Cryptocurrency — or virtual currency — is a digital asset designed to function as an alternative to sovereign fiat currency ($USD, for example) whereby transactions between two parties are verified through a public, distributed ledger (also known as a "blockchain").

While Bitcoin and Ether are two of the most commonly known cryptocurrencies, there are more than 50 cryptocurrencies currently available.

Donating cryptocurrency to HonorHealth Foundation can be a powerful and beneficial way to support the HonorHealth programs you care about. Here are several reasons why a donor might choose to give cryptocurrency to a charity:

1. Your gift will be put to immediate use driving greater improvements in health and well-being in our communities.
2. Gifts of cryptocurrency, a non-cash asset, are considered gifts “in-kind” and the donor may realize a tax benefit for the full value of the US dollar conversion as a charitable donation.
3. Low transaction and processing fees make donating cryptocurrency efficient and cost-effective for the donor and the Foundation.
4. Donating cryptocurrency is fast! Just fill out the form and submit for immediate processing.
5. The blockchain technology upon which crypto currencies operate offers a high level of security and transparency.

HonorHealth Foundation contracts with Engiven as our vendor for processing donations of virtual currency.

When you make a donation of cryptocurrency, Engiven provides a real-time conversion to U.S. dollars and provides you with our gift receipt for tax purposes. One hundred percent of your gift goes to the HonorHealth program you choose.

Yes. It is lawful to donate cryptocurrency to HonorHealth Foundation — a non-profit 501(c)(3) organization.

In March 2014, the United States Internal Revenue Service (IRS) ruled that cryptocurrency is treated as property for tax purposes (IRS Notice 2014-21).

Yes, your gift of cryptocurrency to HonorHealth Foundation is tax deductible for the real-time value in U.S. dollars. This figure appears on the donation form before you submit it, so you’ll know the value of your donation.

For U.S. tax purposes, transactions using cryptocurrency 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.

Donors who give cryptocurrency donations to HonorHealth Foundation will receive an electronic donation receipt (through the Engiven donation platform) in U.S. dollars with comprehensive details about each transaction.

The Engiven platform is donation software technology that provides nonprofits, including HonorHealth Foundation, with online functionality to safely and securely receive cryptocurrency donations, and then convert those donations into usable fiat currency such as U.S. dollars. 

Learn more about the Engiven platform at engiven.com.

HonorHealth Foundation has teamed with Engiven to provide a cryptocurrency donation process which incorporates various procedures and safeguards to ensure the transaction is secure.

Through use of the Engiven platform, HonorHealth Foundation performs Know Your Customer (KYC) and Anti-Money Laundering (AML) screening which provides a high level of background security and ensures the parties are properly screened.

As with any cryptocurrency transaction, do not expose or share your wallet’s private keys at any time.