Full Transcript for Complex Giving Made Simple

But what it led to was more of a platform that um that was focused on you know processing electronic payments on the web for churches and nonprofits. 00:04:54.399 --> 00:04:55.519 And so we built that company. 00:04:55.839 --> 00:05:04.800 We ran it for eight years, sold it in 2016, and frankly swore that we were out of the giving business forever. 00:05:04.959 --> 00:05:08.879 Uh, but uh we're you know, I think curious guys by nature. 00:05:08.959 --> 00:05:18.800 And so we're interested in the blockchain and um and really, you know, typically nonprofits are the you know, they desire to be sort of the first to be second, right? 00:05:19.279 --> 00:05:26.639 It's um it's it's not a um space that generally rewards um a lot of risk taking. 00:05:26.800 --> 00:05:37.199 And so we thought this would there's an opportunity for us to um help nonprofits and ministries participate in what we saw as this new asset class, which was crypto. 00:05:37.360 --> 00:05:39.040 So that's why we founded in given. 00:05:39.199 --> 00:05:42.079 Um, like I said, we've been around eight and a half years. 00:05:42.319 --> 00:06:03.279 Uh you know, we at this point have 28,000 uh nonprofits and ministries in the United States that we facilitate um, you know, complex giving for uh we've expanded outside of crypto to uh you know, we facilitate uh stock giving for those nonprofit clients as well. 00:06:03.360 --> 00:06:07.839 So allowing donors to be able to make uh contributions of cryptocurrency and stock. 00:06:07.920 --> 00:06:18.240 And then along with your friend Troy and my friend Troy, um, you know, we're excited that we're gonna be um introducing real estate giving and DAF giving to the platform as well. 00:06:18.399 --> 00:06:32.319 So essentially just enfranchising and equipping these nonprofits to be able to safely, securely, um, and simply ingress uh these different types of assets to resource the missions of their nonprofits. 00:06:33.040 --> 00:06:37.759 So for our listeners who don't know what a DAF is, could you briefly uh explain that? 00:06:38.079 --> 00:06:48.480 Yeah, DAF is uh DAF stands for donor advised fund and essentially is a nonprofit that acts almost like an umbrella nonprofit. 00:06:48.639 --> 00:06:55.839 Um, most commonly in like financial planning sort of scenarios and environments. 00:06:55.920 --> 00:07:11.120 Um, and so an individual, if they um for potentially tax planning purposes, um, needed to make a gift in a particular tax year, they can open a traditional DAF account, like a Fidelity Charitable, Schwab Charitable, National Christian Foundation, et cetera. 00:07:11.279 --> 00:07:17.519 Um, and they can make a charitable contribution in that tax year to that donor advised fund. 00:07:17.600 --> 00:07:19.839 It's a 501c3 nonprofit. 00:07:20.079 --> 00:07:21.839 They get the tax write-off. 00:07:21.920 --> 00:07:25.920 Um, but they don't have to designate where those funds go immediately. 00:07:26.079 --> 00:07:37.920 So those funds, they can get the tax write-off for the for that those funds, and then those funds can kind of just sit there and be um it the donor gets to advise where those funds are going to go later. 00:07:38.079 --> 00:07:44.000 So then those funds are subsequently granted to other nonprofits later on. 00:07:44.160 --> 00:07:56.480 And the funds can sit in that DAF account, typically Fidelity Schwab, you know, almost all the large brokerage houses have DAFs, and those funds can grow, um, they can appreciate in value, so there's more money to give away. 00:07:56.560 --> 00:08:04.560 Um, so really they originated this sort of a tax planning uh tool that helped facilitate generosity. 00:08:05.279 --> 00:08:12.319 You again, for our listeners, our community is such a philanthropic community. 00:08:12.560 --> 00:08:24.720 And when I heard about what you and then Given are doing, I was so excited to to have you join us on the radio so you can share again with your background and technology and in your background. 00:08:24.879 --> 00:08:30.240 By the way, we have a wonderful young life uh you know uh division here. 00:08:30.319 --> 00:08:31.360 I'm not sure if that's the right word. 00:08:31.439 --> 00:08:32.320 Uh, you know, area. 00:08:32.480 --> 00:08:32.799 Yeah, yeah. 00:08:32.960 --> 00:08:33.600 Young life area. 00:08:33.679 --> 00:08:33.759 Yeah. 00:08:34.399 --> 00:08:39.519 Hendersonville in Henderson County has a wonderful young life program here for our youth. 00:08:39.600 --> 00:08:53.360 But between our churches and the different nonprofits serving our community, I felt like this is a very important conversation because a lot of people think of giving as just writing a check. 00:08:53.600 --> 00:08:57.039 And you mentioned crypto, you mentioned stock. 