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Share Your Harvest With a Gift of Grain
With today's high prices and a positive economic outlook for the commodity markets, a charitable gift of grain to Foundation for Lincoln Public Schools is a tax-wise option.
When you transfer legal ownership of a commodity before it is sold to a charity such as the Foundation for Lincoln Public Schools, significant tax savings may be achieved. The cash basis producer will not realize taxable income from the sale, thus reducing income taxes. In addition, the producer may deduct the production costs of the commodity such as fertilizer or irrigation, which results in saving self-employment tax, federal income tax and state income tax.
Complete Your Gift in Five Simple Steps
- Inform Ruth Gerber at 402-436-1612 or rgerber@lps.org that you intend to make a gift of grain and we'll provide you with a pledge form.
- Indicate on your form the quantity and type of grain being contributed and return the form to us.
- Deliver the grain to your local elevator or co-op.
- Request that a storage receipt be issued in the name of Foundation for Lincoln Public Schools and that the contract to sell the grain be sent to us for signature.
- The check for the sale of the grain will be issued directly to FLPS.
Consult your tax or legal professional prior to making your gift to determine the most effective way to manage your taxes and support Lincoln Public Schools.
Request our free guide on other out-of-the-ordinary donation ideas!
Copyright © The Stelter Company, All rights reserved.
The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.
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