Yacht Donation Program
Why Give Your Yacht to Cal Maritime?
California State University Maritime Academy's mission of education, research, and training is focused on the maritime industry. Vessel donations are enormously important to supporting our students and programs.
Your donation will be used for a variety of purposes, including but not limited to:
- Professional Maritime Training
- Intercollegiate Sailing Team
- Scholarships and endowments
How a Yacht Donation Can Benefit You
The benefits of donating your vessel to Cal Maritime are numerous:
- Tax deductible*
- Immediate disposition of a yacht that is slow to sell and costly to maintain.
- Paperwork is handled for you, including the charitable tax deduction forms.
- You gain the heartfelt satisfaction that comes from supporting the education and leadership development of our cadets pursuing careers in maritime trade and transportation.
- In some cases, the return on a charitable contribution of a boat can be close to the actual selling price, particularly in a weak market.
*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 section 501-C-3 (EIN# 23-7213404). All gifts to the Foundation are tax deductible as allowed by law. Please contact your tax advisor for more information on how to fully deduct your charitable vessel donation.
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.
To donate your boat to the California Maritime Academy Foundation:
- Contact the California Maritime Academy Foundation and describe your boat – 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.
- Speak 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 within 60 days. This will help you establish the value of your boat for tax purposes.
- The California Maritime Academy Foundation will assist you with the deed of gift and by providing the appropriate IRS forms
- Transfer ownership. Upon donation, Cal-Maritime takes complete legal responsibility for the boat, including the processing of all documents for the donor, the IRS, accountants, and lawyers. BIMF also assumes all ongoing costs including storage, transportation, maintenance, insurance, repairs, and broker’s fees.
To explore the potential tax and personal benefits of a donation,