00:08:57.120 --> 00:09:28.960 And then with our uh, you know, real our awareness of what Troy's doing in the real estate world, we we wanted to bring you here to have this conversation and and to expand, maybe again, people that are listening that are philanthropic and people that want to give other uh you know, other assets, there's other ways and and how you're bringing your your own experience to the table, then and again, what justice is doing with estate planning and wills and trusts. 00:09:29.039 --> 00:09:31.440 I this is just an appropriate conversation. 00:09:32.000 --> 00:09:46.240 So uh just to to help our listeners know a little bit more about the basics of what you do and and how it works, uh, are you working with those donors directly or are you working with the uh the charities, or how does that work from your organization's perspective? 00:09:46.639 --> 00:09:51.120 Yeah, so our primary relationship is with the with the charity, with the 501c3. 00:09:51.279 --> 00:09:55.120 So that they will they will engage us, they'll come, they'll sign up. 00:09:55.360 --> 00:10:02.559 We essentially underwrite them, we you know, ensure that they're a legitimate 501c3 in good standing and they're you

know appropriate place. 00:10:02.720 --> 00:10:04.320 And then they have an account with us. 00:10:04.559 --> 00:10:10.320 They have a dashboard, um, and we then equip them with what we call widgets. 00:10:10.480 --> 00:10:15.919 These are essentially web pages that they can put on their links to from their uh website. 00:10:16.159 --> 00:10:30.399 Um and when a donor comes, they typically they'll land at um the give page on the website, or they'll call the development office or the you know the folks at the nonprofit that are in charge of uh raising funds. 00:10:30.480 --> 00:10:39.759 And um and they then have um these tools that they can expose to the donors that are like the cryptocurrency widget. 00:10:39.919 --> 00:10:44.559 So, hey, I have crypto, I want to make a gift of Bitcoin or Ethereum or stable coin. 00:10:44.799 --> 00:10:58.080 Um, and the donor will will sort of initiate that that gift of that base asset of crypto or stock or coming soon to real estate through our platform, essentially through this. 00:10:58.159 --> 00:10:59.600 And it's a branded widget. 00:10:59.759 --> 00:11:03.840 So um, you know, if it's young life, it's you know, it's a crypto giving page. 00:11:04.000 --> 00:11:12.399 It looks like Young Life, it's uh, you know, University of Michigan or um uh Salvation Army or your local church, right? 00:11:12.480 --> 00:11:21.200 Um they're gonna just go to their their crypto page, which which we host for the nonprofit, and then the donors just gonna interact with that page and they're gonna make the gift. 00:11:21.440 --> 00:11:22.639 Same for stock. 00:11:22.799 --> 00:11:33.840 Um the processes are a little bit different, just because the mechanics of transferring stock are a little bit different than the mechanics of uh transferring crypto, and then likewise uh with real estate. 00:11:34.000 --> 00:11:38.799 So our client uh justice, the the sort of that is is the nonprofit. 00:11:38.879 --> 00:11:45.200 Um, but we do interact with donors a lot because oftentimes, particularly these are this is different than giving cash. 00:11:45.360 --> 00:11:46.480 This is different, you know. 00:11:46.559 --> 00:11:50.720 Um, the majority of wealth um is not held in cash, right? 00:11:50.799 --> 00:11:52.159 It's held in these other assets. 00:11:52.240 --> 00:11:55.759 So oftentimes these these are larger gifts that we're talking about. 00:11:55.919 --> 00:12:03.120 The average crypto gift um on our platform over the life of our platform is like$30,000. 00:12:03.600 --> 00:12:05.440 So these are these are generally big gifts. 00:12:05.519 --> 00:12:07.440 So we process some massive gifts. 00:12:07.519 --> 00:12:16.480 Um so oftentimes we do connect with the donors um and just help them, you know, um, with the the specific nuances of what they're trying to accomplish. 00:12:16.559 --> 00:12:20.000 Um, and then it's our job to just facilitate them. 00:12:20.240 --> 00:12:27.840 The asset landing, it being liquidated, that's a big

part of what we do is we turn that asset into spendable resources for the nonprofit. 00:12:28.000 --> 00:12:30.240 Um, we facilitate that at least. 00:12:30.399 --> 00:12:32.799 And um, and then we're receiving the donor. 00:12:32.879 --> 00:12:50.080 That's obviously a very important part, and then making sure that there's just transparency throughout the whole process so that the nonprofit can care for the donor, which is that's a that's a big part of you know what nonprofits want to make sure they're doing is is communicating well and caring for the donors who are uh you know who are resourcing their missions. 00:12:50.480 --> 00:12:58.720 And how does that differ if I'm donating cryptocurrency that I own in a brokerage versus cryptocurrency that I might have on a personal wallet? 