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Example Gift Acceptance PolicyHow to Receive Cryptocurrency
GIFTS OF DIGITAL ASSETS
The organization may accept gifts of certain digital assets, including but not limited to, blockchain-based assets such as virtual currency, cryptocurrency or nonfungible tokens.
Gifts of digital assets, whether outright gifts, donor advised fund gifts, gifts to fund charitable gift annuities and gifts made to the organization as trustee of a charitable trust must be approved by [the President/an executive officer/the gift acceptance committee].
Approved Digital Assets
Gifts of the following cryptocurrency assets are approved for acceptance by the organization: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple and Dogecoin. All other gifts of digital assets must be approved by [the President/an executive officer/the gift acceptance committee].
Receipt of Digital Assets
The organization holds a digital wallet with [X platform]. The [President/Chief Development Officer/Director of Gift Planning] must approve acceptance of the gift and facilitate the transfer process.
Disposal of Donated Property
The organization shall sell all digital assets received as outright gifts or gifts to fund donor advised funds or charitable gift annuities as soon as possible. It is the best practice for the organization to sell all digital assets received as trustee of a charitable remainder trust as soon as possible. However, the trustee may choose to hold a percentage of the original funding asset so long as the trustee's actions are consistent with the principles of the prudent investor standard.
Initial Trustee of Charitable Remainder Trusts
The organization shall not agree to serve as the initial trustee of a charitable remainder trust funded with digital assets such as cryptocurrency. The organization may agree to serve as successor trustee of a charitable remainder trust funded with digital assets. The initial trustee of the charitable remainder trust may be the donor or a third party. The organization may assume the role of trustee only after the initial funding asset is sold by the initial trustee.