Cryptocurrency Donations
Hello! Does anyone take Cryptocurrency donations? We recently received our first one through Engiven and I'm just wondering what the process for the audit was like. Also, We did not treat this gift like a gift of stock, it was entered like a normal ACH gift. However, we were not sure how to enter it and account for the value and the gift amount so we did a journal entry.
Thanks!
Comments
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No - we are just thinking about it at the moment. Our policy is to liquidate gifts right away, so I believe if we did, we'd end up selling it asap…similar to a stock.
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We have been taking Crypto for about 2 years. We have only received two gifts, and both were from the same person. (The donor is a board member and pushed for accepting Crypto during his presidency.)
We were told to enter it in our system as a Public Securities. It did not pose a problem with our auditors, as far as I am aware.
We use The Giving Block, and they process through Gemini Trust.
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