CUREF Policies and Procedures
The Clemson University Real Estate Foundation (CUREF) welcomes and encourages gifts of real estate which can significantly enhance university productivity and performance while providing substantial tax benefits for donors. A gift of real estate may include a gift of a principal or vacation residence, a farm, commercial buildings, a subdivision lot, or unimproved land.
It is important for donors to understand that CUREF may hold some properties which are unique to and will be used by the University, while most real estate gifts will be sold and the proceeds (less any costs associated with the selling, holding, or maintaining of the property) will be used to benefit the programs designated by the donors. CUREF works diligently to sell the properties only as soon as is advantageous ensuring that the Foundation seeks to obtain the best possible price in order to meet its fiduciary responsibility to the donor and the University.
Gifts of real estate entitle donors to the same tax benefits as gifts of appreciated securities, provided you have owned the real estate for more than one year and there are no liens on the property. The donor is entitled to a charitable income tax deduction of the full fair market value of the real estate, valued at the time of the gift. Additionally, the donor will avoid capital gains tax on the transfer. Gifts of real estate can also generate substantial estate tax savings by removing a high-value asset from your estate.
Gifts of real estate require approval by the CUREF Board of Directors and can be delivered to the University in several ways:
- Through an outright donation;
- Through the donation of a fractional interest in the property;
- As the basis for a gift plan that will pay you income, like a unitrust.
- By giving us your home and reserving the right to continue living there for your lifetime (a retained life estate);
- Through a part sale/part gift arrangement with us (a charitable bargain sale).
Because the ability to market the property is a major consideration in the University's acceptance of a gift of real estate, we invite you or your advisor to call Clemson University’s Development Office to discuss such a transfer.