If you are measuring voltage between the output terminal of the alternator and ground, you should show battery voltage even with the key off. Trace the wiring from the output. Do you have a voltmeter in dash or amp meter? With an amp meter the output runs all the way to the gauge, through it and back to the battery. With a volt meter it will run more directly as it need not go through the voltmeter. The exact connections will vary depending on who wired the boat and how they decided to do so. There's more than one correct way. Typically, the output will go back to the same connection on starter relay that the battery positive cable is connected to. Follow the wires and check all connections.