I am on the Board of a 501(c)(3) private school that has nine buildings on its campus. Many are in need of modernization and the finances of the school do not allow that at the moment. The Chair wishes to 'sell' the main administration building to a contractor/consultant for $1 and then let the contractor get the financing to upgrade the building. The contractor will then 'lease' the building back to the school until the cost is paid. I do not think it would be legal or ethical and would harm the nonprofit status of the school as donors would donate to a capital campaign to improve the building in question but the building would not be owned by the school. Would donors still be able to take a tax deduction? What are your thoughts on this scheme?