Build a Brighter Future for Our Country
Your gift of cryptocurrency will help support capable but under-resourced individuals to volunteer their time and talents at crucial U.S.-based refugee organizations.
As we look towards the future, we know that the generosity of those who invest in RAMP Foundation will make a tremendous impact on the lives and futures of refugee children and their families who have been forcibly displaced from their home countries. The need to settle such newcomers on our shores and give them a new start is deeply ingrained in our psyche. We have been and are a nation built and shaped by immigrants and refugees. They help to strengthen our country in many ways and on many levels, as we and our forefathers have done for generations. And that energy continues within us today.
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 THE ENGIVEN PLATFORM?
The Engiven 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 A NONPROFIT TO RECEIVE 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 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. Donors who give cryptocurrency donations will receive an electronic donation receipt (through the Engiven donation platform) in US dollars with comprehensive details about each transaction.
IS THE PROCESS OF GIVING CRYPTOCURRENCY SAFE AND SECURE?
As with any form of electronic payment or transaction, there are risks, however, our vendor Engiven has created certain safeguards they believe are needed to ensure that the transaction is secure. With the transfer of cryptocurrency from donor to nonprofit, Engiven believes the transaction can actually be more secure than many other forms of payment, provided certain protocols are followed: 1) By using the Engiven platform, both the nonprofit and the donor are required to undergo a simple but effective Know Your Customer (KYC) and Anti-Money Laundering (AML) screening which provides a high level of background security to ensure both parties are properly screened. 2) As with any cryptocurrency transaction, when transferring your tokens to make a donation, do not expose or share your wallet’s private keys at any time.
