Board of Visitors minutes June 2, 1979 | ||
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.
Board of Visitors minutes June 2, 1979 | ||