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Donations of Property

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A gift of real estate, artwork, antiques, jewelry, ect., will result in a charitable tax receipt for the fair market value of the property, on the day it is recieved. A gift can be given now or through a bequest in your will, the foundation will get the property appraised and a donation receipt will be issued for fair market value to the donor or the donors estate.

Because of the unique nature of each of these gifts, the Foundation will also seek professional advice regarding specific issues we must consider and the process to be followed. For example: environmental issues, encumbrances and rights of way or outstanding liens and assessments.

The value of the property must be determined with the help of a qualified appraiser before the property is transferred to the Foundation. Fair market value is often defined as the highest price, expressed in a dollar amount, that the property would bring, in an open and unrestricted market, between a willing buyer and a willing seller who are both knowledgeable, informed and prudent, and who are acting independently of each other.

In most cases the property will be sold immediately by the Foundation, with the proceeds put to work making a real difference in our community.

Consult your professional advisors so that your gift takes into account your overall estate and tax planning considerations. In some cases it may be better to donate the property or, in other cases, the donor may prefer to sell the property and donate the proceeds.

The Lethbridge Community Foundation will be pleased to work with you to put a fund agreement in place that will ensure your wishes are carried out after the gift is received.