Gifts of Grain can help reduce your taxable income and save money with your harvest. Transfer a portion of unsold crop to Churches of God, General Conference (CGGC) and your gift can be used to fund current kingdom work or create an endowment to support future work.
How do Gifts of Grain work?
- Contact Churches of God, General Conference treasurer at 419-424-1961 x119, who will set up an account with the local grain market or cooperative prior to crops being delivered to elevator and discuss the planned designation of the gift
- Farmers contact local grain market or cooperative to notify them you will be making a gift of grain to Churches of God, General Conference, a 501( c )(3)
- At the elevator, the driver will provide the grain market with the name, Churches of God, General Conference. Grain market will provide a warehouse receipt to CGGC. After transfer, CGGC assumes all risk associated with the commodity, including storage, marketing, transportation, and sales price. After the gift, Churches of God, General Conference will ask the farmer for the designation related to their gift and provide the farmer with a tax receipt detailing the commodity quantity and closing market value on the day of the gift.
When can Gifts of Grain be given?
- Gifts must be unsold crop inventory/farm commodity with no prior sale commitment. Costs associated with growing the crop may not be deductible if costs are incurred the same year as the gift of grain. Therefore, gifts made from the prior years’ unsold inventory may offer the best tax outcome. Tax outcomes are also impacted by cash or accrual accounting. Consult your tax advisor to determine the best course of action for your situation.