Gifts of real estate can be donated to the Foundation, and, as a general rule, the contributor should be able to deduct, for tax purposes, the fair market value of the property.
Gifts of Real Estate
Donors should first establish the fair market value with a recognized independent appraiser, and all such gifts must be approved by the Foundation for acceptance in accordance with its formal policies.
Types of real estate gifts
Outright gift of an entire interest
Any gift of property for which the donor retains no incidence of ownership. This may include property where the use of the property or proceeds is designated or restricted by the donor to ongoing programs of the University.
Gifts of a partial interest
Any gift where any incidence of ownership is retained by the donor. A gift of a partial interest occurs under a life income agreement such as a charitable trust, or where there is a life estate retained by the donor.
Real property gifts to an endowed or current use fund
Any gift of real property, for which the proceeds are designated by the donor for inclusion in an endowed or restricted current fund managed by the Foundation.
Real property gift to the unrestricted fund
Any gift of real property for which no purpose or recipient is specified by the donor and which will be held with proceeds from the sale increasing the unrestricted fund.
Examples of real estate gifts
- Land – developed, undeveloped
- Rental property
- Personal home
- Businesses/Commercial property
- Vacation homes/condos