Bitcoin Report: A Look at the First Tax Exempted Bitcoin Charity

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The BitGive Foundation announced today that it has become the first nonprofit bitcoin organization to achieve 501(c)(3) status, meaning the Internal Revenue Service (IRS) officially recognizes it as a charitable organisation in the US. This means that any gains made by the foundation will not be taxed, thus directing more money to its supported causes.

BitGive executive director Connie Gallippi told that it is about more than just money, however, “It does give us legitimacy with the US government, which has been a huge struggle for bitcoin as far as businesses are concerned.”

BitGive is dedicated to improving the public health and environment worldwide by giving funds that it raises to various philanthropic organizations and projects. It accepts corporate and individual donations, and counts BitPay, Xapo, LibraTax and Roger Ver among its founding donors.

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Today the foundation also launches two new initiatives: the Founding Donors Campaign and a membership program for individuals. Each is open to donors worldwide.

The new campaign is aimed at one-shot donations from larger groups or companies to help get the foundation’s activity rolling, whereas the membership program is being offered to individuals on an annual basis to support the underlying operations of the organization. Furthermore, in the following year, the foundation plans to offer an annual component to corporations and larger donors.

Gallippi said that the organization’s long-term functionality is to have the equivalent of a multi-million-dollar investment trust, in bitcoin, from which it can give to causes and projects.

Bitcoin News Video

Watch this video for more “News on Bitcoin”.

[grabpress_video guid=ef27077c46a558180e74b779127889ea4a5b2b09 embed_id=2151919]

Bitcoin Financial News

The organization’s current campaign is for The Water Project, and has a fundraising goal of $10,000 in bitcoin. Gallippi said BitGive kicked the campaign off with 2BTC from the main fund and is encouraging the bitcoin community to contribute. In earlier efforts, BitGive helped raised $4,850 in one day for Save the Children‘s fund for the Philippines following Typhoon Haiyan.

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