There are several benefits to donating your boat to SCMF, especially in terms of the tax deduction and the elimination of expenses.  Please consider the following:

1. A donation provides an opportunity for a tax-deductible gift that benefits SCMF and

    the Spirit of South Carolina.  The fair market value of the vessel as determined   

    through a professional marine survey may generally be used for the tax write-off

    value; however, we recommend you consult your tax advisor concerning the exact  

    amount to claim for your charitable contribution.

2. You can eliminate the time, effort, and expenses associated with boat ownership.

3. The expenses you can eliminate include maintenance fees, storage fees, insurance 

    fees, brokers' fees, and property tax fees.

4. Donations greatly enhance our marine and educational programs.

Advantages of Donating over Selling:

Once you have decided to no longer own your boat, there are two options for the boat.  The boat may be sold, or it may be donated.  Several factors go into deciding which option is the most financially rewarding and the least time consuming.    In these difficult economic times, selling a boat is often time consuming and expensive.  When considering a sale you must also consider storage or dockage, depreciation, insurance, maintenance, taxes, and sale commissions.  After a contract is signed, additional expenses are often incurred.  The potential buyer will in many cases ask for unseen items to be repaired after a survey, and will request the owner to lower the asking price accordingly or pay for the repairs.  The factor of time is another issue in selling a boat.  Buyers tend to be very seasonal, and it's difficult to convince people to spend money in our current economic climate. 

By choosing to donate your boat, you avoid costly expenses and you have the ability to complete the transaction within a matter of days.  The process is seamless, you can shed costly expenses, and you gain a healthy tax break.