Yacht donations go towards scientific expeditions, citizen science, and educational outreach events. SeaKeepers will facilitate the yacht donation process from working out the paperwork to picking up the boat. SeaKeepers will accept responsibility for the vessel “as is, where is.” Donating your vessel can immediately eliminate your ownership cost and considerably reduce your income tax burden. SeaKeepers recommends that yacht/boat owners considering making a donation first consult their tax advisor.
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There are numerous tax advantages to donating a yacht to SeaKeepers. Before donating, however, you should consider the length of time the boat has been on the market as well as the costs of maintenance, insurance, dockage, and personnel. An added benefit of donating is that brokerage commission will be payable if your boat is sold through a yacht broker. There are many additional benefits, including the speed in which an owner can divest themselves of their boat to relieve the continuing costs associated with ownership.
All types and sizes of vessels are accepted. We have a wide scope of industry contacts, educational institutions, and scientists that have very different needs. The donor’s tax benefit depends on the fair market value of the donated vessel.
If the yacht is titled and registered, the owner signs the title and/or registration on the back of the document where the word “SELLER” appears and signs a Deed of Gift. If the vessel is documented, the owner must also execute an appropriate Deed of Gift, which is similar to a Bill of Sale for a documented vessel. Title to the vessel is transferred to the receiving organization on the date of the Deed of Gift.
Generally, if you claim a charitable deduction of more than $5,000 for any item of property (other than money or publicly traded securities) or for a group of similar items of property, you must:
After year 1: 2nd year of charter: 20%
After year 2: 3rd year of charter: 40%
60% of the purchase price is financed by SeaKeepers for three (3) years with no interest.