Real Property and Insurance Gift Acceptance Guidelines
Real Property Gifts
The ministry of Cru gratefully receives many kinds of real property gifts each year. They provide an important source of funds to keep the ministry growing. The following information is important for a prospective real property contributor to be aware of:
In order to protect Cru from unknown liabilities, all gifts of real property should be given through the ministry's Great Commission Foundation. Acceptance of all gifts other than cash or publicly traded securities require the approval of the Great Commission Foundation Gift Acceptance Committee.
- The Gift Acceptance Committee requires:
- A preliminary title report showing no major clouds of title
- An independent appraisal by a qualified appraiser
- Environmental screening
- Physical inspection when possible
- Mortgaged property can be accepted only if a secure source of funds for payments, taxes, utilities, and other maintenance is in place. Property debt should be minimal in comparison to the fair market value.
Life insurance gifts are welcomed by Cru. In most cases the life insurance serves the donor and the ministry as an excellent tool to underwrite the work of helping to fulfill the Great Commission. The donor should be aware of the two following conditions the ministry has placed on this kind of gift:
- Gifts of life insurance that are not paid up and without a source for premium payments will be promptly liquidated.
- Policies with heavy loans will not be accepted.
Assistance and Information
The Great Commission Foundation department will assist donors in processing these gifts. For further information or to donate a real property or insurance gift, call the office of Great Commission Foundation at 1-800-449-5454 or (407) 541-5102.