The Valley County Health System Foundation recently was the recipient of a generous gift of livestock from a local producer through the Burwell Livestock Market. With commodity prices where they are, farmers & ranchers might consider donating a portion of their crops or livestock directly to charity. In addition to benefiting Valley County Health System’s Foundation, producers are able to benefit from tax savings that may be greater than if they had sold the commodity and then donated a portion of the proceeds.
When an agricultural producer transfers legal ownership of the commodity to a charity before it is sold, they will not have taxable income from that portion of the sale, thus minimizing taxes. Tax savings may be realized on federal income tax, state income tax & self-employment tax, depending on the producer’s specific circumstances. Producers should check with their accountants to determine whether a contribution of commodities is appropriate to their tax situation.
Donating commodities is a fairly simple process. Let the elevator of your choice, or the livestock market you use know ahead of time that you plan to donate whatever portion, or number of head of livestock, to the Foundation and from there they will take care of the rest.
Your donation will be used to help with specific projects or equipment purchases needed at Valley County Health System, and to build the endowment and general funds for future needs. Your donations impact many lives that are touched through Valley County Health System each day, and are always greatly appreciated.
For more information, please contact Becky Ries at the Valley County Health System Foundation at 308-728-3011 or foundation@valleycountyhealthsystem.org.
