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Frequently Asked Questions 2017-05-18T19:02:55+00:00

Click on the question for the answer

How do the charities/non-profits you work with benefit monetarily from BIMF? 2016-04-06T20:35:43+00:00

A: Once a boat has been chartered, we can immediately distribute funds as grants to the charities we represent. We support over 35 charities/non-profits and our mission is to help continue many programs in marine education and sciences, which we have done successfully for over 20 years.

What if the boat gets damaged over the three year charter period? 2016-04-06T20:34:56+00:00

A: During the three year period, it is just as if the charterer owns the boat. The charterer must have the boat fully insured, therefore his insurance would cover the damages.

Why do I have to charter a boat for 3 years? Can I just buy it? 2017-05-18T19:02:55+00:00

A: According to IRS guidelines, for the donor to receive the full appraised value as a charitable donation, we must hold the title for 3 years, giving the charterer a chance to pay for the boat over 3 years in 3 payments, and the ability to own the boat at the end of that 3 year period.

Does the boat that is donated include everything? : Electronics, safety gear, lines, fenders, cushions, etc.? 2016-04-06T20:33:59+00:00

A: Whatever is included in the appraisal value should come with the boat. Typically, everything is included unless special arrangements are agreed upon and signed off on prior to the donation.

Why donate my boat? Why not just sell it? 2016-04-06T20:29:54+00:00

A: After 45 days on the market, boats begin to lose their value. Donation is a win-win option. The donor will get the full appraised value as a tax deduction, which is often higher than current market value. The various charities we work with get a grant from the donation toward their ongoing programs – benefiting so many individuals.

How do I know if a boat is right for donation? 2016-04-08T15:44:44+00:00

A: If a boat is seaworthy and in operable condition, give us a call or fill out our donation form on our website and we will contact you immediately.

How does BIMF determine the value of a vessel? 2016-04-06T20:30:56+00:00

A: The third party surveyor/appraiser hired by the donor will determine that.

How quickly does BIMF assume responsibility for a donated boat? 2016-04-06T20:31:11+00:00

A: The donation can be implemented almost immediately, in a few days, and all costs for the donor cease.

How do I get a maximum charitable tax deduction? 2017-05-18T19:02:55+00:00

A: When a boat is appraised and donated, the owner receives the full appraised value as a charitable tax deduction. An individual or a couple filing jointly can deduct up to 50% of their adjusted gross income in the year in which the boat was donated. If the entire appraised amount cannot be used in the first year, under IRS rules, the balance can be carried forward for 5 years.

Does the owner or BIMF pay for the survey/appraisal? 2017-05-18T19:02:55+00:00

A: The responsibility usually is on the donors. It’s important that an independent third party establish the donation value. Usually that is a marine surveyor. BIMF has a list of surveyors which it can provide to potential donors.

After a boat is donated, who is responsible for upkeep including boat repairs, yard costs, insurance? 2016-04-06T20:32:38+00:00

A: Once the boat is donated, Block Island Maritime Funding (BIMF) assumes responsibility for all costs.