Any farm commodity may represent a special opportunity to transform a life by supporting those battling mental illness and addictions. Grain and livestock are the most common commodity gifts. Not only do you help those in need, but your income is reduced, your production costs can be deducted, and you may qualify for other tax benefits as well.
How do you give a commodity gift?
Let’s use an example of a wheat gift. The first step is to call Eric Schrag at Prairie View, Inc. and make us aware of your intentions. From there, Eric will work directly with your elevator, and make sure a Prairie View account is set up properly to accommodate your gift.
You deliver your wheat to the elevator as you normally would, but instead of selling or storing, you tell them, “I’m transferring ownership of this load to Prairie View.”
That is it! You don’t need to do anything else. A charitable deduction for the value of the wheat is not to be claimed for this donation because the reduction in income fully accounts for the gift. The grain elevator will work with Prairie View to sell the wheat. Income made through the sale will transform lives.
Advantages to you
You transform lives by helping Prairie View fulfill our mission: foster healing and growth in individuals and communities by providing behavioral and mental health services with compassion, competence and stewardship in the spirit of Christ.
By reducing your income, this gift procedure may benefit you by:
o Reducing your income tax obligation,
o Reducing your self-employment tax obligation,
o Allowing you to claim a deduction for all production costs.
Because each farmer’s situation is different, do consult your professional advisor for legal and tax advice and ask how a gift of grain to Prairie View may apply to your circumstances.
To learn about charitable gifting of commodities, or any gifting options, please call Eric Schrag, Director of Advancement, (316) 284-6385.
Your gift means another life is transformed.