Gifts of Cryptocurrency
Utah State University accepts gifts made through digital currency. When donors give cryptocurrency to USU (minimum value of $10,000), the gifts are sent through NYDIG, a secure, trusted third-party Bitcoin technology and financial services leader. NYDIG facilitates the transfer on behalf of the university. All cryptocurrency gifts are converted to cash upon acceptance and can be designated to support any area on campus.
"We started a scholarship endowment several years ago as a way for us to ‘pass forward’ the kindness shown to us by other donors when we were students. Both Katie ’09 (Finance) and I were blessed to receive scholarships at USU and our education has been instrumental in the success we’ve had since. We are grateful for the incredibly positive impact USU has had on our careers and life and we want to help others have some of those same blessings and opportunities. Giving a gift through cryptocurrency was a cool, new way to use modern technology to support future USU students. Plus, it is a great way to take advantage of favorable tax treatment on cryptocurrency gains. USU chose a very reputable and experienced exchange partner who made the donation process very easy. They sent instructions and the donation was sent and confirmed within about an hour."
Cryptocurrency is treated as a property asset and the Internal Revenue Service classifies it as a form of property (IRS Notice 2014-21). For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. 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 that, in turn, can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied. Donors who give to USU through digital currency will receive a gift receipt with comprehensive details about the transaction.
Gifts of cryptocurrency may come with tax benefits as allowed by the IRS. Please consult your tax adviser for more information about how gifts of cryptocurrencies may benefit your overall financial strategy.
If you are interested in giving cryptocurrency to USU, please email firstname.lastname@example.org or call 435-797-1285 for more information.