Bountiful Harvest is a charitable contribution of grain or another farm commodity. It is donated or gifted to the TriState Health Foundation.
What are the benefits of giving?
If you are a landlord or non-active farmer, you can still designate a share of your crop sold to TriState Health Foundation. Designating a share of your crop is considered a cash donation, and you can take a charitable donation deduction if your taxes allow. Please consult your tax advisor.
If you are an active self-employed farmer, you can donate your actual grain or commodity directly to Tri-State Hospital Foundation. All control over that commodity is granted to the foundation. You can potentially deduct production costs and receive lower reduced income taxes. Please consult your tax advisor.
If you are a qualified self-employed farmer, why give your harvest instead of cash?
- Tax deductions and benefits are changing, and taking an itemized deduction is not always the best tax benefit anymore.
- Transfer of ownership of your commodity directly to TriState Health Foundation allows you to remove that portion as income on your taxes.
- You can deduct the cost of production in many cases.
- There may be additional tax benefits such as reduced Supplemental Security Income Taxes.
- For gifts to a non-profit like TriState Health Foundation, it does not matter if the donation is made in the year of production or a later year
Priority Points for Your Gift
- It is best for you, the donor, to give all dominion. Please do not consult TriState Health Foundation on market value or time to sell after a gift has been provided. All passage of risk and transfer of control needs to be transparent to the IRS.
- TriState Health Foundation will retain appropriate documentation after a transfer of the gift is received, including:
- Warehouse receipt or storage ticket
- Original sales invoice indicating Tri-State Hospital Foundation is now the owner
- Notarized letter, if applicable
- This contribution releases the gift of any liens, garnishments, or other encumbrances.
Donating to Bountiful Harvest
Ask your grain elevator or cooperative to set up an account in the name of:
TriState Health Foundation
PO Box 636, Clarkston WA 99403, PHONE: 509.758.4902 | FAX: 509.758.8738
Transfer your commodity to the account with
TriState Health Foundation on the receipt as owner
Inform TriState Health Foundation of your donation and
which grain elevator or cooperative the donation is located.
TriState Health Foundation will contact the elevator to sell the commodity
on behalf of them, then a check will be sent to Tri-State Hospital Foundation.
You will receive a formal thank you letter as our acknowledgement
of your gift to TriState Health Foundation.