Gifts of Real Estate
THE FOUNDATION will consider gifts of real property that are proposed for donation. All property accepted will be immediately listed for sale unless acquired to meet operational needs or the needs of THE FOUNDATION as stipulated by the Board of Directors. Otherwise, in no case will a waiting period be observed.
THE FOUNDATION requires that all mortgages, taxes, liens, and other debts against the property be paid in full by the donor before the gift will be accepted.
A Real Estate Fact Sheet (See Exhibit 4 Foundation Gift Acceptance Policy) shall be completed by the donor and submitted to the appropriate committee of the Board of Directors.
The donor of real estate may be required to secure a Phase I or II Environmental Study in adherence to the American Society for Testing & Materials E-1527-05 standard and in compliance with the United States Environmental Protection Agency Code of Federal Regulation.
Phase I Study – a cursory site inspection and review of history, maps, plans, and/or building permits of the property.
Phase II – is sometimes required when a Recognized Environmental Condition (REC) is found during the Phase I.
Based upon review of the following information, the Executive Director of THE FOUNDATION will recommend to the Board of Directors any appropriate property for acceptance following:
- Visual inspection of the property
- Analysis of the Proposed Gift of Real Estate Fact Sheet
- Marketability review by a local real estate broker or Board member specializing in real estate
- Determination by the above broker or Board member as to the advisability of a Phase I Study
All gifts of real property valued in excess of $5,000 must be substantiated by a professional, independent appraisal remunerated by the donor.
The IRS requires that an appraisal “must be made no earlier than 60 days before the date of a property donation.” The appraisal must be done by “a qualified appraiser” under section 1.170A-013 (c.) (5.) of the United States Treasury regulations.
THE FOUNDATION believes that it is in the best interest of the donor to secure his/her own appraisal independent of THE FOUNDATION.
The donor may select a notary of his/her choice or THE FOUNDATION will provide notarization.
THE FOUNDATION will incur the legal expense related to the change of title and act of donation. Specialists or those with expertise in certain areas may be employed by THE FOUNDATION prior to gift approval.