||Policy Governing Acquisitions of Property
||Date of Present Issue:||
||Date of Previous Issues:
Any offer of a donation of real property to Lake Superior State University
or the Lake Superior State University Foundation will be referred to the property
manager of Lake superior State University. The University property manager
and Director of the Foundation will coordinate efforts related to acceptance
of any gifts of real property. The following actions are required by the University
before the Board of Regents will consider accepting a parcel of real property.
- The University property manager, director of the Foundation, or any executive
officer of the University must visit the property to determine if the property
is suitable for the proposed use whether it be for a University program or
resale. The donor's wishes for use of the property or proceeds from the sale
of the property will be considered.
If there is any indication that the property might have any environmental
problems, the extent of the problems must be carefully assessed prior
to consideration of acceptance. If the property has any environmental
contamination, it must be cleaned up prior to acceptance by the University.
- The property will be appraised by a qualified appraiser before a recommendation
for acceptance is presented to the Board of Regents. The appraisal may be
ordered by either the donor or the University.
The University will not consider accepting any real property that is
determined to be offered for resale with an appraised value of less than
$10,000 unless the potential exists for receiving additional gifts in
the future from the donor.
- Title insurance will be obtained either at the cost of the donor or the
University to provide assurance of clear title. All other costs incurred
with the transfer of title to the University will be negotiated prior to
presenting the proposal for acceptance to the Board of Regents.
- All prospective donors shall be informed that the only body who can accept
property for the University is its Board of Regents.
- The Board of Directors of the Foundation will be informed of all proposed
gifts of real property to the University. They will be notified of acceptance
or rejection of the gift. If the gift is rejected, the Foundation Board will
be informed of the reasons for rejection.
- Disposal of any real property deemed not to be needed for any University
program must be approved by the Board of Regents. The Board of Regents shall
determine the use of the proceeds of any sale of University property if the
donor did not specify the intended use of any proceeds at the time the gift
Adopted by the Board of Regents on 05/07/93.