Editor's note: If you are interested in making a contribution to the Center for Rural Affairs or Granary Foundation, or have any questions, contact Nick Bergin, Development Director, at 402.687.2100 ext. 1035 or [email protected].
By Tyler Vacha, former staff member
Wow, this year is flying by! It seems like just yesterday we were celebrating the New Year. Together, in the first half of 2017 we accomplished so much because of generous support from donors like you. Thank you.
Recent exciting developments make it possible for your giving to have an even greater effect. Please consider these options as you think about fall and holiday giving.
Your IRA: Last December, the IRA charitable rollover was made permanent. If you are older than 70½ years old, you can give up to $100,000 directly from your IRA. Funds are transferred tax free, making your impact greater. Additionally, since you never possess those funds, they aren’t reported as income to you. This may decrease your taxes on other earnings. Giving directly from your IRA (especially if you have a required minimum distribution) is a great way to increase your impact, reap immediate tax benefits, and fulfill your annual charitable goals.
Appreciated stock: With the stock market at an all-time high, now is a good time to consider gifts of appreciated stock. The Center accepts stock transfers.
Giving stock directly instead of selling to make a contribution can have financial advantages. When you donate appreciated stock, you can take the stock’s full market value as a tax deduction and avoid capital gains tax you would owe if the stock was sold.
Grain/livestock/commodities: Transferring legal ownership of grain or livestock to the Center instead of selling them to make a gift provides you with significant tax savings. Example: If you gift 1,000 bushels of corn at a $3 market price, you’d reduce your taxable income by $3,000. Since you never possess those funds, they aren’t reported as income to you. This may decrease your taxes on other earnings, and you can still deduct production costs of the bushels donated. To make a gift, you must notify both the Center and your buyer before the goods are sold.
Charitable gift annuities: A charitable gift annuity can provide a guaranteed income stream for you, your spouse, or another individual with immediate charitable tax deductions, tax-free income, and increased annual income. The Center offers charitable gift annuities with a minimum value of $10,000. When an annuity is established, the Center agrees to provide quarterly or annual payments to the beneficiary(s) for life. These payments can start immediately or be deferred to start on a certain date to provide income following life changes, such as retirement or college enrollment.
These giving methods can significantly increase your gift’s impact and potentially provide tax benefits. I hope you’ll consider them this fall.
We at the Center and everyone else who cares deeply about rural America thank you for your support. We are inspired by your dedication to providing a stronger and brighter future for rural America.
Feature photo: Transferring legal ownership of grain or livestock to the Center for Rural Affairs is just one way you can support our work while saving on taxes. | Photo by Wyatt Fraas
