Frequently Asked Questions
What is the Island Heights Sailing Foundation?
It is a 501(c)3 charitable organization, 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 Island Heights. 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 Island Heights 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 September 2006, the Foundation has received over $110,000 in donations, and has made grants of about $50,000. 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 2 percent) are used for administrative expenses. Funds not used for grants or administrative expenses are invested to achieve a good rate of return.
What are some of the organizations these contributions have been used to support?
The Barnegat Bay Yacht Racing Association (BBYRA), Central Regional High School Sailing Team, First United Methodist Church of Island Heights, Island Heights Cultural and Heritage Association, Island Heights First Aid Squad, Island Heights Grade School,
Island Heights Volunteer Fire Department, Island Heights Yacht Club, Monsignor Donovan High School Sailing Team, Ocean County College Sailing Team, Sail-Habilitation, Save Barnegat Bay, the Toms River Seaport Society (TRSS), Toms River High School South Sailing Team and the Toms River Yacht Club.
Who serves on the Foundation’s Board?
The Board of Directors includes E. Steven Doyle, President; Eve Allison, Vice President; Reverend James H. Biggs, Treasurer; Frank J. Parisi, Secretary, and Steven R. Brick, Leslie L. Knox and Frederick L. Rosenfeld. The Advisory Board includes Arthur S. Bailey, III, Brian Gabriel, Joyce A. Kane, Jim Lenox, Richard E. Martin, Philip Reynolds, and Dr. Drew F. Seibert.
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 Island Heights. 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, Island Heights’ 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.
Who can I speak to if I have any additional questions?
Please contact E. Steven Doyle at (973) 538-1697 or any other member of the Foundation’s Board of Directors.
What can I do to help the Foundation?
Give us your support. Financial contributions in any amount will be greatly appreciated and acknowledged.