Area residents can give their hometown a homegrown gift
LAUREL — When asked to make a gift to support the causes near to our hearts, most of us wouldn’t hesitate to reach for our wallets.
However, when it comes to making a larger gift, thinking beyond cash can help us make an even greater impact on the communities and causes we care about… not to mention provide tax benefits.
“Giving a gift of grain to benefit the Laurel Area Community Foundation Fund’s Community Center account allows ag producers to avoid claiming the sale price of the grain as income, while still being able to deduct their business expenses,” said Jim Gustafson, Neb. Community Foundation Director of Advancement and Gift Planning.
The Laurel Area Community Foundation Fund is dedicated to progress and long-term prosperity. A volunteer Fund Advisory Committee works actively to increase charitable giving and award grants to local worthy causes and projects that are addressing emerging needs and future opportunities in our community. Established in 2005, LACFF is an affiliated fund of Nebraska Community Foundation.
“The new Laurel Community Center will be a huge asset to the Laurel community,” said Gustafson. “Along with many others, area producers want to support their community’s local causes and projects. Giving grain is an easy and affordable way we can help them accomplish that.”
Emily Sulzle, Nebraska Community Foundation Assistant Director of Gift Planning, encourages farmers to follow the right steps when making a charitable Gift of Grain.
“Following specific steps will help ensure that you receive the intended tax benefits from a gift of grain,” she said. “Failure to follow these steps may result in the IRS treating the transaction as a sale by the farmer and ultimately a contribution of cash, rather than as a contribution of grain. A producer should consult with his or her tax advisor to determine whether a contribution of commodities is appropriate to their tax situation.”
A list of important steps and a required “Letter from the Producer Regarding a Gift of Grain Form” are available for those considering contributing to the Laurel Community Center Project.
The forms are available at Security Bank or Citizen’s State Bank in Laurel.
Please see the accompanying detailed ad in this publication for more information. Visit https:// www.nebcommfound.org/give/ laurel-area-community-foundation-fund for more information on the Laurel Area Community Foundation Fund and the Community Center Account.
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