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Lind
Dryland Research Endowment Fund
The
Lind Dryland Research Station Endowment was created in 1996 by growers
in low-rainfall areas. The endowment funds research at the Washington
State University Dryland Research Station at Lind as well in other
dryland areas of the state receiving less than twelve inches annual
precipitation. The endowment is managed by the Lind Dryland Research
Fund Committee comprised of growers and members of the WSU College
of Agricultural, Human, and Natural Resource Sciences.
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Six
ways to support
Grower
representatives from Adams, Franklin, Benton, Douglas, Lincoln, and
Grant counties are appointed by their respective county wheat grower
associations. Faculty from WSU are appointed by the Chair of the Department
of Crop and Soil Sciences and approved by the Dean of the College.
The Endowment Committee meets annually to review proposals and make
decisions on fund disbursement. Funds support facility improvement,
research projects, equipment purchase, and other identified needs. |
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Providing
Support : A
well-planned charitable gift of your family farm to the Lind Dryland
Research Endowment may serve your needs in determining the future
of your farm. A charitable gift of farmland can provide income tax
benefits, in addition to solving difficult income and management problems.
And, a charitable gift will support the important work of the University
through its research, teaching, and extension work. Consider the following
six methods of giving:
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Outright
Gift of Your Farm
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An
outright gift of land is often the best method for donors with substantial
assets other than the gift property. If you have held the land more
than six months, an outright gift receives favorable tax treatment.
You receive: |
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- an
income tax charitable deduction for 100 percent of the fair market
value of your farm, at the time of transfer;
- no
capital gains taxation on past appreciation in value, either at
the time of your gift, or if the University sells the farm to
realize funds for use or for reinvestment for improved income;
- reduction
of your taxable estate, by the value of your gift less any tax
savings retained for reinvestment.
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Outright
Gift of Your Farm by Will |
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In
many cases, leaving your family farm to the University through your
will can be the most appropriate method of making such a gift. A fund
established through a gift by will is normally named for the donor,
or other person you choose to honor, and the use of the income from
the fund is designated in a fund agreement, executed by you with the
College of Agriculture and Home Economics and the Washington State
University Foundation. The benefit includes a 100 percent charitable
deduction for federal estate tax purposes. This method can significantly
reduce the erosion of your estate by taxes. |
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Gift
of Your Farm into a Charitable Trust |
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You
may wish to make a gift of land but would like to retain the income
during your lifetime. As you know, farm income varies with the markets
and the weather. The return may represent a low percentage of the
land's value. Yet, selling your farm may not be an attractive option
because capital gains tax can significantly reduce the proceeds of
the sale. |
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- This
problem may be overcome by using your farm to establish a charitable
trust that pays an income to you, your spouse, or another beneficiary
you name. This has the following advantages:
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- you
could improve your annual income with your trust having a minimum
payout of at least five percent of the value of the trust, which
could exceed your average return from your farm;
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- you
would avoid capital gains tax if you have held the property for
more than one year;
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- you
would receive a charitable income tax deduction usable in the
year the gift is made, or spread over up to five additional years;
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- this
asset would be removed from your estate;
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- the
Washington State University Foundation could serve as your trustee,
providing the security of professional management.
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Bargain
Sale Gift of Your Farm |
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If
the current value of your farm exceeds the amount you wish to give,
the "bargain sale" gift could be an appropriate method for
you, especially if it is not practical for you to subdivide the farm.
This method provides income tax savings from the charitable deduction
and reduces your taxable estate. |
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Gift of Your Farm with Retained Life Estate |
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Federal
tax laws permit donating your home or farm while retaining full use
and responsibility for the farm during your lifetime, and that of
your spouse. You receive an income tax deduction at the time of your
irrevocable gift as well as the charitable estate tax deductions.
Removing property from your estate can reduce the final settlement
costs. |
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Cash
Gifts |
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Cash gifts
may be sent to the College of Agriculture and Home Economics Development
Office. For further information or to discuss how you can help the
Lind Dryland Research Station Endowment, please call or write to:
Office
of Alumni Development
College of Agricultural, Human and Natural Resource Sciences
Washington State University
PO Box 646228
Pullman, WA 99164-6228
509-335-2243 |
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For information on the Lind Dryland Research Station Endowment,
contact: |
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Ross Heimbigner, Wheat Grower and Endowment Chair, 509-659-1973,
raheim@ritzcom.net |
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Bill Pan, Chair, WSU Department of Crop and Soil Sciences,
509-335-3471, wlpan@wsu.edu
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Bill
Schillinger, Res. Agronomist, WSU Department of Crop and Soil
Sciences,
509-235-1933, schillw@wsu.edu
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