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.
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.
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.
The Real Estate Foundation exists solely for the direct support of Florida State University. Proceeds from the sale of gifts of real estate 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.
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.
There are several gift vehicles for donation of real estate. For more information, please visit Ways to Give.
According to the University's policy, the donor is responsible for paying closing costs as well as appraisals and any routine property carrying expenses during a holding period. However, the donor and the University unit benefitting from the gift will agree, in writing and prior to the execution of a gift agreement, who will pay these expenses and carrying costs associated with the donation of the property. The FSU Real Estate Foundation will provide its expertise in assisting donors through the closing process.
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 no sooner than 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. The IRS requires "qualified appraisals" before donors are allowed to claim income tax deductions for charitable contributions.
A Phase I ESA (Environmental Site Assessment) review is an environmental conditions inspection conducted on a piece of property. Residential properties do not require an ESA review unless an environmental violation is suspected.
On average, the process of completing a real estate gift ranges anywhere from 90 to 180 days.
Unless it's been determined that holding the property will be in the best long-term interest of the University, the FSU Real Estate Foundation will hold, manage or sell the gift property in accordance with the donor's wishes outlined in the gift agreement which is executed in advance of the recipt of the gift. If the donor wishes for the property to be sold and for the proceeds to be applied to a specific academic unit or fund, the FSU Real Estate Foundation will market and sell the property and transfer the proceeds from the sale to the academic unit or fund selected by the donor.