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KSU Foundation

Directions for donating real estate

When considering donating real estate to the foundation/K-State through the KSU Charitable Real Estate Foundation (KSUCREF), either through an outright gift or a life income arrangement, several factors are taken into consideration by the officers of the KSUCREF before such a gift is accepted.  Those factors include:

  • Location
  • Market Value
  • Marketability
  • Condition
  • Environmental factors

For specific questions and/or procedures regarding a gift of real estate, please contact:

Larry D. Fox, President/CEO
KSU Charitable Real Estate Foundation
1800 Kimball Avenue, Suite 200
Manhattan, KS   66502-3373
785-532-7541 (direct line)
800-432-1578 (toll free; ask for Larry)
larryf@found.ksu.edu

In general, for a parcel of real estate to be considered for a gift to K-State, the following information needs to be provided to the officer(s) of the KSUCREF:

  1. Complete address of property (if appropriate)
  2. Legal description of property (particularly if ag land)
  3. Current use of property
  4. Name in which ownership of property is held
  5. Name and address of occupant or tenant of property
  6. Owner’s estimate of market value of property

If it is determined that a specific gift of real estate is in compliance with the policies of the foundation/KSUCREF, the following steps then need to be taken before ownership of the property is transferred to the KSUCREF:

  1. The property must be appraised by a licensed real estate appraiser for the area in which the property is located (at the donor’s expense, as per IRS regulations).
  2. The property should be inspected by an officer of the KSUCREF or an acceptable staff member of the foundation, if it is physically possible and financially appropriate, to determine if a more extensive environmental assessment is needed.
  3. An ownership certificate will be obtained from a local title company to determine how ownership of the property is held.
  4. A warranty deed will need to be prepared by a qualified individual.
  5. Legal documents will be drafted by appropriate KSUCREF officers, foundation staff and/or legal counsel to meet the needs of the transaction.

Additional information regarding the policy for receiving gifts of real estate, purchasing real estate and/or selling real estate contributed to the KSUCREF/foundation is available upon request.  Please contact Larry Fox at 785-532-7541 (direct line) or toll free at 800-432-1578, or e-mail Larry at larryf@found.ksu.edu.