Boat Donations can be handled a couple of different ways, depending on your situation.

The classic approach is a simple straight donation — you sign your boat over to a marine charity such as Pacific Marine Foundation, and you can deduct the fair market value of your donation from your income taxes.

This is the approach you would use if your boat is free and clear of any loans or mortgages, unless you plan on paying it off prior to donation.

The second approach is called a “bargain sale” — you sign your boat over to the marine charity, but you also receive an agreed amount of cash, and you donate the remaining value, receiving a tax deduction on the donated amount.

The “bargain sale” is used in situations where there is an existing mortgage on a boat, or when the vessel is particularly valuable and attractive to the marine charity.

In both cases, whether a free and clear boat donation or a bargain sale, Pacific Marine Foundation takes over all expenses such as moorage, maintenance and insurance on receipt of a “Deed of Gift” and/or “Bill of Sale”.

Not sure which approach is best for you? Be sure to consult your accountant, and contact Pacific Marine Foundation to discuss your donation.

“Back in the 1970’s and into the early 1980’s, I had the honor of conducting all the boat donations for San Diego State University for their athletic department to provide funds for scholarships for deserving student athletes.

One kid, who was able to take advantage of the program, at the time, was Tony Gwynn’s basketball teammate, Michael Gage. Michael was a great college player who went on to the NBA and became a top rebounding and defensive specialist for several years.

Since that time, I have had the opportunity to research and observe many boat donation entities across the country. One of the best in terms of longevity, savvy, professionalism, results and client satisfaction is the Pacific Marine Foundation in Seattle, WA.

They extend boat donation services nationwide and are knowledgeable regarding vessel evaluations and the process to provide your client’s with the most favorable donation tax solutions possible.

Check them out at www.pacificmarine.org or contact their boat donation program director, Rich Wallace, by telephone at (206) 298-3377. They recently chartered then sold Princess Grace and Prince Rainier of Monaco’s 1928 Camper and Nicholson 147-foot steel motoryacht. Sea Ya, Jim Crutchfield”

Thanks for the kind words Jim!

Our thoughts are with them, in hope that storm predictions were exaggerated, and that they will be able to return to their homes in coming days.

Miami Fishing Boat

In the next month, many will be prepping their vessels for winter storage. For other yachtsman, it’s time to head south to follow the warm weather.

This year’s rising fuel prices and the general global economic situation are forcing many to consider selling their boats, or, at best, using them much less.

So, where do you fit in to this mix? Are you getting to use your boat as much as you’d like? Are you paying high moorage and maintenance costs, but using your boat less and less?

If you’re not using your boat much or you’re considering selling, this is also a good time to consider donating your boat.

There are some significant benefits to donation, and, considering the current boat market, you can end up with more bottom line dollars than you would in an outright sale after adding up your tax savings plus the savings in maintenance and ownership costs that you won’t have to pay during an extended selling process.

The benefits are very real, and Pacific Marine Foundation can work with your accountants or tax advisers to structure a donation program that maximizes your benefits.

Contact us, or visit our main web site for more boat donation information.

Pacific Marine Foundation - the Boat Donation Experts
1-888-GIFT-BOAT
(888) 443-8262

www.PacificMarine.Org

A publicly supported non-profit 501(c)(3) corporation