[BCMA] Question regarding charitable donations using Bitcoin cryptocurrency

[Moderated BCMA subscriber listserv.]

Hello Nancy,

While I would doubt that many museums contemplate receiving gifts of cryptocurrency, depending upon the NVMA's investment policies and risk tolerance, it might be prudent to retain the donation in Bitcoin. R

Has anyone else received Bitcoin donations?

Its value is volatile but certainly on a significant rise. Today Bitcoin broke the $10K USD mark ($14K+ CDN) for the first time, which is about double where it was trading in the Summer, and up from $850 CDN in the Summer of 2016 ($1000% increase).

A more conservative strategy would conduct the exchange somehow as part of the donation process, but the reliability of the donor would be a mitigating factor for me.

Definitely an interesting problem to have!

-Matthew

[cid:021060022 at 24032011-0C05]

Matthew Francis
Executive Director
Chilliwack Museum and Archives
45820 Spadina Avenue
Chilliwack, BC V2P 1T3
Phone: (604) 795-5210
Mobile: (604) 845-1063
www.chilliwackmuseum.ca<http://www.chilliwackmuseum.ca/>


From: bcma-bounces at lists.vifa.ca [mailto:bcma-bounces at lists.vifa.ca] On Behalf Of Moderated BCMA subscriber listserv.
Sent: November-29-17 1:14 PM
To: bcma at lists.vifa.ca
Cc: Laurel Lawry
Subject: [BCMA] Question regarding charitable donations using Bitcoin cryptocurrency

I've been off this listserv for a couple of months, so my apologies if this question has been answered recently.

What I would like to know is if anyone has had experience with Bitcoin and has advice on the situation described below:

A supporter has indicated a potential interest in making a donation from their Bitcoin holdings. The donor wants to support us, but also wants to see others start using Bitcoin.

Our gift policy does not contemplate accepting donations in cryptocurrency, so we've suggested that the potential donor cash the Bitcoin and donate the proceeds to us. Apparently, the donor would prefer to have us do the conversion. We would then, presumably, issue a charitable donation receipt for the amount we receive after converting the cryptocurrency and paying any transaction fees.

Do any of you have thoughts or advise about this situation?

Thanks,
Nancy

Nancy Kirkpatrick, Director
North Vancouver Museum & Archives
604.990.3700 x 8001  www.nvma.ca<http://www.nvma.ca>
e-mail: kirkpatrickn at dnv.org<mailto:kirkpatrickn at dnv.org>

Museum address: 209 West 4th St, North Vancouver (closing mid-2018)
Community History Centre (Archives & NVMA Offices) address: 3203 Institute Road, North Vancouver, BC V7K 3E5
NEW MUSEUM in Lower Lonsdale: Will open mid-2019!

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