Lake Superior State University
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Section: Business and Support Operations Section Number: 3.6.6
Subject: Property and Buildings: Inventory Procedures and Policies Date of Present Issue: 07/01/89
  Date of Previous Issues:

POLICY:

The University will accept real estate gifts provided there is a program need for the property, or the property can be sold to acquire funds for other University purposes.

PROCEDURE:

The Lake Superior State University Foundation will accept or reject offers to donate real estate to the University.

  1. The Foundation director and/or LSSU staff will make a site visit to determine that the property is in an acceptable condition.

  2. The property will be appraised by a qualified appraiser.

  3. Either the donor or the University will purchase title insurance to provide assurance that the University is accepting a clear title. All other costs incurred with the transfer of title to the University will be negotiated at the time of transfer.

  4. The Foundation Board of Directors will review the proposed gift of property and, if desirable, will recommend to the Board of Control that it be accepted by the University. A gift receipt will be sent by the University to the donor if accepted.

  5. The Lake Superior State University Board of Control will approve the sale of the property if it is to be disposed of.

  6. Upon the sale of the assets, and when appropriate, funds will go to the LSSU Foundation.
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