The Foundation may accept gifts of real estate, including houses, condominiums and commercial properties, farmland, rental property and undeveloped land. The decision to accept gifts of real estate requires the approval of the Foundation's president. When the Foundation receives a gift of real estate property from an estate, the Foundation controller will ensure that policies in regard to accepting gifts of real property are followed. The Foundation may disclaim ownership of the real property based on an evaluation by the outside consultant in the event a determination is made that potential problems exist.

These gifts are received after a thorough review of the following factors:

• Usefulness of the property for the university purposes
• Marketability of the property
• Existence of restrictions, reservations, easements and/or other limitations
• Existence of encumbrances, such as mortgages and mechanics liens
• Carrying costs, such as property owner's association dues, taxes, insurance and other maintenance expenses
• Fair market value in relation to the costs and limits listed above as determined by a qualified appraisal conducted in accordance with the IRC and regulations.

Prior to the acceptance of any parcel of real property, an assessment of the potential environmental risks will be conducted. This assessment shall include the following:

• An inquiry of the present owner regarding his, her or its knowledge of the history of the property
• A title search to determine who the prior owners might have been
• A consultation with federal, state, and local environmental agencies to find out whether the property has any history of hazardous waste contamination
• A visual inspection of the property for any evidence of environmental hazards The Foundation may also require an environmental audit conducted by a professional service.

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