delaware. Delaware’s farmland preservation program has two major components – Agricultural Preservation Districts and Agricultural Conservation Easements. Preservation Districts are voluntary agreements where landowners agree to continue to only use their land only for agriculture for at least 10 years. Agricultural easements are purchases of development rights by the Foundation, placing a permanent agricultural conservation easement on the property. Landowners must enroll their farm into a Preservation District before they can sell an easement.