In a first, Count Basie Center can accept cryotpcurrency donations
Gifts of Bitcoin, Ether and other cryptocurrencies now accepted as part of the Basie Recovery Fund
(OCT. 22 2020 | RED BANK) As it attempts to emerge from a 7+ month closure due to the global pandemic, the historic Count Basie Center for the Arts announced today it has become one of the first performing arts organizations in the world to accept gifts of cryptocurrency.
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 Bitcoin, Ether, Litecoin, Bitcoin Cash, Zcash, Gemini Dollar, Basic Attention Token, XRP and Chainlink can donate holdings to the nonprofit Basie – and, specifically, the Basie Recovery Fund, which looks to keep the organization afloat as it weathers the pandemic emergency.
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.”
“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. “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 Recovery Fund
The Basie Center is in the midst of a $2 million recovery campaign, an effort CEO Phiipson says is necessary to keep the nonprofit afloat as it weathers the storm of the pandemic. Like many businesses, the Basie organization shuttered its doors last March – just months before it was set to unveil a long-awaited expansion to the public. Though it quickly took its arts education programs online and established drive-in concerts and an outdoor supper club series at nearby Monmouth Park, the revenue represented just a fraction of what the Basie would have normally generated.
However, hoping to become an example of resilience and recovery, the Basie Center has slowly started conducting live classes as its new Grunin Arts Education Building, as well as small-capacity performances at The Vogel, a new performance venue onsite at its Red Bank campus.
“The Basie Recovery Fund will ultimately determine whether or not our nonprofit remains viable 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 organizations through these unprecedented times.”
“The Count Basie Center for the Arts has always been mindful of financial trends and donors’ abilities to give,” said Stu Alderoty, a longtime member of the Basie Center’s Executive Committee and Board of Trustees and a leading lawyer in the blockchain and cryptocurrency field. “By accepting cryptocurrency donations, the Basie remains out front as a force in today’s competitive fundraising landscape.”