Donors make creative use of economic down-turn in US
In a time of straitened circumstances one couple in the US has found an innovative way to support a local charity.
Unable to sell their home in a depressed housing market and slowing economy, the couple and their realtor have teamed up with the San Mar Children’s Home in Maryland, USA, to create a novel fundraising opportunity.
The Chronicle of Philanthropy reports that San Mar was approached last year by the real-estate agent representing a couple who were unable to sell a historic, renovated four-bedroom farmhouse on 3.2 acres because of the troubled real-estate market.
The house, valued at $390,000, was offered by the agent to be raffled by the charity in which it would return some of the proceeds to the couple, and keep the rest of the money. The agent waived her fees.
The raffle ticket costs US$100 each and the aim is to sell 5,000-7,000 tickets, which would raise a minimum of $500,000, enough to reimburse the homeowners and net about $100,000 for the charity after expenses. Keeping the odds low will hopefully encourage ticket buyers said the Chronicle.
Tickets have already been snapped up by buyers including from Japan and Italy, with over 1,100 sold already. The charity intends to hold the raffle in March.
A caveat ensures that no-one will lose out as the arrangement stipulates that if the minimum number of tickets is not sold the house will be returned to the couple and those who bought tickets will receive a full refund.
For more information – or to buy a raffle ticket – contact San Mar Children’s Home.