Basie Center adds Dogecoin to its crypto donation options
Move allows more crypto donors than ever to take advantage of the currency’s tax advantages
(MAY 5, 2021 | RED BANK) As it continues to recover after a now year-long disruption due to the pandemic, the Count Basie Center for the Arts today announced it can now accept donations of Dogecoin, deepening its options to those interested in making gifts of cryptocurrency to the storied nonprofit.
The Basie Center has teamed with The Giving Block (www.thegivingblock.com), the only nonprofit-specific solution for accepting cryptocurrency donations. By visiting www.thebasie.org/donatecryptocurrency, holders of Doge, Bitcoin, Ether, Litecoin, Bitcoin Cash, Zcash, Gemini Dollar, Basic Attention Token, XRP and Chainlink can donate holdings to the nonprofit Basie, which like most arts organizations, continues to struggle as limited capacities prevent the organization from full operations.
And because the IRS treats cryptocurrency like property, holders of the digital currency enjoy a huge tax incentive by donating to the nonprofit Basie – specifically, not being liable for capital gains tax and writing if off on their taxes, much like a stock donation.
“Fundraising is vital to the Basie Center organization, and digital currencies are increasingly becoming part of our donors’ portfolios,” said Adam Philipson, President / CEO, Count Basie Center for the Arts. “It’s important that nonprofits align themselves with financial trends, so that donors and organizations alike can maximize the potential of their gifts.”
“Dogecoin, which started as tongue-in cheek but has instead expanded the popularity of crypto to include newcomers and first-time investors, could very well open the door for first-time donors as well.”
“As someone who grew up in Jersey, it’s especially exciting to be working with the Basie on cryptocurrency fundraising,” said Pat Duffy, Co-Founder, The Giving Block, upon the Basie’s first dip into crypto donations last fall. “This is an amazing venue, with an awesome nonprofit behind it. We’re hopeful that the broader crypto community supports them as a nonprofit who is leading crypto adoption in the arts.”
The Basie Center continues to weather the storm of the pandemic. Like many businesses, the Basie organization shuttered its doors last March – just months before a planned unveiling of its much-awaited expansion. Though the organization has since hosted limited, onsite concerts and education programs, and is revving up its Concerts On The Green performance series at nearby Suneagles Golf Club, the revenue generated will still represent just a fraction of the Basie’s normal revenue.
“Our customers, donors and other patrons of the arts will ultimately determine the viability of the Basie Center post-pandemic,” Philipson said. “By making sure we’re able to accept crypto and all financial options available to potential donor, we increase the chances that this fund will be there to sustain our organization through these unprecedented times.”