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The American Mathematical Society (AMS) may accept gifts of real property. Such gifts may include residences, vacation homes, business or commercial property (developed or undeveloped). The AMS may also accept partial interests in such real estate, provided that such interests can be readily sold.
The AMS will consider outright gifts of real property as well as gifts subject to a retained life estate, gifts of a charitable remainder trust, and bargain sale gifts after assessing the expenses and risks associated with receiving a gift of property in comparison to the value of the gift to the AMS.
The AMS shall pursue alternatives where a gift of real estate intended to benefit the AMS can be made to another charity preserving the tax benefits to the donor, but where AMS can receive the proceeds less expenses from the sale of the property. Such situations may exist for charities that sponsor donor-advised funds.
The AMS retains the right to refuse a gift during negotiations without incurring cost or liability. Possible exposure to environmental liability and possible challenges in marketing the property could be reasons for such a refusal of a gift.
The AMS recognizes that gifts of real estate can have significant legal and economic implications. Accordingly, the Executive Committee/Board of Trustees (ECBT) has charged the AMS Development Committee with the responsibility to recommend to the Board of Trustees whether to accept or decline such gifts.
The AMS will not accept delivery of real estate either as an outright donee or in a fiduciary capacity as a trustee unless the Development Committee is satisfied that procedures pertaining to zoning, title and environmental hazards have been met. The Development Committee will analyze the following, among other considerations:
In recommending to the Board of Trustees as to whether particular gifts of real estate should be accepted by the AMS, the Development Committee is charged with making determinations including whether such gifts are in line with the AMS mission and whether such gifts are cost- prohibitive or burdensome for the AMS to process. The Board of Trustees may consult with the Executive Committee regarding the acceptance of real estate gifts and may request approval of its recommendations from the Executive Committee where it deems gifts to be unique or carry significant risk.
Although each determination will be made based on the specific circumstances of the proposed gift, the following represent general procedures and guidelines.