Cryptocurrency opportunities and risks in higher education

Baker Tilly and the Association of College & University Auditors (ACUA) recently hosted a webinar discussion about crypto activity and the opportunities and risks for higher education institutions to consider.

Crypto activity has been gaining traction in recent years within higher education, specifically related to receiving philanthropic funding through various cryptocurrencies, expanding fundraising efforts through the sale of non-fungible tokens (NFTs) and even considering accepting cryptocurrency for tuition payments. While there are many exciting opportunities for higher education institutions related to crypto activity, this is also an evolving area that continues to rapidly change. These complex transactions present new risks related to business operations, accounting and tax implications and legal considerations, as well as an uncertain regulatory landscape.

Key takeaways

To help institutions navigate and understand the evolving world of crypto activity, this presentation provides an overview for the higher education industry including:

• Current use cases of crypto through advancement donations and fundraising activity, as well as other trending activity
• Risk considerations related to the continually evolving world of crypto
• Considerations from an audit perspective for assessing crypto activity and risk management

Presenters and subject matter specialists

• Kimberly Macedo, CIA, PMP, Director, Risk Advisory and Internal Audit, Baker Tilly
• Robert Specter, MS, MBA, Executive Vice President, Chief Operating Officer & University Treasurer, The Catholic University of America