Western North Carolina Real Estate Foundation (WNC REF)

What to consider:

  • Charitable intent – As you consider a gift of property, we will discuss your charitable plans for your gift – to add to an existing fund, establish a new fund or create another charitable vehicle. We strongly encourage involvement of your professional advisors to assess the impact of a significant gift on your particular financial and tax situation.
  • Nature of the Property – As a rule, personal real estate is easier to donate, and accept, than commercial real estate or income property.
  • Marketability – Generally, gifted property must be highly marketable.
  • Appraisal – It is the donor’s responsibility to obtain a qualified appraisal as part of the donation process.
  • Environmental Issues – Before accepting a gift of real estate, the Foundation may require a Phase I Environmental Site Assessment to identify potential or existing environmental contamination liabilities.
  • Mortgage or Other Indebtedness – Real estate subject to debt, such as a mortgage, typically cannot be accepted.
  • Timing – The due diligence process for a potential gift of real estate may take some time to complete.

Additional benefits:

  • Using real estate for your gift creates charitable capital from illiquid assets.
  • You can support multiple charities through your gift, and determine the timing of that support.
  • There are significantly better tax deductions for giving to WNC REF (fair market value up to 30 percent of the adjusted gross income ) than to a private foundation (cost basis)

To think about:

  • Donors are responsible for costs associated with completing the gift transaction, including appraisals and legal, title and other fees.
  • WNC REF may refuse any offered gift of real property determined not to be in the best interest of WNC REF or CFWNC.
  • WNC REF generally will not accept property with a fair market value of less than $100,000.
  • After the gift is complete, WNC REF will sell the property as soon as possible. WNC REF has complete discretion regarding the pricing and timing of the sale of the property.
  • Prior to the property sale, WNC REF will not advance funds for expenses associated with the property (i.e., HOA / POA dues, real estate taxes and/or utilities). Donors will be asked to make a separate gift for expenses anticipated prior to sale.
  • At the time property is sold, an administrative fee of 1% of the gross sales proceeds is assessed and applied toward WNC REF’s operating and administrative costs for gift acceptance and liquidation. The remainder of the sales proceeds, including any gifts made in conjunction with the property donation, will be added to the CFWNC charitable fund named by the donor. 

If you have questions about a gift of real estate, contact Sheryl Aikman, Vice President, Development, at 828.367.9900.

 

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