Here are some of the most frequently asked questions and their answers we receive here at American Foundation Funding Inc.

We, of course, encourage you to consult with your tax advisors about your individual situation.

1. Why should I choose American Foundation Funding Inc.?   
The staff at American foundation funding Inc. has over 30 years experience in successful yacht contributions. With a team of professionals on staff -- attorneys, accountants, and marine professionals - we have the most experience of any organization in making sure you the donor  will have all the information you need to make an informed choice.

2. What is the difference between a "donation" and a "bargain sale"? A "donation" is a contribution in which the donor gives 100% of the property to the charitable organization. A "bargain sale" is when the donor sells part of the property to the organization for cash and donates the remaining amount of the "fair market value".

3. Doesn't donating a boat mean "giving it away"?
Absolutely not! Depending on your individual tax situation and how the charitable organization uses the donated property, some donors have actually received more bottom line cash benefits from donation vs. outright sale.

4. Are there any costs involved in donating my boat to American Foundation Funding? There are no costs involved in donating your vessel. Unless your donation is valued in excess of $5,000, in which case a "qualified appraisal" is needed.

5. How long does it take to complete a donation? A donation can be completed in a matter of days. Once a Deed of Gift is signed and notarized, All of Your Responsibilities and Costs of Ownership end. This in itself can be considerable if you factor in that the average boat takes a year or more to sell. That's a year of you paying dockage, insurance, interests, etc. not to mention in an outright sale you have sea trials and surveys to worry about.

6. Are boat donation programs legal? Absolutely!  The U.S. Congress has endorsed charitable contributions many times. And you will be protected as long as you work with a knowledgeable company to help guide you through the new rules.

7. How do I determine "Fair Market Value"? If your potential donation is worth less than $5,000, you can value the property yourself using various sources such as "blue books" and recent sale information. Donations valued at more than $5,000 must have a "qualified appraisal" done by a marine surveyor. In both cases, your deduction depends on whether the charitable organization sells the donated property or uses the property in its programs. 

8. Will you put this in writing? Absolutely! We will put everything in writing for you, our offer and our guarantee to use the vessel in the charity's programs.  We do this because we want you to feel comfortable doing business with us.

 To get started please call today 954-642-8818