Giving an asset such as corn, soybeans, and wheat instead of cash can give you great tax benefits. Allowing you to be more generous in your giving to the school. (see below) Always consult your tax advisor before making decisions to donate. Please contact the development office to find out how you can use this method to maximize your donations. (402) 443-4151.
This example is hypothetical and doesn’t reflect exact values in commodities or taxes.
|1000 bushels of corn||1000 bushels of corn|
|Total Value: $5000||Total Value: $5000|
|The corn is sold at the elevator.||The corn is placed in a school account at the elevator.|
|TAXES: 12% Federal
Total TAXES = $1705
|TAXES: 0% Federal
Total TAXES = $0
|After selling the grain, the cash gift sent to the school will be: $3295||After gifting the grain, the cash gift sent to school will be: $5000