"Providing The Academics For The Future Guardians Of Our Earth's Environment"
Our exclusive "Donor Protection Program" for qualified vessels is comprised of two parts:
Each donor is assured that his gift will be used for at least two years for the purpose it was given. This follows the IRS guidelines for gift giving.
National Marine Institute markets the boat in accordance with our unique "Donor Protection Policy" which stipulates the implementation of a charter lease with purchase option transaction for the initial two years after the date of receipt from the donor. Such a lease with a purchase option agreement meets the requirements of the IRS and makes the filing of IRS Form 8282, Donee Information Return, non-applicable.
All parties involved with either the donation or charter purchase of the vessel are given assurance that the transaction is properly documented and his interests are protected. We utilize professional marine documentation agents and offices to set up and handle most charter purchase transactions and, in most instances, these transactions are federally documented.
All vessels must be titled by the state or federally documented by the United States Coast Guard National Vessel Documentation Center. The donor of the vessel signs all necessary forms and relieves himself of all responsibility and liability when the title or document is transferred to National Marine Institute. The charter lessee and or his lender perfects a First Preferred Ship's Mortgage or a lien on the vessel in their favor when the charter or lease/purchase is prepaid or financed through a bank or third party.
Federal Documents or State Titles are physically held by the charter lessee or the lender. These documents must remain in the name of the school for two years to accommodate IRS guidelines. Further assurance by way of a provisional power of attorney can be kept in escrow with lessee's attorney, banker or CPA. Lenders will normally include a Hypothecation Agreement with their bank documents which gives them power to transfer ownership if the charterer defaults on the loan.
Some charters and leases can be structured to have long term payouts of 5, 10, or even 15 years with major lenders. This, of course, is arranged subject to credit approval with preferential buyouts at the end of the term. Such possible buyouts would be subject to market variations, conditions of vessel at that time and the school's financial needs.
The "Charter and Purchase Option Agreement" and other created documents can be assigned, traded or sold with National Marine Institute's and the lender's permission, (when applicable), if the charterer wants or needs to dispose of the vessel prior to the end of the charter period.
A copy of the official registration (#SC-07042) and financial information may be obtained from the Division of Consumer services by calling 1-800-435-7352 within the State of Florida. Registration does not imply endorsement, approval or recommendation by the State of Florida. National Marine Institute receives 100% of your contribution and does not utilize professional solicitors or services for fundraising activities.
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Last Modified on 01/10/2016