Purpose
The real estate program supports the foundation by acquiring donations of real property for resale.  The program has been the primary funding source of the Foundation.  The Foundation receives donations as a 501 (c) 3 Public Charity, valid under the laws of the State of California.

Authority

The Board of Directors of the Foundation has established a Real Estate Committee to serve on an advisory basis to assist the Executive Director with the administration of the Program.  Final approval of the program, acquisition/sale of property, contract arrangements require approval of the Board of Directors. 

Real Estate Committee

The Real Estate Committee will consist of no less than six members including the Executive Director, Committee Chair (appointed by the Board of Directors), and four Realtor® members representing the various communities (i.e. Morongo Valley, Yucca Valley, Joshua Tree, Landers, Twentynine Palms, Wonder Valley).  Committee members are asked to serve a minimum of one-year.  The following capacities will be served by the Real Estate Committee members:

1. Advise on the Real Estate Program.
2. Assist with Outreach Efforts to acquire real estate donations.
3. Assist with the Sale of Basin Wide Foundation real property inventory.
4. Provide property valuation estimates or market analysis, as necessary.
5. Assist the Executive Director with real property matters.

The Real Estate Committee will meet on at least a bi-monthly basis to maintain the Real Estate Program.  The Committee Chair will assist the Executive Director in developing an agenda for each meeting and provide notes from meeting for the records. 

Acquiring Property

The Basin Wide Foundation seeks to acquire property that can be sold to help support the mission of the Basin Wide Foundation.  A potential donor shall provide detailed property information including:

1. Assessor Parcel Number
2. If available, information and copies of documents regarding the property that the Donor is aware of. (i.e. maps, title reports, grant deeds, etc.)

This information shall be provided to the Executive Director which will be reviewed by the Real Estate Committee prior to being brought to the Board for acceptance.  In addition to information provided by the donor, the Real Estate Committee will assist the Executive Director in performing other due diligence on the property (i.e. visual inspection, comparable sales report, natural hazard report, preliminary title report, etc.)

Upon approval of acceptance by the Basin Wide Foundation Board, the Executive Director will prepare a letter of acceptance to the donor with the assessor’s parcel number for accounting and tax purposes.  The Basin Wide Foundation will not provide an appraisal or other valuation estimates to establish value for donor tax purposes.  Nor shall the Basin Wide Foundation or any designee provide a recommendation of appraiser, accountant, attorney, or other service professional.  It is the responsibility of the donor to contact a tax accountant, appraiser, attorney or other professional as necessary for the transaction.

The Basin Wide Foundation shall not pay a referral fee for donations.

Selling of Property

The Basin Wide Foundation seeks to sell real property holdings at fair market value to support the mission of the Basin Wide Foundation.  The Real Estate Committee will provide the advice on the fair market value of the existing inventory, with the Board of Directors final approval prior to formal listing or auction.

Listing of Property

Property may be listed to obtain maximum exposure.  Vacant land shall not exceed 10% commission and improved land shall not exceed 6%.  All listings will be individually negotiated.  All listings shall use the most current California Association of Realtors listing agreement form appropriate for the type of property.

Listings will be offered to the agent that helped to secure the donation.  Existing inventory and other unlisted property will be offered to Real Estate Committee members for their respective areas of expertise or geographic area as assigned by the committee. 

Contract Negotiations

The Basin Wide Foundation shall use the attached contract as drafted by the Foundations legal counsel.  Terms of the contract that may be negotiable are:

1. Price
2. Length of escrow or listing term
3. Commission
4. Referral fee
5. Carrying the Note (maximum 5 year note, credit report required)
6. Each property will be negotiated on an individual basis. 

The Board of Directors must approve all contracts prior to execution.  The President of the Board will sign all contracts.

Escrow

The Basin Wide Foundation will seek to use a local escrow office.  The Executive Director will make such arrangements for the best possible cost and quality of escrow services, with the assistance of the real estate committee or agent. 

Resources

The Executive Director will maintain the real property files at the Basin Wide Foundation Office.  No files shall leave the premises.  The Executive Director will maintain a list of the properties for sale in the office and on the Basin Wide Foundation website.

The Executive Director will maintain all Real Estate Committee records, including maintain copies of the agendas and notes from each meeting to assure continuity in the program at the Basin Wide Foundation office.

With the assistance of the committee members the Executive Director will maintain a database of all property donors, auction houses, important contacts and other resources that are critical to the program. 

Other terms of the program

Other matters not outlined in this program may be clarified by the Executive Director or if necessary, Board of Directors.

Program Review

This program will be reviewed on an annual basis by the Board of Directors.