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Crypto Donations Come With Accounting Challenges for Nonprofits

June 21, 2018, 3:42 PM

Nonprofit organizations in the U.S. are slowly beginning to accept cryptocurrency donations like bitcoin, but they come with accounting challenges.

A lack of rules on how to account for cryptocurrencies leaves nonprofits to decide how to treat these donations.

They could be classified as a security, cash, or an intangible asset, said Daniel Figueredo, nonprofit and financial technology leader with accounting and consulting firm BPM LLP. He spoke during the Association of International Certified Professional Accountants nonprofit conference in Oxon Hill, Md., on June 19.

Each option brings with it a separate set of accounting ramifications—including how ...

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