I would encourage any charitable entity to invest its funds in the vehicle that generates the most income to enhance its ability to contribute to the community, no matter what organization it is. Unfortunately, real estate looks like a bad bet right now, but in the mid- to long-term, SA might be investing wisely by purchasing distressed assets at their low point. I wouldn't be complaining about the Salvation Army's real estate investments, I'd be complaining about whether you are getting the maximum bang for your buck when you contribute to a charity, and if not, then it's time to seriously evaluate whether or not your donations would generate a greater benefit in the short and long term with a different charity.
