Fundholder KJ turned her rental property into funding to support her favorite causes with a real estate donation to her donor advised fund.
Recently we had the opportunity to chat with donor KJ, who donated her rental property to the Saint Paul & Minnesota Foundation to support her favorite causes.
When the 67-year-old retiree isn’t showing off her talents as a craftswoman and builder, she can be found traveling the world or collecting Minnesota Twins and Bugs Bunny memorabilia.
“Well, unknowingly I was providing affordable housing through my first house that I turned into rental property,” said KJ. “I wasn't renting the house to make a lot of money but to make it affordable for tenants and as an investment for my long-term financial goals.”
Inspired by her parents and grandparents and wanting to do more, KJ reached out to her philanthropic advisor Heidi Tieszen to discuss the possibilities of growing her donor advised fund (DAF).
During that time KJ mentioned that she was planning to sell her rental property, not knowing that donating her house to the Foundation could help significantly increase her DAF during her lifetime.
“With my passion to support affordable housing in the Twin Cities and with it being time to sell the rental house, it just made sense to donate the house and use the proceeds to support other affordable housing projects,” KJ said.
Creating More Housing for the Community
“I got connected to one of Aeon’s apartment buildings that's relatively close to where I live and I was able to provide them with help painting their common areas once a week last winter,” said KJ. “It was a win-win. I was able to use my skill and talent to improve an affordable housing apartment building and they got a free service.”
As for Settled, KJ helped build six tiny homes as part of Sacred Settlements at Mosaic Christian Community on Wheelock Parkway.
In addition, KJ has been able to increase her support of her church as a result of her donation. “I was making a contribution to my church through my cash flow,” she said. “Through my donor advised fund with the Foundation I have been able to share more with my church and my affordable housing organizations.”
“ This is just one piece of my giving back to my neighbors, whether they're next door or they're around the world. Giving is part of my DNA.”
Donor Advised Fundholder KJ
Donating Real Estate for Charitable Impact
The Saint Paul & Minnesota Foundation has been fully invested in providing donors with pathways to support the causes they care about by assisting with the sale and liquidation of donors’ non-cash assets, such as real estate, S-Corp, cryptocurrency and much more.
KJ said that both her financial planner and Heidi were very supportive in making sure her plans for retirement were in line with her philanthropic goals. They also were willing to participate in the months-long process it took to donate the property to the Foundation and then for the Foundation to sell, liquidate and transfer the proceeds of the sale into her fund.
For KJ, donating her property to her DAF was similar to a typical real estate sale. She worked closely with the Foundation and our realtor, completing a detailed questionnaire and property inspection.
In addition to supporting the community, KJ is also using this as an opportunity to share her charitable values with her niece, who is also an advisor on her fund.
“She will carry on after my death, being able to give out contributions or grants from my donor advised fund, knowing what the intention of it is,” KJ said. “This is just one piece of my giving back to my neighbors, whether they're next door or they're around the world. Giving is part of my DNA.”
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