In today’s environment, the use of cryptocurrency is becoming a growing topic among nonprofit organizations striving to reach fundraising goals. Before accepting any digital assets as donations, it’s important for your organization to understand the policies and best practices needed as it relates to holding cryptocurrencies in your gift program. In this video, we review cryptocurrency basics, examine the risks and rewards of holding cryptocurrencies and discuss the proper accounting under U.S. GAAP.
Learning Objectives:
- Understand what cryptocurrency is and the ways it can be held by an organization
- Recognize how to properly account for cryptocurrencies held by the organization under U.S. GAAP
- Identify the risks and rewards of accepting and investing in cryptocurrencies
- Describe the policies that should be in place before accepting and holding cryptocurrencies
Learn how Cherry Bekaert’s accounting, tax and advisory services can support your nonprofit organization.
