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Are you really sure your CFO wants you to do this? There will be some significant holding costs including taxes and insurance associated with this non-charitable (for you) donation. Yes, you can accept it but as an unrelated use gift the donor will not necessarily be able to claim the FMV. You will need to become very familiar with IRS Publications 4302 and 4303 as well as instructions for filing an 8282. It would not hurt to review the Pension Protection Act of 2006 and the recapture rules and all the fine print regarding donations of unrelated use properties. But do, first, make sure that your CFO (and Counsel) are supportive of this! John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Thu, Feb 28, 2019 at 1:38 PM Sarah Fitzgerald <SFitzgerald@ymcaboston.org> wrote: > Hello, > > > > We have a donor who wants to donate his yacht to us. Of course, we would > sell it. We have never done anything like this before and need some > guidance. > > Can we accept this? Obviously this yacht does not fulfill the mission of > our organization but selling it does, would this qualify as a Gift in Kind? > Any other thoughts or advice? > > > > Thank you, > > Sarah > > > > > > *Sarah Fitzgerald* > > *Development Operations Manager* > > YMCA of Greater Boston > > 316 Huntington Avenue > > Boston, MA 02115 > > Phone (617) 927-8273 > > Email: sfitzgerald@ymcaboston.org > > >

Hello, We have a donor who wants to donate his yacht to us. Of course, we would sell it. We have never done anything like this before and need some guidance. Can we accept this? Obviously this yacht does not fulfill the mission of our organization but selling it does, would this qualify as a Gift in Kind? Any other thoughts or advice? Thank you, Sarah Sarah Fitzgerald Development Operations Manager YMCA of Greater Boston 316 Huntington Avenue Boston, MA 02115 Phone (617) 927-8273 Email: sfitzgerald@ymcaboston.org<mailto:sfitzgerald@ymcaboston.org>

Make them sell it and give you the dough. Aaron Aaron Forrest CPA Senior Director Gift and Donor Services University of Rochester Office of Advancement Larry and Cindy Bloch Alumni and Advancement Center 300 East River Road Rochester NY 14627 Office 585.275.2799 / Fax 585-273-4558 Email aaron.forrest@rochester.edu [Description: Description: Description: cid:image001.gif@01C92E92.3629C5E0] <http://www.rochester.edu/> P Please consider the environment before printing this email. Confidentiality Notice: This message, including attachments may contain confidential information. Any unauthorized use, disclosure or distribution is prohibited. From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Sarah Fitzgerald Sent: Thursday, February 28, 2019 1:38 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: [FUNDSVCS] Yacht Hello, We have a donor who wants to donate his yacht to us. Of course, we would sell it. We have never done anything like this before and need some guidance. Can we accept this? Obviously this yacht does not fulfill the mission of our organization but selling it does, would this qualify as a Gift in Kind? Any other thoughts or advice? Thank you, Sarah Sarah Fitzgerald Development Operations Manager YMCA of Greater Boston 316 Huntington Avenue Boston, MA 02115 Phone (617) 927-8273 Email: sfitzgerald@ymcaboston.org<mailto:sfitzgerald@ymcaboston.org>

Your senior management would need to determine if you have the ability to accept a gift like this, and the resources to maintain it until such time as you could sell it. I hope your organization has a gift acceptance policy that outlines these sorts of situations - it is every helpful for navigating unexpected gifts, and determining which ones you can afford to accept or not. It sounds like a potential wonderful opportunity, but it does have significant issues, so it isn't a decision to be made lightly. We have never been offered a yacht, although we have accepted a house (but not until after inspections, etc!). Ingrid Ingrid Heggoy Zepp, bCRE-Pro Director of Advancement Operations Phone: 610-409-3280 izepp@ursinus.edu<mailto:izepp@ursinus.edu> [Ursinus College] Ursinus College, 601 E. Main Street, Collegeville, PA 19426-1000 From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of Sarah Fitzgerald Sent: Thursday, February 28, 2019 1:38 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: [FUNDSVCS] Yacht Hello, We have a donor who wants to donate his yacht to us. Of course, we would sell it. We have never done anything like this before and need some guidance. Can we accept this? Obviously this yacht does not fulfill the mission of our organization but selling it does, would this qualify as a Gift in Kind? Any other thoughts or advice? Thank you, Sarah Sarah Fitzgerald Development Operations Manager YMCA of Greater Boston 316 Huntington Avenue Boston, MA 02115 Phone (617) 927-8273 Email: sfitzgerald@ymcaboston.org<mailto:sfitzgerald@ymcaboston.org>