04/29/2025
🌾 Gifts of Grain 🌾
Most of us think of charitable contributions as what we give in cash. However, if you are a farmer, donating grain can be a more effective way to support your community or favorite charity.
By gifting bushels instead of the cash proceeds from a sale, you can maximize your impact while benefiting from key tax advantages:
- The value of the donated grain is not included on Schedule F.
- Expenses related to producing the grain remain deductible in the year paid.
- Federal, state, and self-employment tax are not owed on the donated grain.
- Your yield records remain unchanged, preserving your historical production data/baseline.
- Since no income is recognized, there is no charitable deduction for the gift.
💌 How to Donate Grain to the Community Foundation:
Giving grain is simple! When delivering your crop to the grain buyer, specify the number of bushels you wish to donate to the Greater Salina Community Foundation. The grain buyer will then notify GSCF and we will instruct them to sell it. After the grain is sold, we will deposit the proceeds into the fund of your choice.
🔑 Key Reminder: To ensure the tax benefits, the donation must be made before the grain is sold.
