Ohio University could receive a substantial charitable contribution this year, depending on the success of efforts to sell an apartment building in Columbus.
In 2010, Earl Q. Teaford bequeathed real property to OU, giving what could turn out to be a gift of more than $400,000, based on current market value.
Teaford, who died Nov. 30, 2010, graduated from OU in 1948 before going on to pursue a master’s degree from Ohio State University. He was 86 years old when he died, according to his obituary in the Columbus Dispatch.
The building, located at 75 W. Norwich Ave., off High Street, houses seven townhouse apartments, with two bedrooms and one-and-a-half bathrooms each, according to the rental company, Buckeye Real Estate.
The two-story, 6,600-square-foot building was constructed in 1966. The land’s market value is approximately $50,400, while the building and other improvements are worth more than $359,000, according to the Franklin County Auditor’s Office.
Teaford was also a U.S. Army veteran of World War II. He and his wife, Evalene, funded a scholarship at OU for undergraduate students who live in Meigs County or graduated from schools there, according to Valerie Miller, director of student financial aid and scholarships.
In June 2011, the building became OU property after the execution of a certificate of transfer.
At the Nov. 16 OU Board of Trustees meeting, Trustee David Wolfort proposed a resolution from the Resources Committee to dispose of the property for the highest monetary value. The resolution was discussed in executive session.
OU is negotiating with two potential buyers, and trustees said they were unwilling to give specific details on the property or offers after the general board meeting, claiming it could interfere with the bidding process.
However, OU spokeswoman Katie Quaranta confirmed the property is located at 75 W. Norwich Ave.
“All net proceeds from the sale of the property will be placed in an endowment established by the donor and used to help financially needy students to acquire a higher education,” Quaranta said in a statement.
Michael Angelini, associate vice president for finance at OU, is listed as the contact for tax information, but he was unavailable for comment.
bv111010@ohiou.edu
