The Polk City Community Foundation would like you to consider a gift of grain to help grow the future of Polk City. Your crops are your livelihood, your life. You prepare, you plant, you nurture and it grows. That’s what we do with the charitable gifts entrusted to the Polk City Community Foundation and we invite you to grow the future of Polk City with us.
Donating a gift of grain to the community foundation is a simple way to make a lasting difference. The value of the grain can be used to start an endowed fund in the name of your family, for a specific nonprofit organization important to you or support the overall charitable causes in Polk City Your gift may be eligible for a 25% Endow Iowa Tax Credit. No matter what type of endowment fund you choose to establish or support, you can be sure that your gift of grain is growing the future of Polk City.
By giving grain to the community foundation, you avoid including the sale of the grain in your farm income. Although a charitable income tax deduction is generally not available to you, the avoidance of declaring it as income and the possibility of an Endow Iowa Tax Credit are significant benefits. You deduct the cost of growing the crops which typically results in saving self-employment tax, federal income tax and state income tax. (You can benefit even if you don’t itemize your deductions and take the standard deduction.) A 25% Endow Iowa Tax Credit may be available to you for gifts to a permanent endowment fund benefitting an Iowa charitable cause.