Gifts of Grain

Gifts of Grain Process

Through The Community Foundation, you can support your 4-H Club, FFA Chapter, scholarships and more…forever.

Gifts of Grain can help reduce your taxable income and save money with your harvest. Transfer a portion of unsold crop to The Community Foundation and your gift can be used to create a fund of your own or given to an established fund for a cause or organization you care about.

Your Gift of Grain will benefit your community forever.

  • Who can participate in the Gift of Grain Program?
    • Any farmer who deposits grain at Legacy Farmers Cooperative. Crop share landlords cannot gift grain as shares of crop are rental income that must be reported as such.
  • How do Gifts of Grain work?
    • Farmers can gift grain at any Legacy location. Prior to transfer, the farmer must complete a Gift of Grain Letter of Understanding. At the elevator, the driver will provide the Crop Commodity Transfer Form. Legacy will provide a warehouse receipt to the Foundation. After transfer, the Foundation assumes all risk associated with the commodity, including storage, marketing, transportation, and sales price. After the gift, the Foundation will provide the farmer with a tax receipt detailing the commodity quantity and closing market value on the day of the gift.
  • When can Gifts of Grain be given?
    • Gift must be unsold crop inventory/farm commodity with no prior sale commitment. Costs associated with growing the crop may not be deductible if costs are incurred the same year as the gift of grain. Therefore, gifts made from the prior years’ unsold inventory may offer the best tax outcome. Tax outcomes are also impacted by cash or accrual accounting. Consult your tax advisor to determine the best course of action for your situation.
  • Why give grain through The Community Foundation?
    • Through the power of endowment, your gift of grain can be used to establish an endowed fund, or given to a previously established fund, where it will benefit a cause or organization you care about forever. Your gift will be invested and will grow, continuing to benefit the cause or organization of your choosing.

Funds of Interest

Below are funds related to the agricultural community:

If none of these funds speak to your interests, you can start your own fund for a cause, passion or nonprofit you want to support forever. A gift of grain can help make that a reality.

For your Gift of Grain Letter of Understanding or for additional information, please contact:

Andrea Reinhart, Donors Relations and Stewardship Manager, by clicking below: