Frequently Asked Questions
Why donate through Engiven?
Engiven created a digital solution to donating non-cash assets, enabling donors to give in the most tax efficient way. Donors can experience the ease of giving via stock in less than 5 minutes from their mobile device. Engiven also provides givers access to a private Donor Portal which gives visibility into donor gift history, transaction statuses, and the ability to update connected financial accounts.
How do I donate via Engiven?
Choose I’m giving with Stock or Crypto from the Subsplash giving link on our app or website. Or you can access the Engiven platform directly via our giving page and click “Stock” or “Crypto”. You will then be taken to the Engiven platform where you can follow the steps to complete the donation.
STOCK DONATION
What does the process look like?
Which brokerages do Engiven support?
Currently, the Engiven platform can facilitate donations from DTC-enabled brokerages such as Charles Schwab, Fidelity, Vanguard, E-Trade, & Wells Fargo.
Why should I donate stock?
Stock is one of the most tax-advantageous ways to give. By donating stock directly instead of liquidating the asset and donating the cash, you can save up to 20% in long-term capital gains taxes.
Which types of stock can I give through Engiven?
Currently, the Engiven platform can facilitate the donation of publicly-traded stock. This includes common stock, employee stock options, restricted stock units, and employee stock purchase plans. Engiven does not currently facilitate donations of mutual funds or fractional shares.
Tell me more about the tax benefits of donating stock...
•Donating appreciated stock that you’ve held for over a year allows you to deduct the full fair market value from your taxes and protect your realized gains from being subjected to long-term capital gains tax, which can be up to 20% depending on your tax bracket.
•If you donate appreciated stock you’ve held for less than a year, you can avoid up to 37% in short-term capital gains taxes by donating that stock. You also can deduct the cost basis of the stock as a charitable gift.
•Nonprofits are exempt from capital gains taxes, so your stock donation allows the nonprofit to utilize the full amount of the donated funds.
How do I claim my charitable tax deduction?
File Form 8283 for the 1040 tax return. To calculate how much to deduct from your taxes, the general rule of thumb is to deduct the fair market value which is the average of the high/low price of the stock on the day it was received by the nonprofit. This is for assets you’ve held for more than a year. The date the stock was received by the nonprofit can be found in the acknowledgment letter you receive from the nonprofit. Include this letter in your tax return.
CRYPTO DONATIONS
How do I know the Crypto process is secure?
Engiven is the most secure cryptocurrency donation processing software on the market. We were the first, and currently only, SOC 2 Type 2 certified platform in the industry. You can visit their TOS & Privacy Policy for more information.
Engiven's Processes
Blockchain was invented in part to create a more secure transaction between two parties. We believe the process of donating cryptocurrency should fit that exact mold. As with any form of electronic payment or transaction, there are risks involved. However, Engiven has created certain safeguards that are needed to ensure that the transaction is secure.
By using the Engiven platform, a nonprofit is required to undergo a simple but effective Know Your Customer (KYC) and Anti-Money Laundering (AML) screening which provides a high level of background security to ensure the parties are properly screened.
In addition to all of this, Engiven's exchange partner, Gemini, is an SEC-regulated cryptocurrency exchange and is known as one of the most secure of its kind. Feel free to find Gemini's security details here.
What can I expect after I submit my Crypto donation?
Donors will have over 95 cryptocurrencies to choose from! After a donor selects a currency, they can view the converted total before submitting the transaction.
After a donor selects a currency, they can view the converted USD total before continuing. Engiven will direct the donor to complete the transaction through their preferred crypto wallet using a QR Code, public address, and the amount. After the individual completes the transaction through their crypto wallet, they will receive an emailed receipt from Engiven, including your entity's details (these details can be adjusted in the Engiven Admin Portal).
How are crypto donations taxed?
There are large tax advantages to donating crypto. Donors can donate unrealized gains on their cryptocurrencies without getting taxed. Non-profits in return can exchange those assets, and because of their 501(c)3 status, will not be taxed either.
For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of the virtual currency in U.S. dollars as of the date of donation. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied. Donors who give cryptocurrency donations to The Salvation Army USA Western Territory will receive an electronic donation receipt (through the Engiven donation platform) in US dollars with comprehensive details about each transaction.
Every time a donor gives a gift valued at more than $5,000, our CPA does an appraisal and generates the required 8283 form for them - saving them both time and money. Please refer to your own tax professional for your particular and unique circumstances.
Engiven created a digital solution to donating non-cash assets, enabling donors to give in the most tax efficient way. Donors can experience the ease of giving via stock in less than 5 minutes from their mobile device. Engiven also provides givers access to a private Donor Portal which gives visibility into donor gift history, transaction statuses, and the ability to update connected financial accounts.
