Real Estate Charitable Foundation Of Maryland Receives First Gift

COLUMBIA, MD — 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 Lundy Family Foundation, led by Williamsburg Homes' founder Chip Lundy, donated $180,000 worth of proceeds of a Dorsey Hall office unit sale 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, in a statement. “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 Community Foundation of Howard County (CFHoCo) created the Real Estate Charitable Foundation of Maryland (RECFM) in 2015 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 nonprofit 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.