Organization FAQ

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Organization FAQ

What is Endaoment?
​Endaoment is a new public charity that offers Donor-Advised Funds (DAFs) built atop the Ethereum blockchain, allowing you to donate crypto to almost any U.S. nonprofit organization.
Is Endaoment a Legitimate Nonprofit?
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: 
IRS Determination Letter - Endaoment.pdf
518KB
PDF
Endaoment IRS Determination
See our 1023 packet here:
Form 1023 Packet - Endaoment.pdf
10MB
PDF
Endaoment 1023 Packet
​
Has Endaoment undergone a Security Audit?
Yes. Our Fund and Organization digital smart contracts (the software governing the movement of funds) were audited by industry-leading blockchain research firm OpenZeppelin. 
​Check out OpenZeppelin's audit report on our contracts.​
How does an organization receive grants awarded through Endaoment?
Once you have claimed your organization and a grant has been made and approved for your organization, we will be in touch via e-mail to let you know you have a grant ready to be transferred to your organization. 
We'll confirm your preference for delivery of awarded funds and transfer the assets to your organization. 
Are there restrictions on money we receive from Endaoment?
Currently, there is no limit to how much money your organization can receive from Endaoment. 
However, as with other DAFs, the donor is permitted to provide specific instructions for the use of the grant.
Will my organization have to hold cryptocurrency?
No. All grants awards are made in dollars.
We suggest receiving grant awards as USDC, a "digital dollar" that's always redeemable 1:1 for USD. Alternatively, we can securely process a wire transaction to get granted funds into your organization's bank account for a small fee. 
If I want to get set up with a cryptocurrency wallet, how should I get started?
We recommend you use MetaMask, as they've simplified the process and is the go-to site for our Endaoment employees.
Read our how-to for getting set up with MetaMask here: Create a Crypto Wallet 
Will I know who is giving what money? What information will you provide me on the donor?
Yes, should the Donor choose to be disclosed.
Just like when you receive granted dollars from a traditional DAF provider, Endaoment will provide you with some basic identifying information about the donor, should they choose to have it disclosed. This information will be included in our Grant Award Letter to your organization. 
If an existing donor wants to donate cryptocurrency to my organization, where should I direct them?
Send them to Endaoment! We'll on-board them through to our system and assist as they attempt to donate cryptocurrency to your organization. 
Is there any benefit to my organization creating a cryptocurrency wallet and holding USDC tokens vs. asking for a wire transaction to our bank account?
Yes - there are some clear benefits to using a crypto wallet to withdraw your granted funds.
If you get a wire to transfer the funds into your bank account, you are responsible for paying the $25 charge for the wire (which is deducted from the granted amount), and it can take up to a few days to complete. 
However, cryptocurrency can be transferred to your organization's wallet almost instantly for no fee—we cover the transaction cost. 
How can I leverage DeFi to earn yield on donations that my organization has received?
First of all - congratulations on setting up a wallet with MetaMask and receiving donations in USDC! This step in the process can be quite the hurdle however, now that it is cleared, there is a world of possibilities to earn on your idle USDC (that is if you do not have an immediate need for the donation and the donor did not instruct specific uses for the funds).
There are a number of projects in the DeFi ecosystem that allow you to generate passive income on your stablecoins. While the team at Endaoment cannot recommend any yield aggregator in particular, other organizations who have received donations in USDC are leveraging DeFi to grow their donations. Head over to our Discord channel, and connect with these other organizations in #org-support! 

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Contents

What is Endaoment?

Is Endaoment a Legitimate Nonprofit?

Has Endaoment undergone a Security Audit?

How does an organization receive grants awarded through Endaoment?

Are there restrictions on money we receive from Endaoment?

Will my organization have to hold cryptocurrency?

If I want to get set up with a cryptocurrency wallet, how should I get started?

Will I know who is giving what money? What information will you provide me on the donor?

If an existing donor wants to donate cryptocurrency to my organization, where should I direct them?

Is there any benefit to my organization creating a cryptocurrency wallet and holding USDC tokens vs. asking for a wire transaction to our bank account?

How can I leverage DeFi to earn yield on donations that my organization has received?