The soaring prices of digital currencies such as Bitcoin makes this a great time to consider gifting Coins for charitable purposes. The problem is that most 501c3 entities do not accept crypto-currencies because they have no way of receiving them. The same holds for most national brokerages.
Fidelity, Schwab, DAFFY, and others have gotten around this problem by allowing individuals to establish their own charitable Donor Advised Fund (DAF) account that will accept the transfer of many of the most popular Coins from most of the recognized digital currency exchanges like Coinbase.
You or your financial advisor can set up your personal (or family) charitable DAF account, if you don’t already have one, that can accept the digital currency you wish to donate.
Tell your DAF account provider you wish to contribute (donate) digital currencies. They will give you your “unique recipient number” for you to copy and use with your digital currency exchange (like Coinbase) where you hold your Coins.
Then have your digital currency exchange (like Coinbase) send/transfer Coins using the “unique recipient number” that you obtained from your DAF provider.
Once you receive word that your DAF account has received your charitable contribution in Coins, you can then request the DAF provider to distribute cash from the sale of your Coins in your DAF to:
First Presbyterian Church of Delray Beach
33 Gleason St, Delray Beach FL 33483
Tax ID: 59-0830740
As part of your request to distribute funds to First Delray from your DAF account, be sure to include your name and also the purpose of your gift, i.e., the Capital Campaign, Annual Giving, or the Endowment Fund in the note section.
Easy as that!
Note:
If the value of the Coins transferred to your charitable DAF account is $500 or more, you may be required to file an 8283 form with the IRS in order to be able to declare a tax deduction for the gift. In order to support those requirements, you could use the following firm and individual who was referred by the New Covenant Trust Company, a subsidiary of the Presbyterian Foundation.
Bryan Clontz, President, Charitable Solutions, LLC
First Presbyterian of Delray Beach is a very special place. Your support of the church will make a major difference in sustaining it!
If you have any questions, contact Colleen O’Rourke.
The church does not provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.