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1501 Mendocino Ave.
Santa Rosa, CA 95401-4395
Gifts of real property
Market Value and Marketability: The SRJC Foundation must receive a reasonably current appraisal of the fair market value of the property and donor’s interest in the property the Foundation would receive if the proposed gift is approved. The Executive Director will inform the donor that, if the gift is completed, the IRS will require a qualified appraisal made within 60 days of the date of the gift. The Executive Director must understand and communicate to donors that it is the College and the Foundation’s policy to dispose of all gifts of real estate as expeditiously as possible. (Occasionally the Foundation may decide to retain a property.) Thus, regardless of the value placed on the property by the donor’s appraisal, the Foundation will attempt to sell at a reasonable price in light of current market conditions, and the donor needs to be informed that any such sale occurring within two years of the date of gift will be reported to the IRS on Form 8282.
In most cases, IRS regulations require that either the donor pay for the appraisal directly, or if the charity (SRJC Foundation) pays for the fee, the donor will be issued an IRS Form 1099 characterizing the fees as miscellaneous income.
Site Visit: The SRJC Foundation’s Executive Director, or a representative, will verify the condition of the property through a site visit.
Potential Environmental Risks: In order to protect Santa Rosa Junior College and the SRJC Foundation from the high risk associated with accepting contaminated 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 or at the expense of the Foundation and/or the College. Discovery of a potential problem may have an economic impact on the donor, whether or not the gift is accepted by the Foundation. There have been instances in which donors have knowingly, or unknowingly, given contaminated property to charities. Although a current property owner may be able to sue prior owners and operators to recover clean-up costs, the costs, delay and legal risks associated with such lawsuits are often prohibitive.
Only the Board of Directors may allow an exception to this requirement, and only on 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 Foundation may require the donor to execute an environmental indemnity agreement.
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 and funded by the donor or the Foundation and/or the College for a determined time period..
Title Information: A copy of any updated preliminary report within 30 days of the transfer, title information in the possession of the donor, such as the most recent survey of the property, and a title insurance policy.