(Please note: Donations through this page are NOT part of our BTRIC Founding Donor (BFD) Token fundraising campaign, which is a limited time launch campaign. Please use the link to the campaign to make contributions that are eligible for the BFD Token gift.)
BTRIC is a non-profit organization supported entirely by the public through donations and grants. BTRIC accepts monetary, asset, and in-kind donations from the public or grant-making organizations.
- We have a “collection jar” donation address for anonymous donations of Bitcoin, which is 1btricdjXr4uAFnxPULmzpXmaVWnP25o6. We will support other cryptocurrencies soon, and you can email us at firstname.lastname@example.org if you’d like to make such donations at this time.
- Donations via PayPal can be made at https://paypal.me/btric.
BTRIC reserves the right to refuse donations that are “earmarked” or have other encumbrances on them if they do not comport with our mission and purpose. We also reserve the right to decline donations from any party, including parties that promote hate, violence, discrimination, or criminal activity. We will refuse donations from any parties we are not permitted to accept pursuant to applicable law and regulations, including economic sanctions regulations.
All donations will be acknowledged by receipts, appraisals, or other documentation required so that our donors can receive any tax benefit to which they may be entitled. Unlike many non-profit business incubation organizations, we do not operate in a specific geographic area, so we may not be eligible for grants that are spatially based. We will apply for grant funding and for contracts with government entities to implement pilot projects, provided these projects are within the scope of our charitable purpose of identifying, researching, developing, and promoting emerging technologies. Generally, grant funds from government entities can only be used to implement the specific terms of the grant. Grant funds from other non-profit organizations may be able to support aspects of our overall purpose, subject to the requirements of the organization making the grant.
We will need continued funding to keep operational, which is why our incubation program will operate on an ongoing basis, with new projects entering the program and mature projects being divested as independent businesses. Non-profit organizations are not permitted to conduct significant business operations, so projects will not remain part of BTRIC after the research, development, and operational design phases. Our intent is to ready projects for the business world with all of the resources that we can provide while preparing them to be independent businesses, and then facilitating that divestiture.
Asset donations will also be used to support BTRIC’s operations. This includes cryptocurrency, which is currently classified as an asset for Federal income tax purposes. Donations of cryptocurrency could have significant tax benefits for the donor, as outlined below (however, consult your tax advisor for authoritative information specific to your circumstances). We welcome “air drop” donations of emerging cryptocurrencies.
Asset donations also include donations of computer hardware (that are still usable), software, or other equipment that can help us to advance our objectives. For example, the donation of a company’s depreciated servers or other equipment could be very useful for BTRIC’s R&D facilities, and we welcome contributions of this type to help our initiatives have more impact. As with any other donation, the value of these contributions would be fully tax-deductible to the extent permitted by law.
We also welcome donations of evaluation hardware or services that could be used by projects in our incubation program or for our other initiatives.
In-kind donations are donations, including discounts, on products and services that BTRIC needs to implement its initiatives. If you work in the field and you volunteer your time with BTRIC, this could be considered an in-kind contribution. The fair market value of these products and services is the cost basis for a tax deduction. For example, if a donor provided a service at a 50% discount to their normal rates, the other 50% may be considered a donation and is generally tax deductible.
Tax benefits of giving
The following summary is excerpted, in part, from Charity Navigator’s website at https://www.charitynavigator.org/index.cfm?bay=content.view&cpid=31, describe the tax benefits of making donations to 501(c)(3) charitable organizations. This brief summary of certain federal income tax laws is provided for informational purposes only. We urge you to consult your tax advisor for the federal, state, and local tax consequences of a charitable contribution.
- A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax if you itemize deductions. You must itemize in order to take a charitable deduction. Make sure that if you itemize, your total deductions are greater than the standard deduction. If they’re not, stick with the standard deduction.
- A contribution is deductible in the year in which it is paid. Putting the check in the mail to the charity constitutes payment. A contribution made on a credit card is deductible in the year it is charged to your credit card, even if payment to the credit card company is made in a later year.
- There are limits to how much you can deduct, but they’re very high. For most people, the limits on charitable contributions don’t apply. Only if you contribute more than 20% of your adjusted gross income to charity is it necessary to be concerned about donation limits. If the contribution is made to a public charity, the deduction is limited to 50% of your contribution base. For example, if you have an adjusted gross income of $100,000.00 USD, your deduction limit for that year is $50,000.00 USD.
- Rules exist for non-cash donations. If you contribute property owned for more than one year, the value of the deduction is normally equal to the property’s fair market value. You have an advantage when you contribute appreciated property, such as cryptocurrency, because you get a deduction for the full fair-market value of the property. You are not taxed on any of the appreciation, so, in effect, you receive a deduction for an amount that you never reported as income.
- You need to maintain proper documentation of your contributions. If you want to claim a charitable deduction for a cash gift, then you must be prepared to verify your claim. In other words, you cannot deduct the spare change dropped in a charity’s collection bucket without the proper documentation. If you are audited, the IRS will only accept one of the following to substantiate a monetary gift: a canceled check, credit card statement, bank statement or a written acknowledgment from the charity.
- The IRA charitable rollover offers tax benefits for those who qualify. The IRA Charitable Rollover allows individuals who are 70 1/2 years old to donate up to $100,000.00 USD to charitable organizations directly from their IRA, without that donation being counted as taxable income when it is withdrawn. To qualify, contributions must come from a traditional IRA or Roth IRA, and they must be made directly to a qualified charitable organization. Additionally, the donor may not receive goods or services in exchange for the donation, and they must retain a receipt from each charity to which a donation is made.
Remember, it’s always better to give than receive. The glory of charitable donations is that you can give and receive at the same time.
If you have any questions about our donation options, please reach out to us by email at email@example.com, or by calling us at +1 732-719-6839.