Donors can now invest a portion of contributed cryptocurrency donations in their donor-advised fund
AUSTIN, Texas – June 8, 2022 – Ren, North America’s leading independent philanthropic solutions provider, and The Giving Block, the leading Crypto Philanthropy platform connecting nonprofits with crypto donors, today announced that they have jointly launched one of the country’s first donor-advised funds that allows donors to invest a portion of contributed cryptocurrency.
General availability begins today and is highlighted in The Giving Block booth (#529)s at Consensus 2022, the world’s biggest and longest-running crypto festival, held June 9-12 this year at the Austin Convention Center in Austin, Texas.
Until today, donor-advised funds, which are giving accounts where donors contribute assets and recommend grants to qualified charities, could receive crypto, but the crypto was liquidated upon receipt. Today’s announced partnership harnesses The Giving Block’s platform, which allows charities to accept crypto, and combines it with a donor-advised fund through Renaissance Charitable Foundation Inc. (RCF), a public charity.
“Crypto will play an ever-growing role in the changing philanthropic landscape – and this new donor-advised fund offering, an industry first, stands as a game-changer in the crypto world just as it does for non-profits,” said Kelly Palmer, EVP of Strategic Growth Operations at Ren. “We are honored to work with a fellow driver for good such as The Giving Block to bring an entirely new way to not only leave a legacy but recognize an immediate tax deduction. By investing crypto in a donor-advised fund, you can further organize your philanthropy and even recommend grants anonymously while also giving your heirs the ability to make future grant recommendations.”
“We’re frequently asked by donors and advisors why a donor-advised fund must liquidate the entire gift and if it’s possible to maintain a portion of contributed cryptocurrency inside the DAF,” said Mike McLean, Head of The Giving Block Institutional. “The cryptocurrency market is maturing and we’re seeing more sophistication at both the user base and with crypto product providers such as Ren. With the launch of this new offering for DAF users, we can empower donors and advisors to harness the full power of cryptocurrency to ensure their philanthropic goals are met and the nonprofits they are passionate about supporting can benefit from the growth of the cryptocurrency industry.”
How It Works
Once the donor-advised fund account is established, RCF creates a unique wallet address that is sent to the donor to transfer their crypto assets. Investments of both Bitcoin and Ethereum are currently accepted with the minimum value to open the new donor-advised fund starting at $100,000. Fifteen-precent of the donor-advised fund’s value is required to be invested in traditional assets and will be evaluated on a quarterly basis. Therefore, donors can either contribute cash or other traditional assets to their donor-advised fund account alongside their crypto donation. RCF can also convert a portion of the contributed crypto into cash which can then be used to invest in traditional assets within the donor-advised fund. RCF staff work with the donor to help develop a plan to meet the objectives of the donor-advised fund.
For more information on establishing a new donor-advised fund, visit reninc.com/investcrypto.
Today’s announcement significantly builds upon the strategic partnership between The Giving Block and Ren, which was announced in September 2021 and began the acceptance of crypto for philanthropic giving at Ren, previously named RenPSG.
About The Giving Block
Founded in 2018, The Giving Block, a Shift4 company, is turning Crypto Philanthropy into one of the greatest forces for good on the planet by making cryptocurrency fundraising easy for nonprofits while empowering donors to give Bitcoin and other cryptocurrencies to their favorite causes. The Giving Block currently enables more than 1,000 mission-driven organizations, charities, universities, and faith-based organizations of all sizes to accept cryptocurrency donations and helps them maximize their fundraising outcomes with strategic consulting and personal support. Learn more and discover why cryptocurrency is the fastest growing donation method for Millennial and Gen-Z donors, at www.TheGivingBlock.com.
Ren is a driving force for powering people, ideas, and institutions for good. As a leading independent philanthropic solutions provider in North America, Ren supports more than $20 billion of assets, delivering the expertise, standards, and technology necessary to power growth and scale throughout the philanthropic economy. The country’s most elite financial services firms, nonprofit organizations, and community foundations rely on Ren to provide online access for donors, professional advisors, and staff, to manage their planned gifts, including charitable trusts, donor-advised funds, pooled income funds, endowments, and private foundations. Founded in 1987 and headquartered in Indianapolis, Ren holds an SOC 2 Type 1 certification that underscores its commitment to trust, security, compliance, and transparency. Visit www.reninc.com.
Note: It is important to seek advice from your CPA regarding the characterization and tax treatment of any gains or losses before donating virtual currency.
Ren Contact: Ranee Volkers firstname.lastname@example.org 8910 Purdue Road, Suite 500 Indianapolis, IN 46268 Reninc.com
The Giving Block Contact: Mariah Terry Mariah.Terry@TheGivingBlock.com 200 South Biscayne Boulevard, Floor 20 Miami, FL 22121 TheGivingBlock.com