Property & Capital Equipment
BPM-409 Real Estate - Acceptance of Gifts
Revised April 25, 1991
Required Review of Potential Real Estate Gifts
Prior to acceptance of a gift of real estate, the condition of the property and terms of the gift are to be reviewed by the appropriate campus Vice Chancellor to determine that acceptance of the gift is the best interest of the University.
This review shall include:
- An initial evaluation of the property which may be based on an informal report by a knowledgeable appraiser, and/or information from city, county or state offices, or from the owner.
- Identification of any problems which may affect the value or usefulness of the property, including but not limited to financial issues and the presence, or likelihood of the presence, of hazardous wastes.
- Analysis of the need for additional administrative or fiscal resources which would be required to comply with the terms of the gift, and determination of campus ability or willingness to provide those resources.
Contacts for Resolution of Problems
If the initial review reveals problems of a legal nature, the University General Counsel's office should be consulted. UM Business Services should be notified of any other problems. Subsequently, there should be close coordination and communication among campus administrative and development offices and UM Business Services, to resolve the matter appropriately.