A gift of grain is simple to give and can provide significant tax savings, while supporting our mission to provide services to individuals with disabilities in Iowa.
By giving grain to Easter Seals Iowa, you avoid including the sale of the grain in your farm income. Although a charitable income tax deduction is generally not available to you, the avoidance of declaring it as income is a significant benefit. You deduct the cost of growing the crops which typically results in saving self-employment tax, federal income tax and state income tax.
You are also eligible to receive a 25% state tax credit if you choose to give the gift of grain to our endowed fund.
1. Make us aware of your intended gift of grain. The gift should be from unsold crop inventory with no sale commitment made prior to the gift.
2. Easter Seals Iowa will set up an account at the elevator.
3. Deliver the grain to the elevator.
4. Transfer the grain as a gift to Easter Seals Iowa by having the elevator send a receipt to us. The elevator’s receipt must show Easter Seals Iowa as the owner of the grain.
5. We will provide you with a donation receipt for your gift. You don’t have to declare this amount of grain as income to your farming operation.
6. After the gift, Easter Seals Iowa is responsible for storing and/or transporting the grain and for the risk of loss. Easter Seals Iowa will sell the grain and receive the sale proceeds.
Please contact us with any questions at 515-309-9777.
As each individual farmer’s situation is different, consult your professional advisor for legal and tax advice on how a gift of grain to Easter Seals Iowa may apply to your circumstances.