Real Estate for Charity.

• Position: Brief Article

Non-productive real estate can be a significant cash drain, and it usually falls to the finance department to track expenditures related to maintenance and insurance, Selling it is an option, of course, but that can mean accepting a fire-sale price, as well as having to pay closing costs and commissions.

Several companies now offer opportunities to donate real estate for charity, giving the company a significant tax write-off. One company, Real Estate for Charities in Carlsbad, Calif. (www.realestateforcharities.com), takes a "clearinghouse" approach, using consulting, property management and sales service to support financial officers, estate planners and other philanthropic professionals, says its president, Chase V. Magnusson. This umbrella approach is vital, he says, because many charities aren't equipped to deal with real estate and are risk-averse.

Magnusson argues that...