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Give the Gift of Grain
Most people think of donating cash or volunteering their time when they think of supporting their favorite charitable organization. Another good option is to give a gift of grain.
Benefits of Giving Grain
A gift of grain is a good way to share the harvest and support your community. By giving grain to the Community Foundation, the value of the contributed grain is avoided income and taxable income is reduced. Depending on circumstances, farmers may realize savings on federal and state income tax and self-employment tax, and can still deduct the costs of production.
This is a way of giving that allows farmers to support a nonprofit organization that is meaningful to them. The value of the grain could go towards an existing endowed fund or a new fund could be started.
Another option to consider is a gift of livestock. The ownership transfers to the charity before the livestock is sold and the farmer will not have taxable income from the sale.
There are specific procedures that must be followed to make sure you get the desired tax results. Be sure to contact the Foundation before making a gift of grain or livestock. Farmers should consult with their tax consultant to see if this is a giving strategy that is right for them. The following information is not to be construed as specific tax advice. For more information or if you have any questions, contact the Community Foundation at (765) 454-7298 or firstname.lastname@example.org.
Guidelines for Completing Your Charitable Gifts of Grain