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Old 10-07-2012, 08:53   #1
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new not profit needs boat

Brand new start up company working as a not for profit (501 c 3 status pending-but should be recognized soon) requests donation of a 45+ foot sailing vessel, at soonest possible time, for testing platform with new technologies, to perform oceanographic research and perform educational programs. Fiberglass or steel hull preferred; hull must be seaworthy. Vessel has to be able to be sailed or driven under its own power to Boston area (preferably capable of both). Will gladly present receipt for donation for tax purposes as soon as 501 c 3 status comes through.
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Old 10-07-2012, 10:26   #2
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Re: new not profit needs boat

"Brand new start up company working as a not for profit "
As opposed to a plain ordinary genuine 501-c-3 ?

No status, no track record...there's a long line ahead of you, good luck with that.

IIRC you can't give them a receipt with a dollar value on it quite that simply, either. The IRS rules on valuation changed close to ten years ago.
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Old 10-07-2012, 11:42   #3
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Re: new not profit needs boat

Maybe I will also apply for 501 C-3 status. After all, I never made a profit on any of my boats.
When I make donations to Good Will, they can not give me a receipt of valuation.
I also believe it is actually 501(c)(3). I could be wrong.
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Old 10-07-2012, 12:28   #4
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Re: new not profit needs boat

Some organizations are looser than other on valuations. Some know they will sell a coffee mug for 99c, a shirt for $1.50...and they'll give you valuations based on what their sales are. Analogue CRT TV's are down to $19.99, by the way. If they'll take them at all.

But on motor vehicles, they used to allow "book" value. I think since the change the valuation has to be either: 1-Actual sale value received by the charity, or 2-Book value, if the charity has retained the vehicle for their own use for 2? 3? years. Either way, you have to wait. Or you put down a value of your own, and justify it against the IRS with published lists of average value, photos to document it, etc.
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Old 10-07-2012, 13:57   #5
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Re: new not profit needs boat

I have been ceo and coo of two 501 c 3's in the past. While waiting for the actual 501 c 3 status to come through a start up company can "work with the intent of a non-profit" so long as the company's charter has been duly recorded in several places, the company has established a board of directors, and a few other lawyer-places [that's about when my eyes begin to glaze as my friend/lawyer starts speaking in Esquire]." I have a very good accountant and a very good lawyer who have worked with me in the past and are stepping up to the plate, each working pro-bono in getting all the paperwork in place. It is allowable for a company working as a not for profit to accept donations while waiting for the paperwork to come through, they just can't grant the proper receipt for tax purposes until the 501 c 3 is awarded by the fed and state govt.s. I plan on using this vessel as a major part of the function of the business for at least the first five years. As such, I'll be able to award a receipt for full market value (actual cash value) for the vessel as long as the vessel is insured for the full amount (to document that that is the ACV).
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Old 10-07-2012, 14:34   #6
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Re: new not profit needs boat

OP should perhaps provide us some additional details of the organization.
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Old 11-07-2012, 13:18   #7
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Re: new not profit needs boat

Quote:
Originally Posted by Seaduction View Post
OP should perhaps provide us some additional details of the organization.
+1

FWIW am thinking of something similar (Non-profit / Charitable) over here (probably will stay as thinking mind ) albeit boat(s) will be a lot smaller.........but would likely also feature Pirates ......and if a goer I will also be "on the scrounge" for a boat or 3 .........failing that will be hand in own pocket time ........so I am interested in a few details about OP's venture and I do appreciate the chicken and egg nature of these things when no blank cheques involved!
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