GIVE THE GIFT OF GRAIN!

*printable form found below*

WHY DONATE GRAIN DIRECTLY TO THE GETTYSBURG SCHOOL DISTRICT FOUNDATION?

Tax Savings: Charitable cash contributions are deductible only as an itemized deduction from adjusted gross income which results in reducing one’s federal income tax. Many farmers opt not to itemize deductions due to the great increase in the standard deduction over the years. By donating crops directly to the Foundation, the cash basis farmer avoids having to include the sale of the cash crop in income, which results in saving self-employment and federal income taxes. The farmer can still deduct the costs associated with growing the donated crop. 

(The Foundation cannot give legal or tax advice. The farmer should consult a professional regarding any questions prior to the donation. Crop share landlords are not eligible, as shares of crop are rental income that must be reported.)

GUIDELINES FOR GIFTING GRAIN

Unsold Commodity: The donated grain should be from unsold crop inventory with no prior sale commitment.

Physical Delivery: To qualify as a charitable donation, the farmer must give up ownership of the grain donated by delivering it to an elevator and executing documentation (receipts, sales tickets, notarized letter of transfer if on farm, etc.) showing the Gettysburg School District Foundation as the owner and seller of the donated grain. The Foundation then assumes the costs of storage, marketing, and transportation of the grain, as well as any risk of loss.

Contact the Foundation: Inform the Foundation of the donation and where the grain is stored by completing the other side of this form. The Foundation will then order the sale of the grain. The farmers should avoid advising the Foundation as to when to sell the grain, as it may be viewed by the IRS as retaining control of the property.