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.
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.
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.
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.
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.
A: The third party surveyor/appraiser hired by the donor will determine that.
A: The donation can be implemented almost immediately, in a few days, and all costs for the donor cease.
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.
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.
A: Once the boat is donated, Block Island Maritime Funding (BIMF) assumes responsibility for all costs.