00:12:59.279 --> 00:13:02.639 Uh you can do both through our you know, through our system. 00:13:02.799 --> 00:13:18.320 I mean, as long as you actually own the crypto, there are some brokerages where you sort of um own a representation of crypto, very rare, but um, so meaning that you can't actually transfer that crypto outside of the brokerage. 00:13:18.399 --> 00:13:27.200 But if you own a Coinbase account or a Kraken account, like if it's on an exchange, you can transfer that crypto in its base form out of the exchange. 00:13:27.360 --> 00:13:34.559 Um, just like you can transfer it out of a, if you had a hardware wallet or a software wallet or a paper wallet or a mobile wallet. 00:13:34.639 --> 00:13:36.639 Um, our system is wallet agnostic. 00:13:36.720 --> 00:13:46.639 So regardless of how donors hold crypto, um, they're able to then transfer it directly um into the possession of the nonprofit. 00:13:46.960 --> 00:13:54.080 And if someone was having trouble with that, uh would they be able to reach out to your support team to get that transfer going? 00:13:54.399 --> 00:13:55.200 Yeah, yeah, yeah. 00:13:55.279 --> 00:13:56.480 If if they have any issues. 00:13:56.639 --> 00:14:02.399 The nice, the interesting thing is we we do a lot more donor support with stock. 00:14:03.200 --> 00:14:10.480 The reason is is because uh one is a lot of people own more people own stock than own crypto, right? 00:14:10.559 --> 00:14:12.720 So there's a there's an overweighting of that. 00:14:12.799 --> 00:14:15.120 Um, and stock is actually a little bit more complicated. 00:14:15.200 --> 00:14:21.279 You got to get the DTC transfer instructions from our system, then you have to actually initiate the transfer with your broker. 00:14:21.519 --> 00:14:28.320 Um, and every broker has a little bit of a different form for the charitable transfer of shares via DTC. 00:14:28.480 --> 00:14:30.159 Um, crypto is a little different. 00:14:30.480 --> 00:14:39.519 Most people who who own crypto, at least in any meaningful way where they're gonna then want to make a charitable contribution, they're crypto savvy. 00:14:39.759 --> 00:14:48.000 And so what's really interesting is we we get almost

no customer support requests from crypto donors because they absolutely know what they're doing. 00:14:48.159 --> 00:14:53.919 Most of the crypto support requests comes on the nonprofit side where they like they get a gift and they're like, well, wait, what just happened? 00:14:54.000 --> 00:14:55.039 How do like what is this? 00:14:55.120 --> 00:15:00.000 And and so they kind of want to, you know, they get a gift, they want to understand the context around that gift. 00:15:00.159 --> 00:15:06.799 Um, and to help our listeners kind of understand the barrier that you're bridging here uh with these nonprofits. 00:15:06.879 --> 00:15:26.240 Uh if I were to go to a nonprofit that is not working with you and they don't have any sort of support on this, and I wanted to donate to them cryptocurrency, would they have to then open their own wallet, figure out how it works, and and go through this difficult process just in order to receive that gift? 00:15:26.480 --> 00:15:27.600 Uh yeah. 00:15:28.159 --> 00:15:31.840 Yeah, there's, I mean, there's there's just uh there's just a lot of complexity. 00:15:32.000 --> 00:15:41.759 There's a lot of like a lot, a lot of the process is sort of obfuscated by um you know regulations and just administrative hurdles. 00:15:41.919 --> 00:15:47.279 So if a nonprofit wants to receive crypto and do it on their own, you technically can do it. 00:15:47.360 --> 00:15:51.840 But the first thing they would have to do is they'd have to figure out, hey, how am I gonna turn it into cash? 00:15:52.080 --> 00:15:58.000 Because nonprofits generally, by and large, want a spendable resource, right? 00:15:58.399 --> 00:16:09.519 And most uh accounting best practices guidelines are gonna say when you receive a speculative asset as a charitable contribution, best practices for the nonprofit is to liquidate it. 00:16:09.679 --> 00:16:14.399 So there's no accusations of like speculation, et cetera, on from the leadership perspective. 00:16:14.559 --> 00:16:18.159 So the first thing a nonprofit would have to do is they'd have to go get an exchange account, right? 00:16:18.240 --> 00:16:23.840 So they'd have to open an account like Coinbase or Gemini or Kraken, which is actually very difficult to do. 00:16:24.000 --> 00:16:25.759 It shouldn't be, but it's very difficult to do. 00:16:25.919 --> 00:16:28.720 Those organizations, they're just not set up to serve nonprofits. 00:16:28.879 --> 00:16:33.679 So even the account application for a business form has a bunch of questions that don't make sense. 00:16:33.840 --> 00:16:36.720 It's very tough to get a to get um an exchange account. 00:16:36.799 --> 00:16:37.840 So that's step one. 00:16:38.080 --> 00:16:42.080 The other would be just figuring out, hey, how do we how do we then manage that account, right? 