We are living in a time of great change in the way money, and our digital future is being redefined.
Yes, the proof of work method of verifying crypto transactions needs to be more efficient before Modern Marimba can use it to compensate international artists, sell tickets to concerts, or accept small donations. There is a huge financial incentive (other than literally saving the planet) for crypto mining companies to reduce the electricity they use for verifying transactions on various digital public ledgers. Staying curious, educated, and growing with this new technology allows us to make better decisions about the future of this organization.
But right now, crypto philanthropy is being used by many nonprofit organizations to build community with those who create large, taxable events in the crypto space. These nonprofits are doing the same type of work as Modern Marimba (but tbh on a much larger scale) and finding ways to maximize the efficiency of large giving.
If you are someone who has created a large, taxable event in crypto and would like to make a donation to Modern Marimba, we have a commerce wallet with Coinbase.
Resources
The information provided is for informational purposes only and does not constitute tax advice.
- Check out this list of nonprofits accepting crypto donations using The Giving Block.
- Information about giving with cryptocurrency on Every.org.
- Using the Whole Whale – A Nonprofit Podcast Episode 284: The Case for Crypto Donations: A lively discussion with Pat Duffy, the co-founder of The Giving Block, about where crypto philanthropy is and important lessons from 2021. Listen on Apple Podcasts
U.S. Tax Resources on Crypto
The information provided is for informational purposes only and does not constitute tax advice.
- IRS Frequently Asked Questions on Virtual Currency Transactions
- IRS About Form 8283, Noncash Charitable Contributions
- IRS Charitable Contributions – Substantiation and Disclosure Requirements
Modern Marimba, a 501c3 nonprofit organization (EIN: 84-2738377), meets all requirements specified by the Florida Solicitation of Contributions Act. A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE WITHIN THE STATE (1-800-435-7352). REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE. Please refer to registration #CH60203. A professional solicitor has not been retained, and Modern Marimba receives 100% of your contribution.