For donors who actively engage in farming on a cash basis, significant federal income, state income and self-employment tax savings can be found through donating grain directly to Cunningham Children’s Home.
The proceeds from your grain donation will help fill the financial divide between funding from referring agencies and the actual cost of care for our youth. Your donation will make it possible for us to continue to provide quality care even as costs increase.
Who qualifies?
Only cash basis farmers are able to benefit. Donors should always consult with their professional tax and/or legal advisors to determine tax implications specific to their situation prior to making the gift.
How it works
Gifts of grain can be made from the current or previous year’s harvest. Follow these steps:
- Contact Cunningham Children’s Home of your intention to make a gift.
- Deliver the grain to the elevator and tell the elevator of your wish to transfer ownership of “X” number of bushels to Cunningham.
- Give up dominion and control over the grain and don’t offer any guidance as to when to sell the grain.
- After the transfer, Cunningham assumes the full costs of storage, transportation, and marketing, and bears completely the risk of any loss.
- Request a warehouse storage receipt from the elevator in the name of Cunningham and send that receipt to us. Please instruct the elevator not to sell the grain until contacted by Cunningham.
- Cunningham should be notified that the grain is at the elevator. Upon this notification, Cunningham will contact the elevator to direct the sale of the grain and will send you an acknowledgment letter.
Contact
Tim Manard, Development Officer
This above information is provided as general information and is SHOULD NOT be construed as legal advice. Be sure to consult with your own professional advisor.