710.034 FIU Foundation Inc., Accepting Real Property
In accepting real estate, the Foundation will determine as part of each transaction whether to hold the property for use by the University, for investment, or, most commonly with respect to gifts of real estate, for liquidation/sale. Under most circumstances, a donor will be entitled to a charitable deduction for the full gross market value of the property in accordance with federal tax law.
All net proceeds of any sale will be used for the charitable purposes specified by the donor pursuant to the terms of the donor’s gift agreement.
The policy and guidelines outlined herein are intended to make the process work smoothly for all parties, and to permit the Foundation to make appropriate inquiries and take into account a variety of considerations regarding the condition of real property, including marketability, carrying costs, and environmental risks, prior to any acquisition. Ultimately, the decision to accept or liquidate property rests within the sole discretion of the Foundation Board, in coordination with the University and in furtherance of the University’s mission.
Published on 2017-10-17
Administrative Oversight & Contact Information
Senior Vice President - University Adva
- Phone: 3053486298
- Facsimile: 3053483337