Before charitable farmers and ranchers open their checkbooks this year, the Wayne Area Legacy Fund encourages thinking beyond cash and opting to instead donate gifts of grain or livestock.
Giving a portion of your harvest is a great way to share the bounty with the causes closest to your heart. By contributing commodities like corn or cattle to the Wayne Area Legacy Fund, farmers and ranchers can save significantly on taxes while strengthening the mission of their local community fund.
In October of 2022, Eldon and Ellen Heinemann donated a gift of grain to the Wayne Area Legacy Fund. The Heinemanns stated that they “were impressed with the choice of projects that are funded in the local area.” In regards to the process, Eldon stated “it is not too difficult, it just takes a few extra days to process. Just plan ahead. It helps save on income taxes.”
Instead of selling the ag commodity, the producer transfers ownership of the livestock or grain directly to Nebraska Community Foundation for the benefit of the Wayne Area Legacy Fund. The producer can then claim all their production costs as deductible expenses for income tax purposes. When a producer transfers legal ownership to a charity before it is sold, the producer will not have taxable income from a sale, thus minimizing taxes. Tax savings may be realized on federal income tax, state income tax and self-employment tax, depending on the producer’s specific circumstances.
It is important to first check with your professional advisor to determine whether a contribution of grain or livestock is appropriate for your tax situation. It is also important that you notify the Wayne Area Legacy Fund and Nebraska Community Foundation in advance of making your gift of commodities as there are specific (but simple) procedures that must be followed.
Gift of Grain and Livestock forms are available through the Wayne Area Fund Advisory Committee.
You can also visit Nebraska Community Foundation’s Gift Planning website – www.ncfgift.org – to download the necessary forms. You can also find details on the benefits and process of making a charitable gift of grain or livestock, as well as other out-of-the-box giving methods beyond cash. Nebraska Community Foundation is also always available to point you in the right direction at (402) 323-7330 or info@nebcommfound.org.
Wayne Area Legacy Foundation harnesses the power of giving to make the Wayne Area a great place for all ages to live, work and play for generations to come. We invite you to be a part of the legacy of promoting progress in our area by giving to the unrestricted endowment. Similar to a community savings account, unrestricted endowments are an important tool to keep hometowns across Nebraska growing, thriving and improving future generations. A portion of the income earned by the endowment is granted annually to fund projects and programs to benefit the community, the principal remains intact and grows every year.
The Wayne Area Legacy Fund (WALF) has invested over $100,000 back into the Wayne Area community since the inception of the fund. The WALF is an affiliated fund of the Nebraska Community Foundation (NCF), a 501(c)(3) charitable organization. All contributions to WALF are tax-deductible. Visit WayneAreaLegacyFund.org for additional information. Be sure to like us on Facebook @WayneAreaLegacyFund. Contact WALF at WayneAreaLegacyFund@gmail.com or call 402-375-2240.
Nebraska Community Foundation unleashes abundant local assets, inspires charitable giving and connects ambitious people to build stronger communities and a Greater Nebraska.
In the last five years, over 40,000 contributions have been made to NCF and its affiliated funds. Since 1994, NCF has reinvested $590 million in Nebraska’s people and places. For more information, visit nebcommfound.org.
