Steps to Donation
How to Donate – Steps to Donation
A Donor, Advisor or Nonprofit can initiate property donation to RGF. We are very interested in the donor’s goals and to provide information about the donation process. Please call or write us to get started.
With a general acceptance of assumptions and process, RGF will make an initial evaluation to test the suitability the property for the RGF program. Usually completed within 24 hours.
If the property passes the initial evaluation, RGF shall provide a Net Gift Estimate and a Draft Donation Agreement. The Net Gift Estimate tracks the donation and sale of the gift from start to finish, starting with initial assumptions and concluding with actual “net proceeds” that fund the nonprofit world.
When the Donation Agreement is signed, the donation process begins and Realty Gift Fund assumes responsibility for the process. Our pledge is to make charitable gifts of real estate simple and professional. Often the Donor’s only obligation is to secure the appraisal which is fundamental to the donor’s claim for a tax deduction.
The donation concludes with a typical real estate closing that includes all donation forms. Under an outright gift of real estate, the donor transfers title and receives a charitable deduction. Under a Bargain Sale Agreement, the donor transfers title, and receives a partial cash payment and charitable deduction for the difference between the current appraisal and the cash payment.
After the donation concludes, RGF positions the property for sale. This includes hiring a brokerage firm, and can include leasing, repairs, maintenance, capital investments or, if contaminated, undertaking the agreed remediation program. RGF then resells the property and distributes the net proceeds as grants to other nonprofits as recommended by the donor.