Member Login

The Legacy Fund

Endowment

“Preserving the Past - Funding the Future”

Ask yourself a few simple questions about PYC.  Why did you join PYC?  Why do you like it here at PYC?  What do you treasure most about PYC?  Most important – What can I do to assure that PYC is here for future generations to use and enjoy?

Portland Yacht Club is the preeminent “City Named” yacht club.  PYC is rich in history, continuously operating for over 100 years, since 1908.  PYC has premier facilities, including its historic clubhouse and modern outstation.  Currently the budget meets basic operating expenses and PYC does not currently have financial resources for future capital projects.  PYC has conducted numerous successful fundraising activities for specific projects.

In 2025 the bylaws of PYC were amended to allow for the formation of an endowment. With an endowment, your contribution does not get spent, rather the funds earned from investment of the endowment can be used for specific capital projects, now and in the future.

The endowment will create financial stability of PYC by decreasing the club’s reliance on dues and other sources of income.

Our Commodore has made establishing an endowment a top priority for his term.  To achieve our shared goals and to assure the sustainability of the club, he is asking each of us to consider contributing to the PYC Endowment.  You can join the Trustees, past commodores and your fellow members who have already stepped up and committed to provide at least $100,000 toward meeting his goal.  A small monthly recurring contribution, or “rounding-up” your monthly bill to the nearest $100 would allow you to be a founding member of the endowment.  You can contribute stock and other appreciated assets.  You can also make a lasting contribution by putting PYC into your will or by making PYC a beneficiary of a life insurance policy.  The link below allows you to make a contribution.
 

PYC Endowment FAQ

Capital projects are expansions, upgrades, and large repairs made to the facilities or grounds of the club.  Examples of recent capital projects include the kitchen, cupola, ramp and electrical upgrades at the outstation, and the dock replacement projects.
No.  Contributions to the PYC Legacy Endowment are considered a Gift rather than a Donation for tax purposes.  The Portland Yacht Club and the PYC Legacy Endowment is NOT considered a charitable (e.g. 501c3) organization.
No.  Your contribution is a gift and it is not immediately taxable, except under specific circumstances.  Gifts (your contribution) of more than $19,000 per person or $38,000 per married couple must be reported on IRS Form 709 and are only subject to taxation if the individual’s lifetime gift tax exemption limit of $15 million has been exceeded, or $30 million for married couples. *
In general, No. However, if you gave gifts to someone or some entity (to PYC or other entity or person) totaling more than $19,000 (other than to your spouse), you must generally file IRS Form 709.  Married couples are allowed to gift up to $19,000 each and therefore theoretically a married couple can contribute up to $38,000 without needing to file an IRS Form 709. Please note, these amounts often change, sometimes year-to-year, so prior to your contribution it is best to check with your accountant or the IRS website. *
Yes.  The endowment will happily accept certain appreciated assets, please refer to the PYC Gift Acceptance Policy for your specific fixed asset.  Contributions of fixed assets (such as boats, boat houses, cars) will require pre-approval of the board per the PYC Gift Acceptance Policy.  When the endowment accepts appreciated fixed assets from you, the endowment assumes your cost basis for the asset and later when the club sells the asset, you are not responsible for the gain and associated taxes.  The club is responsible for capital gain and any resulting taxes. *
Yes.  Your contribution is considered as the full value of the stock and the club assumes your underlying basis and thus the club incurs the capital gain on sale.
Yes.   Contributions can be pledged at any point and then contributed over up to 5 years.  Additionally, you can make monthly contributions or monthly “bill rounding”.
 
All gifts are considered non-refundable once completed irrespective of membership status.
Yes, however, per the bylaws, the Endowment Trustees will first need to determine if the donor’s direction can be followed.  If acceptable these funds will be considered restricted for their specific purpose.
Per the bylaws, Restricted funds in the Endowment will be released as unrestricted funds once the project for which the funds were directed is completed or determined to be canceled by the PYC Trustees.

*  For further questions, please contact your tax advisor, accountant or lawyer to discuss your specific situation