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Cryptocurrency Procedures

Procedures for Accepting Cryptocurrency

(follow Gift Acceptance Policy - Complex Gifts)

  1. Development Officer notifies Estate and Gift Planning of Donor’s intent to make a gift of cryptocurrency. Donors can also make a gift through the Giving Block website.
  2. Estate and Gift Planning reviews types of cryptocurrency accepted by outside vendor, currently Giving Block.
  3. If the cryptocurrency is listed as approved token, Estate and Gift Planning prepares summary of gift for review by Legal Affairs and the Treasurer’s office. If not, see if the token can be accepted.
  4. Estate and Gift Planning prepares a gift agreement, subject to review by Legal Affairs.
  5. If Estate and Gift Planning, Legal Affairs and the Treasurer’s office agree there are no issues, Donor is given approval to make a gift to or for the benefit of the university via the Giving Block.
  6. For cryptocurrencies Giving Block liquidates directly on behalf of the Foundation, Giving Block accepts volatility risk and credits the Foundation with the value of the cryptocurrency as of the time of the donation, less a transaction fee.
  7. For cryptocurrencies the Giving Block does not liquidate directly, the gift may be made to a third party, e.g., America’s Charities, which liquidates the cryptocurrency. America’s Charities subsequently makes a gift to the university of the proceeds of the transaction, less a transaction fee.
  8. Estate and Gift Planning notifies Development Officer or Donor directly with amount of proceeds of the sale.
  9. Donor receives recognition credit for their gift of the proceeds after fees.
  10. For cryptocurrencies liquidated by the Giving Block, the Giving Block assists the donor with the donor portion of Form 8283 and the University/Foundation issues a gift receipt for detailing the asset but not the value. For cryptocurrencies liquidated by a third party such as America’s Charities, the gift is treated as made to America’s Charities and America’s Charities handles related tax reporting.
  11. If gift is greater than $5,000, Donor must get an appraisal to substantiate a charitable income tax deduction. Gift Processing will sign an IRS Form 8283 if the Donor presents the appropriate completed form.
  12. The Foundation prepares Form 8282 to report the sale of the cryptocurrency (for cryptocurrency liquidated by Giving Block).