Gifts of Real Estate are very useful to the College, however each gift is considered on a case by case basis. In most instances, property, depending on the location, will be liquidated and the resulting funds used for the donor specified purpose or endowment. There are also several instances where, after donation of property to the College, the donor may retain a life interest in the donation.
The following conditions may serve as a guide for Real Estate Gifts:
The donor is responsible for obtaining an appraisal of the property.
Prior to presentation to the Buildings & Grounds Committee, a member of the advancement/development staff (or a designated Real Estate broker) must conduct a visual inspection of the property.
Prior to presentation to the B&G Committee, the donor should provide the following documents:
Copy of the deed, with evidence that no liens or restrictions exist on the title of the property.
Real estate tax bill
Substantiation of zoning status
Statement of condition improvements
Environmental hazard or conditions statement
Evidence that no violations of state, local or federal law exists on the property
Gifts of Real Estate which have an attached maintenance fee or other monthly charge are not usually accepted by the College. Examples are recreational property lots and/or parcels of land which are subject to landowners/association restrictions.
Gifts of dwellings that are accepted and moved to the College for permanent display or use are generally only approved with the following provisions: 1) the cost of dismantling, moving and reinstating the dwelling or structure must be borne by the donor. 2) The cost of upkeep, maintenance, utility and other prospective costs will be covered by an endowment from which the estimated general income is 5% per annum. Example: A $1M endowment would generate $50,000 annual income for maintenance and other costs.
Additionally, other gifts, such as fine art or other tangible properties can be donated to the College. Depending on the item, these gifts will either become part of the College's permanent collection or be auctioned to realize the capital needed to accomplish the donor's goal. Reinhardt has, through the generosity of many donors, amassed a substantial collection of paintings, sculpture and other valuable artifacts documenting the history of the area. If interested in speaking with someone about this category, please call the Office of Advancement : 770-720-5545 and we will be happy to discuss the options.
Reinhardt University graciously accepts donations of real and personal property that will help us in fulfilling our mission. In order to facilitate the proper recording and acknowledgement of such donations, the following procedure must be followed:
The Deed of Gift Form is to be completed and signed by the donor.
The Gift in Kind Transmittal Form is to be completed by the Reinhardt employee or affiliate who is accepting the gift on our behalf.
Both forms must be submitted together to the Office of Institutional Advancement.
Failure to complete and submit both forms can result in delayed acknowledgements and a deterioration of donor confidence, therefore everyone's cooperation in the timely submission of these materials is greatly appreciated.