Gifts of Real Estate
These gifts could include residences, vacation homes, farms, ranches, commercial property or undeveloped land.
The charitable deduction is based on the current fair market value of your property, and it can reduce the size and complexity of your estate. An added benefit to donating property is that, in most cases, KU Endowment can assist in determining if a property should be held and managed, or sold with the profit being invested. In either situation, the income generated will benefit the purpose designated by the donor.
Not only can real estate be used to make outright gifts, it can also be used to make future gifts to KU. For example, real estate can also be used to fund a charitable remainder trust or a charitable gift annuity. A trust or annuity would provide you and/or another beneficiary with income for the rest of your life or lives. Ultimately, the remaining value would be transferred to KU Endowment to benefit the area of the university you choose. (For more details, see our real estate gift acceptance guidelines.)
A retained life estate gift allows you to give your home to KU Endowment while retaining the right to live in it for the rest of your life. In addition to homes, other examples of real estate gifts include farms, income-producing property or undeveloped land.
For more information on how a gift of real estate might work for you, download our brochure or contact us.
Real property may be accepted as an outright gift, into a charitable remainder trust or charitable lead trust, or in some cases to fund a gift annuity, subject to prior approval by KU Endowment. The review process for accepting a gift of real property starts by obtaining these items:
- copies of the property deed and of the property map or plat
- copy of the current tax assessment or similar indication of value and carrying costs
A gift of real property will be subject to the following requirements:
- qualified appraisal, obtained and paid for by the donor
- inspection by KU Endowment
- title search, paid for by KU Endowment
- minimum of level one environmental audit, paid for by KU Endowment (additional audits, if required, at the donor’s expense)
- marketability review by a knowledgeable broker
- an agreement with the donor regarding how to pay for the necessary ongoing expenses and maintenance of the property until sold
- sufficient financial information on the property to conduct an income and expense analysis
Mortgaged real property may not be accepted. Donors who own mortgaged real property are encouraged to pay off or transfer the mortgage before making the gift.
For More Info
Vice President, Gift Planning
Senior Vice President, Property Management
Support your passion by making a gift that impacts the lives of students, faculty, patients, and researchers for generations to come. On their behalf, we thank you for your generosity.