MULTIPLE CHARITIES SHARE ONE GIFT
A retired real estate executive had acquired a small portfolio of single-family homes in Ft. Collins, CO, that he rented to Colorado State University students. At the same time, he became active in Colorado’s conservation movement, volunteering with several state and national groups who accept and steward conservation easements.
Having earlier gifted one of his properties to a national organization, he wanted to make a second gift that he could share across several programs and approached Realty Gift Fund with a proposal to donate a home that was leased to 3 students through the end of the school year.
The home appraised for $359,000, the loan amount was $133,000. Inspections revealed mold and radon issues and RGF accepted the gift as a bargain sale, paid off the debt, mitigated and repaired the unit, and sold the unit to an investor seeking just this type of property.
After all costs, prorations and the debt payoff, the sale resulted in net proceeds of $180,000 which were share with 5 nonprofits.