About this Policy
Required Review of Potential Real Estate Gifts
Policy Number: 24009
Effective Date:
Dec 12, 2017
Last Updated:
Responsible Office:
Office of Real Estate and Business Services
Responsible Administrator:
Director, UM Real Estate and Business Services
Policy Contact:
UM Real Estate and Business Services
umbusinessservices@umsystem.edu
Categories:
- Finance
Menu:
- Scope
- Reason for Policy
- Policy Statement
- Definitions
- Accountabilities
- Forms
- Related Information
- History
- Procedure
Scope
This policy defines the University’s method for accepting gifts of real estate.
Reason for Policy
To protect the University that acceptance of the gift of real estate is the best interest of the University.
Policy Statement
Prior to acceptance of a gift of real estate, the condition of the property and terms of the gift are to be reviewed by UM Real Estate and Business Services staff to determine that acceptance of the gift is the best interest of the University.
This review shall include:
- An initial evaluation of the property which may be based on an informal report by a knowledgeable appraiser, and/or information from city, county or state offices, or from the owner.
- Identification of any problems which may affect the value or usefulness of the property, including but not limited to financial issues and the presence, or likelihood of the presence, of hazardous wastes.
- Analysis of the need for additional administrative or fiscal resources which would be required to comply with the terms of the gift, and determination of campus ability or willingness to provide those resources.
Definitions
Accountabilities
If the initial review reveals problems of a legal nature, the University General Counsel's office should be consulted. UM Real Estate and Business Services should be notified of any other problems. Subsequently, there should be close coordination and communication among campus administrative and development offices and UM Real Estate and Business Services, to resolve the matter appropriately.
Campus representatives will inform and work closely with the UM Real Estate and Business Services office. That office is the focal point in the System and will assist in contacts with the General Counsel’s office and any other UM offices which may be necessary.
Additional Details
Forms
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Related Information
Policy 24010 on Real Estate - General
History
Formerly Business Policy 409 – Real Estate – Acceptance of Gifts (revised 4/25/1991)
Procedure
Reviewed 2017-12-06