The activities of the real estate office of the KSU Foundation and the officers of the KSU Charitable Real Estate Foundation (KSUCREF) are carried out in accordance with the written policies and procedures adopted by the Board of Directors of the KSUCREF on April 9, 2012, and by the Board of Directors of the KSU Foundation, or its predecessor body, the Executive Committee of the KSU Foundation, on February 6, 2004; May 2, 2008; May 5, 2011; and September 3, 2012, respectively.
The general policy of the KSUCREF/foundation is to liquidate gifts of real estate and convert the asset to cash for inclusion in either a specific trust or annuity fund, or for use toward a specific purpose requested by the donor. However, if the donor so requests and the property will produce an economic return that justifies holding the property, or holding the property serves a specific purpose that furthers the mission of the KSUCREF, the foundation and/or the university, and is not an economic drain on the assets of any of these entities, the KSUCREF/foundation will hold that property in its portfolio and manage the property in accordance with the donor’s wishes and the policies of the KSUCREF, the foundation and the university.
Irrespective of the general policy outlined above, to encourage gifts of good quality agricultural land, and absent specific directions to the contrary, the boards of directors of the KSUCREF (on April 9, 2012) and the foundation (on September 3, 2010) adopted a policy to hold gifts of agricultural farm land for an extended period of time, provided the land is relatively good quality land and economically viable. However, if it is necessary to liquidate the land to accomplish the goals and/or objectives of the donor, then the land shall be liquidated for that reason.
With each proposed property acquisition, be it a gift/bequest or purchase, the KSU Charitable Real Estate Foundation (KSUCREF) must make the following decision(s):
- Accept or reject the property acquisition.
- If accepted, decide what to do with the property (hold or liquidate).
- If hold, decide what should be done with the property and who should use it.