News Update
December 18, 2014
Make A Tax Deductible Gift Today
Charitable gifts can be made throughout the year in support of the Angus Foundation’s education, youth and research initiatives. For those waiting until the end of the year to make their outright cash gift by mail, their gift envelope must be U.S. postmarked by Dec. 31 to qualify with the Internal Revenue Service’s guidelines for this year’s income tax purposes.
“Charitable giving considerations to benefit the Angus Foundation, in the waning days of this year, will be greatly appreciated,” says Milford Jenkins, Angus Foundation president. “By making charitable gifts to a 501(c)(3) not-for-profit charity of their choice, individuals adverse to paying income taxes can reduce the amount they owe.”
If you’re planning to make a gift of securities (appreciated stock) electronically, please call the Angus Foundation well in advance of the Dec. 31 deadline, so necessary arrangements can be made for the transfer of your securities and gift.
Over the days ahead, individuals 70 years of age or older will want to pay close attention to the U.S. Congress decision whether to extend the “charitable rollover” provision for those individuals to make gifts directly from their Traditional or Roth IRAs tax-free to 501(c)(3) charitable organizations like the Angus Foundation for 2014. If passed, funds donated in this manner would not be subject to income or estate tax and up to the mandatory $100,000 IRA withdrawal level per spouse may be given to the charity.
Gifts from IRAs can be designated by the donor(s) to establish a permanent endowment fund in their name, ranch or farm name, or a beloved family member’s name ensuring their legacy is carried on in perpetuity in the Angus breed. Donors of IRA Charitable Rollover Gifts can designate the endowment fund to support a specific education, youth or research activity of interest to them.
Donors will be recognized for their support while simultaneously benefiting this tax year from tax-deductible charitable gifts, as allowed by law. Also, those who donate $250 or more will be invited to the 2015 Angus Foundation Supporter Recognition Event and donations of all sizes will be recognized for the 2015 fiscal year.
For more information, please contact Jenkins at 816-383-5100 or mjenkins@angusfoundation.org to discuss charitable options available to you.
Statement by American Farm Bureau Federation
President On Passage of Tax Extenders Bill
“Passage of H.R. 5771 means farmers and ranchers are one step closer to tax laws that will let them reinvest in their businesses. Farm Bureau now urges the President to sign these temporary provisions into law for 2014,” said Bob Stallman, American Farm Bureau Federation president.
“Thanks to tax provisions like Section 179 small business expensing and bonus depreciation, hard-working Americans will be free to put their money directly back to work on their land and in their local communities.
“The domestic energy market will continue to grow and innovate, thanks to the renewal of fuel and power tax incentives. A boost in our clean, renewable energy market here at home will help farmers, ranchers and consumers alike as more affordable energy is available.
“Farmers and ranchers need more than just a temporary tax fix, however. They need certainty that these provisions will be there in the coming years as they make long-term business decisions. Farm Bureau looks forward to working with Congress to ensure agriculture can count on these tax provisions not just this year, but every year.”
Highly Pathogenic H5 Avian Influenza Confirmed
in Wild Birds in Washington State
The USDA Animal and Plant Health Inspection Service (APHIS) confirmed the presence of highly pathogenic (HPAI) H5 avian influenza in wild birds in Whatcom County, Wash.. Two separate virus strains were identified: HPAI H5N2 in northern pintail ducks and HPAI H5N8 in captive Gyrfalcons that were fed hunter-killed wild birds. Neither virus has been found in commercial poultry anywhere in the United States and no human cases with these viruses have been detected in the United States, Canada or internationally. There is no immediate public health concern with either of these avian influenza viruses.
Both H5N2 and H5N8 viruses have been found in other parts of the world and have not caused any human infection to date. While neither virus has been found in commercial poultry, federal authorities with the USDA also emphasize that poultry, poultry products and wild birds are safe to eat even if they carry the disease if they are properly handled and cooked to a temperature of 165°F.
The finding in Whatcom County was reported and identified quickly due to increased surveillance for avian influenza in light of HPAI H5N2 avian influenza outbreaks in poultry affecting commercial poultry farms in British Columbia, Canada. The northern pintail duck samples were collected by officials from the Washington Department of Fish and Wildlife following a waterfowl die-off at Wiser Lake, Wash., and were sent to the U.S. Geological Survey (USGS) National Wildlife Health Center for diagnostic evaluation and initial avian influenza testing. The U.S. Department of the Interior’s USGS, which also conducts ongoing avian influenza testing of wild bird mortality events, identified the samples as presumptive positive for H5 avian influenza and sent them to USDA for confirmation. The gyrfalcon samples were collected after the falconer reported signs of illness in his birds.
For more information, please view the full release here.
CME Group Announces Change to Daily Price Limits
in CME Feeder Cattle and Live Cattle Futures
CME Group, the world’s leading and most diverse derivatives marketplace, announced Dec. 17 it will change daily price limits in its CME Feeder Cattle futures effective Thursday, Dec. 18, pursuant to its emergency action authority.
The current daily price limit for CME Feeder Cattle futures is $3 per hundredweight (cwt.) and will change to $4.50 per cwt. effective on trade date Dec. 18. Additionally, effective Dec. 19, these limits will have the ability to expand by 150% to $6.75 per cwt. on any business day in the event that one of the first two contract months settles at limit on the previous trading day.
CME Feeder Cattle futures have been locked limit for five consecutive days as a result of various factors. This change to daily price limits is necessary to ensure continued price discovery and risk transfer for CME Group customers.
Daily price limits for CME Live Cattle futures will remain unchanged at $3 per cwt. Effective Friday, Dec. 19, these limits will have the ability to expand by 150% to $4.50 per cwt., in the event that one of the first two contract months settles at limit on the previous trading day.
CME Group will continue to closely monitor these markets and communicate directly with our customers should additional action be required.
For more information, please view the full release here.
AFA Elects Kaehler and Schramm to Board of Directors
Agriculture Future of America (AFA) is pleased to welcome Ben Kaehler, Dow AgroSciences, and Gwyn Schramm, Monsanto Co., to its board of directors. The board represents recognized leaders from leading agri-businesses, land-grant universities, associations and production agriculture. Kaehler and Schramm were elected during the November AFA board of directors meeting.
Kaehler, U.S. sales leader, is responsible for the sales plan for the United States, working with Dow AgroSciences Crop Protection and Seeds marketing teams, as well as key distribution, retail and grower customers. His career began in 1986 when he joined Dow AgroSciences as a sales representative for crop protection products in central Minnesota. Since then, he has held various sales and marketing leadership roles. Kaehler earned his bachelor’s in agriculture economics from North Dakota State University.
Schramm, U.S. agronomy lead, is responsible for employee and dealer technical training, product evaluation and placement, and providing agronomic recommendations for corn, soybeans, cotton and canola. Throughout her career, she has held many sales and leadership positions within Monsanto, as well as DuPont and American Cyanamid. She earned her bachelor’s degree in agricultural economics from the University of Illinois and a MBA from Northern Illinois University. Schramm is focused on bringing diversity into agriculture by connecting students with strong and limited agriculture knowledge to careers in the industry through mentoring, shadowing and educational programs.
Both Kaehler and Schramm have personal ties to production agriculture. Kaehler grew up on a purebred beef cattle and grain farm in southern Minnesota. Schramm is from a grain and livestock farm in Illinois, and, with her husband, raised three sons on their livestock and grain farm in northwest Iowa.
For more information, please view the full release here.
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