Foundation Facilitates Gifts of Real Estate
While real estate comprises 44 percent of the total U.S. net worth, only 2 percent of charitable gifts are made in the form of real estate. Charities are reluctant to accept land and real property donations because converting it into usable funds is time-consuming, complicated, and sometimes risky.
The Real Estate Foundation of San Luis Obispo County (REF) was established as a separate public benefit corporation formed by The Community Foundation San Luis Obispo County to accept donations of real property. The proceeds from the sale of this property are designated for local charities, including, but not limited to those held by The Community Foundation San Luis Obispo County. The REF insulates charities from the liability associated with a donated property and handles the legalities and expense of the transaction.