FundSvcs Community

 View Only

  • 1.  Endaoment

    Posted 09-08-2022 08:19 AM
    Has anyone had any experience with a company called Endaoment? They claim to be "a 501c3 that helps facilitate cryptocurrency-originated donations for other nonprofits" and claim that our institution "has been deployed on Endaoment, meaning a donor or staff member started Step 1 of the setup process for you. They paid a small transaction fee to do this, many times as a signal that they want to start giving. The next step in the process to get you fully onboarded would require you to visit your page on our site."

    Thanks for any of your insights.
    Joe 

    ------------------------------
    Joe Medina
    Associate Vice President for Development
    Hamilton College
    jmmedina@hamilton.edu
    ------------------------------


  • 2.  RE: Endaoment

    Posted 09-08-2022 08:45 AM
    I've only heard about them.  They seem to be legit (established in 2020 - their 990 for 2020 is on file)  and were built on the Ethereum blockchain:


    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


  • 3.  RE: Endaoment

    Posted 09-08-2022 09:23 AM
    I do not have direct experience with them, but I know about them and they are legit.

    The way they work is that they're a 501c3 community foundation. They allow donors to create DAFs and recommend donations from those DAFs. Donors are charged 0.5% when funding the DAF, and 1% when donation. The fee is charged to the donor, and the nonprofit gets a grant from Endaoment for 99% of the amount. Donors can also make a gift to a nonprofit using the foundation as a middleman, without setting up a DAF. 

    Your organization can receive gifts into your US bank account in dollars, for the cost of the wire transfer, or for free into your org's wallet, if you have one.

    The setup cost referenced in your email is a "gas" cost - an actual hard cost to Endaoment for deploying the smart contract onto the blockchain that enables their services. The fee is usually under $10, so I wouldn't necessarily overreact to the fact that someone spent it to set you up. 



    Thank you,
    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

    Schedule a 30-minute consultation now:




    Original Message


Related Content