Enhance a Legacy of Excellence

How Gifts are Used | Endowed Funds | How to Make a Gift | Gift Clubs

The Development Department is the branch of Maine Maritime Academy devoted to promoting and securing our colleges legacy of excellence through fundraising, media awareness and alumni activities.

No matter how you give, or what you give to, MMA is an excellent investment. More than 6,000 graduates lead lives of extraordinary achievement, in part because someone chose to support them while they were students at Maine Maritime Academy.

Anyone can give to MMA. The gift may be cash, check, stock, property, a boat or through a will or an estate. Funds are used to support educational programs at sea and ashore. Each one makes Maine Maritime Academy stronger.

Contact:

Sue Loustaunau, Executive Assistant for Development and Annual Fund Coordinator, sloustau@mma.edu, (207) 326-2223
(Back)

How Gifts are Used
Gifts may be made for any purpose. Gifts with no restrictions will be used to support operating expenses including financial aid, faculty, alumni programs, small vessels, maintenance, and construction. They give faculty and students the flexibility to do things that cannot be funded by tuition or state funds. These may include special research projects, book purchases, team travel, faculty travel to seminars and conferences, more sea time for ships and students, more student activities and support.

Gifts for specific purposes are deposited in restricted accounts, set up for that purpose. These may include small vessel, regimental scholarship, faculty support, athletic teams, or any other areas, your choice.
(Back)
Endowed Funds
Over 100 named funds with a market value of $15 million make up Maine Maritime Academy's endowment. A minimum of $25,000 is needed to name a fund. The fund may be named for a person or a purpose. It can be created in a single payment, or over a period of years. It can be funded with cash, stock, property, or through a will or charitable trust.
(Back)
How to Make a Gift
Maine Maritime Academy accepts gifts by credit card (Visa/Mastercard, American Express), checks (made out to Maine Maritime Academy), cash, gifts of real estate, securities, insurance, boats, personal property, and estate gifts through a will or trust. Contact the Development Office at (207)326-2232 or e-mail us.
(Back)
Gift Clubs
Maine Maritime Academy recognizes donors who give $100 or more each year between July 1 and June 30 by including their name(s) in the annual report by Giving Society.

$1,000 Ralph A. Leavitt Associates

$500-999 1941 Club

$250-499 Shellback Club

$100-249 New Century Club

(Back)

Types of Gifts

Gifts by Bequest
You may name Maine Maritime Academy in your will for a portion of the estate, for a specific dollar amount, or you can establish a trust in your will. In doing so, you become a member of The Mariners Society.

A charitable trust is a trust created to provide income to you, or your family. By making Maine Maritime Academy a beneficiary of the trust, it is sheltered from capital gains tax when it is created. It is removed from your taxable estate, and it provides a tax deduction based on the remainder gift to Maine Maritime Academy. Of course, the trust must be irrevocable to receive favored tax treatment.

There are three common forms of charitable trusts:

A charitable annuity trust specifies a fixed payout determined when the trust is established.
A charitable unitrust provides a variable income based on the value of the assets in the trust as determined each year.
A charitable lead trust pays an amount to Maine Maritime for a fixed period of years. At the end of that time, the cumulative effect of the years of gifts often allows the assets to pass down generations with greatly reduced taxes, or none at all.

See your financial planner to learn more about charitable trusts, or contact the Development Office at (207)326-2232 for a brochure.

Gifts of Real Estate
Substantial tax benefits are available to property owners when they assign their home or other property to Maine Maritime Academy, either in their will, or while they are still living on the property. One of the largest endowed funds in Maine Maritime Academy history was created by such a gift. Gifts of real estate can include homes, land, commercial real estate, condos, rental properties, or any combination.

Gifts of Stock
To transfer stock, contact Union Trust Company, (207) 667-2504 indicating the gift is for Maine Maritime Academy. They will provide routing information.

Gifts of Life Insurance
A gift of a paid life insurance policy is one of the simplest forms of charitable contributions. Just designate Maine Maritime Academy as the owner and sole beneficiary of the policy. In cases where the life insurance policy is not fully paid, payments are tax deductible so long as Maine Maritime Academy is the owner of the policy.
(Back)

Alumni Links

Quick Links