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.
Holding Cash
The trust function also includes holding cash for parks and recreation
purposes. This includes endowment funds, donations, and earnings.
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.
Holding Cash
The trust function also includes holding cash for parks and recreation
purposes. This includes endowment funds, donations, and earnings.
Texas Parks & Recreation Foundation
Trusteeship Services
Trusteeship Services
 |
 |
 |
 |
 |
 |
 |
 |
| Contact: Al Johnson, Treasurer Richardson, Texas 75081 972-744-4595 al.johnson@cor.gov or admin@tprfoundation.org |