NEWS 

It’s official! ORRA foundation is granted wish to exist 

The Florida Real Estate Foundation will serve as a vehicle for generating and receiving tax-deductible funds in support of programs that benefit Realtors® and the real estate industry

The Florida Real Estate Foundation (FREF), after a gestation period of more than two years, became a recognized organization in April when it received official 501(c)(3) charitable not-for-profit status from the Internal Revenue Service. The organization can finally proceed with the administrative steps necessary to begin fulfilling its mission, which is to generate funds in support of additional programs and services for Realtors® and the real estate industry.

“One of the most frustrating situations a professional association can experience is being caught between its members’ demand for programs and services and their resistance to any increase in dues,” explains ORRA President Lydia Pisano. “The Florida Real Estate Foundation will provide a mechanism for ORRA to raise the non-dues revenue required to establish wish-list activities and embellish existing programs.”

For example, the types of actions FREF will initiate and support include:

• Providing leadership and financial resources to affordable housing initiatives, alliances, and partnerships;
  
• Providing scholarships for courses leading to Realtor® professional designations such as GRI, CRS, CRB, and CIPS;
  
• Providing scholarships for affiliate designations such as CCIM and CPM;
  
• Providing scholarships to area colleges and universities for study in real estate or related fields;
  
• Conducting ongoing regional home-
  buyer and seller education campaigns;
  
• Upgrading and expanding ORRA’s affordable housing, risk reduction, anti-trust, and fair housing/equal opportunity educational programs; and
  
• Performing research and statistical studies on land use, smart growth, downzoning, comprehensive planning, transportation, consumer buying habits and motivations, property taxes, impact fees, and regional water use.
  

Governance

The Florida Real Estate Foundation was developed by ORRA, which is considered its parent organization, and is managed by ORRA staff. The foundation itself is governed by a board of trustees made up of 11 to 12 voting members with an executive committee that includes a chair, chair-elect, treasurer, secretary/CEO (non voting), and one trustee chosen at large. The ORRA Board of Directors appoints trustees, and hopes to announce the first FREF Board of Trustees at the ORRA Affiliate Trade Fair and election meeting on July 21.

The foundation is also served by a 21-member advisory council, which acts in a fund-raising and project/program-advisory capacity. Membership on the advisory council is open to ORRA regular and affiliate members; representatives from allied groups such as Central Florida Commercial Real Estate Society; and representatives from regional educational institutions, civic and community organizations, other foundations, governmental organizations, or business institutions. Members of the advisory council are appointed by the board of trustees.

Administrative Objectives

A draft of foundation’s bylaws and structure has already been created and will be available for viewing on www.orlrealtor.com following approval. In addition, ORRA staff has already prepared initial operating policies and procedures, IRS documents, and a proposed operating budget for the foundation’s first year.

Next up is the creation of a strategic plan for the foundation (an assignment that falls to the first board of trustees) and a resulting fund-raising and marketing campaign based on the plan’s funding objectives. Initial fund-raising activities are expected to include one-on-one appeals, events, and grantwriting in support of specific projects.

Long-term goals (for 2006 and beyond) include:

• Establishment of an endowment campaign to ensure perpetuation of the foundation;
  
• Presentation of first grants and awards and fund first projects;
  
• Establishment of first affordable housing initiatives; and
  
• Creation of a capital improvement fund.
  

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