The Real Estate Charitable Foundation of Maryland has received its first gift of real estate following the sale of property by the Lundy family. The Community Foundation of Howard County (CFHoCo) created the Real Estate Charitable Foundation of Maryland (RECFM) in 2015.
The Lundy Family Foundation, led by Williamsburg Homes-founder Chip Lundy, donated the $180,000 proceeds of a Dorsey Hall office unit to establish the Lundy Family Fund with the Community Foundation.
“Thanks to the Lundy family’s generosity, the Real Estate Charitable Foundation and Community Foundation have taken a monumental step in accepting our first donation of property,” said Beverly White-Seals, president and CEO of the Community Foundation of Howard County. “Real estate represents a significant portion of wealth, and a gift of real estate offers an excellent way to unlock the full appraised value of a property and establish a charitable legacy for years to come.”
The Real Estate Charitable Foundation of Maryland was created as an independent supporting organization to process gifts of complex assets, particularly real estate or partnership interests in real estate projects. Under board chair Bruce Harvey, the Real Estate Charitable Foundation expands the capabilities of CFHoCo by facilitating the sale or management of donated real estate in order to establish charitable funds.
“With some help from Beverly, we were able to transfer the condo to the Community Foundation of Howard County, and in turn they have now sold it to a third party. The end result is a conversion of the value of the condo to a donor-advised fund so that Lundy family members can donate to charities at their pleasure,” Lundy said.
The Real Estate Charitable Foundation accepts residential, commercial, industrial, rural, agricultural and undeveloped real estate as well as partnership interests in real estate projects and properties that generate income. The RECFM’s board of directors and consultants as well as the Community Foundation of Howard County’s staff have years of experience in real estate and charitable giving. The RECFM serves as a resource for any non-profit in the state looking to accept a donation of real estate.
“This donation is another example of how the Community Foundation plays a unique role in improving lives in Howard County. It shows how we can work with generous donors to transform their real estate into charitable funds that will be used to support their neighbors. It also shows how donors can creatively use their assets to make a difference, right here in their hometown,” said Peter Panepento, chair of the Community Foundation’s board of trustees.
The Community Foundation of Howard County serves as a knowledgeable, trusted partner that forges connections between donors and nonprofit organizations to provide impactful investments in Howard County. The foundation has awarded more than $17 million in grants to organizations delivering human service, arts and cultural, educational and civic programs. Money for the grant programs comes primarily from income generated by the foundation’s endowment supported by more than 300 funds established by Howard County businesses, families and individuals. For more information, visit CFHoCo.org or call 410-730-7840.