This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. See all FORsights for the most up-to-date articles, webinars, and videos.
Cryptocurrency: What Every Private School Needs to Know
As cryptocurrency enters the mainstream, private schools are considering whether to accept digital currency as contributions and tuition payments. Due to the complexities and uncertainties surrounding digital currency, schools need to assess the risks associated with this new form of payment as well as adopt policies and procedures that address the accounting and tax implications. Join us as we share current cryptocurrency tax treatments and provide best practices for recording these transactions in your general ledger.
Learning Objectives
Upon completion of this program, participants will be able to:
- Identify types of cryptocurrencies and how are they valued and exchanged
- Explain how to account for cryptocurrency on a private school's books
- Describe the effect on a donor contributing via cryptocurrency
