The Gift of Grain
The LincolnWay Community Foundation hosts endowment funds for over 30 organizations that improve quality of life in rural Clinton County. A gift of grain can make a big impact on your favorite nonprofit – and your bottom line.
By donating grain, you avoid including the sale of the grain in your farm income. Deducting the cost of growing the crops can result in self-employment and income tax savings, and you benefit even if you take the standard deduction. Gifts of grain also are eligible for the Endow Iowa 25% State Tax Credit.
“If you want to donate to a charitable organization, this is the way to do it. It’s an opportunity for a farmer to leave a legacy,” says Rick Mangan, who supports community causes with gifts of grain. “The Community Foundation is the only avenue I know of to make this type of gift, and I can increase my donations because of the tax benefits.”
Your crops are your livelihood. You prepare, plant, nurture and watch them grow. That’s what we do with the charitable gifts entrusted to the Foundation – and we invite you to join us. Learn more
Photo courtesy of Eastern Iowa Farmer magazine.