Buy Back Program
If you want to participate financially but you have no need for the meat the animal can be resold via the buy back program. Bid on the animal during the auction and then indicate “buyback” on the sale paperwork when it is presented to you the day of the auction. You as the buyer will pay the difference between the auction sale purchase price and the current market price that is established the day of the sale. This process is quite simple and can be completed without ever having to take possession of the animal.
Example:
Lamb Weight 120 lbs
Auction Price $2.86 per lb. (2011 avg.) $343.20
Buy Back Price @$1.20 per lb(2011 market price) $144.00
Buyer pays difference of $199.20**In some cases this premium amount has been accepted by the IRS as a deductible charitable expense. Please consult your tax advisor for additional information.