What is the Indian Harbor Yacht Club Foundation?

The Indian Harbor Yacht Club Foundation, Inc. (the “Foundation”) is a tax-exempt charitable organization incorporated on July 16, 2010 under Connecticut’s Revised Nonstock Corporation statute. The Foundation’s Employer Identification Number (EIN) is: 27-3193524.

What is its purpose?

The Foundation’s purposes are to maintain, restore and preserve the exterior (and fundamental interior supporting structures) of the historically and architecturally significant buildings and property of the Indian Harbor Yacht Club, and to foster awareness and appreciation for the property, the surrounding area and other historic properties in the Greenwich area.

Is the Foundation part of the Indian Harbor Yacht Club or the Indian Harbor Sailing Foundation?

The Foundation is a separate corporation with its own charitable purposes, directors and officers, and is not part of either the Indian Harbor Yacht Club or the Indian Harbor Sailing Foundation.  Most yacht clubs, such as the Indian Harbor Yacht Club, are social clubs that are exempt from income taxation under section 501(c)(7) of the Internal Revenue Code.  Donations to tax-exempt social clubs do not qualify for charitable contribution tax deductions.

What is the Foundation’s Tax Status?

The Foundation is a tax-exempt charitable organization described in section 501(c)(3) of the Internal Revenue Code.  Thus, donations to the Foundation can qualify as tax-deductible charitable contributions.  In addition, because the IRS determined the Foundation to be a public charity and not a private foundation, donations to the Foundation can qualify for the more-favorable deduction rules applicable to donations to public charities.  The Foundation is also qualified to receive tax deductible bequests, devises, transfers and gifts.  Similarly, private foundations can make grants to the Foundation without regard to the “expenditure responsibility” applicable to private foundations.

Why is Indian Harbor Yacht Club’s clubhouse and property historically and architecturally significant?

The property and clubhouse have been home to an unusually rich heritage compiled by members notable on a local, regional and national scale.  These members all made significant contributions to the sport of yachting and/or to the general well being of our town and beyond.  After the 1919 fire that destroyed Indian Harbor Yacht Club’s first clubhouse on the present site, it was replaced with a new building designed and built in the Mediterranean style of the time and with certain striking resemblance to the Addison Meisner designed Breakers Hotel. The Indian Harbor Yacht Club was entered into the National Register of Historic Places by the U.S. Park Service in July 2010.

What other works is the architect known for?

The architect, Henry C. Pelton, was a renowned New York City practitioner who is particularly remembered for the design of New York City’s Riverside Cathedral, the Cloisters, Park Avenue Central Presbyterian Church, Park Avenue Methodist Episcopal Church, Christodora House, Yale University’s Boardman Administration Center and Rosemary Hall in Greenwich, to name a few.  Many of these buildings can also be found on the National Register of Historic Places.

Are the Club’s buildings subject to restrictions as a result of being listed on the National Register of Historic Places?

As a historically significant property, renovations and modifications to the exterior of the Club’s buildings and certain improvements would generally require the review of the Greenwich Historic District Commission, an advisory arm of the Greenwich Planning and Zoning Commission (P&Z), in addition to the normal approvals of the Greenwich P&Z.

Why are the Foundation’s purposes restricted to the exteriors of the buildings and property?

The IRS requires that the Foundation’s funds be applied to achieve a public benefit.  In this case, the public benefits from being able to view the exterior of the Club’s structures and other elements of the property from the public streets and waterways.  While the interior of Indian Harbor’s clubhouse is also historically and architecturally significant, the clubhouse is regularly open only to members of IHYC.

Why should I contribute to the Foundation?

Maintaining the Club’s buildings and improvements is a substantial and ongoing financial responsibility.  By providing the financial means for the Foundation’s work, you can preserve these structures and their enjoyment for present and future generations, while being able to deduct such contributions from your taxable income.

Will all of the Foundation’s funded grants be used for the work on IHYC’s buildings and property?

The Foundation has historically focused solely on funding renovation grants for IHYC’s buildings and property.   We have not to date provided grants to organizations other than the Indian Harbor Yacht Club.  At a future time, the Foundation may consider whether and to what extent it will support historic preservation in our area.

Are there any other organizations that are similar to the Foundation?

Yes, there are similar organizations with respect to several clubs in New York City including the New York Yacht Club, the Metropolitan Club and the University Club.  In Connecticut, there is a similar organization with respect to the Hartford Club.

How can I make a cash gift to the Foundation?

You can either contribute from the Donate page or send a check, payable to “Indian Harbor Yacht Club Foundation,” to:
Indian Harbor Yacht Club Foundation
P.O. Box 881
Greenwich, CT 06836

How can I make a gift of securities to the Foundation?

Please visit our Donate page and select “Donate Securities or Give By Check”.  From there you can download and complete the form and mail it to our business address.  For further information please contact our Treasurer Elizabeth Daigle by email at info@ihycfoundation.org.

What if my employer has a matching gift program?

The Foundation will certainly accept matching gifts. Please contact your employer and, if the information provided here is not sufficient, please contact us.

Can I make a gift to the Foundation through my account at a donor advised fund?

The information provided here and on our Donate page should be sufficient for your fund’s administrators.  For further information please contact our Treasurer Elizabeth Daigle by email at info@ihycfoundation.org.

What are the estate and gift tax consequences of contributions to the Foundation?

For Federal estate and gift tax purposes, contributions may be deductible and thus would not use any portion of your unified credit or attract estate or gift taxes.

How do I make a bequest to the Foundation?

The following language may be helpful to you in preparing your will:
“I give the sum of $ ____________ [or _______% of my residuary estate] to the Indian Harbor Yacht Club Foundation to be used by it in support of its general charitable and educational purposes.”

A similar provision could be used in a living trust that is intended to take the place of a will or in a testamentary trust.

Can I make a gift of a painting, model or other collectible to the Foundation?

The Foundation is not presently accepting such gifts.

Can I make a gift of a boat or other used equipment to the Foundation?

The Foundation is not presently accepting such gifts.

What happens to the Foundation’s assets if it is dissolved?

There is no present intent to terminate the Foundation, and we hope that it will exist for a long time. Should it be dissolved, its assets must be transferred to another section 501(c)(3) organization having similar purposes. No assets may be distributed to the Foundation’s officers and directors or to the Indian Harbor Yacht Club.

What can I do to help the Foundation?

Give us your support. Financial contributions in any amount will be greatly appreciated and acknowledged.

Who can I contact if I need additional information?

Please contact:
Elizabeth Daigle, Treasurer
Indian Harbor Yacht Club Foundation
bdaigle@optonline.net
203-869-2484