00:16:42.159 --> 00:16:46.480 Um, how do we receipt the donor um once the asset comes in? 00:16:46.720 --> 00:16:49.120 How do we liquidate it in an efficient way? 00:16:49.200 --> 00:16:52.399 So we're maximizing the US dollar proceeds that come out. 00:16:52.639 --> 00:16:59.919 And then how do we deal with all the tax forms that are attendant, both on the donor and the donor side, for gifts of crypto? 00:17:00.000 --> 00:17:07.680 And that's one thing Justin, you and I, Justice, you and I have been uh touching on is you know crypto is classified by the IRS's property. 00:17:07.759 --> 00:17:26.079 They made that classification in 2014, and so there's this um sort of set of guidelines, which means tax forms, um, both on the donee and the donor side, um, that uh are sort of part and parcel with charitable contributions of crypto and on our system also takes care of those uh things. 00:17:26.720 --> 00:17:28.480 Your your Okay, great. 00:17:28.880 --> 00:17:29.920 Go ahead, Justice. 00:17:31.279 --> 00:17:32.960 Oh, uh no, you go now. 00:17:33.119 --> 00:17:33.440 Oh, it's okay. 00:17:33.599 --> 00:17:34.319 We can call this out of it. 00:17:35.119 --> 00:17:37.039 Absolutely, which is fine. 00:17:38.400 --> 00:18:03.359 Matt, and given you mentioned the platform is a way to liquefy property, whether it's crypto property, stock property, physical real estate property, and that's the thing that's we're so excited about is you know nonprofits are you know, they a lot of them have gift policies where they will not receive real estate. 00:18:03.519 --> 00:18:06.000 They will not receive stock or crypto. 00:18:06.160 --> 00:18:16.480 But but your platform is a way for nonprofits to to have access to much larger gifts where they previously couldn't receive this. 00:18:16.559 --> 00:18:19.920 And it it's a tremendous resource for nonprofits. 00:18:20.720 --> 00:18:20.960 Yeah. 00:18:21.119 --> 00:18:36.400 And honestly, the reason most of them didn't is because most nonprofits are like many of the nonprofits that I've been a part of, or is they're, you know, um the person who's in charge of uh finances also has 15 other responsibilities, right? 00:18:36.559 --> 00:18:50.319 Um, and and each of these asset classes, accepting each one of these asset classes, comes with um sort of the responsibility of you know, understanding all the different nuances, the guidelines, the the regulations, receiving all that stuff. 00:18:50.400 --> 00:18:59.440 And um that's really the goal of our platform is to just you know make really extract all the complexity out of it and make it really simple. 00:18:59.519 --> 00:19:00.799 And and that's the other thing. 00:19:00.880 --> 00:19:03.440 We we utilize a donor advised fund ourselves. 00:19:03.519 --> 00:19:16.160 So we have the in-given foundation, which is set up, it's separate from us, arm's length from us, but all gifts are actually given for the benefit of XYZ nonprofit, the benefit of young light, like via the in-given foundation. 00:19:16.319 --> 00:19:19.519 And so that's the other nice thing is from a gift acceptance policy. 00:19:19.680 --> 00:19:28.799 Nonprofits don't even have to change

their gift acceptance policy because what they're really doing is receiving it what's called a subsequent cash grant from in given foundation. 00:19:28.960 --> 00:19:35.920 So it's in given foundation that then has to file the tax form, for instance, 82, 82 when they receive a gift of crypto. 00:19:36.160 --> 00:19:42.559 Um the given foundation kind of hold like bears all of that um that burden. 00:19:42.720 --> 00:19:46.640 And the nonprofit then they get all the donor data. 00:19:46.720 --> 00:19:50.400 Um, those donors are their donors, all that all happens in real time. 00:19:50.480 --> 00:19:53.920 But what they're getting is what's called a subsequent cash grant. 00:19:54.079 --> 00:19:58.559 Um, and so from an accounting perspective, most nonprofits already know how to deal with that. 00:19:58.720 --> 00:20:12.799 They've already usually gotten a gift from a donor-advised fund, um, and they don't put in place any additional administrative apparatuses to now be able to accept crypto or stock or real estate or you know, et cetera. 00:20:13.519 --> 00:20:14.160 Amazing. 00:20:14.480 --> 00:20:28.559 Justice and and Matt too, why is appreciated real estate or appreciated stocks or appreciated crypto such an interesting asset when we talk about the charitable planning? 00:20:29.359 --> 00:20:35.519 Well, uh, from my perspective, I have a lot of clients in this area, as you were saying, Noah, who have charitable intent. 00:20:36.000 --> 00:20:42.559 Uh they want to give money to charities, they're generous, uh, and they could write a check to the charity tomorrow. 00:20:42.880 --> 00:20:51.039 But a lot of people who own real estate or who own, you know, um you go to work each week, you get a paycheck. 