As wheat harvest begins, farmers will have the opportunity to support Aging Well through the donation of grain. Aging Well is a non-profit organization that is raising funds to build a preferred senior living campus.
“Farmers work hard to produce generous harvests and want their donations to realize similar gains. In gifting grain, producers easily maximize their impact by transferring the grain directly to the beneficiary and excluding the crop sale from their income while still deducting the production costs, which can have very beneficial tax advantages to the producer,” stateD Duane Blythe, Aging Well Co-Chair of the Board of Directors. “The process is actually quite simple, the tax benefits are significant, and the financial support to Aging Well, Inc. is impactful.”
For a donor who is actively engaged in farming on a cash basis, there are significant tax savings that can be found through donating grain directly to Aging Well. The farmer designates a certain number of bushels of grain at the elevator and Aging Well gets the donation by selling the donated grain. You then get a tax deduction at a better rate than just a cash donation. Since many farmers take the standard deduction, no tax benefit is gained by making charitable gifts of cash. However, by directly donating grain to Aging Well, the cash basis farmer can exclude the sale of the grain from income, which can result in a triple tax savings. Another great benefit of donating grain is that Gifts of Grain can be donated from the current year or previous years’ harvests.
Aging Well at the Spring Valley Campus continues on their quest to raise $3.5 million which will be used to build a new senior living campus in Junction City. Blythe shared, “We have raised over $2.5 million of our fundraising goal, and we are grateful for those that have given.
Aging Well at the Spring Valley Campus will be a new senior living campus providing long term care and assisted living services in a small home, family style environment.
Accounts for grain donation are established at Geary Grain and Agri-Trail Coop. If anyone is interested in donating at a different elevator/coop, please contact Duane Blythe at (785) 466-1883.