How to Donate
Donate to Tri County TeamMates!!
There are several ways to donate to the Tri County TeamMates chapter. Each is listed below with directions on how to make the donation. All donations are tax deductible and the tax form will be sent to the donor from the TeamMates state office. The donation methods are:
Online Donation at TeamMates
Patrons, parents, community members can click on the blue TeamMates link about and go directly to the TeamMates webpage and make a donation directly to the Tri County chapter of the organization. The information that you will use to create the account for your donation will be used to mail you the information needed for the tax deductible charitable contribution to the Tri County TeamMates chapter. Thank you very much for your support
Patrons may bring their donation to the Tri County district office. The donation will be received along with the donor information and that will be sent to the chapter treasurer who will forward your tax deductible information to the chapter office.
Area farmers can donate an amount of grain or livestock to the TeamMates organization through their local cooperative. The dollar amount for the grain will come to the district office and the information will be sent to the chapter treasurer and the tax donation will be sent to the individual making the donation.
Farmers and livestock producers can save significant taxes by donating commodities such as grain and/or livestock to the Tri County TeamMates program. TeamMates is a mentoring program for students in grades three through six in the elementary school. Producers who wish to donate portions of their crops or livestock directly to TeamMates not only benefit their community, but are able to benefit from tax savings. This savings may be greater than if they had sold the commodity and then donated a portion of the proceeds.
When an agricultural producer transfers legal ownership of the commodity to a charity before it is sold, the producer will not have taxable income from a sale, thus minimizing taxes. Tax savings may be realized on federal income tax, state income tax and self-employment tax, depending on the producer’s specific circumstances.
Farmers or ranchers wanting their gift to benefit their community should consider giving to the Tri County TeamMates chapter. They should check with their accountants to determine whether a contribution of commodities is appropriate to their tax situation.
Farmers Can Receive Tax Benefits From Charitable Contributions of Commodities
Cash basis farmers can take the standard deductions and still receive a tax benefit from charitable contributions. To get these benefits, farmers must make charitable contributions in unsold commodities rather than cash. This technique might also cut social security taxes if the contribution in commodities reduces income below the social security earnings base.
To make this strategy work, the taxpayer must:
Be a cash-basis taxpayer.
Contribute the commodity, not the sale proceeds. Contribute the unsold commodity to the charity. Deliver the grain or livestock to the elevator or sale barn, and have the title or warehouse receipt made out in the name of the charity.
Be an active farmer. This technique works for active producers who have raised the commodity as inventory. It does not apply to retired farmers who may have received gain on a crop-share lease. That grain has a rental status which is distinguished from business income and prevents transfer under the charitable rules.
The taxpayer should review the transaction with his or her CPS or tax advisor in advance.