Development Officer Resources for Cryptocurrency Donations
Discuss These Items Below with the Donor Before Completing the Cryptocurrency Donation Form
- The University will accept cryptocurrency donations of $5,000 or greater from known donors. The UVA Gift Policy Committee will make the final determination of acceptance.
- As the IRS considers cryptocurrency personal property for income tax purposes, a qualified appraisal of the cryptocurrency will be needed for deductions in excess of $5,000. The donor is responsible for obtaining the appraisal and completing IRS Form 8283.
- The UVA Foundation wallet is held at Coinbase, so we can accept many different cryptocurrencies - including all the major ones. For smaller, less liquid cryptocurrencies, the Foundation will work with UA and Coinbase to determine if we can accept.
- The donor must sign a Letter of Understanding, outlining terms and disclosures before transferring the crypto. A copy for review is available below. The final version will be sent to the donor via DocuSign.
- At the donor's request, UVA can provide a list of cryptocurrency appraisers (see below).
- The UVA Foundation will attempt to sell the cryptocurrency as soon as possible, however due to market volatility the net proceeds from the liquidation of the gift of cryptocurrency could significantly differ from the appraised value of the gift.
- The donor will be credited in Advance at the liquidation value (net of fees), per CASE guidelines.
- The above conversation tips are available for download as a PDF here.
What You Need to Know About Cryptocurrency as a Fundraiser at UVA
Use the below resources to familiarize yourself with cryptocurrency and the procedures for accepting cryptocurrency donations here at the University of Virginia.
- IBM Blockchain
- Bitcoin: A Peer-to-Peer Electronic Cash System White Paper
The Hoo and Why of Donating Cryptocurrency
UVA Crypto Donation Procedure
- Donor Letter of Understanding (sample)
- Crypto Donation Procedure
- List of Appraisers of Crypto
- Gifts of Cryptocurrency - Marketing Collateral for Donor
Cryptocurrency 101 webinar
Want to further your knowledge? Dive in with this hour long session with Michael May and Chris Mercincavage hosted by UVA Clubs