Benefits of Donating to CMAF
If you are interested in contributing your yacht to the CMAF Yacht Donation Program, the initial step is to contact us.
Our experienced yacht donation personnel will answer any questions you have about the donation process and make arrangements to inspect the yacht.
Yacht Donation Provides You:
- A meaningful tax deduction*
- Immediate relief of the costs and effort of maintaining a boat that is slow to sell or no longer being enjoyed.
- A simple process wherein all paperwork is prepared for you, including the charitable tax deduction forms.
- Satisfaction that comes from supporting the education and leadership development of future maritime professionals
- Freedom to move on to your next endeavor whether a boat that better suits your needs or a new interest entirely!
* Your gift is tax deductible to the extent allowable by law. Please consult your adviser to understand how this affects your circumstance.
Tax Deductibility of Your Gift
The California Maritime Academy Foundation is a tax-deductible charity as described in the Internal Revenue Code under section 501(c)(3) (EIN# 23-7213404). All gifts to the Foundation are tax deductible as allowed by law.
Your gift is tax deductible to the extent allowable by law. Please consult your adviser to understand how this affects your circumstance.
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, California Maritime Academy Foundation (CMAF) Yacht Donation Program would like to talk to you.
To donate your boat to the California Maritime Academy Foundation (CMAF):
- Contact the California Maritime Academy Foundation and describe your boat – age, general condition, and current location or fill in our form here.
- If appropriate, a meeting will be arranged with you or your representative to examine the boat and answer any questions you may have.
- Speak with your tax counsel to review the financial benefits of your gift. Your gift is tax deductible to the extent allowable by law. Please consult your adviser to understand how this affects your circumstance.
- Obtain an independent appraisal from a qualified NAMS or SAMS marine surveyor within 60 days prior to the date of the donation. This will help you establish the value of your boat for tax deduction purposes.
- The California Maritime Academy Foundation will provide a Deed of Gift and all IRS forms to complete the transfer and donation.
- Transfer ownership. Once donated, California Maritime Academy Foundation (CMAF) takes full responsibility for the boat! We will process all transfer documents, provide IRS forms and insure the boat. CMAF is now responsible for all storage, transportation, maintenance, repairs, and broker’s commissions if applicable.
- CMAF takes complete responsibility for the boat including processing all donation documents, USCG or DMV paperwork, IRS forms and insurance. A packet of all documents will be sent to finalize the donation.