What is Cryptocurrency?
Cryptocurrency, also known as Virtual Currency or “Crypto,” is a digital asset designed to function as an alternative to sovereign fiat currency (US Dollars, for example) whereby transactions between two parties are verified through a public, distributed ledger, also known as a blockchain.
Why Donate in CRYPTOcurrency Specifically?
For donors in the United States, the IRS has classified cryptocurrencies as property for tax purposes. This means that when you donate Bitcoin or other cryptocurrencies to a 501(c)(3) nonprofit like Renovation Church, you aren’t required to pay capital gains tax and the amount can be written off on your taxes. Annual giving statements are distributed by January 31st each year.
Is the process of giving Cryptocurrency safe and secure?
As with any form of electronic payment or transaction, there are risks, however, our vendor Engiven has created certain safeguards they believe are needed to ensure that the transaction is secure. With the transfer of cryptocurrency from donor to nonprofit, Engiven believes the transaction can actually be more secure than many other forms of payment, provided certain protocols are followed: 1) By using the Engiven platform, both the nonprofit and the donor are required to undergo a simple but effective Know Your Customer (KYC) and Anti-Money Laundering (AML) screening which provides a high level of background security to ensure both parties are properly screened. 2) As with any cryptocurrency transaction, when transferring your tokens to The Salvation Army USA Western Territory’s wallet to make a donation, do not expose or share your wallet’s private keys at any time.
Are CryptoCurrency gifts refundable? ◦
Because the value of cryptocurrency can change within a short period of time, we are unable to refund donations of cryptocurrency for any reason. Make sure your gift is correct before completing it!
What is Engiven?
The Engiven platform is a third party vendor provided donation software technology that enables nonprofits to safely and securely receive cryptocurrency donations and then convert those donations into usable fiat currency such as US dollars. Learn more about Engiven here.
Are Cryptocurrency Gifts tax Deductible?
Yes―your cryptocurrency donation is tax-deductible. Because it’s a non-cash donation, it will not appear on your regular end-of-year giving statement. Instead, you will receive a separate letter acknowledging your gift(s) for tax purposes.
What Forms of cryptocurrency Does Renovation Accept?
Renovation is able to receive 39 different cryptocurrency tokens. This include bitcoin, Ethereum, Dogecoin, Litecoin and many others.