The California Maritime Academy has one of the most accomplished sailing programs in the country. To support these outstanding student sailors Cal Maritime is seeking the donation of sail and motor yachts.
The California Maritime Academy Foundation has actively managed a sail and motor yacht donation program since 1972. Some donated yachts are sold, with the proceeds used to support the sailing program, the scholarship program and other aspects of student life at the Academy. Some donated yachts are held for use by the Academy for the sailing program.
Donors of yachts that the Academy we will use in our sailing program are entitled to take a charitable gift deduction that is equal to the appraised value of the vessel. If the yacht is to be resold, the donor will receive a deduction equal to the sale amount. It is up to the donor to secure their own independent appraisal.
Donors have found that donating their yacht brings them both the heartfelt satisfaction of knowing they are aiding in the education of a young person and the very real financial/tax benefits that come from making this type of charitable donation.
We hope that you, a client or a friend will consider donating their vessel to Cal Maritime this year. Some of the benefits to them include:
- The speedy disposition of a yacht that is costing its owner monthly dock fees;
- The deduction of the value of the donated yacht as a charitable gift on their state and federal income tax returns.
- The pride they will feel from their participation in the success of the Cal Maritime sailing program.
Donating a yacht to The California Maritime Academy is making an investment in the education, and leadership development of a young adult. If you have outgrown a yacht and think you can benefit from a healthy income tax deduction, please contact the CMA Foundation Office at (707) 654-1246.