"Providing The Academics For The Future Guardians Of Our Earth's Environment"

 

 

 

Tax Information

Please note our new mailing address in Pompano Beach, Florida. We have several new vessels now available for charter purchase.


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The United States Government allows the donation of money, property and services to non-profit organizations in the realization that such organizations meet important needs of the nation and its people.

 

Miami Seaquarium main attraction, Lolita the Killer Whale, delights visitors with her natural grace, beauty and intelligence.

 

As a 501(C)(3) non-profit charitable organization, National Marine Institute, Inc. is  eligible to receive donations that are tax deductible for donors.  Our accreditation allows up to 50% of the donor's annual income to be  deducted in a given year.  Many other organizations may only allow 20% to 30%. 

 

Student from Broward County Lighthouse for the Blind holds a baby alligator during a field trip to Sawgrass Recreation Park in the Florida Everglades.

 

National Marine Institute obtains a detailed description of the vessel from the owner, including condition, special equipment, electronics and any other features which the donor thinks would add value to the boat.  Our financial staff reviews the information and then determines a "Total Estimated Value" which is based upon nationally recognized publications such as the BUC Books and NADA.

Through our generous "Bargain Sale" Cash mechanism, the owner, in many instances, will net the same amount or even more than he would in an outright sale of the vessel.  In addition, he relieves himself of all the additional expenses he would have while in the process of selling the vessel, such as maintenance, dockage, brokerage commissions, advertising, insurance, sea trials, and so on.

A "Bargain Sale" occurs when the charity receiving the donation buys a portion of the gift's appraised fair market value.  The result is that it is in part a sale for cash and in part a tax deductible, charitable contribution.  Any "Bargain Sale" cash paid for a vessel is subtracted from the "Total Estimate Value" to establish the "Tax Deduction" the donor should expect to realize.  Actual "Tax Savings" will be determined by the donor's IRS tax bracket.

Tax Bracket Endpoints            
    2011          
Filing Status 10% 15% 25% 28% 33% 35%*  
Single $8,500 $34,500 $83,600 $174,400 $379,150 $379,150  
Married Filing Jointly $17,000 $69,000 $139,350 $212,300 $379,150 $379,150  
Married Filing Separately $8,500 $34,500 $69,675 $106,150 $189,575 $189,575  
Head of Household $12,150 $46,250 $119,400 $193,350 $379,150 $379,150  
Qualifying Widow(er) $17,000 $69,000 $139,350 $212,300 $379,150 $379,150  
*Income in excess of these amounts              
 is taxed at 35%.              
             
    2012          
Filing Status 10% 15% 25% 28% 33% 35%*  
Single $8,700 $35,350 $85,650 $178,650 $388,350 $388,350  
Married Filing Jointly $17,400 $70,700 $142,700 $217,450 $388,350 $388,350  
Married Filing Separately $8,700 $35,350 $71,350 $108,725 $194,175 $194,175  
Head of Household $12,400 $47,350 $122,300 $198,050 $388,350 $388,350  
Qualifying Widow(er) $17,400 $70,700 $142,700 $217,450 $388,350 $388,350  
*Income in excess of these amounts              
 is taxed at 35%.              
             
    2013          
Filing Status 10% 15% 25% 28% 33% 35% 39.6%*
Single $8,925 $36,250 $87,850 $183,250 $398,350 $400,000 $400,000
Married Filing Jointly $17,850 $72,500 $146,400 $223,050 $398,350 $450,000 $450,000
Married Filing Separately $8,925 $36,250 $73,200 $111,525 $199,175 $225,000 $225,000
Head of Household $12,750 $48,600 $125,450 $203,150 $398,350 $425,000 $425,000
Qualifying Widow(er) $17,850 $72,500 $146,400 $223,050 $398,350 $450,000 $450,000
*Income in excess of these amounts              
 is taxed at 39.6%.              
    2014          
Filing Status 10% 15% 25% 28% 33% 35% 39.6%*
Single $9,075 $36,900 $89,350 $186,350 $405,100 $406,750 $406,750
Married Filing Jointly $18,150 $73,800 $148,850 $226,850 $405,100 $457,600 $457,600
Married Filing Separately $9,075 $36,900 $74,425 $113,425 $202,550 $228,800 $228,800
Head of Household $12,950 $49,400 $127,550 $206,600 $405,100 $432,200 $432,200
Qualifying Widow(er) $18,150 $73,800 $148,850 $226,850 $405,100 $457,600 $457,600
*Income in excess of these amounts              
 is taxed at 39.6%.              
             
    2015          
Filing Status 10% 15% 25% 28% 33% 35% 39.6%*
Single $9,225 $37,450 $90,750 $189,300 $411,500 $413,200 $413,200
Married Filing Jointly $18,450 $74,900 $151,200 $230,450 $411,500 $464,850 $464,850
Married Filing Separately $9,225 $37,450 $75,600 $115,225 $205,750 $232,425 $232,425
Head of Household $13,150 $50,200 $129,600 $209,850 $411,500 $439,000 $439,000
Qualifying Widow(er) $18,450 $74,900 $151,200 $230,450 $411,500 $464,850 $464,850
*Income in excess of these amounts              
 is taxed at 39.6%.              
             
