Cryptocurrency Gifts

WMEAC is now accepting donations via cryptocurrency such as Bitcoin and Ethereum and USD through Every.org.

Donate Crypto to WMEAC

Cryptocurrency Donation FAQs

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 Every.org?

The Every.org 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.

IS IT LEGAL FOR WMEAC 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.

LEARN MORE ABOUT CRYPTOCURRENCY AND EVERY.ORG HERE.

This document does not constitute tax advice. We recommend that you consult with your attorney or tax advisor for the various tax benefits and restrictions that may apply to your specific situation. We are available to you and your advisors to answer questions or help arrange a gift to WMEAC.

If you have questions or would like to know more about cryptocurrency donations, please send us an email at: