Yes, Chicago Chess Center has digital wallets on Coinbase. And our board has now authorized me to use them to accept charitable donations.
If you've been fortunate enough to enjoy the benefits of the current bubble, and you're charitably minded, one of the most tax-efficient things you can do is to donate your appreciated assets to your place of worship or a 501(c)(3) charitable organization. Folks usually do this with high-flying stock, but it seems like every other chess player I meet has a little cryptocurrency.
Why bother? Donors get to write off the fair market value of the donated item for tax purposes (consult your tax advisor). Also, donors don't have to pay tax on the unrealized gain.
I also find the thought of asking your neighborhood cat shelter to open a Coinbase account mildly amusing.
Above is the address of our bitcoin wallet: if you make a donation (large or small), we'll send you the necessary tax forms along with our undying thanks. The above wallet accepts Bitcoin (BTC) only: please do not send any other virtual currency to this wallet!
If you'd like to donate Ethereum or Litecoin, please let me know, and I will send you a link.
Here are two thank-you gifts (first-come, first-serve) that might be perfect for one of the chess players in your life.
If you donate at least $1,000 (cash or virtual currency), we'd be happy to give you the custom chess table of the American philosopher Abraham Kaplan, donated to us by his daughter Jessica Kaplan.
I am not an appraiser, but my estimated FMV of the table is $400.
If you donate at least $2,000 (cash or virtual currency), we'd be happy to give you a triple-weighted Jaques set and matching board donated by a local art professor with very good taste, who prefers to remain anonymous. The carrying case for the pieces is damaged, but still perfectly functional. The set and board drew rave reviews at the Clark Street Capital Grandmaster Invitational, the Haymarket Memorial, and the City of Chicago Class.
I am not an appraiser (again, those weasel words), but my estimated FMV of the Jaques set and matching board is $800.
Not all of us are heavy hitters. Even a gift of 0.001 BTC, about $10 today (ask me again tomorrow), is meaningful. If you can afford it, consider giving $10 per month the old-fashioned way.
And what do we do with the virtual currency? We sell and transfer it to our boring bank account in order to advance our nonprofit mission.