2.8 Real Estate Committee

EFFECTIVE: 6/19/2012 · REVISED: 6/19/2012

Purpose #

The Real Estate Committee oversees The University of Tennessee Foundation’s real estate holdings and operations.

Organization #

The Real Estate Committee is a standing committee of the board established pursuant to Article VI (Committees of the Board), Paragraph 2 (Other Standing Committees), of the Foundation’s bylaws and shall operate pursuant to the bylaws.

Roles and Responsibilities #

The Real Estate Committee shall:

Real Estate Gift Acceptance #

The Real Estate Committee shall exercise oversight of UTFI’s Real Estate Gift Acceptance Policy 6.4 and its execution. In fulfilling this role the committee shall, among other responsibilities:

• Receive reports from the UTFI President & CEO of any gifts of real estate which he or she has accepted pursuant to Real Estate Gift Acceptance Policy 6.4.4.
• Evaluate and determine whether or not to accept proffered gifts of real estate pursuant to Real Estate gift Acceptance Policies:
  • 6.4.5 (offers referred to the committee by the President & CEO),
  • 6.4.11 (offers of mortgaged property),
  • 6.4.12 (offers of commercial property subject to lease)
  • 6.4.16 (offers of real estate to fund gift annuities)
• Carry out all other duties outlined in the Real Estate Gift Acceptance Policy 6.4.

Disposition of Real Estate #

The Real Estate Committee shall exercise oversight of UTFI’s Fiscal Policy 5.20 governing disposition of real estate owned by UTFI. In fulfilling this role the committee shall, among other responsibilities:

• Receive reports from the UTFI President & CEO of any contracts for the sale or disposition of real estate which he or she has approved pursuant to Fiscal Policy 5.20.5(1).
• Evaluate and determine whether or not to approve contracts for the sale or disposition of real estate pursuant to Fiscal Policy 5.20.2(2).

Other Oversight and Reporting Functions #

In exercising its oversight function, the Real Estate Committee shall:

• Report on all real estate transactions (gifts accepted, real estate purchased, real estate sold or otherwise disposed of) at each regular Board of Directors meeting.
• Regularly review and assess UTFI’s portfolio of real estate holdings.