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Summary of Real Estate Requirements
Summary of Requirements: Donations of Real Property to Be Sold for the Benefit of Young Life
Purpose:
To simplify and clarify for donors and field staff the requirements of Young Life's policy regarding Acquisition & Disposition of Real Property Gifts.
Policy:
- Gifts of real property must be approved by Young Life's Investment Committee, and all settlement documents must be signed by two Young Life officers.
- Young Life's practice is to liquidate gifts of real property as rapidly as possible, provided this remains consistent with market conditions and professional prudence.
- Donated property will usually be listed for sale at, or slightly below, market value to facilitate prompt disposition.
- Property must not have an encumbrance greater than 10 percent of fair market value or $100,000, whichever is greater.
- Documentation required to be submitted to Young Life at least 14 days prior to desired closing date:
- Contract and/or document proposing terms and conditions of property transfer.
- Written appraisal from a qualified appraiser determining fair market value.
- Certified building inspection identifying condition of building structure, roof, electrical, plumbing, fireplace, furnace/flue, sewer/septic system, heating/air-conditioning system, termite/rodent damage, etc.
- Certification from local building department affirming compliance with all building and safety codes (fire escapes, extinguishers, kitchen hoods, firewalls, furnace rooms, stairways, etc.).
- Environmental "Phase I" report from a qualified environmental assessor.
Special Notes:
- If value of donation is reasonably believed to be in excess of $5,000, IRS 8283 form (Non-cash Charitable Contributions) must be completed by donor and then signed by Young Life. Donors should consult tax counsel in this regard.
- Young Life is precluded by IRS regulations and by the Evangelical Council for Financial Accountability from valuating non-cash contributions.
To receive additional information, complete the confidential online
Gift Planning Information Request Form.
For all questions on how to set up credit card gifts, electronic fund transfers, a lost receipt or any
other general giving questions, call Young Life Mission Assistance at (877) 438-9572.
For more information on setting up a planned gift to benefit Young Life, please contact:
Jeff Rudder
Director of Donor Services
Young Life Foundation
P.O. Box 520
Colorado Springs, CO 80901-0520
Phone: (800) 813-1945
Fax: (719) 381-1755
E-mail: inquiries@foundation.younglife.org
*The information contained herein is for explanatory purposes only and is not intended to be used as tax advice. Young Life recommends that you contact a professional tax advisor who can provide you with additional information on how your participation in the above program may affect your personal tax situation.
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