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Organization FAQ
What is Endaoment?
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. All our smart contracts have been audited by world-renowned blockchain research firm OpenZeppelin.
How does an organization receive grants awarded through Endaoment?
At Endaoment we offer two options: withdraw to your organization‘s bank account as US Dollars via ABA bank wire or to your organization‘s cryptocurrency wallet as US Dollar Coins (USDC). This can only occur after you go through the claim your organization step (see below) as only approved fiduciaries can accept grants on behalf of their organization. As soon as the grant is accepted, we‘ll initiate the payout process.
Wires cost $15 (deducted from the grant) and typically arrive within two business days, digital wallet transfers are free and near instantaneous. The method your organization uses is entirely up to you!
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.
How do I claim my Organization?
First, navigate to your Endaoment profile by adding your EIN to this URL: app.endaoment.org/orgs/[YOUR_EIN]. For example, Endaoment‘s EIN is 84-4661797 so our page is https://app.endaoment.org/orgs/844661797. Once there, click 'Is this your organization?' and select how your organization will receive Endaoment grants. Once your claim is reviewed, an Endaoment staff member will reach out to conduct due-diligence and verification. Want more details? Check out our tutorial with screenshots. Or, feel free to send us an email at [email protected] if you have any questions about this process.
Will my organization have to hold cryptocurrency?
Nope! Organizations choose to receive grants as US Dollars via ABA Bank Wire or USDC via Digital Wallet transfer. Organizations can fully use Endaoment and receive granted funds without holding cryptocurrency or touching blockchain technology if they so choose.
Will I know who is giving what money? What information will you provide me on the donor?
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. Or, feel free to send us an email at [email protected] for a more hand held approach.
Is there any benefit to my organization creating a cryptocurrency wallet and holding USDC tokens vs. asking for a bank wire?
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 $15 charge for the wire (which is deducted from the granted amount), and it can take 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. Plus you can use that cryptocurrency to leverage the DeFi space!
How can I leverage DeFi to earn yield on donations that my organization has received?
First of all - congratulations on 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 yield on your idle USDC (that is, if you do not have an immediate need for the granted funds 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!
Last modified 6mo ago
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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?
How do I claim my Organization?
Will my organization have to hold cryptocurrency?
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 bank wire?
How can I leverage DeFi to earn yield on donations that my organization has received?