By Katherine Ayers
Monday, December 17, 2012
The East Carolina University Real Estate Foundation recently purchased a Greenville home from Dr. Ira and Mary Ruth Hardy for $500,000.
The real estate foundation is a supporting arm of the ECU Foundation Inc., a nonprofit set up to benefit the students, faculty, academic programs and research activities at the school.
After the sale of the house at 3056 Dartmouth Drive, the Hardys made a cash donation of $200,000 to the nonprofit, bringing the total expense to the foundation to $300,000. A $100,000 cash donation was designated for the ECU School of Music, according to a foundation news release. The house has a tax value of $460,000 and has been appraised at $515,000.
Bill Clark, president of the ECU Foundation, said the nonprofit normally sells a piece of property soon after it is acquired, but the foundation will keep this house in case ECU wants to use it. Clark said one option could be as a temporary residence for the chancellor when, and if, the Haywood Dail house is renovated.
“This house has a good layout for family, but also for entertaining,” Clark said. “If ECU wants to use it, we’ll be glad to work with them on it.”
Rick Niswander, ECU’s vice president for administration and finance, said the university has no need for the house right now.
“No funds have been set aside, nor is there a tentative date for renovations at the Dail House,” he said. “We are still evaluating what, if anything, we will do.”
The foundation receives no state money. Its funds are not used directly on tuition and fees or related expenses, Clark said.
Contact Katherine Ayers at email@example.com and 252-329-9567. Follow her on Twitter @KatieAyersGDR.
via The Daily Reflector.