College to be considered among others for possible land gift
Turns out the District Governing Board did not call the Wednesday, May 6 meeting to discuss a specific land purchase in the Verde Valley. Rather, it was to consider whether it might accept a gift of land if it was offered.
In a press release, the College said that the Board unanimously agreed in principle to accept a potential donation of real property located in the Verde Valley should the donor decide to give the property to Yavapai College. The 45-acre property was described in the press release as “located on the banks of Oak Creek in the Verde Valley and is owned by The Steele Foundation of Phoenix. This Foundation approached the Yavapai College Foundation in April to ask if the college would be interested in submitting a competitive proposal for educational/agricultural use of the property if it were to be donated to the college. A vote on its willingness to accept the donation was a prerequisite of submitting a proposal.”
The Yavapai College Foundation, not the College, will now prepare and submit a proposal that will include a wide range of academic, agricultural, educational, and community programs that fit the property, are consistent with the college’s mission and would serve the Verde Valley and the rest of Yavapai County.
According to President Penelope Wills, The Steele Foundation is soliciting proposals from other potential recipients. She said that the donated property, known as the DK Ranch on Oak Creek, will be used for educational and agricultural purposes. Proposals are due later this month, and The Steele Foundation is expected to review proposals on June 1. No date has been announced for a decision on the recipient of the donation.
While unclear from the College announcement, this type of deal usually involves a Charitable Remainder Trust. The donor receives a tax break by donating it to a nonprofit plus an annual stipend. The bidding process usually looks at which nonprofit will provide the largest annual stipend.
If an annul stipend is to be paid on this property, it is also not clear whether the independent 501(c)(3) College Foundation would be responsible for it or the College, which would use taxpayer funds and student tuition to pay the stipend.
You may read the entire College press release by clicking here.