Did you see the recent Noblesville Times article about grain gifts and Legacy Fund?

Farmers have a unique opportunity to do good while reducing their tax bills. They can transfer the legal ownership of bushels of grain to charity instead of giving cash. Legacy Fund (need hyperlink), Hamilton County’s community foundation, has a robust program that makes the process simple. Donating grain can produce tax savings between 25 to 40 % because donated grain in not counted as inventory or income, reducing self-employment and income taxes. In addition, farmers can still deduct the full production cost from their tax returns. Farmers can donate at any point prior to sale, including spot deliveries or storage transfers, by delivering the grain to any local grain elevator or processor. Legacy Fund then sells the donated grain and places the proceeds in the fund designated by the farmer.

Mark Robbins, vice president of Legacy Fund, says that grain donations offer farmers great advantages, but many farmers don’t know about this program although it has been around for decades.

Legacy Fund worked with three local farmers on grain donations last year and the organization is hoping to increase this number. One of the participating donors, Al Lyon’s family, set up a scholarship fund which benefits Sheridan High School Students. They donated grain to the fund to build the fund up so it’s self-supporting in the future.

Farmers wishing to participate in the program should consult their own tax advisors as well as Legacy Fund. More information about grain donations is available at the Legacy Fund website, or by calling 317.843-2479.