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Cryptocurrency donations

Hello,

I am interested to find out if any Foundation accepts Cryptocurrency donations. What are some of the things we should consider when we start thinking about taking Crypto donations (pros and cons of Cryptocurrency donations). What is the best practice and how to process the donations?

Thank you in advance for your input and time.

KaraAdamsAnnButterfieldKentWeimer

Comments

  • edited August 20

    Hi @MinalPatel,

    Very interesting question. We do not currently accept Crypto, but it has come up in conversations about what the future may look like. I'd be interested to hear if others are getting this request today, or just planning for the future? Have you, or others you've talked to, put any thought into how you would want to manage this?

    Grant

    KaraAdams
  • Hi @GrantElliott

    We got few questions and that's why we started researching about it. We want to be ready if we start getting more questions in near future. I am hoping to talk to other foundations who already accepts Cryptocurrency donations on how they accept and manage this type of donations.

    Minal

    KaraAdamsAnnButterfield
  • We actually just signed up for an account at the Giving Block to help us facilitate crypto donations. It was pretty easy and we are in the process of giving a donation page set up on our website now.

    Nick

    AnnButterfieldKaraAdamsMinalPatelKentWeimer
  • edited September 8

    We recently revised our gift acceptance policies to include cryptocurrency and signed up with Engiven. We checked with other cryptocurrency management sites and found Engiven to be the best fit for our foundation. Engiven does not charge anything unless and until the Foundation receives a donation (no annual fee); it is then a 5% fee off the top, they convert it to cash and deposit the money directly into your bank account no matter the time of day. We did not want the hassle of owning and managing our own wallet as we wanted any crypto donations to be immediately converted to cash. Engiven also helps you set up a widget for your website for no additional charge. You can add and close funds on the site to accept donations and it is very user friendly. They have been very helpful to us, and I would absolutely recommend them.

    Michelle

    AnnButterfieldKaraAdamsMinalPatelKentWeimer
  • Thank you @NickWilliams and @MichelleHuddle I have looked at the Giving Block website and I will check out the Engiven website. We do not want the hassle of owning and managing our own wallet so this is helpful information.

    Once you are set up and start receiving the crypto donations, can you share your experience and process with us?

    Thanks,

    Minal

    KaraAdamsAnnButterfield
  • @MichelleHuddle , great information.

    Our gift acceptance polies allow donations of crypto with the approval of our gift acceptance committee. Like others, we don't want to own it, we want to turn it in to cash. It's important for us to inform donors of how the IRS views crypto. The IRS treats it as tangible personal property. Therefore, if the donation is more than $5,000 they will need a qualified appraisal to substantiate a charitable deduction.

    Kent

    MinalPatelAbbyEnglishKaraAdams
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