The Fund for Philanthropy (TFFP) is an independent 501(c)3 nonprofit organization. We are a sponsor organization that manages and administers donor advised funds. As of February 2, 2015, we will accept Bitcoins as donated assets for the creation of charitable funds, as well as in-kind donations to support our many ongoing causes around the world. Per IRS guidelines Bitcoins donations are now fully tax deductible, as an appreciable asset.
A majority of our support comes from individual donations made by thousands of people across the country. It is imperative that we constantly evolve to ensure that our donors are able to support our charitable causes in the way that’s most convenient for them and their family. Hence, we are now accepting Bitcoin donations.
What is Bitcoin? Bitcoin is a new digital currency and people are starting to take notice. So much so that we thought the time was right for TFFP to start accepting them. Bitcoin is the first decentralized digital currency that allows people to buy, donate, and exchange currency over the Internet on a global scale. Decentralized digital currency basically means that transactions are processed without a bank or other financial institution taking a processing fee, typically 2 to 3 percent. Bitcoins travel from person to person, or charity, directly.
Although the digital currency is still relatively new and in the early adoption phase, Bitcoin is a disruptive breakthrough for worldwide currency markets. Its acceptance has steadily increased since its creation in 2008 with more and more people using Bitcoin every day. Bitcoin processers charge less for processing fees than centralized banks, therefore your donation means even more to our charity. TFFP is using BitPay to process our Bitcoin donations.
More about Bitcoin:
Are you still accepting other forms of online donations including PayPal and credit cards?
Absolutely! You can still donate to TFFP with your credit card, check, wire, or PayPal account. We’ve simply added another option for those supporters who would like to use the bitcoin method.
TFFP could not perform the work that we do around the world, and in your community, without our gracious donors. We’ll continue to make it as easy as possible for individuals to contribute to our causes and your individual donor advised fund accounts.