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Virtual currently donor acknowledgements

  • 1.  Virtual currently donor acknowledgements

    Posted 28 days ago

    Good morning,

     

    We are on the fast track to start accepting virtual currency and I was wondering if people were using their gift in kind acknowledgements to acknowledge these types of transactions or have you created a new template?

     

    Here is what we have for our GIK template:

     

     

    And at the bottom we provide:

    • Donor name
    • Gift date
    • Designation
    • Description

     

    Our plan was to put in the description "1,234 Virtual Currently Donated" (5,500 Bitcoin).

     

    Thought and/or suggestions?

     

    Thank you,

    Amanda              

     

     

    Amanda L. Haney

    Director of Gift & Data Management

    Gift & Data Management

     

     

    University Advancement I New England Center I 15 Strafford Ave I Durham, NH 03824

    Office: 603-862-2041 I amanda.haney@unh.edu

     

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  • 2.  RE: Virtual currently donor acknowledgements

    Posted 28 days ago
    I suggest pretty much the same approach.  The IRS defines virtual currency as "property."  As such, no valuation should go on the receipt.

    However, if you have a separate template for security donations, I would use that form.  Crypto donations are the most similar to stock both for receipting but also for internal valuing.

    John

    John H. Taylor 
    919.816.5903 (Cell/Text)

    Big Ideas; Small Keyboard