University of Virginia Library

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2. Gifts of Real Property
 
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2. Gifts of Real Property

  • (a) An offer of a gift of real estate shall be reported to the Vice President for Development and may be accepted only by vote of the Board of Visitors.
  • (b) No financial or other burdensome obligation or expense shall be incurred directly or indirectly by the University as a result of a gift of real property, particularly where the donor wishes to retain a life estate for himself or others in the property. Expenses for maintenance and real estate taxes shall be borne by the donor where a life estate is retained in such property.
  • (c) Restrictions as to the ultimate sale of real property received as a gift will not be accepted by the University. Where final sale is not restricted, designating a purpose within the University for a fund created by the assets received from a sale of such property is permissible.