Boone County stands as a testament to the enduring legacy of agriculture, with its rich and vibrant farming traditions deeply rooted in the heart of the community. Known for its specialization in corn and soybean production, Boone County is one of the foremost agriculture counties in our home state of Indiana. According to the latest US Census of Agriculture, 85% of Boone County’s land area is farmland, and ninety-seven percent of Indiana farms are family-owned and operated.
Farm families play a crucial role in the prosperity of their communities, and the act of giving a Gift of Grain can have a profound impact. By contributing a portion of their harvest, farmers can directly support the well-being and development of their community. This unique form of philanthropy allows farmers to leverage their agricultural assets, transforming crops into a sustainable source of support for local initiatives, charitable projects, and community development programs.
When a farmer gives a Gift of Grain to the Community Foundation of Boone County, this fosters not only a sense of shared responsibility but also ensures that the benefits of the harvest extend beyond the fields, reaching various sectors such as education, healthcare, and social services. The grain collectively joins with other gifts to address more local needs and awards additional grant dollars to local nonprofit organizations.
Our ability at the Community Foundation of Boone County to accept Gifts of Grain is one way we can help donors use a non-cash asset to build a charitable legacy while providing an easy, tax-efficient way to support the community. There are significant tax benefits for donating grain directly to a charitable organization versus selling the grain and donating the proceeds (but as always, consult your tax advisor).
How Gifts of Grain Works
- Step 1: The grain gets delivered to the elevator on the farm.
- Step 2: The Boone County farmer asks the elevator to transfer a specific number of bushels to the Community Foundation of Boone County (CFBC).
- Step 3: CFBC authorizes the sale of the grain and collects the proceeds.
- Step 4: CFBC provides an acknowledgment documenting the number of bushels transferred.
- Step 5: The farmer (and family) reaps tax advantages such as reduced adjusted gross income, taxable income, and more.
If your farm is interested in the Gifts of Grain program and is looking to learn more, please do not hesitate to contact Julie Reagan, CEO of the Community Foundation of Boone County.