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Weekly UpdatesTHE INSTITUTE OF REAL ESTATE MANAGEMENT FOUNDATION WAS INCORPORATED WITH THE STATE OF ILLINOIS IN 1977 AND IN SEPTEMBER OF THAT YEAR WAS GRANTED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE TO OPERATE AS A 501 (C)(3) TAX-EXEMPT ORGANIZATION.
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Wallace Boothby, Jr., CPM[R], wrote in his president's letter for the JPM July/August issue of 1979, "I would like to take this opportunity to tell you, the readers of the Journal of Property Management, about something of immediate and long-term benefit to the profession of property management and the public that it serves. I want to introduce you to the Institute of Real Estate Management Foundation, a nonprofit entity established to administer education and scientific research projects that will contribute significantly to the overall growth, professionalism and general quality of the real estate industry." Boothby added, "Of course, without this last item--funding--none of the purposes of the foundation could be implemented. And without substantial funding, the broad scope of the foundation would be severely curtailed ... ."
Boothby then shared that the Institute immediately was donating the sum of $100,000 to the IREM Foundation in order to start its operation.
A LOOK AT FOUNDATION FIRSTS
>>Board of Directors Meeting
The Foundation Board of Directors held their first meeting in 1979. Erwin B. Drucker, CPM, served as president of the foundation from 1979 through 1983. He was initially joined by Alan V. Davies, CPM, and foundation vice president, as well as Joseph T. Aveni, CPM, Wallace Boothby, CPM, George Brooker, CPM, and Joseph L. Yousem, CPM.
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The foundation board considered the following proposals from various organizations for research at its first meeting:
1 Causes and consequences of recent rent regulations (University of California).
2 Real estate management operating costs (University of Georgia).
3 The determinants of return in real estate investment and the role of real estate management (University of British Columbia).
4 International High-Rise Housing, Council on Tall Buildings and Urban Habitat (Lehigh University).
5 The determinants of rents in urban areas (University of British Columbia).
>> Scholarship
A gift from the estate of Paul Rittle created the first educational scholarship for the foundation. Paul H. Rittle, Sr., CPM, was president of the Pittsburgh-based real estate firm of Rittle-Rosefeld, which he co-founded in 1945. He served as IREM President in 1972. The Paul H. Rittle Memorial Scholarship Fund was established in 1978 to finance attendance of deserving individuals who could not personally afford to attend IREM courses. It was further recommended that such recipients also would be asked to undertake a moral obligation to repay the fund at least twofold at some time as they were financially able.
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The Foundation Board of Directors selected the first Paul H. Rittle Scholarship recipient in April 1980.
In 1993, the foundation partnered with IREM to provide minority outreach support by establishing the George M. Brooker Collegiate Scholarship for Minorities in 1993, with the first awards made in 1994.
>> Professional Development Award
At the time the board voted to provide funding for the creation of the foundation, the Louise L. and Y. T. Lum Foundation made a donation to establish the Louise L. and Y. T. Lum Award Fund to honor real estate professionals who made a distinguished contribution to the real estate management industry by advancing the depth or breadth of knowledge and education among the practicing profession. The first recipient was Edward N. Kelley, CPM, in 1983.
FUNDRAISING EFFORTS
In addition to the initial funding provided by IREM, the foundation relied upon a suggested donation made by IREM Members at the time of renewing annual dues. Foundation board members took it upon themselves to generate additional funds. Special fundraising activities over the years include a "Dancing for Dollars" event, golf tournaments and the current auction held at the IREM fall meetings. In 1999, the Joseph T. Aveni, CPM, Fund for Research was established with a gift of $100,000 from Joseph and Barbara Aveni.
THE FUTURE OF THE FOUNDATION AND THE INSTITUTE
In 2007, with the appointment of the first full time executive director, the Foundation Board of Directors refined the mission to address one of the Institute's most critical strategic issues--workforce development. This helps advance the foundations goals, which is to to attract, develop and retain individuals for careers in real estate management.
To advance the foundation's mission and goals the foundation had taken the following actions by midyear 2008:
1. Revised and expanded the Professional Development Grant and Collegiate Scholarship Program and increased funding for all programs.
2. Created the Chapter Restricted Fund Program to assist chapters with local fundraising efforts to increase the number of IREM students utilizing foundation scholarships and grants to earn credentials.
3. Funded student and academic outreach initiatives reaching out to college students considering careers in real estate management.
RELATED ARTICLE: IN A 1979 JPM LETTER, IREM PRESIDENT WALLACE BOOTHBY SHARED THAT THE PURPOSES OF THE IREM FOUNDATION ARE:
> To provide educational programs and services for real estate managers, educators, the real estate industry, business, government and the general public.
> To determine the needs and desires of real estate managers with regard to professional education and development.
> To develop and implement educational courses and programs that will meet the needs and desires of real estate managers.
> To encourage the real estate management profession in the development and adoption of technical and managerial information.
> To develop and implement research and educational programs.
> To develop and implement programs for the evaluation and testing of products, procedures and systems used in real property developments.
> To assist educational institutions.
> To develop and release publications primarily to the attainment of the objectives of the foundation.
> To provide funding sufficient to implement these objectives.
By John Chikow, Executive Director, IREM Foundation
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