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Farmers and landowners have a new charitable giving option thanks to a collaboration between the DeKalb County Community Foundation and the DeKalb County Farm Bureau Foundation. ‘Give a Gift of Grain’ allows farmers to align generosity with their charitable interests and receive tax savings at the same time.
Donating a gift of grain is a simple way to make a lasting difference. The value of the grain is used to support charitable causes in the community, support a specific nonprofit organization, or start an endowed fund in the name of their family. Through a gift of grain, farmers can deduct the cost of grain, which typically results in saving self-employment tax, federal income tax and state income tax. Farmers benefit even if they don’t itemize their deductions and take the standard deduction.
Working with local grain elevators, the process for donating is simple. Farmers decide ahead of time where they would like to direct their donation and then proceed through a few simple steps. The Gift of Grain account has been established with the Community Foundation whereby farmers can direct their grain donation to either the Community Foundation or Farm Bureau Foundation and also earmark the donation for a specific cause or charity. The Community Foundation will receive the monetary donation and disburse the funds to the intended charitable group.
Local farmer Bill Mullins of Shabbona is supportive of both Foundations and realizes how his contribution will be used to benefit agriculture by educating the public about farm and food production. Bill is hoping other farmers see the benefits of giving grain and at the same time get a tax savings. “It’s a lot easier to truck grain from the field and donate bushels instead of cash. And, it doesn’t show up on your farm income, which is especially good in a lean year,” explains Mullins.
Through the Gift of Grain option, farmers can provide opportunity and support to many areas including agriculture awareness, education, community development, literacy, local charities, natural resources, nonprofit support, and scholarships.
Pictured: At harvest, farmers may donate new crop corn or soybeans by delivering the grain to a commercial elevator or throughout the year farmers can donate grain in storage. Photo courtesy of CONNECTIONS magazine.