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JAMES MADISON UNIVERSITY FOUNDATION

POLICIES AND PROCEDURES


GUIDELINES FOR ACCEPTING GIFTS OF REAL ESTATE

 

POLICY # G 101B

APPROVED: January 27, 1999


POLICY:

THE JAMES MADISON UNIVERSITY REAL ESTATE FOUNDATION WILL ACCEPT GIFTS OF REAL ESTATE, IF THERE IS CLEAR CHARITABLE INTENT ON THE PART OF THE DONOR(S).


1.  A representative of the JMU Foundation or the office of Development must conduct a visual inspection of the property.

 

2.   A certified appraisal must be conducted at the Donor's expense.

 

3.  A Phase One environmental audit shall be conducted unless such an audit is clearly determined to be unnecessary. This is normally included in the appraisal process.

 

4.  The title must be searched and determined to be clear.

 

5.  A business plan for the sale of the property must be developed and the donor must understand and be in agreement with it.

 

a. The JMU Foundation's standard procedure is to sell property as soon as possible

 

b.If property does not sell promptly or if, for some other reason, property must be held, then:

 

  i.      An agreement covering annual maintenance costs must be developed

 

  ii.      An agreement covering real estate taxes must be developed

 

Because of demanding EPA guidelines, certified auditing guidelines, and the guidelines and recommendations of the Council for Advancement and Support of Education (CASE), all gifts of tangible property (real estate, art, antiques, jewelry, etc.) must be reviewed and approved by the Executive Committee of the JMU Foundation or appropriate designated representatives of the Foundation.