Real Property Gift Acceptance Policy
As a matter of policy with respect to proposed gifts of real estate, the University of Hartford has established the following guidelines and requirements:

Gifts of real property, both improved and unimproved (e.g., detached single-family residences, condominiums, apartment buildings, rental property, commercial property, farms, acreage, etc.), including gifts subject to a retained life estate, will be considered only after thorough review of the following factors:

Market Value and Marketability
It is generally in the best interests of the university to accept gifts of real property only if: (a) the property is readily marketable or (b) there is some other compelling justification.

Potential Environmental Risks
To protect the university from potential liability for unknown environmental hazards that may exist on the subject property, all proposed gifts of real property, including gifts from estates, must be accompanied by a Phase I environmental audit performed at the donor's expense. The only permitted exception to this requirement is for residential property which has been used solely for residential purposes for a significant (at least twenty-year) period of time. In cases where this exception applies and no environmental audit is undertaken, the donor/executor must have an outside party complete an environmental checklist prepared by the Operations Department and may be required to execute an environmental indemnity agreement. Even in cases where a Phase I audit is submitted, the university may require that the donor sign an environmental indemnity agreement.

Limitations and Encumbrances
The existence of any and all mortgages, deeds of trust, restrictions, reservations, easements, mechanic liens, and other limitations of record must be disclosed. All mortgages, deeds of trust, liens and other encumbrances must be discharged before a gift of real estate will be accepted, except in very unusual cases where the fair market value of the university's interest in the property net of all encumbrances is substantial.

Carrying Costs
The existence and amount of any carrying costs, including but not limited to property owners' association dues, country club membership dues, and transfer charges, taxes and insurance, must be disclosed.

Title Information
A copy of any title information in the possession of the donor, such as the most recent survey of the property, a title insurance policy, and/or an attorney's title opinion, must be furnished.

An independent, qualified appraisal is required by the IRS for reporting gifts of real property and should be conducted not earlier than 60 days before the date of the gift and, in any event, before the due date of the return on which any deduction for the property is claimed.

The independent appraisal is performed at the donor's expense. It is the university's policy to dispose of all gifts of real estate (other than property which the university determines it will retain in accordance with the university's Real Estate Policy approved by the Executive Committee of the Board of Regents on May 21, 1997) as expeditiously as possible.

Thus, regardless of the value placed on the property by the donor's appraisal, the University of Hartford attempts to sell gifted property at a reasonable price in light of current market conditions. Any such sale occurring within two years of the date of gift will be reported to the IRS on Form 8282.

For more information on Planned Giving, contact Peter Congleton at 860.768.2415 or congleton@hartford.edu




Please note that the University of Hartford does not provide tax or legal advice. Gift calculations may be provided for illustrative purposes only, and the actual values may vary based on the timing and nature of your gift. Advice from legal and tax counsel should be sought when considering a charitable gift of any kind.