Donors can now contribute bitcoin to Fidelity Charitable to fund philanthropy
BOSTON, Nov 18, 2015 – Donors can now use bitcoin to support charities with Fidelity Charitable, which expands the existing array of assets donors can contribute to their donor-advised funds to fuel their philanthropy.
"Enabling donors to contribute bitcoin to their donor-advised funds is the latest example of Fidelity Charitable's commitment to making it as easy as possible for donors to support the charities they care about with the assets at their disposal," said Matt Nash, senior vice president of donor engagement for Fidelity Charitable. "There are many tax advantages to donating long-term appreciated assets, and that ultimately means more money to charity."
The majority of contributions to Fidelity Charitable are made in capital assets, such as publicly-traded securities as well as private business shares and real estate, which many nonprofits find costly, time-consuming or even nearly impossible to accept.
Donors who contribute the assets to a donor-advised fund simplify the donation for both themselves and the end-recipient charity. The donor can support multiple charities through one contribution and strategically plan their giving. The end-recipient charities receive grants from Fidelity Charitable via check or electronic funds transfer, which are often easier for the organizations to accept than the asset itself.
To add this new capability, Fidelity Charitable worked with Fidelity Labs, an idea and innovation catalyst and a Fidelity Investments company. Fidelity Charitable uses Coinbase, Inc.'s conversion service, which the company makes available to charities for free, to convert bitcoin. The proceeds of the conversion are allocated to the individual's donor-advised fund at Fidelity Charitable.
About Fidelity Charitable
Fidelity Charitable is an independent public charity that has helped donors support more than 210,000 nonprofit organizations with more than $20 billion in grants. Established in 1991, Fidelity Charitable launched the first national donor-advised fund program. The mission of the organization is to further the American tradition of philanthropy by providing programs that make charitable giving simple and effective. For more information about Fidelity Charitable, visit http://www.fidelitycharitable.org.