What is The Sailing Foundation of Barnegat Bay?
It is a 501(C)(3) non-profit charitable organization sanctioned by the federal Internal Revenue Service (ID # 80-0079858), that was established in 2003 and incorporated under New Jersey law.
What is its purpose?
The Foundation was created to preserve, protect and advance the traditions of recreational sailing in and around the Barnegat Bay. Its primary mission is to facilitate the education of children and promote the advancement of sailing, sportsmanship and on-water safety by supporting youth programs in the Barnegat Bay area. The Foundation also seeks to preserve historic structures (buildings and sailing vessels) in the area.
Is the Foundation part of the Island Heights Yacht Club (IHYC)?
No. It is a completely separate organization, with its own purpose, officers and by-laws. Most yacht clubs, including the IHYC, are classified as non-profit social and recreational organizations with a 501(c)7 designation. Donations to most are not tax deductible.
Why should I contribute to the Foundation?
Contributing allows you to give tax-free financial support to the activities for which the Foundation was created. Monetary contributions to the Foundation are deductible from your reported federal income to the extent permitted by law.
How much money has the Foundation received in the past several years?
As of December 2012, the Foundation has made grants of over $150,000 to individuals and area organizations. A significant portion of the funds currently on hand have been earmarked for specific purposes within the Foundation’s mission.
Will all of the money received from donations be given out as grants?
Funds received by the Foundation will be used to support activities within its mission. Only a small proportion of such funds (currently less than 5%) are used for administrative expenses.
What are some of the organizations these contributions have been used to support?
Are there any other organizations in the country that are similar to the Foundation?
Yes, there are many. The Sailing Foundation, for example, is based in the Pacific Northwest and dedicated to promoting sailing with an emphasis on youth sailing. The Palmetto Conservation Foundation conserves South Carolina’s natural resources, preserves historic landmarks and promotes outdoor recreation.
What guarantee do I have that money I donate is used exactly for the purpose I specify?
Donations targeted or restricted for specific purposes are absolutely targeted for that purpose, so long as that purpose is within the Foundation’s mission. Such purposes include assisting a sailing program or restoring an historic structure in the communities of the Toms River and Barnegat Bay. Unrestricted donations can be used for any purpose within the Foundation’s mission.
Is money the only thing that can be contributed to the Foundation?
No. Stocks, bonds and other securities, and real estate, will be accepted. Monetary donations can be made in the form of cash, checks or credit card. The Foundation prefers not to accept tangible property items, such as used boats or equipment.
Who has contributed to the Foundation?
More than 100 individuals and families, including yacht club members, Barnegat Bay’s area residents and others, have contributed to the Foundation since 2003.
Have any corporations or businesses donated to the Foundation?
Yes. Donors include the Abernathy MacGregor Group, Inc., Aetna, Inc., Bay Dermatology LLC, Olde Corner Deli/Simply Gourmet Catering, and Outback Steakhouse.
What happens to the Foundation’s assets if it is dissolved?
Under federal law, if the Foundation is dissolved, its assets must be given to another 501(c)3 organization, such as the Ocean County College Sailing Team. No assets can be distributed among the Foundation’s board or advisors.
Can I make a donation to the Foundation as part of my estate planning?
Yes. The Foundation can be named as a beneficiary of a bequest, will, gift, living trust, or life insurance policy. It is possible that the taxes on your estate can also be reduced through a planned program of annual monetary gifts to the Foundation.
What can I do to help the Foundation?
Give us your support. Financial contributions in any amount will be greatly appreciated and acknowledged.