Massachusetts Maritime Academy seeks sail and power vessels for use in ocean racing, intercollegiate sailing and sail training at the Academy.
On selected vessels, the Academy can accept a charitable contribution for "significant intervening use" or "material improvement". This allows the donor to take a deduction based on the "Cost Basis" or the "Fair Market Value" of the vessel, whichever is less. A marine surveyor must be hired to affix the value to the gift. We will "certify the use of the donation" in an acknowledgement letter for use of the vessel in our numerous waterfront activities.
Boats we cannot certify are still very welcome. They are marketed through our very popular Sealed Bid Boat Sale which is held two or three times during the year. Funds derived from these sales support a myriad of camp, educational scholarships and training programs.
Once you have decided to be free of your boat, you must decide which method is the quickest and most financially rewarding: sale or a donation. In looking at a sale you must take into consideration all of the expenses: dockage, depreciation, insurance, maintenance, storage, repairs, interest, and sales commission are just a few. After you have signed a sale contract and the purchaser surveys the boat you probably will be met with more expenses. There are always unforeseen repair items that need to be corrected after a buyer's marine survey. In most cases, the buyer expects the owner to adjust the sale price down or undertake these repairs before closing. Another problem in trying to sell your boat is the time factor. The time of the year in most areas of the country has a great deal to do with the availability of ready buyers. The cold winter months seem to drive buyers indoors and, therefore, prices down.
By donating your boat you avoid all of these costly expenses. There are no sale commissions to pay and the entire transaction is complete in a few days.
Massachusetts Maritime Academy is recognized by the IRS as a charitable organization and donations are fully deductible.
last updated 3-5-2012 by email@example.com