The U.S federal government and the IRS encourages financial support and charitable giving to qualified non-profit organizations. One way to do this is through boat donations.
Nutmeg Sailing Society qualifies as such an entity, under IRS Code 501 (c)(3) and the IRS has continued our designation of this approval since 1971.
Many boat owners have discovered the financial and community benefits they will gain by donating their vessel compared to selling the boat. But with all the boat donation services out there today, you must be careful about researching the organization. So here are a few tips and links to help you decide what program suits you best.
How to Donate a Boat:
• Contact the Charity You are Donating to
• An Inspection is arranged
• Paperwork is provided for filing
• Pick-up is arranged at no cost to you
• Your tax deductible donation is complete
What to Look For:
* Check to see if the organization is legitimate before you give away your boat, they should have 501 (c) status with the IRS
*You can research a charity online at: https://www.charitynavigator.org/
*Familiarize yourself with the IRS publications on the topics below:
Publication 526, Charitable Contributions: https://www.irs.gov/pub/irs-pdf/p526.pdf
IRS rules for determining deductions for charitable contributions: https://www.irs.gov/pub/irs-drop/n-05-44.pdf
*You’ll need the IRS form 8283 for documentation of your donation: https://www.irs.gov/forms-pubs/about-form-8283
*You can deduct contributions to a charity only if you itemize deductions on Schedule A of Form 1040 and attach a 1098-C form which you receive from the organization you donate to, with your tax return
*Always consult your tax professional regarding any major donation to charity Some organizations sell your donated boat for operating funds – Not Nutmeg Sailing – we are looking for ONE boat donation that we will use extensively for years to come!
How you will benefit when you donate:
• Have the satisfaction of knowing that your tax deductible donation benefits the maritime community of Connecticut
• Eliminate the time, energy, expense and stress involved in trying to sell your boat
• End all expenses for dockage, insurance, maintenance, storage, repairs, financial investment and interest
• Pay no sale commissions
• Complete the entire transaction in a few days
• Be careful of organizations that would use a lease/purchase gimmick to satisfy the meaning of “significant intervening use”.
The term “significant intervening use” is an important consideration in choosing the right non-profit for your donation. According to the IRS: “Section 7.01 (1) of Notice 2005-44, 2005-1 C.B. 1287, “to constitute a significant intervening use, a donee organization must actually use the qualified vehicle to substantially further the organization’s regularly conducted activities, and the use must be significant
Nutmeg Sailing is one of the few non-profits that will use your vessel in our training program for Cadets. It will be a floating classroom to teach Seamanship and boat maintenance projects, as well as Search & Rescue and Maritime Awareness.
If you have a boat that you would like to consider donating to Nutmeg Sailing, please contact us at: skipper@nutmeg-sailing.org or call 860-301-6381
Because the boat we need has a very specific use as a training platform and as a Search & Rescue facility, please consider the details below.
• 28 to 36 foot in length
• Enclosed pilot house – a 2nd fly-bridge helm station is not a requirement – but we won’t pass one by either!
• A large, clear aft working area
*Vessel must be well maintained and operational for sea trials
Donor Privacy Policy:
Nutmeg Sailing Society will not sell, trade or share a donor’s personal information with anyone else. Nutmeg Sailing collects and uses personal information such as: name, address, and phone number for the sole purpose of filing the required IRS forms that must be completed for donors of both boats and equipment.