Bitcoin donations - how to process?

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Has anyone accepted bitcoin donations yet?  
  • If so, please share how you booked the donation - in general (eg. cash, stock, etc.) or specifically for Raiser's Edge
  • If you have considered but not accepted any bitcoin donations due to it's 'newness', please share your institutions pros/cons or any general thoughts
  • Although I work in RE, we post to FE and I would welcome input from anyone who uses FE
(Please let me know if I should post this in another section.)


Thank you! 


~Genette
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Comments

  • We have not had this opportunity yet. However, given the volatility of this currency, I would be inclinded to treat it like stock, and our org's stock policy is that we sell it immediately. So I would probably enter it in a batch as stock, and the value would be the sale value that accounting would provide to me, and I would then post that gift to accounting it, which would turn it to stock/property (sold). 
  • Posting to accounting does not change a stock/property to "sold" - only entering the sale information changes the gift type to sold.
  • Thanks for that - I was never sure about what caused it since both things happen for us pretty much at the same time.
  • Alex Stanzione
    Alex Stanzione Blackbaud Employee
    Eighth Anniversary Photogenic First Reply

    Hey folks..Wanted to see if anyone had any other thoughts on how to handle Crypto Currency! Thanks
    !

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