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Charitable Real Estate Foundation FY2020 filing

Tax-deductible

Birmingham, AL501(c)(3)Foundations & GrantmakersEIN 20-1560119Revenue −$40K in FY2020

On file with the IRSgivingrealestate.com1531 3rd Avenue North 100, 35203-1828 · Birmingham, ALTax-exempt since Aug 2006Supporting organization — 509(a)(3)

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The Charitable Real Estate Foundation is a public charity operating in affiliation with the community Foundation of greater birmingham. The primary purpose of the Foundation is to assist other charities with donations of Real property in an effort to minimize liabilities and risks to those charities, to maximize the value received from the donations, and to encourage additional donations of Real property as a benefit to the residents of greater birmingham.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $106K a year · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$14K
7% of total assets
Looks good: liabilities are 7% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
−$40K
Spent
$279K
To programs
100%
Net assets
$186K
By yearFY2020–FY2024
Revenue
−$40K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020−$40K
FY2021$0
FY2022−$157K
FY2023$0
FY2024$0
Expenses
$279K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$279K
FY2021$18K
FY2022$17K
FY2023$14K
FY2024$4K
Net assets
$186K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$186K
FY2021$168K
FY2022−$6K
FY2023−$21K
FY2024−$24K

From the FY2020 Form 990 · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 2006.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $279K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation
Megan Wilson
Board Member
$0Pt VII · Sec A
Virginia Boliek
Board Member
$0Pt VII · Sec A
Robert Schuler
Board Member
$0Pt VII · Sec A
Wilmer Poynor
Board Member
$0Pt VII · Sec A
George Gaskin
Executive Director
$0Pt VII · Sec A
See Charitable Real Estate Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Helps charities manage and maximize donated real estate for community benefit.

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Provided by the organization

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1 program · $279K · in their own filed words · FY2020
01

As real property is sold the proceeds of the sale are given to charities to benefit residents of the greater birmingham area.

$279Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 3 grants · $301K · 2020–2022
The Community Foundation of GreaterAL · FY2022$14,221
The Community Foundation of GreaterAL · FY2021$14,800
The Community Foundation of GreaterAL · FY2020$272,234

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
−$40K
Ln 12
Money outPt IX
$279K
Ln 25
Programscol B$279K
Owns and owesPt X
$186K
net assets · Ln 32
Cash and savingsLn 1–2$29K
Total assetsLn 16$200K
LiabilitiesLn 26$14K
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gains on assetsLn 7−$57K
Total revenueLn 12−$40K
Assets in detailPt X, end of year
CashLn 1$29K
Cash and savings togetherLn 1–2$29K
Land, buildings, equipmentLn 10c$171K
Total assetsLn 16$200K
LiabilitiesLn 26$14K
Net assetsLn 32$186K
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$0$29K
Land, buildings, equipmentLn 10c$518K$171K
Total assetsLn 16$518K$200K
LiabilitiesLn 26$13K$14K
Net assetsLn 32$505K$186K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$272K$272K
Accounting feesLn 11c$2K$2K
InsuranceLn 23$611$611
Other expenses (24a–d)Ln 24$4K$4K
Total functional expensesLn 25$279K$279K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $0$4K−$4K−$24K 990 PDF
FY2023 $0$14K−$14K−$21K 990 PDF
FY2022 −$157K$17K−$174K−$6K 990 PDF
FY2021 $0$18K−$18K$168K 990 PDF
FY2020 Viewing −$40K$279K−$320K$186K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary −$40,280 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $6,675$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0−$56,905
I-11 Other revenuePrior year $0$16,625
I-12 Total revenuePrior year $6,675−$40,280
I-13 Grants and similar amounts paidPrior year $0$272,234
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $7,313$7,226
I-18 Total expensesPrior year $7,313$279,460
I-19 Revenue less expensesPrior year −$638−$319,740
Part VI · Governance 4 of 4 board members independent, 2 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
Part VIII · Statement of revenue −$40,280 across 4 lines filed
VIII-6 Net rental income or lossExcluded from tax $11,000$11,000
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$56,905−$56,905
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $5,625$5,625
VIII-12 Total revenueRelated to mission $5,625 · Unrelated business $0 · Excluded from tax −$45,905−$40,280
Part IX · Statement of functional expenses $279,460 across 4 lines filed
IX-1 Grants to domestic organizationsPrograms $272,234$272,234
IX-11c Accounting feesPrograms $2,350$2,350
IX-23 InsurancePrograms $611$611
IX-24 Other expenses (24a–d)Programs $4,265$4,265
IX-25 Total functional expensesPrograms $279,460 · Management $0 · Fundraising $0$279,460
Part X · Balance sheet $200,075 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $0$29,075
X-10c Land, buildings and equipment, netStart of year $517,889$171,000
X-16 Total assetsStart of year $517,889$200,075
X-17 Accounts payable and accrued expensesStart of year $12,521$14,447
X-26 Total liabilitiesStart of year $12,521$14,447
X-27 Net assets without donor restrictionsStart of year $505,368$185,628
X-32 Total net assets or fund balancesStart of year $505,368$185,628
X-33 Total liabilities and net assetsStart of year $517,889$200,075
Part XI · Reconciliation of net assets $185,628 net assets at year end
XI-1 Total revenue−$40,280
XI-2 Total expenses$279,460
XI-3 Revenue less expenses−$319,740
XI-4 Net assets at start of year$505,368
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$185,628

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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