While real estate comprises a large portion of the total U.S. net worth, only 2% of charitable gifts are made in the form of real estate. Charities are often reluctant to accept land and real estate because there are many legal complexities and risks involved. Kern Real Estate Foundation (“KREF”) is exclusively dedicated to simplifying and facilitating charitable gifts of real estate. Established in 2012 as a supporting organization of Kern Community Foundation, KREF facilitates the sale of donated real estate, from anywhere in the US, and passes the net proceeds along to the donor’s funds to benefit the charitable causes they care about.
KREF is guided by a dedicated Board of Directors, each known for their expertise in the real estate field and have a solid understanding of how to move through the complicated maze of real estate transactions.
Why Give Appreciated Assets?
Gifts of real estate and other appreciated assets may allow you to make a substantial contribution while receiving valuable tax advantages. Generally, a donor may deduct the fair market value of the gift to as much as 30% of your gross income, with a five-year carry over for any excess. Most importantly, the capital gain from the donated asset passes tax free to your fund at Kern Community Foundation. Other gifts, such as closely held stock, IRA assets, partnership interests, and some intangible personal property may also be accepted based on review by our board..
How It Works
- Discuss the specifics of your potential gift with us. We can help you and your advisors evaluate the timing of the gift and the type of giving vehicle that will help you meet your philanthropic and financial goals.
- Submit a Real Property Inquiry Form (below) along with an independent qualified appraisal of your property.
- KREF will assess the property to establish compliance with our acceptance policies.
- If approved, KREF will prepare a gift agreement that you will use to transfer the title of the property to KREF.
- KREF will then collect pertinent documentation, handle all the administrative details and due diligence, and actively market the property to generate the highest possible price.
- Proceeds for the sale of the property can be placed in your funds at KCF and you can begin enjoying the rewards of your charitable gift.
To learn more about donating real estate, contact our Donor Services at 661.616.2617 or donorservices@kernfoundation.org.