Why Give Your Yacht to Cal Maritime?
Cal Maritime's mission of education, research, and training is focused on the maritime industry. Therefore, vessel donations are enormously important to the Academy and its programs.
How a Yacht Donation Can Benefit You
The benefits of donating a yacht to Cal Maritime are numerous:
- You gain the heartfelt satisfaction that comes from supporting the education and leadership development of cadets pursuing careers in maritime trade and transportation.
- More rapid disposition of a yacht that is slow to sell and costly to maintain.
- All of the paperwork is handled for you. We take care of the title transfer and supply the paperwork required to receive the charitable tax deduction on your tax return.
*Contact your tax advisor for more information on how to fully deduct your charitable boat donation.
Tax Deductibility of Your Gift
The California Maritime Academy Foundation is a tax-deductible charity as described in the Internal Revenue Code under Sec. 501(c)(3) (ID# 23-7213404). All gifts to the Foundation are tax deductible as allowed by law and the advice of your accountant.
If you own a larger sail or motor yacht of relatively recent vintage that is in good condition and you are exploring your options for sale, transfer or donation, Cal Maritime would like to talk to you.
If you decide you are interested in donating your boat to the California Maritime Academy Foundation:
- Call or email the Cal Maritime Foundation and describe your boat's age, general condition, and current location.
- If appropriate, a meeting will be arranged with you or your representative to examine the boat and answer any questions you may have.
- Meet with your tax counsel to review the financial benefits of your gift.
- Obtain your own independent appraisal from a qualified NAMS or SAMS marine surveyor. This will help you establish the value of your boat for tax purposes.
- Make the boat available to the Foundation to do our own survey for underwriting purposes.
- Meet with the Foundation Executive Director to formally transfer ownership.
- The Cal Maritime Foundation will supply you with the appropriate IRS forms and a letter of gift acknowledgement.
If you have any questions about yacht donation, please contact us. We would be happy to assist you and answer any questions that you have.