Communities of Coastal Georgia

The opportunity: More wealth is held in real estate than in stocks and bonds combined –  a total that includes 44 percent of all capital value in the U.S. and an estimated 50 percent of all individual wealth. This untapped potential for charitable giving is tremendous, both for charitable people and the causes they care about.

The challenge: Cost, complexity and liability involved with giving real estate restrict its use in philanthropy.

The solution: The Community Foundation can simplify the process of accepting, marketing and selling your real estate asset. Our staff offers their services to streamline the process and make it less expensive, avoiding and risks and maximizing the value upon sale.

More information about giving real estate

Consider a few key questions as you prepare to use your real estate asset to benefit the community:

Appraisals, required documents and more

Each potential gift of real estate is unique and will be evaluated according to the CCGF’s Gift Acceptance Policies.  Consider the following questions as you prepare to use your real estate asset to benefit the community:

Is the property marketable? The CCGF will sell the property as soon as possible, with the proceeds going to fulfill your charitable objectives.

Has there been a professional appraisal of the property within the last six months? The IRS requires an appraisal to substantiate the value donors will claim as a charitable deduction. The CCGF requires that the appraisal be done by an appraiser who has been approved by the Foundation. It is the donor’s responsibility to procure and pay for the appraisal.

Are there any unknown contaminates? Certain real estate gifts may require a preliminary environmental review. Environmental review costs are the responsibility of the donor.

Is there debt on the property? Generally, the donated property should be free of debts, liens, mortgages and other encumbrances. Sometimes debt can be discharged during the sale of the property. The CCGF reviews each prospective donation on a case by case basis.

What about transactional costs? The costs associated with the donation, management, and sale of the property come from proceeds of the sale prior to distribution to the charitable purpose defined by the donor. Examples include brokers’ fees, title insurance, inspection costs, property taxes, upkeep, and maintenance.

Copies of the following documents are needed before the Foundation can evaluate your property:

• Appraisal by approved appraiser
  Current deed and legal description of the property
  Property leases (if applicable)
  Property tax bill for most recent year
  Property insurance policy
  CC&R and association agreements (if applicable)
  Landowner liability insurance
  Preliminary title report

To schedule a meeting or inquire about a potential gift of real estate, contact Diane Doster at 912-280-9262.