Gifts of Grain
Your crops are your livelihood. You prepare, you plant, you nurture, and they grow. That’s what we do with the charitable gifts entrusted to your Community Foundation, and we invite you to grow the future of your community with us.
Why Donate Grain?
Donating a gift of grain to your Community Foundation is a simple way to make a lasting difference. The value of the grain can be used to start an endowed fund in the name of your family, for a specific nonprofit organization important to you, or to support charitable causes in your community.
No matter what type of endowment you chose to establish or fund you support, you can be sure that your gift of grain is growing the future of your community.
How You Benefit
By giving grain to your Community Foundation, you avoid including the sale of the grain in your farm income.
Although a charitable income tax deduction is generally not available to you, the avoidance of declaring it as income can be a significant benefit. You deduct the cost of growing the crops, which typically results in saving self-employment tax, federal income tax, and state income tax. You can benefit even if you don’t itemize your deductions and take the standard deduction.
We encourage you to speak with your tax professional to determine the best option for your financial goals.
More Information
For more detailed information, call for an appointment or send us an email. You can also download our Gifts of Grain brochure, or fill out our online form to begin the process.
How To Complete Your Gift
Following these steps will help ensure you receive intended tax benefits from a gift of grain.
STEP 1
Complete the Gift of Grain form and send to the Community Foundation of Pulaski County (CFPC).
Or, use our online form below.
STEP 2
Deliver grain to your elevator and ask them to transfer a specific number of bushels to CFPC.
STEP 3
CFPC authorizes the sale of grain and collects the proceeds to support your community.
STEP 4
CFPC provides an acknowledgement documenting the number of bushels transferred.
STEP 5
The farmer (and family) reaps tax advantages such as reduced adjusted gross income, taxable income, and more.
NOTE
If you deliver the grain, sell it, and order the proceeds sent to the Community Foundation, you won’t be eligible for the tax benefits described here.*
*We encourage you to talk with your tax professional to determine the best option for your financial goals.
An Example Comparison
INCOME GIFT |
WITHOUT CHARITABLE GIFT |
WITH CHARITABLE GIFT |
| Other Income from Farming | $35,000 | $35,000 |
| Income from Grain Sale | $15,000 | $0 |
| Total Income* | $50,000 | $35,000 |
*You pay employment, federal income and state income tax based on adjusted gross income (less typical exemptions, deductions, etc.)
Give the Gift of Grain
What is the ACRE Fund?
The ACRE Fund (Ag Community Resource & Education) supports Pulaski County ag-related programs and causes including educational opportunities, youth programs, and local food programs. Anyone may grow the fund with additional contributions, including gifts of cash, property, livestock, and grain.