Samantha, Major Giving Officer, and Board Chair John, are scheduled to meet in early October with Jenny Yates as one of their initial visits to key donors in the quiet phase of a campaign.
You ask your donor the Perfect Question, and when you do, they inform you that they no longer use their condo in Florida, and as such want to get rid of it. With a little more conversation, you find that they're interested in learning more about how to use the condo to make a difference for your organization.
In determining if the condo will make a smart gift for your organization and your donor, there are a number of questions that you need to have answered:
1. What is the property type?
Gifts of real estate can be a) very advantageous to both your donor and your organization, and b) complicated.
Below, please find some suggested reading that can help familiarize you with four important aspects of real estate gifts.
Please review some of the tax issues related to real estate gifts.
When dealing with potential gifts of non-cash assets, we must be cognizant of the general rules around a pre-arranged sale. This is a bit tricky, because what constitutes a pre-arranged sale is not necessarily an easy thing to determine, and the guidance isn’t always clear from the IRS.
By understanding the benefits of gifting different asset types, you can provide true value and become a differentiator for your donors. And the value you add may well result in a gift larger than the donor thought possible.
A few days after a staff training session focused on gifts of real estate, a relatively new gift officer named Russell left his office in the Midwest for a week of donor visits.
When working with a donor on a proposed gift of real estate to your organization, you need to gather some key details early in the process. Read about the top 5 things to cover in your first contact about a potential real estate gift.
Wondering what to ask? Here we highlight the key questions when helping a donor design a gift of complex assets.
Russell and Kathryn are 60 and 59 years old, respectively, and have no children. Russell is a doctor, and Kathryn does not work outside of the home. They are deeply committed to their favorite charity and would like to make a significant gift.