Gifts of Grain
Gifts of grain are a unique and underutilized way to make a charitable gift. Using grain to make a gift to the Catholic Foundation of Eastern Montana may be a great way for farmers in our diocese to invest in the Catholic Church's future while achieving tax savings.
Benefits of Gifting Grain
For farm operators, gifting grain directly, rather than selling the grain and making a gift from the proceeds, may provide a more significant tax savings.
Gifting grain allows you to avoid the sale of the commodity as income, while the production costs may still be deductible.
Reducing taxable income may provide advantages such as minimizing or eliminating self-employment tax and reducing adjusted gross income.
How to Make a Gift of Grain
- Consult with your tax or financial advisor. The Catholic Foundation of Eastern Montana and its employees do not provide tax or legal advice.
- Contact the Catholic Foundation of Eastern Montana at 406.727-.6683, ext. 120 or [email protected] -- or mail, fax or email a Gift of Grain Notification Form to the Catholic Foundation of Eastern Montana to ensure the proper steps are taken for your gift of grain.
- Deliver the grain to your local elevator or co-op and tell them that you wish to transfer ownership to the Catholic Foundation of Eastern Montana.
- Request a grain storage receipt showing the Catholic Foundation of Eastern Montana as the owner. The elevator should refrain from selling the grain or issuing a check to the Foundation without specific instructions from the Catholic Foundation of Eastern Montana.
- Notify the Catholic Foundation of Eastern Montana at 406.727.6683, ext. 120 when the transfer is made, indicating where the grain is being stored.
- The Foundation will then order the sale of the grain.
- The Foundation will acknowledge your gift following the sale.
Contact us
If you have any questions about gifts of grain, please contact us. We would be happy to assist you and answer any questions that you have.
