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Land for Maine's Future board reviews fund balances; nearly $3 million earned in interest
Summary
LMF staff reported $2,979,690 in interest earned to date and roughly $2.17 million available for new awards after allocations and set-asides; staff explained accounting moves to make CNR spending visible and answered questions about returned funds from withdrawn projects.
The Land for Maine's Future (LMF) board reviewed updated fund balances and accounting at its Jan. 13 meeting, where staff reported that the program has earned $2,979,690 in interest to date and that about $2.168 million remains available for project awards after allocations and set-asides.
LMF Director Laura Graham told the board the presentation reflects adjustments after several project closings and two withdrawals that returned funds to the unallocated pool. She said she moved formerly pooled interest out of the CNR accounting bucket in the slide deck to make it clearer how much of the CNR (conservation and recreation) allocation has been spent, noting that the $30 million CNR line shows it has been expended plus an additional $485,703 allocated for the most recent round.
Board members asked how interest is applied across accounts; staff said the interest posts to a single account in the spreadsheet they use and the board decides where to apply it. Staff also walked through active projects and recoupment practices, noting some legal fees and stewardship or access-improvement grants can delay final recoupments. Jason (staff) and other board members clarified that returned funds from projects that withdrew—such as the Dun Farm and Owl Pond items discussed elsewhere on the agenda—have been added back into available balances.
The discussion concluded with no formal action required beyond the board noting the updated accounting and the staff plan to proceed with the next funding rounds.
