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Become Involved » Participation
» Boat Donations
Donating
a Boat
Thank
you for considering a donation to The Friends of the North
Carolina Maritime Museum. As a means of collecting valuable
resources, boat donations are accepted when appropriate in
benefiting the Museums collections or Museum activities. In
donating your boat to The Friends you will be supporting the
mission of the museum, maritime history and the popular Friends
programs.
Although
your philanthropic interests are no doubt the driving force
behind your desire to make a charitable contribution - there are
financial and other considerations. Normally you can deduct
charitable contributions up to 50 % of your adjusted gross
income and the ease and expedience of contribution saves
commissions, storage and maintenance expenses normally
associated with selling your boat.
Contact
us and let us know when you become interested in donating your vessel.
The Museum staff will meet with you to evaluate the appropriateness of your
donation and then we will make all the arrangements.
Boat
Donation Information
Explanation
of Boat Donation Program
Thank
you for your interest in the North Carolina Maritime Museum’s
Boat Donation Program. The Museum’s non-profit support group, The
Friends of the Museum,
is accepting donations of vessels and related accessories deemed
appropriate to help the museum meet its objectives.
Boat
donations to the Friends have four (4) primary objectives:
a) Boats for the
Collections – immediate or eventual ownership by the
Museum.
b)
Boats for program
use - immediate or anticipated use by the educational
programs (teaching and/or research) of the Museum and owned by the Friends. These boats can be sold and the
proceeds used to support The Friends of the Museum and Friends
programming. (This is usually after two years, but it can be
earlier if the donor is fully advised and agrees to the IRS
ramifications.)
c)
Boats with
traditional value - not needed for Collections or programs
but of traditional, heritage, or craftsmanship importance that
supports the goals and objectives of the Museum. These boats may
have significant repair or renovation costs associated with
acceptance. The objective is to save the boat from neglect,
disrepair or abandonment.
i)
These boats may be sold immediately to a buyer who
commits to repair and/or to renovate the boat. This immediate
sale would be under conditions where the donor is fully advised
and agrees to the IRS ramifications.
Or:
ii)
These boats may be leased or chartered to an individual
who commits to monitored oversight and demonstration of efforts
to repair or renovate the boat. The charter agreement puts the
boat in the hands of the eventual owner and allows for
reasonable payments toward the final agreed-to price for an
appropriate timeframe allowing full advantage of IRS rules for
the protection of the donor.
d)
Boats
with cash value
– boats and related accessories that lack traditional value
and may be sold, with the proceeds used to help support The
Friends of the Museum and Friends programming. (This is usually
after two years, but it can be earlier if the donor is fully
advised and agrees to the IRS ramifications.)
Boat
Acceptance Steps
(Action
required by owner/donor listed below in bold.)
1.
Worksheet for Donated Vessels form completed.
2.
Condition of Vessel Report completed.
3.
Curator’s, Friend’s and Director’s Recommendations
completed.
4.
Friends Boat Committee accepts or rejects vessel.
5.
Donor notified of Friends’ decision of acceptance or
rejection.
6.
Boat Donation Packet mailed to Donor if vessel accepted.
7.
Donor and Friends’
Representative fill out Temporary Donation Receipt.
8.
If required by Donor,
boat is surveyed and appraised at Donor’s expense.
9.
Surveyor provides declaration of Appraiser on IRS Form
8283.
10.
Friends sign Donee Acknowledgement on IRS Form 8283.
11.
Donor signs Contract
of Donation Form (must be notarized) and returns to Friends’
office.
12. Friends provide Donor with copy of IRS tax-exempt
information and acknowledgment letter.
13. Boat Registration/Title Forms executed.
14. Boat Trailer Paperwork – Title (if applicable).
15. Friends’ representative writes Thank You letter.
Reporting
Requirements
The
Friends must submit IRS Form 8282, for Disposals of Charitable
Property
IRS
Form 8282 [This
form is attached to be filled out by the Friends]
This
Donee Information Return must be filed by the Friends subject to certain appraisal requirements if it sells, exchanges or otherwise disposes of the "charitable deduction property" within two years of receipt. The Friends must also provide a copy of the return to the donor. The information on the return includes (1) the donor's name, address and Tax payer Identification Number (TIN), (2) a description of the property, (3) the date of the donation and the date of the sale or disposition, and (4) the amount received from the sale or disposition.
Charitable
Deduction Property
Charitable
deduction property means any property for which the Donee signed
an appraisal summary (Form 8283, Non-cash Charitable
Contributions, Section B, Part IV) and for which a charitable
contribution deduction was claimed if the claimed value (plus
the claimed value of all similar items of property donated by
the donor to one or more Donee) exceeds $5,000. Please
note that a Friends representative’s signature on Form 8283
does not mean that we concur with the valuation or appraisal.
Exceptions
to the Filing Requirements
The
Donee is not required to file Form 8282 for an item of property
if, at the time the Donee signs the appraisal summary (Section B
of Form 8283), that the donor has already signed a statement on
Form 8283 that the item's appraised value does not exceed $500.
Section B Part II of Form 8283 provides a place for the donor's
signature as a part of the appraisal summary.
Donee Acknowledgement
The
person who acknowledges the gift (for the Donee) should be an
individual specifically designated to sign Form 8283. The Form
8283 that is submitted to the Friends by the donor and should
have Section A, Part I and Part II, if applicable, filled out
before the Friends’ representative completes and signs Section
B, Part IV. A copy of
Form 8283, Section B, must be provided to the Friends
organization by the donor.
Time for Filing
Form
8282 is to be filed with the Cincinnati, Ohio, IRS Service
Center within 125 days after the disposition of the charitable
contribution property. A copy of the form is also to be sent to
the property's donor.
These
documents are presented in PDF format (Portable Document Format)
allowing you to view them in their original form. If you have not
already installed this software, you may download
it free from Adobe. |
