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   West Holt Medical Services Foundation

     Ways to Give - Give the Gift of Grain
   

  Please consult with your tax professional.

  Five Simple Steps to Give the Gift of Grain

Step 1:  Following these specific steps will help ensure that farmers receive the intended tax benefits from a gift of grain. Failure to follow these steps may result in the IRS treating the transaction as a sale by the farmer resulting in a contribution of cash, rather than as a contribution of grain. As a donor, follow these steps to ensure that ownership of the gifted grain is transferred prior to sale and you receive recognition for your gift:

Step 2:  Complete the Letter from the Producer Regarding a Gift of Grain form notifying us that you are making a gift of grain. Indicate the quantity and type of grain being contributed and where the contribution is to be directed. Send the letter to the West Holt Medical Services Foundation, PO Box 214, Atkinson, NE 68713 or fax to 402-925-1956.

Step 3:  When you deliver the gifted grain to the local elevator, tell the grain elevator to issue a storage receipt in the name of the West Holt Medical Services Foundation (WHMSF).  The storage receipt is the evidence that ownership of the grain was transferred from the farmer to WHMSF. Send the storage receipt to WHMSF at the address in step 2.

Step 4:  Instruct the grain elevator that it must send the contract to sell the grain to the WHMSF for signature. The contract can be mailed to the address in Step 2 or faxed to 402-925-2458. If the elevator does not use written contracts for grain sales, ask WHMSF to provide you with a completed Instructions to Grain Elevator for Gift of Grain form. Because WHMSF owns the grain following your gift, you may not instruct the elevator to sell it.

Step 5:  Remind the grain elevator to issue the check for the sale of the grain to the WHMSF and send it to the address in Step 2.

Please contact the Foundation office at 402.925.1956 if you need more information.

Please note that all donors have the right to direct their gift for a specific purpose.  If a donation is received that is not directed for a specific purpose by the donor, this donation will be deposited into our General Account to be used for:

  • Funding requests from the West Holt Medical Services staff which may include but is not limited to: improvements to facilities; new facilities; improvements to equipment; new equipment; staff education/training; improved services and expanded services

  • The Foundation's Operation Expenses

  • The Foundation's Fundraising Expenses

 

 

   
 
 
 
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West Holt Medical Services Foundation
PO Box 214, 313 West Pearl Street, Atkinson, NE 68713
402.925.1956 ~ Like us on Facebook