"Providing The Academics For The Future Guardians Of Our Earth's Environment"
The donation process begins when a "Complementary Analysis of Possible Donor Benefits" is completed by National Marine Institute for the owner's evaluation. Once the owner's name, address and contact information is noted, National Marine Institute obtains a detailed description of the vessel from the owner, including condition, special equipment, electronics and any other features which the donor thinks would add value to the boat.
The 1979 33'Carver Mariner is perfect for the live aboard lifestyle.
Our financial staff reviews the information and then determines a "Total Estimated Value" which is based upon nationally recognized publications such as the BUC Books and NADA. These publications are established using research and marketing information compiled and reported by marine surveyors, manufacturers, dealers and others versed with the marine industry.
Consideration is also given to all aspects of the engine (or engines) condition, number of hours and usage, as well as special equipment such as air conditioning, generators, anchor windless, electronics, radars, enclosures, galley equipment, etc. Because the physical condition of the boat and associated equipment is so critical, a condition estimate value (a plus or minus 25% factor is defined by the BUC Book Guidelines in regard to the overall condition of the boat) may be applied which results in a "Total Estimate Value".
Our financial staff establishes an estimate of the "Bargain Sale" cash allotment that National Marine Institute will consider, which is based in part by the type and condition of the vessel. Any "Bargain Sale" cash paid for a vessel is subtracted from the "Total Estimate Value" to establish the "Tax Deduction" the donor should expect to realize. Actual "Tax Savings" will be determined by the donor's IRS tax bracket. The "Total Realized for the Gift" is the sum of the "Bargain Sale" cash and "Tax Savings".
Funds from this 2001 Yamaha 20' XR1800 will be used for scholarships and materials needed in our classes.
There is no set amount or percentage of "Bargain Sale" cash that is offered. The balance between "Bargain Sale" cash and "Tax Savings" is based upon many factors. Our staff makes every effort to present a total package that is a mutually beneficial situation for both the donor and National Marine Institute.
After the owner evaluates the "Analysis" and it appears we have a mutually beneficial package, National Marine Institute personnel will make a physical inspection of the boat to verify the exact condition and to determine if there are any factors which might influence our initial evaluation (higher or lower) of the boat's estimated value. If there are no drastic changes to the package, we proceed to the next step.
Next, the donor, at his expense in accordance with IRS Regulations, must obtain the services of a qualified Independent Marine Appraiser to provide an official "Total Appraised Value" if the vessel is valued at more that $5,000 and will be used in our educational programs or materially improved by the school. Two independent appraisals may be obtained if the donor is extremely cautious or would like additional confirmation of the "Total Appraised Value". An appraisal is not necessary if the vessel is valued at less than $5,000 or will be sold in order to generate funds for scholarships, materials, faculty or other educational needs.
This beautifully maintained 35' Ta Chiao Ketch will help our students better understand Florida's waterways and ecosystems.
The ownership documentation and a "Deed of Gift" is now transferred to National Marine Institute. The donor will receive a check for any "Bargain Sale" cash plus the IRS Form 8283 along with an "Acceptance of Gift" from National Marine Institute. The Donor will also receive IRS Form 1098-C not more than 30 days after the donation was finalized if the vessel will be used in our programs or substantially improved upon. If the vessel cannot be used in our programs or is being sold to generate funds, the Donor will receive his 1098-C within 30 days of the actual sale. These forms are necessary to include with the donor's tax submittal to obtain the tax deduction. National Marine Institute is, at this point, the new owner of the boat.
National Marine Institute takes possession of the vessel and performs any repairs, or refurbishments necessary to place the boat into service or on an open market. Marketing of the boat for qualified vessels is done in accordance with our unique "Donor Protection Policy". Proceeds from the sale or leasing of the donated vessels are used in supporting our continuing Marine Education Programs.
A copy of the official registration (#SC-07042) and financial information may be obtained from the Division of Consumer services by calling 1-800-435-7352 within the State of Florida. Registration does not imply endorsement, approval or recommendation by the State of Florida. National Marine Institute receives 100% of your contribution and does not utilize professional solicitors or services for fundraising activities.
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Last Modified on 07/27/2020