It’s the end of July but my inbox is filling up with non-profit fundraising organizations sending out end-of-year advice to their clients. I was initially surprised at one recommendation that continually appears in emails—utilizing cryptocurrency donations. After reading a few emails and additional research, I’m adding a cryptocurrency strategy to my end-of-year planning for the churches I coach. What works for non-profit organizations (NPO) typically works for churches. We have a better story!
But I will be honest with you. Cryptocurrency giving isn’t something the typical church leader thinks about regarding end-of-year giving. Few think about it at all. One reason why is that few churches offer cryptocurrency giving as an option.
Let me provide a few statistics to help you consider why offering cryptocurrency giving might be an option your church should consider.
- $2 billion-plus has been donated to charities using cryptocurrencies in the last five years.1.
- 56% of the top U.S. charities accept cryptocurrency.2.
- 94% of cryptocurrency buyers are between 18 and 40.3.
- Nearly half (45 percent) of cryptocurrency investors donated $1,000 or more to charity in 2020—compared to 33 percent of the general investor population.4.
Could your church benefit from that market? The honest answer is that it depends. If you’re a church in an agricultural economy, running less than 100, and your average attendee is well over sixty, probably not. Put that same small church in a tech-driven economy whose average age is thirty, and the answer is yes. Churches in larger cities, especially larger churches, most definitely can benefit from providing this giving option.
When you set up the option to receive cryptocurrency, you’re allowing potential donors to do good and get a tax write-off. One great fact about donating cryptocurrency that many don’t know about is that the IRS classifies cryptocurrency donations as property. That means they are not subject to capital gains tax and are tax-deductible, which is why I’m getting emails about cryptocurrency strategies for end-of-year giving. Donating cryptocurrency is essentially the same as donating stock. Churches have learned to recommend stock donations at year's end. Now, they need to add cryptocurrency to that list. What are the keys to making cryptocurrency a part of your end-of-year approach?
First, you must set it up. You’ll never receive a cryptocurrency gift if you do not first offer potential donors the option of giving this way. OnlineGiving.org was one of the first digital giving platforms to offer cryptocurrency giving for churches. Since launching this service, we have seen many of our churches move to provide this option for their donors.
Don’t worry if you know virtually nothing about cryptocurrency. We make the process of implementing this giving method smooth and easy. Don’t take my word for it. Read what Mika Casey, Digital Strategies Lead Director of Sun Valley Community Church in Phoenix, AZ, had to say about OG’s cryptocurrency service, “We've had an outstanding experience from the day we had our first call to learn about OnlineGiving.org all the way through today; they’ve been a great partner. Crypto Giving was easy for us to set up by following the instructions. Once everything was processed on their end, it was turned on fairly quickly and has been working great ever since!”
I recommend you set up a separate landing page for cryptocurrency giving. When people land on your giving page, they should see a link to this page. You can provide all the information about giving cryptocurrency and the link to start the giving process there.
Do it now! I know it’s summer, so an end-of-year giving strategy is not something you are thinking about. However, end-of-year holiday celebrations run from November through the end of the year. You want this option to meet the charitable feelings all Americans have during this time. How many weeks away is November 1st? It’s time to get moving if this goes into your EOY strategy.
If you have read enough and want to meet that November 1st deadline, contact us immediately at (615) 206-4000. Then, come back for the next step.
The next thing I recommend is what I call show-and-tell. Most church websites bury the information and any link to a cryptocurrency-giving option. If you prominently announce that you offer the ability to receive crypto donations, your opportunity to receive such gifts will improve. A “Crypto Giving” button on your giving page will let those interested quickly find out how to donate.
As soon as you have Crypto Giving, tell people about it. Announce it to the church. Those who don’t have cryptocurrency will think how trendy and ahead of the times you are. Those who do own cryptocurrency now have a thought in their mind. I don’t mean to come off as unspiritual, but one crypto gift is like a fisherman only catching one fish, a blue marlin. A crypto end-of-year giving strategy is a big fish strategy that should be one of many strategic movies to close out your giving year strong.
My final recommendation is to shout it out. I don’t mean literally. I mean that in all end-of-year communications, you should always mention Crypto Giving, from platform announcements to screen announcements and every other communication piece. I would also recommend you send a direct appeal message to the top 5% to 10% of your donor base announcing this new approach to giving. I would also consider a targeted appeal to any members or attendees that you know are in the tech industry. Even if they don’t own cryptocurrency, you will be making a statement.
The bottom line is you shouldn’t just set up a cryptocurrency-giving option and fail to communicate that option to your congregation. While a crypto-giving strategy might only impact a few in your congregation, the effort can reap great results. If you want to provide this option for your year-end giving strategy, Summer is the perfect time to begin setting up your Crypto Giving. Contact us today for more information on how cryptocurrency can boost your year-end giving at (615) 206-4000 or at support@onlinegiving.org.
The Stewardship Coach
It's the end of July, and it's time to ensure your church has all the tools it needs to close out the giving year strong. Find out if Crypto Giving will be an important piece of your end-of-year strategy.https://t.co/hVbbfZd27h pic.twitter.com/qmLe9QdjGO
— Online Giving (@onlinegivingorg) August 1, 2024
4. https://www.fidelitycharitable.org/insights/cryptocurrency-and-philanthropy.html