The Pedrozzi Foundation is proud to accept cryptocurrency donations!
The Pedrozzi Foundation accepts cryptocurrency through the online platform Engiven. Use this link to access our donation page:
To designate your donation to a specific program or scholarship fund, contact Carolyn Siegfried, Executive Director, at firstname.lastname@example.org.
FAQs about cryptocurrency and donating via cryptocurrency:
What is Cryptocurrency?
Cryptocurrency, also known as Virtual Currency or “Crypto,” is a digital asset designed to function as a replacement for fiat (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 when they hear the word “Crypto.” While Bitcoin was the first cryptocurrency introduced, there are thousands of unique cryptocurrencies in circulation, each with its own specific properties and values. Learn more at: https://en.wikipedia.org/wiki/Cryptocurrency
How does donating Cryptocurrency benefit donors?
If a donor sells crypto that has appreciated in value, they will have to recognize a capital gain on the sale. If, instead, the donor decides to donate that crypto, they will get the double benefit of receiving a charitable contribution deduction while also avoiding capital gains.
Which Cryptocurrencies do you accept?
We are able receive 39 different cryptocurrency tokens. Current Tokens: BTC ETH LTC ZEC LINK OXT DAI BAT AMP COMP PAXG ZRX BAL CRV MANA KNC MKR REN STORJ SNX UMA UNI YFI AAVE FIL ENJ BNT 1INCH SKL GRT LRC SAND CUBE BOND SUSHI INJ LPT DOGE
What are the Pedrozzi Foundation’s IRS reporting requirements following receipt of a donation via cryptocurrency?
In 2014, the IRS issued Notice 2014-21, explaining that virtual currency is treated as property for Federal income tax purposes. Therefore, charitable organizations that receive donations via cryptocurrency currency should treat the donation as a noncash contribution.
The Pedrozzi Foundation immediately converts cryptocurrency donations to US dollars, so will report non-cash contributions on our annual Form 990-PF, if applicable. We also must file Form 8282, Donee Information Return, for donations with values over $500.