ONE - THE DECISION TO DONATE
The first step in donating your boat is deciding to do it. The three most significant benefits of donating your boat to Massachusetts Maritime Academy are the Financial Freedom, the Satisfaction of Philanthropy, and the Tax Benefits.
Financial Freedom. By donating your vessel, you are immediately unchained from the expenses of boat ownership—storage costs, maintenance fees, insurance premiums, and the like. And, if your vessel is listed with a broker, you will also be relieved of their fee.
Philanthropic Satisfaction. You can be assured that, either by its direct use or through the sale proceeds realized, your contribution will immediately and significantly impact the education of thousands of young men and women.
The Tax Benefits. MMA is qualified by the IRS as a charitable organization; therefore, your donation is tax deductible. The IRS has created three categories of use under which boats may be donated and your deduction is based on which category your donated vessel falls into - a determination that is made at the very start of the donation process. They are: 1) Vessels that have “Significant Related Use”, 2) Vessels that require “Material Improvements", and 3) Vessels that are accepted “To Sell”.
If MMA keeps your boat for “Significant Related Use” or “Material Improvements”, you qualify to receive a tax deduction equal to the lesser of the vessel’s cost basis or current market value.
If MMA accepts your boat “To Sell”, you qualify for a deduction equal to the gross proceeds realized by that sale.
Please do not hesitate to inquire whether your donation might fall under the definition of “Significant Related Use” or "Material Improvements." For more information, please use the link "SIU and MI" on the right.
TWO - THE PROCESS OF DONATING
Once you’ve made the decision to donate your vessel, our experienced staff will lead you through a simple process to ensure that you have all the paperwork necessary to itemize your donation on your tax returns. We will provide nearly all of the documents required in the transaction and give you concise instructions for completing them. The time and effort involved depends on whether we choose to keep and use your vessel or sell it to raise funds.
THREE - THE RESULTS OF DONATION
Since 1891, Massachusetts Maritime Academy has been has been preparing young men and women for exciting and rewarding careers on land and sea. In addition to preeminent academics, the regimented lifestyle of the MMA campus focuses on leadership training and discipline. Not only do our students routinely rank as the best trained and educated among their peers, but are renowned as leaders and role models in the maritime industry.
Your donation supports this education. Whether it is the cash influx that comes from the sale of a boat or the experience a cadet gains at the helm of a donated tug, motor vessel, or sailing yacht, you can be assured that your donation will positively impact the preparedness and heightened skills of countless young men and women.
MORE SPECIFIC INFORMATION...
Our staff is experienced in handling boat donations. We would be happy to discuss the particulars with prospective donors. Notify us of your wish to make a donation by calling (508) 830-5006. We may send a representative to the vessel to help determine if the donation would be mutually beneficial to the donor and the Academy's program.
If the Academy agrees to accept a vessel to be used in our program to train cadets, the donor must send the following: 1) A notarized Deed of Gift [that we will have prepared for you], 2) A signed title or registration, and 3) A copy of the survey establishing the value of the gift, along with a signed copy of IRS Form 8283
We will "Certify the Use" of the vessel and forward IRS Form 1098-C along with copies of the original documents aforementioned and an Acknowledgement Letter for the donor to use when filing his/her taxes.
If the Academy agrees to accept a vessel to sell to raise money for our scholarship, sail training and waterfront development endeavors, the following items need to be forwarded: 1) A notarized Deed of Gift [that we will have prepared for you], and 2) A signed title or registration.We will follow up with an acknowledgement letter within 30 days of the sale of the vessel with IRS Form 1098-C indicating the selling price of the item.
last updated 3-5-12 by email@example.com