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General Considerations:
The Foundation may accept gifts of real property in accordance with its environmental policy.
The Investment Committee will require the following items in order to review a gift of real property:
  A preliminary title report clear of unacceptable
encumbrances, performed by a reputable title insurance
company.
An appraisal by a qualified MAI appraiser.
A phase one environmental audit indicating that ownership
will not expose the Foundation to environmental liabilities.
Donors must initiate the transfer of property ownership to the Foundation. Special donor concerns, or requests to hold assets for a period of time, will be considered by the Investment Committee.
IRS forms: Donors need to complete IRS Form 8283 obtainable from the IRS. If the Foundation sells the property within two years, it reports the sale to the IRS using Form 8282 and provides copy to donor. The necessary review for evaluation of real estate gifts could lengthen the acceptance process.
Title and other legal documents are typically prepared by donor's lawyer at donor's expense.
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