About 1.2 million years ago, a volcano erupted and collapsed inward, forming the crater now known as Valles Caldera, in north-central New Mexico (see fig. 1). Almost entirely surrounded by the Forest Service’s Santa Fe National Forest and the National Park Service’s Bandelier National Monument, this geologically and ecologically unique area covers about 89,000 acres of meadows, forests, hot springs, volcanic domes, and streams supporting elk herds, fish, and other wildlife. While in private hands, the Baca Ranch was operated as a working ranch, providing grazing for livestock plus hunting and fishing for a limited number of visitors. According to the Preservation Act, the working ranch arrangement was to continue after ownership was assumed by the federal government. The act also calls for the Trust to protect and preserve the land while attempting to achieve a financially self-sustaining operation. “Financially self-sustaining,” as defined by the act, means that management and operating expenditures—including trustees’ expenses; salaries and benefits; administrative, maintenance, and operating costs; and facilities improvements—are to equal or be less than proceeds derived from fees and other receipts for resource use and development. Appropriated funds are not to be considered. To carry out its duties, the Trust has the authority to solicit and accept donations of funds, property, supplies, or services from any private or public entity; negotiate and enter into agreements, leases, contracts, and other arrangements with any individual or federal or private entity; and consult with Indian tribes and pueblos. The Trust’s Board consists of nine trustees. The President of the United States appoints seven of these trustees, and the other two are the Supervisor of Santa Fe National Forest and the Superintendent of Bandelier National Monument, under the jurisdiction of the Department of the Interior’s National Park Service. Of the seven presidential appointees, who are selected in consultation with New Mexico’s congressional delegation, five must be New Mexico residents. Appointees are to be selected on the basis of their expertise or experience, as follows: one trustee each (1) with livestock and range management expertise; (2) with expertise in recreation management; (3) who is knowledgeable in sustainable management of forest lands for commodity and noncommodity purposes; (4) with expertise in financial management, budget and program analysis, and small business operations; (5) who is familiar with the cultural and natural history of the region; (6) who is active in a nonprofit conservation organization concerned with Forest Service activities; and (7) who is active in state or local government activities in New Mexico, with expertise in the customs of the local area. Trustees are appointed to 4-year terms and can be reappointed; no trustee, however, may serve more than 8 consecutive years. The trustees select a chairman from the Board’s ranks. With the exception of the Board Chair, trustees serve without pay, although they are reimbursed for travel and subsistence expenses while performing their duties. The Board must hold at least three public meetings a year in New Mexico. An executive director, who is hired by the Board, oversees the Trust’s day-to-day operations. Although the Trust has taken steps to establish and implement a number of programs and activities to achieve the goals of the Preservation Act, it is behind the schedule it set for itself in 2004. A number of factors, such as high turnover among Board members and key management staff, have contributed to this slow progress, according to former and current Board members and staff. As we reported in 2005, the Board’s first steps were to establish a basic organization and to acquaint itself with conditions at the preserve. In 2001, the Board held regular meetings and listening sessions with the public and gathered views on how the preserve should be managed. The Board hired its first employee, an executive director, in October 2001 and, in December 2001, issued 10 principles to guide future decision making. These principles focused on a long-term view, emphasizing the ideas of landscape protection, sound business management and good-neighbor relations, the role of science in defining programs, and the quality of experiences to be provided to the public at the preserve. Overall, these principles constituted the Trust’s initial philosophy and foundation for the programs and activities that the Trust undertook to fulfill the Preservation Act’s goals. The following sections describe some of the Trust’s accomplishments. Shortly after the federal government assumed ownership of the preserve, the Trust learned that the existing infrastructure—such as roads, buildings, fences, and water treatment facilities—was in disrepair and needed rehabilitation. All the roads needed upgrading, fences were falling down, rodents had invaded all the structures, and the water supply system was not functioning. Work began immediately, and it continues today. The preserve has about 1,000 miles of roads, including 140 miles of main access roads. Road building into the preserve began in 1935, and by the 1970s, more than 800 miles of logging