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Yacht Donation Program
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 Cal Maritime. Other donated yachts are held for use by the Academy for the sailing program.
Donors of yachts that will be used in Cal Maritime's 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. Donors secure the independent appraisal.
Donors have found that donating their yacht brings them both the 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. A portion of the sale of a yacht will be used to establish a named endowment in honor of the donor.
Some of the benefits if donating a vessel to The California Maritime Academy Foundation, which is a 501(c)(3) nonprofit public corporation, 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 an individual income tax return; and
- The pride of knowing they are investing in the success of the cadets and programs of Cal Maritime.
Donating a yacht to The California Maritime Academy is an investment in the education, and leadership development of a young adult. If you have outgrown a yacht and think you can benefit from an income tax deduction, please the Vice President for University Advancement and Executive Director of the CMA Foundation at (707) 654-1037.