00:20:51.119 --> 00:20:54.160 If you want to contribute some of that to charity, that's easy enough. 00:20:54.640 --> 00:21:00.400 People who uh have real estate, you don't buy a piece of property in order to then give it to charity. 00:21:00.480 --> 00:21:06.720 You probably bought this property 10, 15 years ago, uh, or you bought the cryptocurrency a long time ago. 00:21:07.200 --> 00:21:18.160 And and cryptocurrency is a big deal with this because there are a lot of cryptocurrencies that really have increased in in price quite a lot in the last 15 years. 00:21:18.400 --> 00:21:20.640 And so your basis in it is very small. 00:21:20.799 --> 00:21:28.640 So if I were to sell it and then give the money from the sale to a charity, uh there would be capital gains tax involved. 00:21:28.960 --> 00:21:47.359 Uh whereas if you give it directly to a charity, if I have a client who wants to give money anyways, they might be able to give more money to the charity and come out with the same amount of money at the end of the day if they give an asset that has appreciated that they would have to pay taxes if they sold it. 00:21:48.079 --> 00:21:59.519 And that's one of the solutions, but as we this is a potential solution for a donor with someone that has a

highly appreciated real estate asset where we can 1031 exchange it. 00:22:00.160 --> 00:22:13.839 Defer the capital gains, have the conversation about a potential front, charitable remainder, unified trusts, and and work within given to donate to nonprofits through real estate. 00:22:14.160 --> 00:22:14.480 Yeah. 00:22:14.559 --> 00:22:19.519 I mean, that's that's you kind of that's it in a in a nice tidy bow. 00:22:19.599 --> 00:22:34.559 I mean, that and and frankly, I mean what Justice just articulated, that being able donors being able to avoid in many cases capital gains by being generous is really the only reason that a given exists. 00:22:35.119 --> 00:22:49.359 There's no real reason to donate, there's no intrinsic reason other than maximizing the the uh the proceeds that go to to a nonprofit and maximizing a donor's ability to avoid capital potential capital gains tax. 00:22:49.599 --> 00:22:51.519 There's really no other reason to donate crypto. 00:22:52.400 --> 00:22:54.160 Crypto doesn't have a utility outside of that. 00:22:54.559 --> 00:22:58.799 Really, same with stock, you know, same in the real estate scenario. 00:22:58.960 --> 00:23:10.720 I mean, that's the whole thing is you're maximizing your, you know, you're you're maximizing the uh proceeds that you're able to get event, you know, eventually to that to the to the nonprofit. 00:23:10.960 --> 00:23:11.200 Right. 00:23:11.279 --> 00:23:14.640 The charity ends up with more at the end of the day, if you structure it correctly. 00:23:14.880 --> 00:23:15.440 Yep. 00:23:15.759 --> 00:23:32.319 So if you were uh if I were to do it myself and and give stocks to a charity, uh, I would then have to estimate uh or have my tax person estimate the value of those gifts, and the charity would have to prepare documents on their side. 00:23:32.480 --> 00:23:38.240 Uh with cryptocurrency, as you said, if it's over$5,000, you might have to do an appraisal. 00:23:38.400 --> 00:23:44.960 Uh, if I gave that money through and given, uh, would I still have to do that, or is that a service and given provides? 00:23:45.440 --> 00:23:51.920 So for cryptocurrency, um, I think like we alluded to in 2014, the IRS classified it as property. 00:23:52.000 --> 00:23:58.799 And so all of the guidelines surrounding charitable contributions of property apply to charitable contributions of cryptocurrency. 00:23:59.119 --> 00:24:07.759 And the um those guidelines include when the nonprofit receives a gift of property, they need to file a form 8282. 00:24:08.079 --> 00:24:13.920 If they dispose of sell the asset, then a certain period, then they have to file that form. 00:24:14.240 --> 00:24:20.079 Um, they don't have to do that if they're on the in-given platform because they didn't technically receive the property. 00:24:20.319 --> 00:24:25.839 It was it was in given foundation that received the property, so in given foundation has to file that form. 00:24:26.640 --> 00:24:30.000 The art, the client, the charity, um, just gets the cash. 00:24:30.079 --> 00:24:33.680 So it's just a it's a it's a you know a cash grant that comes down to them. 00:24:33.920 --> 00:24:53.200 On the donor side, when the donor contributes uh cryptocurrency, if they want to change uh claim a charitable contribution, which almost all donors do, and if the gift is valued by the donor at over$500, they have to file a tax form uh$8283 with their tax return. 00:24:53.599 --> 00:25:02.079 That return requires that the donee, the receiving organization, sign that form for them before they file it with a tax return. 