 | Board of Visitors minutes June 13, 1997 |  |
III. Donor Relations
Letter of Instructions
In those cases in which the disposition of the donated real estate or the proceeds from the sale thereof is not otherwise specified by gift agreement, trust instrument or endowment agreement, the appropriate development officer will have the donor prepare or will prepare for the donor's signature a letter of instruction specifying to whom and for what purposes the gift of real estate and/or its sale proceeds is made.
Legal and Tax Review by Donor's Counsel
Donors should be advised to obtain legal assistance and tax counsel in handling their gifts.
Transaction Responsibility
The development officer, working with the donor, will collect preliminary information using the "Proposed Donation of Real Estate Fact Sheet" to determine if the properties meet the minimum criteria for acceptance. Attached is a standardized report for this purpose. If the proposed gift meets the basic criteria as stated in this policy, that decision will be relayed by UREF to the Planned Giving office with the understanding that acceptance is conditional upon completion of the due diligence process.
Once the due diligence process is complete and the gift is deemed acceptable, UREF will coordinate the closing of the transfer with the donor's representative, usually an attorney or real estate broker. Unless otherwise specified by the donor, UREF legal counsel will prepare the form of the deed for review by donor's counsel and signature by the donor.
The Planned Giving office will coordinate the preparation of any charitable gift documents that may be required in addition to the deed.
As appropriate, documents will be reviewed by University and UREF legal counsel prior to closing.
Donor Follow-Up
With the exception of life estate gifts, once the gifts have been transferred to UREF, the donors will have no control over how the property is maintained or of the disposition process. If donors have questions regarding their gifts, they should contact the appropriate development officer.
| Board of Visitors minutes June 13, 1997 | |