Ways to Donate - Gifts of Real Estate

GIFTS OF REAL ESTATE

Gifts of real estate may be made as outright gifts, as residual interests in the property, or through funding a charitable remainder trust. The following guidelines pertain to gifts of real estate in general. Where real estate is transferred to a charitable remainder trust, additional requirements of the trustee must be met. The donor shall secure a qualified current appraisal of the property. Nonresidential, (including agriculture), properties must be valued by independent qualified appraisers, at the donor’s expense. HFHM may request its own independent appraisal and in that case, will be responsible for all related or associated costs. HFHM shall ensure there is clear title to the property. If clear title is not possible, other alternatives may be discussed with the donor to allow the gift to be made. In the case of the donor being an association or other organization, HFHM shall ensure that it is properly constituted to make such a gift. HFHM shall review other factors, including: zoning restrictions, marketability, current use, cashflow, and other types of risk, to ascertain that acceptance of the gift would be in the best interests of HFHM. HFHM shall consider all appropriate environmental conditions, which may include an environmental assessment by an outside source where deemed necessary, and accept the property only if:

1. it contains no toxic substances,
2. they are removed or other remedies taken assuring that HFHM assumes no liability whatsoever, or
3. the environmental assessment is acceptable to the Board of Directors of HFHM.

HFHM encourages and solicits contributions of cash, and personal and real property, either as outright gifts or through planned gift vehicles that conform with the rules and regulations or guidelines outlined by the CRA and any other applicable laws.