Administrative and Financial
Real Property, Gifts of
Policy StatementThis policy sets forth the procedures which Syracuse University shall follow to accept title to gifts of real property. The policy is intended to safeguard the University against accepting gifts of real property that are difficult to market or are encumbered with defects that could put the University at risk once the institution is in the chain of title. Real property includes unimproved and improved land, including but not limited to single and multi family residences, apartment buildings, rental property, commercial buildings and properties, condominiums, and farms.
Gifts of real property may be outright gifts, bargain sales (i.e. part sale / part gift transactions), or part of a charitable life income plan (i.e. a gift held in trust with a life income to the donor). It is the general policy of Syracuse University not to accept partial or fractional interests in real property except for situations where acceptance of such an interest would present an extraordinary financial benefit for Syracuse University, based on the recommendation of the Executive Vice President for Advancement and External Affairs made to the Executive Vice President and Chief Financial Officer and the approval of the Chancellor and the Facilities Committee. Syracuse University shall not accept any real estate encumbered by a mortgage except when approved by the Facilities Committee based on a recommendation by the Executive Vice President and Chief Financial Officer. Syracuse University shall accept gifts with a retained life use only if the life tenant agrees to pay for all ongoing carrying costs, including but not limited to real estate taxes, insurance, maintenance and repairs to the property, and utilities. The gift agreement for a retained life use shall contain the stipulation that if the life tenant defaults on the payment of these carrying costs, the retained life tenancy ceases and the University shall immediately sell the property. Only gifts of real estate that have an aggregate appraised market value of $100,000 or more shall be accepted. The donor shall provide the University with an independent appraisal establishing the market value.
Syracuse University shall consider accepting title to real property as a gift if the donated property can be sold within a reasonable period of time to realize its cash value for the University, or if the property is located within the University's area of interest and is suitable for an adaptive reuse by Syracuse University. Syracuse University shall use extreme caution in accepting gifts of real property that are not located in the immediate vicinity of Syracuse, New York, since management and oversight of remote properties could impose unacceptable risks and liabilities on Syracuse University. If the University decides to accept a gift of real property, the University shall request that the prospective donor pay for all carrying costs of the real property, including, but not limited to, real estate taxes and property insurance while the University holds title to the property. If the donor declines to pay these carrying costs and the Office of Advancement and External Affairs and the Executive Vice President and Chief Financial Officer determine that it is in the best interest of the University to further advancement of the gift by paying these costs, the University shall obtain the donor's agreement that these costs can be funded from the proceeds of the sale of the property.
In connection with any proposal relating to the acceptance of a gift by Syracuse University of title to real property, the following documents and information are to be furnished by the Office of Advancement and External Affairs to the Real Estate Office. The process of establishing University interest in accepting a gift of real estate shall begin with the initial gathering of the following basic information by the Office of Advancement and External Affairs:
Links to Procedures and Related Information
Amended: March 29, 2004
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