South Kent School is excited to announce that it now has the capability to accept cryptocurrency for your charitable giving and in 2024’s Spring for South Kent: Giving Day. Utilizing the digital fundraising and volunteer management platform for nonprofit educational institutions, GiveCampus, and South Kent’s portal is available here.
Brian Sullivan, Head of School, expressed enthusiasm for this new avenue of philanthropic support, stating, “At South Kent School, we are committed to embracing modern technology in all facets of our operations, including how we receive support for our mission. We strive to make it as convenient as possible for our global community to contribute to the positive impact our school has on students’ lives.”
Cryptocurrency, often referred to as “crypto,” is a decentralized form of digital currency built on blockchain technology. It operates independently of traditional financial institutions such as governments or banks, offering secure and transparent transactions. Cryptocurrencies, commonly used as investment vehicles, can also be exchanged for goods and services.
Blockchain technology serves as the foundation for cryptocurrencies, functioning as an open and distributed digital ledger that records transactions using code. Transactions are grouped into “blocks” and linked together in a “chain” using cryptographic techniques, ensuring the integrity and security of the data.
Donating cryptocurrency to South Kent School presents mutual benefits for both donors and the school. Donors have the opportunity to contribute appreciated assets while potentially enjoying tax benefits. According to GiveCampus, donating cryptocurrency can result in significant tax advantages for donors. “The Internal Revenue Service treats cryptocurrency as property for federal income tax purposes, allowing donors to receive a tax deduction equal to the fair market value of the donated cryptocurrency, without incurring capital gains taxes. This translates to larger donations for schools, typically 20-30% more than if donors were to sell their cryptocurrency and donate the proceeds after taxes.”
To make a cryptocurrency donation to South Kent School, donors can simply complete the standard giving form with South Kent School’s Give Campus portal. Upon reaching the checkout page, donors will have the option to select cryptocurrency as their preferred payment method. They will then receive a crypto wallet address to facilitate the donation process, which involves confirming the transaction on the blockchain.
Learn more about new ways to give in 2024.
