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Real Estate Foundation

Who we are

As the largest provider of higher education in Hampton Roads, Tidewater Community College enrolls nearly 40,000 students annually. Serving both students and employers for nearly 50 years, TCC is truly the community’s college. It provides education and training to help adults of all ages pursue their educational and career goals.

The Tidewater Community College Real Estate Foundation, Inc. is a Virginia nonprofit, non-stock corporation that furthers TCC’s mission through the sale, development and leasing of property. It is legally separate from the college and from the TCC Educational Foundation, TCC’s philanthropic arm.

The Foundation was incorporated in December 2005. It is guided by its Board of Directors, who make up a dynamic cross-section of the real estate industry, from development to banking to legal to construction to architecture.

What we do

The TCC Real Estate Foundation accepts gifts of property to the college and manages properties it owns to provide the highest possible return for the college. All funds are used to support TCC programs and students through the renovation of existing facilities and construction of new facilities.

The Foundation currently owns 3 floors of the Harbor Heights Business Condominium, located at 121 College Place in downtown Norfolk, as well as 300 acres of prime waterfront real estate in Suffolk, situated on the James and Nansemond rivers.

Tidewater Community College is building a better community through education

TCC improves lives through quality, affordable education accessible to everyone in South Hampton Roads. We are helping the region meet the needs of a 21st-century workforce.

Your gift of real estate will help TCC continue to provide cutting-edge classrooms, labs and facilities where we prepare students for in-demand careers or transfer to the best 4-year colleges and universities.

A gift of real estate also helps you.

When you donate an appreciated property that you have owned for more than 1 year to the TCC Real Estate Foundation, you are eligible for a federal income tax charitable deduction. You avoid paying capital gains tax. And you no longer have to deal with that property’s maintenance costs, property taxes or insurance.

Another benefit: You don’t have the hassle of selling the real estate. You can deed the property directly to the Tidewater Community College Real Estate Foundation or ask your attorney to add a few sentences in your will or trust agreement.

Although TCC’s tuition and fees are among the lowest in the region, some of our students still face financial barriers. The TCC Educational Foundation raises funds for scholarships and other forms of  student support, such as for textbooks and transportation. Contact Gifts Officer Alexandra Rice at arice@tcc.edu or 757-822-1647 to learn more, or visit advancement.tcc.edu.

What we do with property we acquire

Depending on the size, location and condition of the property, the TCC Real Estate Foundation can do several things to maximize its returns. Property can become the site of a new facility. It could be sold, or a structure on the property could be renovated and flipped. All funds generated by the sale of property are used to renovate existing college facilities or build new facilities.

Outright gift

When you make a gift today of real estate you have owned longer than 1 year, you obtain a federal income tax charitable deduction equal to the property’s full fair market value.

Gift in your will or living trust

A gift of real estate through your will or living trust allows you the flexibility to change your mind. You have the potential to support our students with a larger gift than you could during your lifetime.

Retained life estate

Perhaps you like the tax advantages a gift of real estate to the college would offer, but you want to continue living in your personal residence for your lifetime. You can transfer your personal residence or farm to the TCC Real Estate Foundation but keep the right to occupy (or rent out) the home for the rest of your life.

Deferred charitable gift annuity

This donation allows you a federal income tax charitable deduction in the year you set up the gift annuity. You, or someone you choose, would receive payments for life.

Bargain sale

A bargain sale can be an effective way to dispose of property that has increased in value, and it is the only gift vehicle that can give you a lump sum of cash and a charitable deduction at the same time.

Charitable remainder unitrust

You can contribute any type of appreciated real estate you’ve owned for more than 1 year, provided it’s unmortgaged, in exchange for an income stream for life or a term of up to 20 years.

Charitable lead trust

This is a way for you to benefit TCC and simultaneously transfer appreciated real estate to your family tax-free.

Memorial or endowed gift

Honor a loved one in perpetuity. When you make an endowed gift of real estate, your contribution is invested with and becomes part of our endowment.

Donor-advised fund

When you transfer real estate to your donor-advised fund, you avoid capital gains taxes and receive a federal income tax deduction based on the fair market value of the property.

The Tidewater Community College Real Estate Foundation, Inc. is a Virginia 501(c)(3) corporation that is organized and operated exclusively to support the needs of Tidewater Community College.

The purpose of the Real Estate Foundation is to engage in real estate activities to financially benefit the College and to further the College’s mission.

Goals and Strategies

Goal 1: Develop the Suffolk property into a long-term income producer via an array of business arrangements and a mixture of business, educational, residential and recreational uses to achieve the best revenue generating and operational strategy possible.

  • Strategy 1:  Identify industries/development partners that make the best combined fit for the property.
  • Strategy 2: Craft a Master Development plan to drive the re-development of the Suffolk property.
  • Strategy 3: Support the College to continue to provide academic programming to support the mission of the college and serve the citizens in the adjacent areas.

Goal 2: Leverage the Foundation’s assets to acquire new properties or to expand existing facilities to further the College’s mission.

  • Strategy 1: Develop a “Hospitality Center of Excellence” at the Virginia Beach Campus along with a state-of-the-art Center for Workforce Solutions building.
  • Strategy 2: Raise funds through the Foundation to expand the Regional Automotive Center so the programs can be expanded to help increase College enrollment.
  • Strategy 3: Use the Foundation’s assets to acquire space for a brand new state-of-the-art culinary education center at the Norfolk Campus.

Goal 3: Develop a program to receive gifts of real estate from individuals, business entities, trusts, etc. that provide financial benefit to the Foundation.

  • Establish a public presence that advertises what the Foundation is and what the mission is to encourage donations to the Foundation.

Contact the TCC Real Estate Foundation