Wondering what to do with last year's grain as this year's harvest season approaches? Donate it to the SD 4-H program and make a difference in the lives of South Dakota's young people.
"As farmers are getting ready to move out their 2009 crop in preparation for the 2010 harvest, it's a great time to support 4-H youth programs by donating grain to the SD 4-H Foundation," said Jim Burg, a SD 4-H Foundation trustee and farm operator.
"Giving grain is a very viable option for donating to the 4-H program and there are many tax benefits for the farm operator," said Nancy Swanson, the foundation's executive director. "Self-employed farmers who donate grain to the SD 4-H Foundation not only benefit youth across the state, they also reduce their self-employment tax and increase their income tax savings," she said.
"We've already received grain donations this fall. It is a very straightforward, easy process which benefits thousands of 4-H youth and provides the farm operator who is making the donation with significant tax savings," said Swanson. "The grain must be placed in the SD 4-H Foundation's name to be sold by the 4-H Foundation."
Farmers may take the grain to their local elevator, co-op or grain merchant, where a warehouse receipt showing the SD 4-H Foundation as the owner of the grain should be created. Then, farmers notify the 4-H Foundation that the grain is available to sell. Once sold, the 4-H Foundation sends the owner a receipt for the tax deductible gift.
For specific instructions on how to do donate grain to support 4-H, contact Nancy Swanson at (605) 688-4943 or nancy.swanson@sdstate.edu.
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