RANDOLPH, NE - A Randolph area grain producer is donating grain to Northeast Community College as a way to support the construction of new ag facilities at the College in a tax advantageous approach.
Mike Korth, of Randolph, has pledged 200 bushels of corn each year for five years to the Nexus project, a plan to relocate the College farm and build a new veterinary technology building near the existing Chuck M. Pohlman Agriculture Complex.
“Donating the grain to Northeast is easy,” Korth explained. “I just turn the corn over to Northeast when I take my crop to the CVA (Central Valley Ag) 81/20 Grain Hub. The elevator then sells the grain and sends the proceeds directly to Northeast. In that way, I get to deduct 100 percent of the value of the grain from my income for tax purposes.”
Korth encourages other producers to consider this option.
“Pledging to donate as little as one acre’s production each year for five years is an easy way to make a significant contribution to the new ag facilities at Northeast without having to write a big check,” he said.
Dr. Tracy Kruse, associate vice president of development and external affairs at Northeast and executive director of the Northeast Community College Foundation, said the College has more information on how a gift of grain would work to the advantage of both Northeast and the producer. Forms to be used to make the donations and other information on the process for giving a gift of grain can be found online at https://agwaternexus.com/gifts-of-grain-and-livestock/.
“We do encourage producers to talk with their tax professionals if they have questions about how this process works,” Kruse said. “It is important that the producer give up title to the grain before it is sold in order to achieve the best tax advantage.”
Kruse noted that there is a similar process for giving gifts of livestock.
Funding for the $23 million Agriculture & Water Center for Excellence project is currently being solicited to enhance and expand the agriculture facilities at Northeast Community College. In addition to the College’s commitment of $10 million, Northeast is seeking at least $13 million in private funds to begin the initial phase of construction, which includes a new farm site with a large animal handling facility and other farm structures for livestock operations, a new veterinary technology clinic and classrooms, and a farm office and storage. The new facilities will be located near the Chuck Pohlman Ag Complex on East Benjamin Avenue in Norfolk.
In August, the Acklie Charitable Foundation (ACF) announced a $5 million lead gift to the Nexus project. ACF was founded by the late Duane Acklie and Phyllis Acklie, both Madison County natives and graduates of Norfolk Junior College, a predecessor institution of Northeast Community College.
For more information on the Nexus Campaign, contact Kruse, at email@example.com, or call (402)844-7056. Online donations may be made through the website agwaternexus.com. Checks may be mailed to: Nexus Campaign, Northeast Community College Foundation, P.O. Box 469, Norfolk, NE 68702-0469.