USMMA Sailing Foundation Quarterly Newsletter

Donate Your Boat to Kings Point?

Donating Your Boat to the USMMA Sailing Foundation, Inc.

Donating your boat to the USMMA Sailing Foundation, Inc. is a simple process. The first step starts with you, and an interest in supporting the U. S. Merchant Marine Academy’s competitive sailing teams and small craft training program. The Academy depends upon alumni and friends to provide the means where by we can train our Midshipmen in small boat handling, sailing, rowing, and leadership.
Contributions from generous concerned Americans like you make possible much of what is accomplished on our active waterfront. Our Intercollegiate Sailing Team is nationally-ranked. Our Varsity Offshore Sailing Team competes in local events on Long Island Sound, and in ocean competitions like the Newport Bermuda Race. Our Varsity Crew and Power Squadron round out our comprehensive waterfront program. Nearly every midshipman participates in the sail training program, and over 150 midshipmen participate in the extra-curricular programs.
Furthermore, by donating your boat to an Internal Revenue Service-recognized charitable organization, you are entitled to deduct the fair market value of your contribution. This value is determined by an independent appraisal or survey conducted by qualified yacht surveyor or appraiser. Be sure to contact your tax advisor or accountant to discuss your particular tax situation.

Once you have decided that donation would work for you, follow these simple steps:

1. Contact Mr. Ralf Steitz at 516-423-6422 or email. He will guide you through this process, and answer any questions which you might have.

2. Mr. Steitz or another individual from the Academy may inspect your craft to determine its condition and suitability for midshipmen training. Unfortunately, not all boats are appropriate for the Academy’s program, and an assessment of your vessel will be made at the time of inspection.

3. If the inspector deems the vessel appropriate for the program, you will be asked to submit a letter of intent to the Sailing Foundation. Mail your letter to Mr. Steitz at the address below.

4. You will be notified within five (5) business days of the Foundation’s decision. If we are interested in the boat, you will need to get a survey. The Foundation is not involved in the valuation process for obvious reasons, and you need to find an individual in your area to accomplish this task. Contact the Society of Accredited Marine Surveyors at 1-800-344-9077 or http://www.marinesurvey.org/ for a list of members in your area. The surveyor will complete his portion of IRS Form 8283, Noncash Charitable Contributions (enclosed), and forward it to the Foundation for signature.

5. Upon receipt of the surveyor’s report, we will prepare and send to your attention a deed of gift for the transfer of the vessel from you to the USMMA Sailing Foundation, Inc. Please, sign the document where indicated, before a notary public.

6. Return the original Deed of Gift to the Foundation. If the vessel has a title, registration or USCG Document, you must also sign those over, and enclose them with the Deed of Gift.

7. Upon receipt of the original Deed of Gift, the Foundation will provide you with an acknowledgement letter to complete your tax package. The Foundation will also make arrangements to take possession of the boat. (Please note that your responsibility for insurance coverage ends when the Deed of Gift is received by the Foundation.)
The USMMA Sailing Foundation, Inc. is an IRS-recognized 501(c)(3) charitable corporation (Federal ID).