HANCOCK COUNTY — For some farmers, making a charitable contribution in kind, rather than cash, can increase the tax benefit of the gift.
To a nonprofit charitable organization, there is no difference between the receipt of cash or an equal value of commodities. However, if you are a cash basis farmer, there can be a substantial difference in the tax consequences resulting from the donation of cash or raised inventory.
How the Hancock County Community Foundation’s Harvest for Hancock works:
The ownership of grain is transferred to the foundation.
Your donation of grain lessens the amount of inventory you report.
The grain elevator will set up grain disposition instructions and deposit funds in the foundation’s information and the amount of grain to be donated.
A form can be found at www.givehcgrowhc.org/give/.
The foundation stewards a number of endowed funds that benefit organizations and scholarships supporting agricultural-based programs and educational opportunities, including:
Agricultural Heritage Fund
AgriInstitute Fund
Hancock County Enrichment Fund (gifts matched $2 for $1)
Hancock County Ag Association Fund
Mary E. Carmichael Fund for the Future of Agriculture
Scott Family Agriculture Scholarship
Many scholarships for 4-H participants