00:25:02.319 --> 00:25:16.559 If they're claiming the value of that gift is over$5,000, then the donor also has to substantiate that value with a qualified appraisal, which is, you know, again, these are just layers and layers of sort of pain in the butt, is what it is. 00:25:16.799 --> 00:25:25.279 Um these rules were created by the IRS for different types of assets like charitable contributions of cars, jewelry, artwork. 00:25:25.359 --> 00:25:28.480 That's more traditional property, and that's where some of that makes sense. 00:25:28.559 --> 00:25:36.960 Oh, yeah, you need to get an appraisal so that you know someone uh can substantiate what they're claiming the gift was worth. 00:25:37.200 --> 00:25:40.400 Um with crypto is really just a pain. 00:25:40.480 --> 00:25:45.519 Um and it's a pain for donors, and it's expensive, typically four to six hundred dollars for a donor to go get an appraisal. 00:25:45.599 --> 00:25:53.519 And then they also have to send these forms that have to mail them to the nonprofit, get them signed back, send them to the appraiser, you have to sign them and send them back. 00:25:53.759 --> 00:25:55.759 Um, so our platform takes care of that. 00:25:55.839 --> 00:26:05.839 We kind of figured about two years in, we figured that hey, this is a huge pain and it will be a constraint, a negative constraint, um, to people donating crypto, unless we can figure this out. 00:26:05.920 --> 00:26:07.599 And so we sort of pioneered that. 00:26:07.759 --> 00:26:26.640 So when someone makes a contribution, if it meets those$505,000 thresholds within the receipt, the tap the IRS compliant contribution receipt that our system automatically sends them, there is a link that they can click and it throws them into an automated DocuSign workflow where we prepare all those and then they're sent to the corrected parties. 00:26:26.720 --> 00:26:31.680 And then once complete, they just land in the inbox of the donor. 00:26:31.839 --> 00:26:36.640 So as you can imagine, most of that happens like Q1 right before tax time. 00:26:36.720 --> 00:26:39.680 That's when people are mostly um sort of initiating that. 00:26:39.759 --> 00:26:42.079 But um, it's the donor's responsibility. 00:26:42.160 --> 00:26:47.359 But we just provided these tools so that we can take care of it for them and make it as simple as possible. 00:26:48.000 --> 00:26:51.039 You've simplified

complex giving. 00:26:51.680 --> 00:26:52.799 Yeah, that's what I mean. 00:26:52.880 --> 00:26:57.039 Hopefully, that's that's uh that's sort of the mission. 00:26:57.119 --> 00:26:57.519 Yeah. 00:26:57.839 --> 00:26:59.119 It's it's remarkable. 00:26:59.519 --> 00:27:11.119 Justice, I know plan charitable plan giving is a major part of your uh conversation when you're doing estate planning, legacy planning, wealth planning. 00:27:11.839 --> 00:27:16.559 And and I imagine this is uh gonna be more and more part of the conversation. 00:27:17.839 --> 00:27:19.200 Yes, absolutely. 00:27:19.359 --> 00:27:24.000 Um, you know, uh especially uh you know with real estate. 00:27:24.160 --> 00:27:36.799 Um there are I've worked with a lot of clients who want to give a portion of the sale of the proceeds of their house to a charity, but if they can just give those outright, that can really change things for them. 00:27:37.359 --> 00:27:44.720 Well, there's a way where someone can maintain income streams on their investments and give more. 00:27:45.920 --> 00:27:47.599 There are ways through cruts. 00:27:48.079 --> 00:27:49.519 Can you explain that a crut? 00:27:51.039 --> 00:28:00.640 So um there are a number of different charitable trusts that you can set up that can increase the amount of money that you can give to charities. 00:28:00.880 --> 00:28:24.960 Um I'm not gonna go into the specific legal details uh here, but essentially you can set up a trust uh with uh the benefit of a charity in mind, and you can have the charity hold the principal and pay income out to you or particular other people, uh, and then at the time of your passing, those funds will finalize in the charity. 00:28:25.200 --> 00:28:35.119 Uh alternatively, um you can there are a couple other different kinds of structures you can do, um, all of which give money to charity over a period of time. 00:28:35.279 --> 00:28:51.039 You can have money set aside uh for your children to inherit it rather than you giving a a gift at the time of your passing, uh, because your exemption amount is 15 million, a number that most people don't have,$15 million. 00:28:51.759 --> 00:28:55.440 So uh you're not getting a tax benefit giving at your the time of your passing. 00:28:55.839 --> 00:29:11.279 You can set up trusts that give money after your passing with your children being the uh uh essentially shown as the giver of that money and give a tax reduction to them after you've passed through your charitable intent. 