If you own a home, cabin, commercial building, farmland or other form of real estate that you no longer wish to occupy or manage, consider a gift to White River Health System Foundation (WRHSF). Making a gift of real estate can provide you with substantial tax benefits while providing the gift of health to your community.
All real estate gifts must be approved by the WRHSF Board of Directors and legal counsel. Gifts of real property should result in a gift to the WRHSF of at least $25,000 if the property is in Arkansas or at least $150,000 if out of state. Gifts of real estate should be mortgage free. Donor shall agree to pay for the costs of an environmental audit. WRHSF shall not accept gifts of real estate with restrictions upon the ultimate sale of the property. Full interests, partial interests, and remainder interests in real property are all acceptable. Remainder interests are contracts. In the case of such gifts, the donor will be expected to agree to be responsible for and to pay all proper taxes, maintenance on the property, adequate insurance on the property and utilities. Conditions for acceptance shall include salability and annual maintenance costs, including evaluation of any liens against the property and any real estate taxes. Donor may be asked to sign a statement regarding liability for previous and current environmental or other conditions if WRHSF deems it appropriate.
For more information about gifts of real estate, contact Larry Sandage, Director of Institutional Advancement, at 870-262-6033 or by email at lsandage@wrmc.com.