roads had been bulldozed into high- elevation forests, causing erosion and damaging downhill streams and wetland areas (see fig. 2). On assuming its management role, the Trust determined that the existing roads could not be readily used to support administration, ranching, recreation, or other needs. Since then, the Trust has upgraded over 14 miles of road to all-weather gravel standards, so they are usable for passenger vehicles and are not as environmentally damaging. To enhance safety and public viewing of the preserve, the Trust also installed kiosks, scenic turnouts, and a new gate (see fig. 3); in addition, it reconfigured the entry to and exit from New Mexico Highway 4, the main access road to the preserve. The Trust has systematically numbered and mapped a network of about 184 miles of roads, which provide open public access, as well as restricted access for the Trust’s land management activities. At the time of the federal government’s purchase, the preserve had numerous existing buildings, fences, and other structures. In 2002, the Trust recognized that the majority of its structures needed major restoration to bring them up to local building codes. Over the next 6 years, the Trust conducted minor maintenance on the ranch buildings used to house employees and documented the condition of structures of historic value throughout the preserve (see fig. 4). In addition, the Trust repaired the preserve’s 54 miles of boundary fences—including adjusting their height to allow for elk movement—and installed signs restricting access to the preserve. The Trust also assessed the layout and condition of 64 miles of interior fences, many of which were used to separate pastures for livestock. Other facilities, such as livestock corrals, have also been assessed and rehabilitated, and in 2009 a new temporary visitor building was purchased and placed on site (see fig. 5). Regarding water supplies, when the federal government acquired the preserve, the existing water treatment facility was not functioning, so no potable water was available. Rehabilitating this facility became one of the Trust’s top priorities. Repairs to the water collection and filtration systems were completed in 2004, the water distribution system was repaired in 2005, and potable water became available in spring 2006. Still, the present water supply freezes during the winter and can dry up during the summer; the Trust is therefore evaluating groundwater reserves and options for drilling a well to supply water year-round. In the end, rehabilitating deteriorating infrastructure has proven to be an expensive and time-consuming endeavor, and the Trust’s efforts have not begun to address capital improvements, such as permanent visitor facilities or roads in support of the Preservation Act’s goals. Indeed, as of 2008, the Trust still faced nearly $1.2 million in deferred maintenance costs for existing buildings alone. From the time it first articulated the principles by which it would manage Valles Caldera, the Trust viewed science as key to protecting and preserving the land while developing programs that could bring in revenue. It committed to using science in an “adaptive management” framework, by continuously gathering and applying site-specific scientific knowledge. According to the Trust’s Framework and Strategic Guidance for Comprehensive Management, the chief characteristic of the Trust’s view of adaptive management is the monitoring of natural systems and the human activities impinging on those systems, coupled with use of the monitoring information to guide and, when needed, revise management goals and activities. Thus, according to Trust documents, the Trust makes land management decisions on the basis of scientific research and monitoring, taking into account the public’s views and federal environmental requirements. The science program includes three components: inventorying natural resources, monitoring environmental changes resulting from the Trust’s programs, and conducting research that will help manage the preserve’s resources. Up and running in 2003, this program assists the Trust in complying with federal environmental requirements, including those of the National Environmental Policy Act of 1969 (NEPA). By 2008, the Trust had assessed or was assessing most of the preserve’s natural resources, such as its forests, biodiversity, watershed and stream health, fish habitats, ground water quality, and geology and soils. In inventories of cultural resources, the Trust has also uncovered over 430 historic and archaeological sites. Such inventories will continue to be done as needed before construction projects or other ground disturbance to comply with NEPA guidelines. In addition, to assess the effects of activities such as grazing, recreation, or forest thinning, the Trust has established long-term programs to monitor ecological conditions, including climate, stream water quality, and plant and animal habitat and population dynamics. Finally, in collaboration with universities, federal and state agencies, and other research entities, the Trust has hosted a wide range of research programs, ranging from a study of the ecological drivers of rodent-borne diseases to earth-coring studies of past climate change.