GHB DONATION POLICY
As a not-for-profit 501(c)(3), Gig Harbor BoatShop relies on the generosity of our donors to fund its programs and activities. As a maritime non-profit located at the Eddon Boatyard, we are uniquely situated to repair, restore, and/or use donated vessels. We welcome donations of certain types of boats. These donations are tax deductible and subject to certain rules stipulated by the IRS.
The BoatShop will consider boat donations that we can repair in our Community Boat Restoration Program or a boat that can be immediately placed into service in our Boat Livery Service. If we cannot use the boat in our boat restoration or on-the-water programs, we would like to sell the boat to provide funding for BoatShop programs.
Criteria for Accepting Donations
The BoatShop looks for boats in reasonable condition under about 25 feet in length. However, if a boat has historical significance we may take a boat in poor condition. We prefer boats with a connection to South Puget Sound or the Northwest and we lean towards wooden boats. When the Eddon Boatyard marine railways are finished and operational larger boats, up to 50 feet in length, will be considered.
How to Donate
Contact the BoatShop at 253-857-9344, email info@GigHarborBoatShop.org, or drop by the boatyard at 3805 Harborview Drive on Gig Harbor’s waterfront and tell us about your boat. Please have the following information about the boat available if possible.
- Boat type and size (length, beam, draft)
- ·Make and model
- Year built and builder name
- Construction method and materials
- Overall condition
- Engine type and size if equipped
- Sail rig type and condition
- A narrative of the vessel's history
If we think your boat would be suitable donation, we will arrange for a visual inspection. If BoatShop personnel recommend moving forward our next step is to establish a Fair Market Value (FMV) of the vessel, particularly if we are going to keep the boat to use it in our programs or if we decide to make material improvements to it. This FMV is less critical for boats we plan to sell, as the tax deduction is limited to the gross proceeds from the sale. The FMV helps us establish a selling price.
Determining the Fair Market Value
- For boats valued under $5000, this can be done using sales for comparable items.
- For donations valued over $5000, a recent survey (within 60 days of the donation) by a licensed Marine Surveyor is required. This is provided at the donor's expense.
- If we accept the donation, it must be accompanied by IRS Form 8283 (Non-cash Charitable Contributions) and must be signed by the Donor, the Surveyor and a representative of GHB.
Your Tax Deduction
- If we decide to sell your boat immediately with no intervening use or material improvement, your tax deduction is limited to the gross proceeds of the sale, or $500, whichever is greater, in the year we sell the boat, which may not be the year you donate the boat.
- If we decide to use the boat in one of our boat restoration or on-the-water programs, your tax deduction will be the fair market value in the year you donate the boat.
- Consult your tax advisor for more information
For more information, please contact the BoatShop at (253) 857-9344 or email Gig Harbor BoatShop