The OP should have talked to a tax accountant before making the donation, but I don't see that there are tax implications for you.
Canadian tax law is closely aligned with US tax law for very obvious reasons.
Revenue Agency specifies that while donations in kind to Registered Charitable Organizations may be used as an offset against Accrued Capital Gains (i.e. they are treated as a Realized Capital Loss, but they are NOT a deduction from Net Income
in determining Income
tor Taxation Purposes!), the "offset" must be at Fair Market Value. CRA has the prerogative of determining what FMV is.
The IRS may get after the donor, "adjust" the FMV of the donation and possibly invoke penalties on him. That won't affect the RCO or you.
The RCO is not subject to Income Tax, so the "loss" to it has no tax implications, i.e. IRS won't be losing Tax Revenue, so no action will be taken against the RCO.
You bought would be buying a boat
in good faith with After Tax Income, so you are in the clear. You merely exchanged on kind of capital - money
- for another kind - a boat.
The stipulation that there is to be no sea-trial would not be acceptable to me, nor to any other reasonably prudent buyer. Staff at RCOs (being volunteers very often) is rarely conversant with the applicable laws nor with normal commercial
practice, let alone Generally Accepted Accounting Principles. There is no reason that you cannot write a nice letter to the RCO saying "our negotiations can continue upon your permitting, and my having performed, a sea trial, as well as your permitting a professional survey at my expense. I await your early and favourable reply"
Doing so will only cost you a few minutes of effort and a postage stamp.
And you never know how desperate the RCO is for cashflow :-)!