Chicago Community Bond Fund
Two weeks after Michael Brown was killed by police in Ferguson, Missouri, Chicago police shot and killed DeSean Pittman, a Black 17-year-old. A few days after DeSean’s death, his family gathered for a vigil to uplift his memory. Chicago Police came and disrupted the vigil by shouting racial slurs, threatening attendees, and knocking over candles that had been lit for DeSean. The vigil ended with the arrest of five of DeSean’s friends and family members, five of whom were incarcerated in Cook County Jail because they could not afford to pay a money bond.
Future founding members of the Chicago Community Bond Fund worked with DeSean’s family to raise nearly $30,000 to free everyone arrested at the vigil. It took four months to raise the money needed to free the last person, a cousin of DeSean’s, from Cook County Jail. After he was released, his mother pointed out how no one should have to experience what they just went through: fundraising for months to get their child out of a cage. She and others impacted by the arrests at the vigil began working with activists from across the city to launch the Chicago Community Bond Fund, which made its public debut in November 2015.
Why Donate Crypto Directly? Taxes!
There’s a reason high net worth individuals tend to donate property instead of cash. Donating cryptocurrency directly to a 501c3 nonprofit is more tax efficient and can save you money.
The IRS classifies cryptocurrency as property for tax purposes which means it is typically the most tax efficient way to support your favorite cause. When donating crypto, You receive a tax deduction for the fair market value of the crypto, and you avoid the capital gains tax you would have incurred if you had sold the crypto and then made a donation. That means you’re able to donate more, as well as deduct more on your tax return. The difference? Sometimes more than 30%.
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Why donate Bitcoin?
In our first year of operations, CCBF posted over $300,000 to free 45 people from Cook County Jail or house arrest with electronic monitoring. In our second year, CCBF paid over $250,000 to free 59 people, and we paid over $370,000 to free 71 people in our third year. This past year, our fourth in operation, we paid over $550,000 to secure the freedom of 108 people.
We keep DeSean in our hearts as we continue to fight for a world without police violence, money bond, and pretrial incarceration.