Yes. Endaoment is a California-based Public Charity and Nonprofit Public Benefit Corporation, federally tax-exempt under IRS Rev. Code Sec 501(c)(3). Our EIN is 84-4661797.
See our IRS determination letter here:
Yes. Our smart contracts were audited by industry leading blockchain research firm OpenZeppelin.
A Donor-Advised Fund (DAF) is a charitable account for making grants to non profit recipients.
You add funds to a DAF to by irrevocably donating securities or property, without having to sell the donation for cash first. We take care of selling your contribution after you've donated.
As a result, DAFs are unique in that they let you donate property in its original form.
Endaoment DAFs lets you donate crypto assets in their original token form.
Donating cryptocurrency in original form has two important benefits:
1) The granted amount is equal to the present market value of the donation (i.e. you don't need to sell the asset, pay tax on the sale, then donate the proceeds, you can instead donate the entire asset) 2) The tax deduction could be equal to the market value of the donation
Imagine that Anonymous Alex has $25,000 of Ether. Let's assume they purchased 100 ETH initially at $100 ($10,000 total) and that the federal long term capital gains rate is 25%.
If Alex were to sell their ETH and then donate the proceeds, they would potentially pay $3,750 in taxes (on the $15,000 gain) making the final grantable amount $21,250. But if Alex were to donate the long-term-held Ether directly to a DAF, they'd potentially pay $0 in taxes and their grantable balance would be $25,000.
DAFs do not need to maintain a minimum balance. However, you will have to cover cost of creating a Fund contract on-chain.
We've got you covered. All grant recipients receive their awarded funds as USDC.
Organizations can choose to provide their own Ethereum Wallet to receive the USDC, or they can choose to provide US Bank Account details for direct deposit withdrawals provided via Circle. Aside from the form of currency they will receive, the only difference is that the direct deposit will require a small wire transfer fee (~$25), which will be deducted from the grant.
Endaoment DAFs use Uniswap to liquidate donations. We accept most tokens with a Uniswap exchange contract, listed below
ETH, WETH, DAI, USDC, MKR, HEX, SNX, PNK, sETH, UBT, LINK, BAT, WBTC, REP, KNC, RPL, NMR, ANJ, sUSD, imBTC, CNCC, LEND, TKN, ANT, BAND, JRT, XIO, UMA, TUSD, ZRX, REN, CBIX7, LRC, GNO, eINV, ESH, DZAR, SPANK, BUIDL, cDAI, CEL, RLC, BNT, RING, MLN, RCN, NEXO, AMPL, HXY, BLT, DATA, SNT, AUC, RDN, GEN, DIP, MANA, FUN, XCHF, OXT, LPT, HOT, DGX, DGD, RSR, LOOM, ENJ, FOAM, PAXG, TMV, GRID, XOR, AMN, SHIP, CMRA, SHUF, FXC, CMME, 0xBTC, DXD, pBTC, ULT, CHAI, RAISE, STA, VETH, AST, STAKE, LQD, SOCKS, PAN, aDAI, GST2, MET, MCX, VXV, MI, COT, ISLA, SALT, KEY, STORJ, TNT, TRST, DONUT, HEDG, MATIC, OCEAN, 1UP, USDx, PYRO, LEV, EBASE, ocDai, DRGN, C20, FTX, ENG, iDAI, cUSDC, CBI, FRM
At this time, no, you will need to make each deposit independently.
At this time, there is no spend down policy on funded DAFs.
No. At this time, only the Primary Advisor of a Fund may make donations. In order to create a Fund, you'll need to provide your name, email, and a U.S. mailing address.
In order to create an Endaoment Donor-Advised Fund, you'll need to provide us with your name, email address and a U.S. mailing address.
No. Gifts to DAFs are irrevocable and become the property of Endaoment upon donation. This is an IRS requirement on how DAFs must operate and is only subject to change based on IRA guidance.
Endaoment do not offer tax advice. Please consider working with a CPA or attorney to address your questions related to your tax burden.
While traditional DAFs invest your assets, causing your account to increase or decrease in value, Endaoment is based on a model that focuses on throughput and decreased cost where your funds will remain stable.
Once you make a donation to Endaoment using one of the crypto currencies we accept, we will immediately exchange those tokens for USDC in order for your assets to maintain a consistent value regardless of your granting timeline.
Due to Endaoment's low overhead cost, Endaoment charges lower than average fees on DAF accounts, a 0.5% inbound fee on DAF contributions and a 1.0% outbound fee on DAF Grants for a maximum fee of 1.5% on dollars which have completed their journey from donor to DAF to nonprofit organization