Frequently Asked Questions
Florida State University is a public university; doesn’t the state take care of its needs?
FSU is assisted, but by no means fully supported, by the state of Florida. State appropriations account for only a small percentage of the university's budget and support. Declining state support is a national trend facing many public universities. No state university can be competitive today without significant private support.
What are some good reasons to contribute to Florida State University?
Florida State’s rich history, proven record of success and vision of the future make a strong statement about the transforming power of education. Higher education has the power to change individual lives and is the key to solving large issues. Florida State’s three-fold mission—education, research and service—is catapulting the university into the global spotlight. Closer to home, academic research programs are addressing some of our state's and nation’s most pressing societal concerns.
Who is contributing financial support?
Gifts come from various sources. The greatest number of gifts come from alumni and friends who recognize the importance of building on FSU’s record of academic excellence.
How does Florida State University Real Estate Foundation support Florida State University?
The Real Estate Foundation exists solely for the direct support of Florida State University. Proceeds from the sale of gifts of real property are used to enhance various colleges, programs and units of the university in an effort to advance the learning and research environment at FSU. The sale of real estate can be gifted to particular colleges, units and programs based on the donors' wishes.
What does the FSU Real Estate Foundation do with contributions?
The FSU Real Estate Foundation has a fiduciary responsibility to donors to ensure that funds are utilized in accordance with the terms and conditions of their gifts. The majority of gifts are designated by donors for a particular college, unit or program. These are called restricted gifts.
How can I donate real property?
There are several gift vehicles for donation of real property. For more information, please visit Ways to Give.
Who is responsible for paying the closing costs?
As a general rule, the donor is responsible for paying closing costs as well as appraisals and any routine property carrying expenses during a holding period. The FSU Real Estate Foundation will provide its expertise in assisting donors through the closing process.
What is an SRA Appraisal, and do I need one?
An SRA (Senior Residential Appraiser) appraisal is one conducted by a certified appraiser who is experienced in the analysis and valuation of residential property. The appraisal must be performed by an SRA on residential property at least 60 days prior to the date of the gift and no later than the due date of the donor’s tax return in which the charitable gift will be claimed.
What is an EPA Phase 1 review, and do I need one?
An EPA (Environmental Protection Agency) review is an inspection conducted on all pieces of commercial property. Residential properties do not require an EPA review unless an environmental violation is suspected.
Typically, how long does the real estate gifting process take?
On average, the process of completing a real estate gift ranges anywhere from 60 to 90 days, providing time for all parties to accumulate the requisite materials prior to closing.
What happens after FSU receives my gift?
Typically, upon closing, the FSU Real Estate Foundation will sell the property and apply the proceeds from the sale to the academic unit or fund that is selected by the donor ahead of time unless it has been determined that holding the property will be in the best long-term interest of the university.