| 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 |
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Date of Previous Issues:
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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.
- The Foundation director and/or LSSU staff will make a site visit to determine that the property is in an acceptable condition.
- The property will be appraised by a qualified appraiser.
- 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.
- 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.
- The Lake Superior State University Board of Control will approve the sale of the property if it is to be disposed of.
- Upon the sale of the assets, and when appropriate, funds will go to the LSSU Foundation.
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