GO Campaign now accepts donations of Bitcoin and 39 other cryptocurrencies!
Donating crypto is fast and secure, and cryptocurrency donations are tax deductible and are treated by the IRS the same as non-cash contributions. You will receive an IRS compliant contribution receipt for all cryptocurrency donations made on the Engiven platform.
Questions? Email firstname.lastname@example.org.
NEW TO CRYPTO? HERE'S HOW TO DONATE
STEP 1: Enter your information into the form above (this is for our records and your donation receipt)
STEP 2: After entering your information, click 'Next' to view the address for your transfer
STEP 3: Complete the transfer via your crypto wallet by entering the address generated in Step 2.
STEP 4: You should see the transaction processed immediately in your crypto wallet, and Engiven will send you an email you a receipt for your donation with the subject 'Thank you for your gift!'
(Please note, the email from Engiven may come a few hours after you make the donation, please be patient!)
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. Most people think of Bitcoin and/or Ether when they hear the word “Crypto,” and while Bitcoin is the original cryptocurrency and most widely followed, there are a number of cryptocurrencies currently available.
WHAT IS THE ENGIVEN PLATFORM?
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.
IS IT LEGAL FOR GO CAMPAIGN TO ACCEPT DONATIONS OF CRYPTOCURRENCY?
Yes. It is lawful for a nonprofit to accept a donation in the form of a cryptocurrency. On March 2014, the United States Internal Revenue Service (IRS) ruled that Bitcoin is treated as property for tax purposes (IRS Notice 2014-21).
HOW ARE CRYPTOCURRENCY DONATIONS TREATED FOR FEDERAL TAX PURPOSES?
For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of donation. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied. Donors who give cryptocurrency donations to GO Campaign will receive an electronic donation receipt (through the Engiven donation platform) in US dollars with comprehensive details about each transaction.
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 GO Campaign's wallet to make a donation, do not expose or share your wallet’s private keys at any time.
HOW CAN I DESIGNATE MY GIFT TO A SPECIFIC PROJECT?
If you would like to designate your cryptocurrency gift to a specific GO Campaign project, please contact email@example.com.