00:29:11.519 --> 00:29:14.799 Um, there are a lot of different ways you can set that sort of thing up. 00:29:14.960 --> 00:29:26.240 And really uh our goal is just to figure out what the intent of our clients is or or are, and set up the trust that's gonna most meet their needs and wishes. 00:29:26.799 --> 00:29:29.920 And that and that's this con the series that we've been having. 00:29:30.160 --> 00:29:33.519 We've talked about estate planning and and wills and trusts. 00:29:33.599 --> 00:29:44.799 We uh, you know, a 1031 exchange may be the right answer, a DST may be the right answer, a charitable strategy may be the right answer, but you know, it's not about the these solutions. 00:29:45.039 --> 00:29:45.920 You just said it. 00:29:46.079 --> 00:29:57.200 It's discovering and asking the question to your to who you're working with, Justice, uh what their goals and dreams and their intentions are, and then creating a plan for them. 00:29:57.279 --> 00:30:05.599 And it and it incorporates everything from the legal to the tax to the to the financial to the nonprofit, the charitable. 00:30:05.680 --> 00:30:14.720 And again, this is the point of this these series is to have these conversations and and again make our listeners aware we are asking these questions. 00:30:14.880 --> 00:30:19.200 We want to understand and to let you know there's choices out there, there's options out there. 00:30:19.440 --> 00:30:41.839 And again, having Matt with and Given with us this morning sharing about the platform that people probably didn't realize that even was an option for their favorite nonprofit or even ways for them to give non-traditional and potentially complex gifts, you know, and Givens found a solution for that to help. 00:30:42.000 --> 00:30:43.839 And you mentioned some pretty big names. 00:30:44.000 --> 00:30:45.839 I mean, nationwide, Matt. 00:30:46.000 --> 00:30:50.799 You guys have some pretty substantial nonprofits you're working with. 00:30:50.880 --> 00:30:55.839 I mean, you said over how many 10,000 nonprofits you partner with? 00:30:56.720 --> 00:31:03.680 Uh what we there's 28,000 now that um are able to accept uh crypto and stock on our platform. 00:31:03.839 --> 00:31:06.559 So um yeah, it's interesting. 00:31:06.640 --> 00:31:18.880 It's it's our our portfolio of clients probably fairly well matches the you know the universe of nonprofits, you know, in the United States as far as just size and diversity. 00:31:19.200 --> 00:31:25.680 Um we have you know we're overweighted probably in faith-based organizations. 00:31:25.920 --> 00:31:28.960 Um, you know, the majority of nonprofits in the United States are faith-based. 00:31:29.039 --> 00:31:38.720 The majority of giving goes to uh religious giving, um, which is you know, it's north of 70% of all the annual trade we're giving in the United States, which is remarkable. 00:31:39.039 --> 00:31:43.039 Um so you know, over 80% of our clients are churches and ministries. 00:31:43.119 --> 00:31:47.440 Um, and then we serve a bunch of great secular orgs, but there it really is across the board. 00:31:47.519 --> 00:31:55.519 So, you know, the the majority are, you know, community-based uh ministries and nonprofits, right? 00:31:55.680 --> 00:32:10.400 Um, but then of course we serve, you know, we serve huge churches, North Point or Saddleback or um, you know, Church of 1122 or um Salvation Army, Young Life, FCA, uh Salvation Army. 00:32:10.480 --> 00:32:19.119 Uh we also serve

Morgan Stanley, Morgan Stanley's Donor Advice Fund, which is one of the biggest donor prices uh funds in the in the country, is is our client. 00:32:19.279 --> 00:32:27.519 Um we serve Mayo Clinic, we serve uh University of Michigan, you know, uh University of California, Berkeley. 00:32:27.599 --> 00:32:34.960 Like we serve we serve a significant and everybody gets the same product, and every and everybody's pricing is the same. 00:32:35.119 --> 00:32:45.039 So that's you know, um, so most churches are churches of you know 156 people and they have two and a half employees. 00:32:45.200 --> 00:32:52.400 Um, and that's you know, a lot of our clients look like that, they're gonna get the same product as you know, University of Michigan Foundation. 00:32:52.640 --> 00:32:55.440 Um, and and we we pride ourselves on that. 00:32:55.519 --> 00:32:58.079 That's that's that's sort of that's sort of the vision of officials. 00:32:58.319 --> 00:32:58.960 It's accessible. 00:32:59.680 --> 00:33:12.319 It's accessible to just like uh what Justice and I are doing for everyone, these tools are accessible, whether it's tax planning, legal planning, wealth strategy, uh this is accessible. 00:33:12.400 --> 00:33:17.920 And what you guys are doing for nonprofits across the country is making this accessible. 00:33:18.400 --> 00:33:18.799 Yeah. 00:33:19.359 --> 00:33:31.759 And if one of our listeners is a volunteer with or works at or is on the board of, or is there's just involved with the charity in this area and they think that this could be a benefit, how would they connect? 