Temporary Ownership of Real Property
The Foundation will take temporary ownership of real property,
which is planned for park or open space use, while the future owners
arrange grants, governing board approvals, or other necessary
business matters. This service allows donors to accomplish the
transfer of property on a schedule appropriate to their tax or
business needs, while the recipient agency completes its work.
State regulations do not allow the use of government-owned park
property as an in-kind match for park development grants. By
holding title to property during the grant review process, the
Foundation makes it possible to utilize the value of the property and
maintain its eligibility for grant assistance.
The Foundation charges $100 per year to cover administrative
expenses, and requires reimbursement for the direct costs of
property transfer, insurance, maintenance, and bookkeeping.
The trust function also includes holding cash for parks and
recreation purposes. This includes endowment funds, donations,
|Texas Parks & Recreation Foundation
Al Johnson, Treasurer
Richardson, TX 75081