Cryptocurrency, also known as Virtual Currency or “Crypto,” is a digital asset designed to function as an alternative to sovereign fiat currency (U.S. 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.

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. Learn more about Engiven here.

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).

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 to Reliant Mission will receive an electronic donation receipt (through the Engiven donation platform) in U.S. dollars with comprehensive details about each transaction.

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. By using the Engiven platform, the nonprofit is 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 the parties are properly screened. As with any cryptocurrency transaction, when transferring your tokens to Reliant Mission's wallet to make a donation, do not expose or share your wallet’s private keys at any time.

If you would like to designate your cryptocurrency gift to a specific Reliant missionary or church ministry project, please indicate the name and fund number in the memo field. Our Gift Services department is also available to assist you at 877-614-4600 or gift.services@reliant.org. Undesignated gifts will be considered to be used Where Most Needed. Thank you for your generosity!

Engiven does not charge set up fees or monthly fees to use the platform. Nonprofits only pay a service fee when they receive a donation that is converted to USD. The fee is a flat rate of the total donation amount. The rate is determined by a number of factors when the account is established. However, the rate is never more than 4%. Example: At 4%, if a nonprofit receives a donation worth $100.00 USD, they will receive $96.00 via an ACH deposit into their bank account.