The Rush Creek Educational Fund is a 501 (c)(3) not for profit foundation that focuses on fund raising for sailing education, and our primary focus is on junior sailing. The Foundation also supports adult sailing education through the current club boat program.
Cash donations are straightforward. Donors can designate a specific program for support or just to add to the general fund.
Due to changes in Internal Revenue Service regulations and Texas Park and Wildlife requirements, donations of physical property must meet specific requirements. The old days of disposing of boats, sails, or other property will be very restricted from here on out.
For donation of property, like used sails, they must be of use to either the junior program or the club boat program. Random donation of property will not be accepted. RCEF will have a donation form for completion that must be signed and dated. The donor will receive confirmation of the donation. Assignment of value is the responsibility of the donor. The RCEF is prohibited from assigning value.
Donation of boats has been a mainstay of raising funds for our programs. However, IRS regulations have impacted the nature of the program and what we can accept. The boat must have a direct use for the junior or adult program (i.e. 420’s, IC24’s, etc.). Other boats must have a market value. Additional, the boat must be “sellable”. The Foundation can no longer accept boats that have limited market value. The acceptance of donated boats is at the discretion of the President of the RCEF.
For the future, the following documents will be required for the donation of boats.
RCEF cannot transfer a title from a donor to another buyer. At the time of transfer of title, RCEF does not pay tax since the boat was a gift. Upon sale from RCEF, the buyer will pay Texas Parks and Wildlife the tax on the amount the boat was purchased from RCEF. The new owner must pay that tax, change the title, and register the boat within 20 days from purchase, or face TPW fines and penalties.
The RCEF appreciates the generosity of the membership and continued support. If you can help us meet the regulator requirements for future donations, you efforts are appreciated.
Copyright © 2011 Rush Creek Yacht Club Sailing