The typical boat donation process...
There are countless boat donation programs. When the options to sell a classic vessel in the market fail, the last option is sometimes a donation to a §501c3. Your vessel is then sold for whatever the charity can get...typically a fraction of your investment. The IRS then allows you to deduct the the value that the charity recognizes from the sale. The charity has no further interest in your vessel. Its gone, and you can only hope that whoever bought the boat has the experience and financial means to preserve your hard work.
This option is very similar to cutting your vessel's dock lines at ebb tide, watching her float out to sea, and hoping that someone will find her and send you a check.
...and why this is seldom the best course to recognize and preserve your investment in maritime history
Our program is very different, as our mission is to preserve your vessel, rather than try and take advantage of an unfortunate personal situation and make some money for a distantly related charity.
There are countless boat donation programs. When the options to sell a classic vessel in the market fail, the last option is sometimes a donation to a §501c3. Your vessel is then sold for whatever the charity can get...typically a fraction of your investment. The IRS then allows you to deduct the the value that the charity recognizes from the sale. The charity has no further interest in your vessel. Its gone, and you can only hope that whoever bought the boat has the experience and financial means to preserve your hard work.
This option is very similar to cutting your vessel's dock lines at ebb tide, watching her float out to sea, and hoping that someone will find her and send you a check.
...and why this is seldom the best course to recognize and preserve your investment in maritime history
Our program is very different, as our mission is to preserve your vessel, rather than try and take advantage of an unfortunate personal situation and make some money for a distantly related charity.
- Before we consider a vessel for survey, we identify a group of like minded stewards, who are willing to accept the responsibilities of your vessel. This addresses one of major challenges with preserving a historic vessel...transitioning the stewardship to a new group of interested boat enthusiasts that share the emotional attachment to your vessel.
- We partner with nationally recognized experts that can provide guidance on how to maintain your vessel with authentic materials and practices. We have experience in classic wooden, steel and riveted iron vessels to 140' and up to 200 tons. Atlas, Fairbanks-Morse, Enterprise, Khalenburg, Gardner and other classic diesels. One of our consultants was called upon to re-rig the USS Constitution to her original specifications after her historic refit.
- Our surveyors have global expertise in historic vessels. So when its time to place a value on your vessel, it can stand up to the toughest scrutiny from the IRS.
- Perhaps the most important component of our program, is that the Chesapeake Maritime Heritage Foundation commits to place your boat in service for the foundation for at least three years. This means that you can deduct the fair market value, as determined by our survey, from your income This is in contrast to the typical §501c3, that will only allow you deduct what they sell it for.
