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:
- Market Value
- 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)
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:
- Complete address of property (if appropriate)
- Legal description of property (particularly if ag land)
- Current use of property
- Name in which ownership of property is held
- Name and address of occupant or tenant of property
- 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:
- 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).
- 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.
- An ownership certificate will be obtained from a local title company to determine how ownership of the property is held.
- A warranty deed will need to be prepared by a qualified individual.
- 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 email@example.com.