    2016          
Filing Status 10% 15% 25% 28% 33% 35% 39.6%*
Single $9,275 $37,650 $91,150 $190,150 $413,350 $415,050 $415,050
Married Filing Jointly $18,550 $75,300 $151,900 $231,450 $413,350 $466,950 $466,950
Married Filing Separately $9,275 $37,650 $75,950 $115,725 $206,675 $233,475 $233,475
Head of Household $13,250 $50,400 $130,150 $210,800 $413,350 $441,000 $441,000
Qualifying Widow(er) $18,550 $75,300 $151,900 $231,450 $413,350 $466,950 $466,950
*Income in excess of these amounts              
 is taxed at 39.6%.              
             
    2017          
Filing Status 10% 15% 25% 28% 33% 35% 39.6%*
Single $9,325 $37,950 $91,900 $191,650 $416,700 $418,400 $418,400
Married Filing Jointly $18,650 $75,900 $153,100 $233,350 $416,700 $470,700 $470,700
Married Filing Separately $9,325 $37,950 $76,550 $116,675 $208,350 $235,350 $235,350
Head of Household $13,350 $50,800 $131,200 $212,500 $416,700 $444,500 $444,500
Qualifying Widow(er) $18,650 $75,900 $153,100 $233,350 $416,700 $470,700 $470,700
*Income in excess of these amounts              
 is taxed at 39.6%.              

Changes to the tax laws were embedded into the "American Jobs Creation Act of 2004" and became effective January 1, 2005.  These changes, which pertain specifically to the donation of boats, cars, and airplanes, have changed the rules regarding appraisal and reporting requirements. 

Owners of boats valued at $500 or less will be provided with an "Acceptance of Gift" from National Marine Institute and IRS form 1098-C, within 30 days of the donation date, which includes a complete description of the vessel and a statement that the donor may not claim a deduction of more than $500 for the donation.

For boats valued over $500, the amount of your deduction will depend on how National Marine Institute (the "donee organization") intends to use the vessel. 

Some of the donated vessels are sold and the proceeds are used in our educational programs for materials, faculty, field trips and scholarships.   These donors will be provided an "Acceptance of Gift" stating our intention to sell the vessel and, within 30 days of the sale, the donor will receive a copy of IRS Form 1098-C stating the gross proceeds received by National Marine Institute.  Your charitable deduction cannot exceed the gross proceeds from the sale. 

National Marine Institute will make every attempt to receive the highest amount possible for the vessel while also considering the timeliness of the sale.  Our vessels are not sold at auction for a fraction of their value; the primary method that some organizations choose in order to liquidate their donated items.  We utilize regular marketing channels to sell the vessel and to obtain the highest "fair market" value for the donor's tax deduction. 

 

Student preparing for an airboat ride along Indian River to learn about Florida's waterways.

 

A certain number of vessels will be designated for use in National Marine Institute's educational programs.  Others will be materially improved by National Marine Institute prior to actual use or eventual sale of the vessel.  In these cases, the donor will receive an "Acceptance of Gift" and IRS Form 1098-C, within 30 days of the donation, stating our intended use of the vessel and the planned duration or the specific material improvements that will be made. 

Marketing of qualified vessels after their use or material improvement is done in accordance with our unique "Donor Protection Policy" which makes the filing of IRS Form 8282, Donee Information Return, non-applicable.

When a vessel is valued between $500 and $5,000, a "qualified appraisal" is not a requirement when the school decides to use the vessel in its training programs or to materially improve it, but  a "Fair Market Value" must be established.  This value can be based on various publications stating marine values, comparables of recent sales, or similar boats for sale in the market.  All values must be adjusted for physical condition, location, upgrades, or special equipment included on the vessel.

Owners of vessels used in our programs that are valued at more than $5,000 will need to obtain a Donation Appraisal from a qualified Independent Marine Appraiser (at the owner's expenses in accordance with IRS Regulations) in order to substantiate the value of the vessel.  This is part of the official documentation required by the IRS for the donor's tax deduction.  Two independent appraisals may be obtained if the donor is extremely cautious or would like additional confirmation of the "Total Appraised Value" for his vessel.  

The "Total Appraised Value" is reported to IRS on Form 8283 with the donor's tax return. It is signed by the Independent Appraiser under the Declaration of Appraiser section which defines his responsibilities and liabilities as an appraiser.  National Marine Institute also signs Form 8283 under the Donee Acknowledgement section which defines our responsibilities in disposing of the donated property.

 

National Marine Institute offers fun, educational classes and field trips.

 

IRS Form 1098-C from National Marine Institute and the signed IRS Form 8283 must be included with the donor's tax return to IRS in order to obtain the tax deduction.  If the vessel is valued between $5,000 and $500,000, the appraisal is required to be kept in your personal files in order to substantiate your deduction.  When the vessel is valued at $500,000 or more, the "qualified appraisal" must be attached to the income tax return when filed.   All or part of the tax deduction, up to 50% of the donor's income, may be used in the year the vessel was donated or it may be carried over for up to five years.

The tax deductible value of all gifts varies with the specific financial status of the donor.   We recommend you consult your tax accountant or financial advisor before making any donation on which you plan to take a tax deduction.


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.

Send mail to marineinstitute@msn.com with questions or comments about this web site.        

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Last Modified on 05/29/2017