What do a beach house, vacant warehouse and a vacant lot have in common? You can use any one of them as a way to support your favorite charity, as a local dentist did in 2006.

“I don’t know how many people think of a gift of real estate in this way,” said Dr. Philip Walton. “I had an apartment complex for sale, and my accountant suggested we consider using this as the initial gift to set up a Donor Advised Fund at the Community Foundation of Greater Birmingham, rather than setting up a private foundation. I quickly saw that for us this was a sound family decision.”

Other local philanthropists agree, like the woman who donated a former antique warehouse on Southside so it would no longer be in her estate. Or the donors who used commercial property in Irondale and undeveloped land along Bankhead Lake as assets for charity through the Charitable Real Estate Foundation.

CREF was created as a supporting foundation by the Community Foundation of Greater Birmingham as a way to make real estate giving easier and more effective for all local charities. Thanks to its governing board of volunteer real estate experts, gifts totaling more than $2.5 million have been made possible for our community in just five years.

“As a real estate professional, I drive around our community a lot and I see lots of needs to be addressed,” said Peyton Norville, current chair of the CREF board. “The assets held in real estate can be used to benefit all sorts of worthy charities.”

Norville and other members of the CREF board donate their expertise in a variety of disciplines, from appraisal to environmental assessment, so that real estate becomes an even better option for donors. With more wealth held in real estate than in stocks and bonds combined, the untapped potential is tremendous, and it makes a great way to love your community.

“CREF serves all nonprofits, allowing a donor to make a gift to a single nonprofit organization or to split the proceeds among several,” said Erin Stephenson, Director of Gift Planning at the Community Foundation and CREF executive director. “We know that a gift of real estate can present a challenge to evaluate, accept and sell, so we provide this service to local charities.”

“I know of no other single organization that has the mechanism, the logistics and the means to handle gifts of real estate as CREF does,” said Norville. “In my career as a real estate broker, I have found a pressing need for charities, schools, institutions, churches and other organizations who receive gifts of real estate to have a way to convert the assets into funds for their organizations. All the important disciplines needed to make that happen are represented on the CREF board.  We are set up to do it, and do it right.”

How do you get started?
Erin Stephenson welcomes calls from individuals or from agents, brokers and other professionals who may be advising clients about ways to use a variety of assets to benefit charity.

“We appreciate the important role of professionals in advising prospective donors,” she said. “That means keeping them involved in the process and in the transaction whenever appropriate.”

It doesn’t matter whether the property is located here or across the country, as long as you want to support a local nonprofit organization.

“The volunteer experts on the CREF board review every potential gift for its potential to benefit the charity of your choice,” Stephenson said. “Their expertise allows us to streamline the process, avoid risks and maximize the value upon sale – and that means more for your favorite charity.”

The opportunities to give back to the community continue, even after the gift is made. Philip Walton uses the Advised Fund he set up at the Community Foundation as a way to share the values of giving with his grandchildren. Another donor, who gave commercial property in Irondale through a bargain sale, is enjoying the chance to reinvest the principle in a new property, so he can repeat the gift with future gains.

Where will you find your own way to love your community with a gift of real estate, today or through your estate? Click here for more details and frequently asked questions or contact Erin Stephenson at 327-3805. Now is your chance to unearth real treasure for the causes you care about.

Who’s on the CREF board?
Barbara M. Bushnell, Corporate Realty Associates                         
Thomas N. Carruthers III, Carruthers Real Estate                                                 
Irby M. Cohen, vice-chair, Bayer Properties 
Bart T. Crawford, The Title Group 
Jim Lawrence, LAH Realty 
Steve Monk, Bradley Arant Boult Cummings       
T. Peyton Norville, chair, real estate management consultant
Norman D. Pless, Pless Appraisal   
Johnny Roberts, Bhate: Roberts Group 
Craig Rogers, DesignForm 
Carol H. Stewart, Burr Forman 
Hal Tillman Jr., Tillman Real Estate 

What can you give?
 - House or condominium 
 - Apartment building 
 - Farmland or timberland
 - Undeveloped land 
 - Vacation home 
 - Commercial building
  - LLC or limited partnership interest

How can you give?
 - Outright gift today
 - Gift with a retained life estate 
 - Gift that provides income
  - Bargain sale
 - Gift through will or trust