Burgess Memorial Hospital issued the following announcement on November 11.
The Burgess Foundation is honored to announce that another Gift of Grain donation has been made. This is a great investment towards Burgess’ future in helping to provide exceptional patient care.
Burgess Health Center is a proud supporter of our community and our agricultural producers who we rely on to help keep our small towns thriving. We want to make our agricultural leaders aware of the benefits not just on donating to the Burgess Foundation, but simple ways they can make a lasting difference.
Doug and Jeanne Nelsen of Soldier, IA have donated the very generous Gift of Grain. After Doug suffered a heart attack in 2014, emergency services have been a vital part of their lives. When the Nelsen family heard that funds being raised for the Poinsettia Ball would be going towards an updated ambulance, they jumped on the opportunity to donate.
“We saw this as the perfect way we could donate and show our appreciation. An updated ambulance can make the difference in a life or death situation,” said Jeanne Nelsen. “Especially when you need that ambulance ride to save your life!”
Donating grain is an easy way to save on your taxes while investing in the future of Burgess at the same time. This can be done by providing a part of what you have grown into the Burgess Foundation. A Foundation that gives back to your own community by investing in updated medical technology, equipment, and resources that help to keep Burgess providing the best patient care possible.
The Benefits on Donating Grain
If the farmer chooses to donate grain, the farmer can then exclude the grain sale from income. Which can result in saving on your taxes. Here are some examples on how much you can save.
- State income tax savings (up to 8.98% in Iowa)
- Self-employment tax savings (15.3%)
- Federal Tax income savings (up to 37%)
The best way to start is contacting Bobbi Johnson, Burgess Foundation Director, at (712) 423-9374.
Keep a copy for your records. (This should be unsold crop with no prior sale commitment.)
Transfer the grain as a gift to the Burgess Foundation. Your elevator can send a warehouse storage receipt to the Foundation. The grain should be put in the name of the Burgess Foundation.
The Burgess Foundation will then sell the grain and receive the proceeds.
Please consider consulting with a tax professional before donating to make sure this is the right choice for you. Remember, no gift is too small.
Original source can be found here.
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