Gifts of real estate are sold quickly and converted into cash or used directly in connection with an existing University program. All real estate gifted to The University of Arizona Foundation is on the market for sale.
The sale of Foundation real estate differs from University-owned properties because Foundation properties can be listed with a broker and do not require an auction to confirm or close the sale.
Types of Accepted Real Estate:
- Vacant land
- Residential property
- Commercial property
Improved property with mortgages can be accepted if the loan is 50% or less of the appraised value and can be sold quickly.
This is what happens after you express an interest in making a real estate gift:
- You must obtain a title policy and independent appraisal. The Foundation cannot arrange for, pay for or otherwise participate in setting values for tax purposes.
- The Foundation will inspect the property and complete an environmental checklist on vacant land and residential property. If a potential environmental problem exists, a phase-one environmental study will be ordered.
- A phase-one environmental study will be conducted on all commercial real estate gifts.
- The Foundation Investment Committee will review the gift and recommend acceptance or denial to the Board of Directors. Only the Board can accept gifts of property. Foundation personnel cannot indicate an acceptance of a gift until the Board decides.
- Once the gift is accepted, a deed and affidavit of value will be recorded.
- The Vice President for Finance and Administration will issue to you an executed IRS Form 8283 acknowledging acceptance.
- You must obtain the signature of the appraiser on the IRS From 8283.
- When a gift is sold within two years of the donation date, the sale price is reported to the IRS on a Form 8282.
How to Donate
For more information about how to gift real estate, please contact:
Real estate consultant
Fax: (520) 621-8820