How do I donate via Engiven?
Choose I’m giving with Stock or Crypto from the Subsplash giving link on our app or website. Or you can access the Engiven platform directly via our giving page and click “Stock” or “Crypto”. You will then be taken to the Engiven platform where you can follow the steps to complete the donation.
STOCK DONATION
What does the process look like?
- Choose stock as the payment method. Enter the amount you would like to give and then select “Continue with Engiven.”
- You’ll be redirected to Engiven to complete your donation. Simply fill out the form by entering the stock ticker, number of shares, and your personal information.
- Engiven will supply the DTC information needed to initiate the stock transfer, which will also be sent to you via email. You can either print this page or forward the email directly to your broker.
- Complete the transfer through your broker or by yourself using the information provided.
- Once we receive your gift, an acknowledgment email letter will be sent from Engiven on behalf of Newhope that you can use to itemize the charitable deduction on your taxes.
Which brokerages do Engiven support?
Currently, the Engiven platform can facilitate donations from DTC-enabled brokerages such as Charles Schwab, Fidelity, Vanguard, E-Trade, & Wells Fargo.
Why should I donate stock?
Stock is one of the most tax-advantageous ways to give. By donating stock directly instead of liquidating the asset and donating the cash, you can save up to 20% in long-term capital gains taxes.
Which types of stock can I give through Engiven?
Currently, the Engiven platform can facilitate the donation of publicly-traded stock. This includes common stock, employee stock options, restricted stock units, and employee stock purchase plans. Engiven does not currently facilitate donations of mutual funds or fractional shares.
Tell me more about the tax benefits of donating stock...
•Donating appreciated stock that you’ve held for over a year allows you to deduct the full fair market value from your taxes and protect your realized gains from being subjected to long-term capital gains tax, which can be up to 20% depending on your tax bracket.
•If you donate appreciated stock you’ve held for less than a year, you can avoid up to 37% in short-term capital gains taxes by donating that stock. You also can deduct the cost basis of the stock as a charitable gift.
•Nonprofits are exempt from capital gains taxes, so your stock donation allows the nonprofit to utilize the full amount of the donated funds.
How do I claim my charitable tax deduction?
File Form 8283 for the 1040 tax return. To calculate how much to deduct from your taxes, the general rule of thumb is to deduct the fair market value which is the average of the high/low price of the stock on the day it was received by the nonprofit. This is for assets you’ve held for more than a year. The date the stock was received by the nonprofit can be found in the acknowledgment letter you receive from the nonprofit. Include this letter in your tax return.
CRYPTO DONATIONS
How do I know the Crypto process is secure?
Engiven is the most secure cryptocurrency donation processing software on the market. We were the first, and currently only, SOC 2 Type 2 certified platform in the industry. You can visit their TOS & Privacy Policy for more information.
Engiven's Processes
Blockchain was invented in part to create a more secure transaction between two parties. We believe the process of donating cryptocurrency should fit that exact mold. As with any form of electronic payment or transaction, there are risks involved. However, Engiven has created certain safeguards that are needed to ensure that the transaction is secure.
By using the Engiven platform, a nonprofit is required to undergo a simple but effective Know Your Customer (KYC) and Anti-Money Laundering (AML) screening which provides a high level of background security to ensure the parties are properly screened.
In addition to all of this, Engiven's exchange partner, Gemini, is an SEC-regulated cryptocurrency exchange and is known as one of the most secure of its kind. Feel free to find Gemini's security details here.
What can I expect after I submit my Crypto donation?
Donors will have over 95 cryptocurrencies to choose from! After a donor selects a currency, they can view the converted total before submitting the transaction.
After a donor selects a currency, they can view the converted USD total before continuing. Engiven will direct the donor to complete the transaction through their preferred crypto wallet using a QR Code, public address, and the amount. After the individual completes the transaction through their crypto wallet, they will receive an emailed receipt from Engiven, including your entity's details (these details can be adjusted in the Engiven Admin Portal).
How are crypto donations taxed?
There are large tax advantages to donating crypto. Donors can donate unrealized gains on their cryptocurrencies without getting taxed. Non-profits in return can exchange those assets, and because of their 501(c)3 status, will not be taxed either.
For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of the virtual currency in U.S. dollars as of the date of donation. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied. Donors who give cryptocurrency donations to The Salvation Army USA Western Territory will receive an electronic donation receipt (through the Engiven donation platform) in US dollars with comprehensive details about each transaction.
Every time a donor gives a gift valued at more than $5,000, our CPA does an appraisal and generates the required 8283 form for them - saving them both time and money. Please refer to your own tax professional for your particular and unique circumstances.
Still have questions? Email us at info@wearenewhope.church