The Archdiocese of San Francisco is accepting cryptocurrency!
By Rod Linhares
The Archdiocese of San Francisco is accepting cryptocurrency – joining a growing but still relatively small group of nonprofits and church organizations who can process donations in the digital currency.
The Archdiocese has partnered with The Giving Block (thegivingblock.com) to make this happen. The Giving Block is the leader in cryptocurrency donation solutions for nonprofit organizations. It provides a system for nonprofits and charities to raise cryptocurrency dollars, a place for crypto donors to find nonprofits that accept crypto gifts, and an easy, secure way to make crypto donations.
The Giving Block is the cryptocurrency donation solution trusted by over 1,000 faith-based organizations, nonprofits, and universities. Among the organizations who use The Giving Block are the Catholic University of America, the American Cancer Society, Save the Children, and many others.
A cryptocurrency (or “crypto”) is an electronic, peer-to-peer currency. This intangible asset is created using encryption algorithms and is circulated independently of a central monetary authority, like a bank or government. Consumers can convert traditional currencies, such as dollars or euros, into crypto, which can then be used to make investments, or even purchase goods or services. Most crypto exchanges use blockchain technology, allowing users to make safe and secure transactions, whether they are buying, selling or trading crypto.
It is fast and easy to make a gift of cryptocurrency to your parish, a school, and/or ministry (such as the Archdiocesan Annual Appeal) of your choice. The process is extremely efficient, donor-focused, and secure, from the time you make your gift and automatically receive your tax receipt to when the parish, school, and/or ministry you select receives your donation.
The process of donating cryptocurrency to the Archdiocese is virtually identical to that of donating stock. Significantly, just as with the sale of stock, the Archdiocese sells a gift of cryptocurrency as soon as it is received. The Archdiocese does not hold the cryptocurrency. There is no speculation.
Your cryptocurrency gift will have a great impact by furthering the mission of an Archdiocesan entity or ministry while reducing your tax-gain burden. When donating crypto, you receive a tax deduction for the fair market value of the crypto, and you avoid the capital gains tax you would have incurred if you had sold the cryptocurrency and then made a donation.
This often makes Bitcoin, Ethereum and other cryptocurrencies (there are nearly 80 cryptocurrencies you can donate through The Giving Block) one of the most tax-efficient ways to support your favorite parish, school, and/or ministry.
To donate cryptocurrency to an Archdiocesan ministry, school, parish, or the AAA, to learn more about doing so – or to learn about The Giving Block – please see thegivingblock.com. You will notice on the web site that our Archdiocese is listed as The Roman Catholic Archbishop of San Francisco. That is simply because The Giving Block requires organizations to be listed under their legal entity name.
Please contact Rod Linhares, Director of Mission Advancement, at 415-614-5581 or [email protected] for more information, if you have questions, etc. Make a gift of cryptocurrency and change lives!