SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet Attach to Form 990.
Information about Schedule D (Form 990) and its instructions is at www.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public Inspection
Name of the organization
Natural Resources Defense Council Inc
 
Employer identification number

13-2654926
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year ....    
2 Aggregate value of contributions to (during year)    
3 Aggregate value of grants from (during year)    
4 Aggregate value at end of year .....    
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ...........
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................
Part II
Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ... 2a  
b Total acreage restricted by conservation easements ... 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ... 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet  
4
Number of states where property subject to conservation easement is located SchDMd Bullet  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............
6
Staff and volunteer hours devoted to monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................
9
In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:
(i)
Revenue included in Form 990, Part VIII, line 1 .........................SchDMd Bullet $  
(ii)
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958) relating to these items:
a
Revenue included in Form 990, Part VIII, line 1 ..........................SchDMd Bullet $  
b
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 52283D
Schedule D (Form 990) 2014
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Schedule D (Form 990) 2014
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Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b If "Yes," explain the arrangement in Part XIII and complete the following table: Amount
c Beginning balance .. 1c  
d Additions during the year ...... 1d  
e Distributions during the year ...... 1e  
f Ending balance ...... 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability?
b
If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ........
Part V
Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.
(a)Current year (b)Prior year (c)Two years back (d)Three years back (e)Four years back
1a Beginning of year balance .... 147,155,091 128,985,641 117,964,925 121,644,788 90,274,404
b Contributions ... 6,885,168 6,426,811 7,207,546 4,607,210 18,590,632
c Net investment earnings, gains, and losses 5,612,797 18,880,522 12,339,658 1,523,175 14,529,960
d Grants or scholarships ...          
e Other expenditures for facilities
and programs ... 		5,111,524 5,605,988 7,057,075 9,022,568 896,349
f Administrative expenses .... 1,473,256 1,531,894 1,469,413 787,680 853,859
g End of year balance ...... 153,068,276 147,155,092 128,985,641 117,964,925 121,644,788
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment SchDMd Bullet81.000 %
b
Permanent endowment SchDMd Bullet13.000 %
c
Temporarily restricted endowment SchDMd Bullet6.000 %
The percentages in lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) unrelated organizations .................
3a(i)
 
No
(ii) related organizations .................
3a(ii)
 
No
b
If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIII the intended uses of the organization's endowment funds.
Part VI
Land, Buildings, and Equipment.
Complete if the organization answered 'Yes' to Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis
(investment) 		(b)Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land ...      
b Buildings   46,171,669 15,946,062 30,225,607
c Leasehold improvements   845,953 177,696 668,257
d Equipment ...   8,268,668 3,186,278 5,082,390
e Other ...   692,523 0 692,523
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..SchDMdBullet 36,668,777
Schedule D (Form 990) 2014
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Schedule D (Form 990) 2014
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Part VII
Investments—Other Securities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11b. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b)Book value (c)Method of valuation :
Cost or end-of-year market value
(1)Financial derivatives    
(2)Closely-held equity interests    
(3)Other
(A) HEDGE FUNDS 		38,170,072 F

(B) PRIVATE EQUITIES 		6,624,564 F

(C) VENTURE CAPITAL FUNDS 		64,758 F

(D) EX FOSSIL FUELS INDEX FUND 		67,806,351 F

(E) INT. IN SPLIT INT. AGREEMENTS 		20,931,539 F




Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)Small Bullet 133,597,284
Part VIII
Investments—Program Related. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11c. See Form 990, Part X, line 13.
(a) Description of investment (b) Book value (c) Method of valuation:
Cost or end-of-year market value








Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value








Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........Small Bullet  
Part X
Other Liabilities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
Federal income taxes 0
CHARITABLE GIFT ANNUITIES 13,460,801
POOLED INCOME FUNDS 384,703
DEFINED BENEFIT PLAN OBLIGATIO 10,177,818






Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)Small Bullet 24,023,322
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII
Schedule D (Form 990) 2014
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Schedule D (Form 990) 2014
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Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1 146,976,793
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a -13,537,071
b Donated services and use of facilities ......... 2b 4,971,985
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIII.) ............ 2d  
e Add lines 2a through 2d ..................... 2e -8,565,086
3 Subtract line 2e from line 1.................. 3 155,541,879
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a  
b Other (Describe in Part XIII.) ........... 4b -349,242
c Add lines 4a and 4b.................... 4c -349,242
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5 155,192,637
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1 132,109,937
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities ......... 2a 4,971,985
b Prior year adjustments ............ 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIII.) ............ 2d  
e Add lines 2a through 2d.................... 2e 4,971,985
3 Subtract line 2e from line 1................... 3 127,137,952
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a  
b Other (Describe in Part XIII.) ............ 4b -388,266
c Add lines 4a and 4b..................... 4c -388,266
5 Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ...... 5 126,749,686

Part XIII
Supplemental Information
Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part IV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.
Return Reference Explanation
ENDOWMENT FUNDS FORM 990, SCHEDULE D, PART V, LINE 4 NRDC's endowment fund is intended to support its environmental and conservation programs (specifically, those described in detail in Part III to the Form 990). The trustees have adopted a spending policy that allows for up to 5% of the average fair value of quasi-endowment and permanent endowment funds to be used in support of operations on an annual basis. NRDC's endowment consists of 54 individual funds (25 permanently restricted, 15 temporarily restricted and 14 quasi-endowments) and is an aggregation of gifts provided by donors with the requirement they be held in perpetuity to generate earnings now and in future years to support a variety of purposes, including funding its program and administrative operating costs. It also includes funds designated by NRDC's board of trustees to function as an endowment (quasi endowment). Net assets associated with endowment funds, including funds designated by NRDC's board of trustees to function as endowments are classified and reported based on the existence or absence of donor-imposed restrictions. FORM 990, SCHEDULE D, Part VII, Line 3 Investments - Other Securities In fiscal 2014, NRDC, BlackRock and FTSE Group partnered to launch a equity global index series - FTSE Developed ex-Fossil Fuels Index Series - that excludes companies linked to exploration, ownership or extraction of carbon-based fossil fuel reserves. BlackRock created a fossil fuel free investment fund to track the new index series and during fiscal 2015, NRDC invested approximately $66 million of funds in the newly created BlackRock ex-fossil fuels index fund.
INCOME TAXES FORM 990, SCHEDULE D, PART X The FASB Accounting Standards Codification ("ASC") established criterion that an individual tax position must meet for some or all of the benefits of that position to be recognized in an entity's financial statements. This standard requires that a tax position be recognized or derecognized based on a "more likely than not" threshold. NRDC has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; determine its filing and tax obligations in jurisdictions for which it has nexus; and to review other matters that may be considered an uncertain tax position. The tax years ending June 30, 2012, 2013, 2014 and 2015 remain open to audit for both federal and state purposes. This standard had no impact on NRDC's 2015 and 2014 consolidated financial statements. NRDC does not believe its 2015 and 2014 consolidated financial statements include any material uncertain tax positions.
Form 990, schedule d, parts xi and xii NRDC does not receive standalone financial statements; its operations are consolidated with an affiliated organization, the NRDC Action Fund. The Parts XI and XII reconciliation on Schedule D tie back to NRDC's financial information within the audited financial statements and not to the consolidated numbers. Revenue on return not on books Form 990, schedule D, part XI, Line 4b special event expenses allocated against special event revenue on part VIII ($388,266) Bad Debt Expense adjustment 39,024 ------------- ($349,242)
EXPENSE ON BOOKS NOT ON RETURN FORM 990, SCHEDULE D, PART XII, LINE 2d special event expenses allocated against special event revenue on part VIII $388,266
Schedule D (Form 990) 2014


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