The SMDRA Board of Directors approved the formation of a SMDRA Foundation at their Board meeting on Thursday, January 19, 2023. The foundation will benefit SMDRA members by helping them to remain a REALTOR® while in extreme crisis and benefit existing 501(c)3 organizations, approved by the Charities Committee and the Board of Directors, that assist with housing related endeavors to raise the quality of home life for individuals and families in our community housing needs.
The fund type and structure is an Award Fund and set up as an endowment which is where the principal of $25,000 is preserved in perpetuity. The Member Relief portion of the Foundation is set up as a “Scholarship Fund” which is the term required by the IRS; but will be referred to as Member Relief of the Foundation. The initial funding came from the balance of Member Relief $20,494.46 and the remining amounts will be funded from Foundation donations and Legacy members.
The framework of the Foundation was based on a Foundation Working Group that met on January 3, 2023, with CAR Foundation Representative, Amy McDermott. The Working Group reviewed information of the CAR Foundation Charitable Funds, administered through the Colorado Association of REALTORS Foundation, to benefit SMDRA and its members.