As Bitcoin and other virtual currencies become increasingly popular, Section 501(c)(3) nonprofits may encounter a novel question when a donor offers to contribute Bitcoin. Should the nonprofit accept the Bitcoin as a tax-deductible charitable contribution? The short answer is likely, “yes.” Additionally, the nonprofit’s leaders should consider acceptance of such assets as part of a gift acceptance policy. They should also determine whether to sell the donated Bitcoin promptly (like many other donated assets) or to keep it as an investment.
When may a nonprofit promote a donor's or board member’s business through its website or other communications? If the nonprofit allows the promotion as a sponsorship, through a fundraising program in which the business is donating money to the nonprofit, the promotion is likely permissible. If the business is paying fair market value for advertising, provided the amount of the organization’s overall advertising is within appropriate limits and subject to possible tax liabilities, the promotion should be fine too. But serious legal problems can arise when and if the business does not pay the nonprofit (or pays less than it should) for marketing benefits. Here’s why, as well as how to guard against such problems.
From their inception, nonprofit organizations have been the nation’s micro-level problem solvers, providing direct social services to marginalized and vulnerable populations impacted by social and economic disparities. With the rise of digital media, nonprofits have extended their influence into the public advocacy arena, using their content to raise awareness of pressing social issues. Here are several tips for nonprofits who want to use their communications tools to create high-quality, compelling content that moves readers to support their mission to transform people and communities.