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United Way of Anderson County
United Way News
August-26-2014
United Way / SCANPO Partnership Offers New Training Opportunities
The United Way of Anderson County and the South Carolina Association of Nonprofit Organizations (SCANPO) have partnered together to provide local nonprofit executive directors, board members, staff an
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August-26-2014
United Way Achieves Highest 4-Star Rating
United Way gets highest-possible rating from one of the nation’s premier charity evaluators.
Charity Navigator, one of the nation’s premier charity evaluators, has awarded United Way
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August-26-2014
United Way Distributes School Supplies to Agencies
United Way of Anderson County was the recipient of school supplies collected during Clemson University’s orientation sessions and Walmart’s “Fill the Bus” campaign on August 2,
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United Way of Anderson County

Real Estate Gift Acceptance Guidelines


 

 

Having board of directors approved policies to report to donors will both increase the interest in certain methods of giving and contribute to forming the best possible relationship with those who give. Donors and solicitors would know in advance exactly what gifts are preferred and acceptable and what restrictions may be in force.

 

 

Usually, unrestricted gifts of cash best serve the overall mission and purposes of the United Way of Anderson County. However, non-cash gifts such as real estate can often be a welcome addition to United Way of Anderson County. United Way of Anderson County strongly encourages donors who wish to give an asset gift give to the United Way of Anderson County, through the Foothills Community Foundation. If the donor chooses not to use the Foothills Community Foundation the United Way of Anderson County is prepared to accept only those gifts of real estate that meet the acceptance guidelines as outlined below.

 

 

Real estate can include personal residences, personal properties, office buildings, land leasehold interests and other structures (e.g. warehouses).

 

 

Gifts of real estate presented to the United Way of Anderson County must meet all city, county state and federal environmental statutes regarding hazardous or toxic waste conditions. In addition, all gifts of real estate must be free of city county, state or federal restrictions covering threatened or endangered species or other limiting regulations regarding future land use.

 

 

The property may be subject to liens and require interaction with financial institutions. United Way of Anderson County will obtain the title features for review so as to limit any possible liability in the future. In addition, there may be pre-conditions that exist on a particular real estate title and we must identify potential liens and be assured that we have proof of a clean transfer of title and no unusual restrictions placed by the donor.

 

 

The following issues will be addressed on a case-by-case review of potential real estate gifts:

·        To the extent the real estate is subject to any mortgages or money purchase contract, is the mortgage or contract assumable and/or assignable?

·        Does any existing mortgage or contract allow additional mortgages or liens?

·        Does an acceleration in payment of principal (a due on sale clause) take effect upon transfer of the property or the assumption of the property’s mortgage?

·        Is a prepayment of all or part of the contract allowed without a prepayment fee or penalty?

·        Payment for the following fees, required upon transfer of the property, will be negotiated with the donor.

-Transfer fee

-Assumption fee

-Recording fee

-Termination fee

-Broker fee

·        What is the location and condition of property? Are there any security problems?

·        How salable is the property? How closely will the sale price relate to the appraisal value?

·        If there is not an active real estate market for the property, does United Way want to take on management of the property?

 

 

The following should be provided by the donor prior to the acceptance of a gift of real estate:

a)         Written statement from donor outlining purpose of gift

b)         Map showing location of property

c)         Legal description of the property

d)         Proof of ownership (deed)

e)         Current survey of subject property

f)          List of improvements

g)         Copies of current leases if any

h)         List of encumbrances including deed restriction or covenants, liens and current expenses, if any

i)          Proof of payment of taxes and association fees, if any

j)          Commitment for title insurance

k)         Recent appraisal and IRS Form 8283 signed by appraiser of value declared exceeds $5,000

l)          A copy of a professional study required by all applicable statues covering possible waste disposal site or spill of hazardous materials on the property

m)        A copy of an environmental impact statement as required by all applicable statues

 

 

The United Way of Anderson County will obtain competent and impartial real estate agents and or counsel to review the property and advise the board of directors on the acceptability of the gift.

 

 

Following review of the information provided by the donor and counsel, the Finance Committee will make a decision to accept or reject the proposed gift, based on the potential of the property to produce an acceptable return or to contribute directly to approved programs of the United Way of Anderson County in light of:

a)         Holding cost of every type

b)         Holding period

c)         Donor restrictions

d)         Management requirements

e)         Type of property interest being given

 

 

In summary, a review of each proposed gift parcel of real estate is essential.

 

 

Adopted by United Way of Anderson County Board of Directors on August 10, 2005.

 

 
 
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