When Foundations Own Property: Legal, Financial, & Stewardship Considerations

Description

Owning real property can help a foundation advance its mission, support its operations, or make a long-term investment in the communities it serves. 

But property ownership also brings responsibilities and complexities that can extend well beyond the initial acquisition.

This 90-minute webinar will help private and community foundations better understand the legal, accounting, tax, operational, and stewardship considerations associated with owning or managing real property. Legal and accounting professionals will highlight key issues foundations should consider, including liability and risk mitigation, ownership structures such as LLCs, charitable versus non-charitable use of property, unrelated business income tax (UBIT), accounting and reporting requirements, leases and tenant relationships, and ongoing maintenance obligations.

Participants will also hear directly from foundation leaders with experience owning and managing property. Through a facilitated discussion, panelists will share lessons learned, considerations that shaped their approaches, and questions they wish they had asked earlier in the process.

Whether your foundation already owns property, is considering an acquisition, or simply wants to better understand the implications of property ownership, this session will provide a practical framework for identifying risks, asking the right questions, and approaching real estate as a responsible long-term steward.

KEY TAKEAWAYS

By the end of the session, participants will be better equipped to:

✅ Identify key legal, tax, accounting, and liability considerations associated with foundation-owned property.

✅ Understand how a property’s use and ownership structure can create different financial, regulatory, and operational implications.

✅ Recognize practical issues associated with leases, tenants, maintenance, insurance, and ongoing property management.

✅ Consider how long-term stewardship, mission alignment, and potential exit strategies should factor into decisions about acquiring and holding property.

✅ Identify questions to raise with legal, accounting, insurance, and other professional advisors when evaluating foundation-owned real estate.

GUEST SPEAKERS

Nicole Fishback

Managing Director, Forvis Mazars

Nicole, a member of BKD National Not-for-Profit Group and BKD National Governmental Group, has more than 20 years of experience and focuses on not-for-profit tax planning and compliance. Nicole also has experience providing tax and accounting services for individuals and trusts. She

frequently speaks at seminars regarding IRS Form 990 and other tax-exempt organization topics. She is the chair of the BKD Foundation in the Indianapolis office. Nicole serves on the Providence Cristo Rey High School board of directors as vice-chair and treasurer and is a member of the finance committee for the Girls Scouts of Central Indiana. She previously served on the Starfish Initiative board of directors as treasurer. Nicole is a member of the American Institute of CPAs and Indiana CPA Society. She is a graduate of Tennessee State University, Nashville, with a B.B.A. degree in accounting, and a graduate of Indiana University-Purdue University, Indianapolis, with an M.P.Acc. degree with a taxation emphasis.

Marcy Minton

President & CEO, Community Foundation of Muncie & Delaware County

Marcy Minton is President & CEO of The Community Foundation of Muncie and Delaware County, a role she has held since 2022 after nearly nine years in other positions at the Foundation. She previously worked in resource development at the Ivy Tech Foundation. Marcy holds a B.S. in Business–Computer Information Systems from Indiana University and master’s degrees in Adult and Community Education and Executive Development for Public Service from Ball State University. At the Foundation, she leads a team of ten, partnering with donors, nonprofits, volunteers, and civic leaders to strengthen Muncie and Delaware County. Now in its 40th year, the Foundation manages $100M in assets and awards nearly $4M in grants annually. Marcy is active in numerous community initiatives, including Muncie Action Plan, Downtown Task Force, Next Muncie, Muncie BY5, and the Creative Space Action Plan. She also serves on the education committee of Indiana Philanthropy Alliance. She lives in Muncie with her husband, Jason, and they have two children, one a recent Ball State graduate and the other a student at Purdue Fort Wayne.

Jacqueline Pimentel-Gannon

Partner, Faegre Drinker Biddle & Reath LLP

Jacqueline Pimentel-Gannon advises nonprofit organizations at every stage of their life cycle, helping clients navigate formation, tax exemption, governance, IRS compliance, grantmaking, charitable solicitation, real estate matters, and dissolution. She works with a wide range of organizations, including public charities, private foundations, educational institutions, hospitals, religious organizations, trade associations, and social welfare organizations. Before focusing her practice on nonprofits, Jacqueline represented real estate developers, financial institutions, and corporate clients in a variety of real estate and financing transactions. She earned her J.D., M.B.A., M.Ed., and bachelor’s degree from the University of Notre Dame and is admitted to practice in Indiana.

Sarah Strimmenos

President & CEO, Foelliner Foundation, Inc.

Sarah’s experience includes nearly thirty years in the accounting and banking industry before she became the President and CEO of Foellinger Foundation in 2023. Her history with the Foundation dates back 25 years, managing the audit as a CPA at an independent firm for 10 years. She later served on various Foellinger Foundation committees and the board of directors. An avid community advocate, she has dedicated her time to many nonprofit boards, committees, and other volunteer efforts, and believes in their ability to create meaningful change for Allen County residents.

Jenna Wachtman

Vice President, Ball Brothers Foundation

Jenna Wachtman joined the Ball Brothers Foundation staff in 2014 after working fundraising and program development for social service agencies in St. Louis and Indianapolis. She is a graduate of Abilene Christian University and holds both a certificate in nonprofit management from the School of Public and Environmental Affairs at IUPUI and an executive master of arts degree in Philanthropic Studies from the IU Lily Family School of Philanthropy. As vice president, Jenna supports the foundation's president and CEO in strategy development, communications, and day-to-day management of operations. She also works directly with the foundation's grantees.

AUDIENCE & REGISTRATION

Our colleagues at Indiana Philanthropy Alliance are hosting this Midwest Partnership webinar, which has been designed with all types of grantmakers in mind.

PhilMO Members may participate for free. If this is your first interaction with the new PhilMO website, choose “Create New Account” when registering. 

Non-Member Missouri grantmakers may participate for a fee of $75. Non-Members should choose “Non-Member Funder” to register and submit payment.

If you encounter any challenges registering for this program or otherwise navigating the new website, help is available by contacting info@philmo.org. 

WHAT IS THE MIDWEST PARTNERSHIP?

The Midwest Partnership is a collaboration between the Council of Michigan Foundations, Indiana Philanthropy Alliance, Iowa Council of Foundations, Philanthropy Missouri, and Philanthropy Ohio. 

The Midwest Partnership publishes an annual Midwest Grantmaker Salary Report and hosts joint programs, including monthly webinars connecting funders across the four states. Webinars are typically designed for community foundations, corporate foundations and giving programs, and/or family foundations. Occasionally, a program -- like this one! -- will be relevant to all foundation types. Regardless of focus, all foundation types may register for any program. 

Participation in webinars and access to the annual Salary Report is free for Member organizations. Non-Member Missouri grantmakers may not access the report but occasionally may register for webinars by contributing a $75 fee.