00:33:31.920 --> 00:33:37.039 What's the best way for them to get the the members of the charity or their leadership to connect with you? 00:33:37.279 --> 00:33:38.480 That's a that's a great question. 00:33:38.559 --> 00:33:44.079 Uh in given.com, e-n-g-i-v-en-dalm, um, is our website. 00:33:44.160 --> 00:33:57.359 And there they can either directly go and sign up or if they want to learn more first, um, and like like book a demo, they can book a demo um and they can get on with uh you know one of my colleagues or myself, and we'll walk them through. 00:33:57.519 --> 00:34:07.759 Takes less than a half hour, just kind of show them here's what the port, here's what the you know, the uh dashboard looks like, here, here's what it looks like in real life, and and then they can sign up. 00:34:07.920 --> 00:34:22.480 And and you know, pricing wise too, I think that's one of the reasons that we've been able to grow as fast as we've grown is um not every org, most orgs actually aren't sure if there's stock gifts and crypto gifts out there for them yet. 00:34:22.639 --> 00:34:29.119 And so um we we essentially have pricing plans that the nonprofit just chooses from. 00:34:29.280 --> 00:34:29.840 There's two. 00:34:30.000 --> 00:34:33.920 They can sign up for free, no annual fee, um, no sign-up fee. 00:34:34.000 --> 00:34:35.679 There's just essentially no platform fee. 00:34:35.760 --> 00:34:37.840

And then they're gonna pay a percentage. 00:34:38.000 --> 00:34:40.960 So right now it's five percent of any gifts that they receive. 00:34:41.039 --> 00:34:47.280 And we just net that out, and then the net proceeds are dispersed from the engine found foundation directly into their bank account. 00:34:47.440 --> 00:34:51.760 Um, and then the other is they can pay a put they can pay an annual platform fee of$1,500. 00:34:52.719 --> 00:34:54.800 And then that reduces the rate to 3%. 00:34:55.599 --> 00:35:00.480 They all get they all get the same product, it's just hey, what which one ends up working for you better? 00:35:00.719 --> 00:35:03.119 Um and it really is pretty simple. 00:35:03.199 --> 00:35:09.920 It's you know, it takes it takes most nonprofit organizations about 25 minutes to get it configured. 00:35:10.000 --> 00:35:13.199 They put it on their website, and it's kind of a set it and forget it thing. 00:35:13.360 --> 00:35:15.679 These are not high frequency gifts, right? 00:35:15.760 --> 00:35:17.840 We process more crypto than anyone in the world. 00:35:17.920 --> 00:35:20.480 It's that and so we kind of have a handle on what does it look like? 00:35:20.559 --> 00:35:25.840 These are they're these are low frequency, high value gifts, both crypto and stock, right? 00:35:26.159 --> 00:35:27.119 And we're excited. 00:35:27.199 --> 00:35:30.400 I know real estate's coming down the pipeline as a as a gift. 00:35:30.800 --> 00:35:31.440 Cannot wait. 00:35:31.599 --> 00:35:32.639 Yeah, cannot wait. 00:35:32.719 --> 00:35:39.280 It's gonna be that's I'm probably more excited to just to see what happens there. 00:35:39.760 --> 00:35:43.920 Um, and just to open that sort of open that doorway to nonprofits. 00:35:44.000 --> 00:35:46.480 I I think there's some gonna be some really exciting things that happen. 00:35:46.559 --> 00:35:53.599 I think there's gonna be some some uh mission-changing gifts that end up flowing downstream to a bunch of nonprofits. 00:35:54.000 --> 00:35:54.800 It's amazing. 00:35:54.960 --> 00:35:58.239 Matt, within given, thank you so much for being here. 00:35:58.400 --> 00:36:07.360 Uh, Justice, can you share with your our listeners the best way to reach out to you and your your firm and how they can get hold of you? 00:36:07.920 --> 00:36:20.719 Yes, uh the best way to reach out to me is to call me 828-698-2345 to set an appointment, or you can go to my website uh rhm-legal.com. 00:36:21.199 --> 00:36:22.960 Matt and Justice, thank you so much. 00:36:23.039 --> 00:36:26.320 And to our listeners, we're here each week share with you amazing. 00:36:26.480 --> 00:36:28.719 Hopefully, uh I think it's amazing information. 00:36:28.880 --> 00:36:40.480 I I'm so inspired again with what uh and Given's been doing and making a difference in our nonmark non nonprofit, making a difference in our communities through charitable giving to our nonprofits. 00:36:40.559 --> 00:36:42.559 So, Matt, thank you, and Justice, thank you. 00:36:42.639 --> 00:36:43.920 And to our listeners, thank you. 00:36:44.000 --> 00:36:49.599 And again, we are having an upcoming in-person event with Troy Wada, who's coming into town November 2nd. 00:36:49.679 --> 00:36:52.960 Uh, reach out to our office, 828 393 0134. 00:36:53.039 --> 00:36:57.679 If you'd like more information or would like to meet, we'd love to have the conversation. 00:36:58.079 --> 00:37:01.920 Have a great day, have a great week, and we'll see you next week.