The Engiven platform is a third party vendor provided donation software technology that enables nonprofits to safely and securely receive donations of cryptocurrency and stock then convert those donations into usable fiat currency such as US dollars. Learn more about Engiven here.
It's important for donors to consult with a tax professional to understand the specific tax implications of donating stock to a charitable organization. Generally, donations of stock are treated as a charitable contribution for US federal tax purposes, meaning that the donor may be eligible for a tax deduction on the fair market value of the donated stock. The deduction is generally equal to the fair market value of the stock at the time of the donation, and the donor can claim the deduction on their tax return in the year the donation is made. Donating appreciated stock that has been held for more than one year may also have additional tax benefits, such as avoiding capital gains tax on the appreciated value of the stock.
Once a donor completes the stock donation widget they will be presented with and emailed DTS Stock Transfer instructions. Donors provide those instructions to their broker or financial advisor to effect the transfer of the stock gift to Engiven Stock Foundation, a component fund of Renaissance Charitable Foundation Inc. ("REN"), a 501(c)(3) public charity (EIN 35-2129262). Once the gift is received it is liquidated for USD and the resulting cash proceeds are granted to Celebration Church of Lakeville via ACH electronic transfer from REN to your bank account after the gift of stock has been liquidated and the grant has been processed.
IRS compliant contribution receipts are sent to the email address provided by the donor as soon as the gift of stock is received to the account specified in the stock transfer DTS Instructions. Contributions are recorded and contribution receipts are dated as of the date the gift of stock is received.