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 [...]
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 – [...]
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.
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 [...]
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.