Foundation looking for the gift of farmland
The Southern Minnesota Initiative Foundation is looking for farmland to rent out with proceeds benefiting local communities.
President and CEO Tim Penny says the Foundation helps 24 small towns in south central and southeast Minnesota by creating and managing their local community funds.
He tells Brownfield one of the initiatives is accepting farmland donations on behalf of those communities.
“With the intention that we would then rent that farmland (and) keep that land in production, and allow the proceeds, after taxes and expenses are paid, to go into the budgets of these local community funds so they can invest in the future of those communities.”
He says the Preserving Our Heritage program is targeting farmers nearing retirement.
“Some have heirs ready to take over, others may want to sell. But there might be some that are looking for an opportunity to make a charitable gift.”
Penny says the program allows landowners to customize their giving.
“They may want to do this as an immediate gift of a portion or all of their farm. They may want to do this in a way that maybe benefits a current renter. They might want to do this by passing it on to a child, but maybe 60 or 70 years down the road when that child retires (and) the gift takes full effect.”
There is a similar program that was established in southwest Minnesota three years ago that Penny says has been successful, and he would like to see that replicated in his region.
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