Gifts fund innovative real estate programs
A recent gift of business interests from entrepreneur and real estate investor Peter Fioretti created a charitable gift fund that will support an innovative new program at UNC Charlotte’s Belk College of Business, giving students hands-on experience investing in real estate.
Fioretti, founder and CEO of Mountain Real Estate Capital, began his relationship with FFTC in 2015 after an introduction from his accountant at GreerWalker LLP. Soon after, Fioretti made a gift of commercial real estate via Community Investments Foundation, an FFTC subsidiary that provides a tax efficient mechanism to turn gifts of closely held business interests into philanthropic capital.
In February 2016, the gifted asset was liquidated. Proceeds from the sale established Fioretti’s FFTC Donor Advised Fund, which will support UNCC and other charitable programs. “FFTC made it both easy and tax-efficient to invest in my community by giving complex assets,” he said. “Given that I’ve spent the majority of my career in commercial real estate, it’s personally very gratifying to help talented young students learn the business.”
The new program at UNCC will provide a small group of students with money to invest in different types of real estate deals. The goal is to give students experience with research, proposal writing and reporting to a Shark Tank-like investment committee comprised of Fioretti and other local commercial real estate leaders.
“Peter’s gift will allow our Masters of Science in Real Estate students the opportunity for valuable hands-on experience in evaluating and managing public and private real estate securities,” said Dr. Steve Ott, Dean of Belk College of Business and John Crosland Sr. Distinguished Professor. “The attractiveness of this opportunity will help us to recruit top students to the program.”
Others in the local commercial real estate community have also shown interest in supporting the program at UNCC by making similar gifts using Community Investments Foundation.