Chapter 17. Michigan Tech Fund
Section 17.1. Receipt and Acknowledgment of Gifts

17.1.3. Gifts of Real Property

Real Property: Gifts of real property shall include, but not be limited to: land, buildings, homes, and types of real estate.

The Fund seeks gifts of real estate for two purposes:

• to be received and used by Michigan Technological University for related development or educational needs



• to be sold with the proceeds funding planned gifts or specific University-related projects.

The Fund will accept a gift of real estate only with required due diligence and prior to establishing that MTU would be free from any environmental liability.

The Fund does not accept gifts of real estate with restrictions that limit the disposition of the property as to make it impractical to accept the gift or unreasonable to use the gift for its stated purposes.

Real estate is donated to the Fund by the donor transferring title and granting ownership of the property to the Fund. Once the Fund receives the title, it will begin the procedure to dispose of the property in agreement with the donor or hold the property for investment purposes.

Real estate donated to the University shall be titled directly from the donor to the University.

The Fund is authorized to accept gifts of real estate without approval of the Board of Control when the real estate is used to fund a planned gift or it is to be sold and the proceeds used to fund specific University-related projects, with three exceptions. In the exceptions specified below, the formal approval from the Board of Control is required to accept the following types of real estate gifts:

• if title to the real estate is to be transferred to the University



• if the real estate appraised value exceeds $1 million



• if there are environmental concerns or questions not satisfied by a Phase Two Environmental Assessment



To facilitate the gift transfer, the Fund is authorized to accept real estate gifts in these three categories contingent upon Board of Control approval. The Board of Control shall also be formally notified of the acceptance of all gifts of real estate to the Fund.

The acceptance of real estate policy may be viewed in its entirety at http://www.mtf.mtu.edu/.


Procedure


To process a gift of real estate through the Fund, do the following:

1. When a donor expresses the desire to donate real estate, the advancement officer working with the donor shall immediately notify the executive director of the Fund. The executive director of the Fund shall review the initial terms of the gift to determine the viability of moving forward.


NOTE: If the real estate is to be transferred to the University, the department/division head and dean of the department that will most benefit from the gift, as well as the provost, shall be notified to determine if it can use the real estate for the appropriate research and/or teaching purposes.


2. Once all appraisals and evaluations have been completed and approved by the Fund, the vice president for finance and administration will submit, via the Board agenda, the request for real estate acceptance to the Board of Control for approval.



History
Adopted:	02/28/2001





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