Farmers recognize benefit of gifting grain for charities
A gift of grain is another option of charitable giving. The value of the grain can be used to support much needed charitable causes in our local community.
Farmers may donate corn or soybeans by delivering grain to a commercial elevator and designate it to the Gift of Grain account. Grain donations may be directed to either the DeKalb County Farm Bureau Foundation for Agriculture or the DeKalb County Community Foundation.
These two local Foundations are collaborating to promote philanthropy among the agriculture community. Farmers and landowners may earmark grain donations for specific initiatives. Some include: agriculture awareness, education, community development, literacy, local charities, natural resources, nonprofit support, scholarships and other programs.
By giving a gift of grain (instead of cash) farmers can realize a tax savings by not having to declare the amount of grain gifted as income for their farm. The grain gift would result in a savings of self-employment tax, federal and state income tax, and at the same time 100% would go to charity.
Farmers, like Ed Cowan, recognize the two-fold benefit of gifting grain for tax savings and to benefit local charities. “Making a grain donation is very simple. I gave my grain buyer the information and checks were sent to charities. The bushels are still included in my farm totals and do not affect the final yield,” said Cowan.
Area elevators have the Gift of Grain information to help farmers with the grain donation. Once the grain has been donated, the elevator will sell it at the spot closing price on the day of the delivery for the Gift of Grain account which has been established at the Community Foundation. The Community Foundation will receive the monetary donation and disburse funds to the intended charitable group.
For more information about the Gift of Grain contact: Mariam Wassmann, DeKalb County Farm Bureau Foundation for Agriculture, 815-756-6361, or Dan Templin, DeKalb County Community Foundation, 815-748-5383.