FOR IMMEDIATE RELEASE
Community Foundation of Ocala/Marion
324 SE 24th Street, Ocala, Florida, 34471
(352) 622-5020
March 4, 2022
Ocala, Florida — The Community Foundation of Ocala/Marion is the first local nonprofit to accept cryptocurrency donations through BitPay.
The Community Foundation serves all of Marion County and the cities within. This includes over 150 nonprofits, as well as fund management with donors and endowments. Due to the changing economy and how donors invest their money, cryptocurrency has become a significant trend among philanthropists. Accepting charitable donations in the form of cryptocurrency is changing the landscape in Marion County of how donors can give to all local nonprofits.
“In these tough economic times, nonprofit donations are down, and their services are needed more than ever”, said Community Foundation of Ocala/Marion President and Executive Director, Lauren Deiorio. “Our local nonprofits could benefit greatly from these unique donations.”
Given such price volatility in the currency, The Community Foundation needed to mitigate risk and signed on with BitPay to manage and accept cryptocurrency as the third-party facilitator. BitPay was founded in 2011, while Bitcoin was still in its infancy. They saw the potential for Bitcoin to revolutionize the financial industry, making payments faster, more secure, and less expensive on a global scale. This platform allows nonprofits to almost immediately convert crypto donations into dollars before their value can fall and the nonprofit will never hold any actual cryptocurrency.
Have cryptocurrency and want to donate the after-tax proceeds? Consider donating your Bitcoin directly to a nonprofit. This model includes two significant benefits, both for you and the nonprofit. Your tax deduction will be equal to fair market value of the donated cryptocurrency. Also, your gift to a nonprofit will be larger because instead of paying capital gains taxes, the nonprofit will receive the full value of your contribution.
There’s another upside to donating cryptocurrency to a Community Foundation with donor-advised funds. This gives the donor the opportunity to establish their own fund, recommend how the contribution is invested and potentially grow tax free, ultimately providing greater charitable and philanthropic support in their local community.
Ready to make a crypto donation to The Community Foundation of Ocala/Marion or local nonprofit?
Follow the link below to donate or call our office at (352) 622-5020 for assistance.
The Community Foundation for Ocala/Marion County is Building a Stronger Community…One Passion at a Time. Programs include the Nonprofit Business Council, the Estate Planning Council, and the new Nonprofit Resource Center in partnership with Marion County, the City of Ocala, the Marion County Hospital District and Advent Health.
To make a BitPay donation, visit https://bitpay.com/381843/donate
Contact Information:
Ashley Wheeler-Gerds
Director of Strategic Engagement
Community Foundation of Ocala/Marion
(352) 622-5020; Ext 105
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