Why Philanthropy and What is So Important About It

Aimee Winegarden explained that it creates opportunities to connect people who want to see change.

Amber Benders shared that giving back and finding your purpose is important and meaningful.

How Cryptocurrency and Philanthropy go Hand in Hand

Amber and Aimee work at the Glenrose Rehabilitation Hospital Foundation. The Glenrose Hospital deals with patients with serious accidents or illnesses. 144 beds are being served and Glenrose sees 80,000 patients every year. It is Alberta’s only rehabilitation hospital.

The Glenrose Hospital Foundation began accepting cryptocurrency donations in February 2022. Aimee and Amber have built a relationship with The Giving Block to be able to secure donations from first-party donors. These types of donations are more common in the US and rather rare in Canada now. The Glenrose Foundation Board of Directors decided to accept cryptocurrency to differentiate themselves from other foundations.

Aimee said, “Crypto is an electronic cryptography-based currency. Bitcoin is the most popular one out of hundreds.”

The most respected and renowned options are Bitcoin, Athyrium, and Eather. Cryptocurrencies are a safe and secure way to transfer funds Aimee and Amber say. Amber said that it is useful for connecting the younger generations to donating.

Keywords for This Article:

Bitcoin: is a type of cryptocurrency (it was the first one) created in January 2009.

Cryptocurrency: is a digital currency secured through cryptography.

The Giving Block: processes donations of commonly traded cryptocurrencies. The net proceeds are immediately converted to US dollars and transferred to the Foundation. The Giving Block is a platform helping nonprofits fundraise more effectively from modern philanthropists. They help charities and nonprofits fundraise Bitcoin and other cryptocurrencies. Making it so that nonprofits and charities receive donations almost instantly.

Why Crypto? Aimee and Amber Shared These Facts

• Cryptocurrency has $69 Million in crypto assets donated through the Giving Block in 2021
• The Global crypto market cap is $1 Trillion
• 13% of Canadians have purchased crypto assets (24% are the ages 18-24 years old)
• $35,082 in crypto assets donated through Canada Helps in 2022 (May – December)

What Top Three Benefits Does Crypto Currency Have for the Glenrose Foundation

1. A new donor audience
2. Diversifying the ability for other broader range of donors to contribute.
3. It is easy to accept transactions and it is simple for the donor to use as well.

When cryptocurrency is donated to charity it is considered by the Canada Revenue Agency (CRA) to be a gift-in-kind and therefore all rules that apply to gifts-in-kind including the deemed fair market value rules. This donation is tax-deductible.

A couple of other organizations that accept cryptocurrency donations are:

• Action Against Hunger Canada
• Open Medicine Foundation Canada

What Have the Responses Been About Cryptocurrency Donations

“The responses about cryptocurrency donations have been positive.
There is excitement and positivity which connected Glenrose Foundation
to new audiences and that was the original goal”, shared Amber.

When dealing with the costs of cryptocurrency donations versus cash donations Aimee and Amber encourage you to do your research and to reach out to a CRA tax lawyer.

Aimee mentioned that the Glenrose Foundation prides itself on being at the forefront of cutting-edge technology. She wants to continue to be on this page as time progresses. She believes it is important to be there from the beginning.

Thank you to Aimee and Amber for sharing their knowledge and experience in cryptocurrency donations. This is something that can be very helpful for nonprofits and charities. Anything that can help others is worth the time to learn about.