MNWest Foundation Grain Exchange ProgramPublished by on
If you're a grains farmer, consider making the great impact imaginable by giving the gift of grain directly to the Minnesota West Foundation to support the students, faculty, and staff of Minnesota West Community and Technical College!
Grain donations will be exchanged for funds, to be spread and used throughout the Minnesota West Community and Technical College campus locations. Farmers can specify if there is a specific division or career study they wish their funds to go directly to. In addition, farmers can write off this donation as they look into tax season.
According to Erlin Weness, Ag Tax Advisory, "Giving grain to a charitable organization can be a very viable and desirable option for cash method farm proprietors. Farmers cannot claim the commodity gift as an itemized deduction, but sidestep both the income tax and Social Security ax on donated commodities by not including them on the Schedule F."
Please note: The farmer will need to gift the grain to the Minnesota West Foundation and let the Foundation decide when to sell it. If the farmer sells it and tells the elevator to send the check to Minnesota West, it is NOT considered a charitable gift.
Please let the Minnesota West Foundation know your intentions before you make your grain donation by calling Jim Smalley, MN West Foundation Director at 507-223-1329 or email.