Mission/Giving Statement: Bank of America Charitable Foundation supports local community needs by investing in organizations which make their neighborhoods a better place to live and work.
Grantmaking Program Areas: Community Development; Workforce Development & Education; Critical Needs
Grantmaking Program Area Descriptions:
Community Development: Housing, Preserving Neighborhoods, Revitalizing Communities
Workforce Development & Education: High School Graduation, Post Secondary Access and Completion, Job Readiness, Small Business Support
Critical Needs: Hunger, Emergency Shelter, Benefits Access
Type of Funding/Funding Restrictions: Bank of America considers only those proposals aligned with their Community Funding Priorities and located in the states where they do business.
Application Instructions: Eligibility Quiz and grant application instructions online. Online grant application.
Notes: By partnering with local community leaders, Bank of America identifies priorities in each market it serves and determines how its charitable investments can have the greatest and most positive impact in these neighborhoods. Each day, the Foundation strengthens the health and vitality of its neighborhoods by building the capacity of charitable organizations and investing in the leaders of today and tomorrow. Overall, Bank of America's giving falls into three critical categories (listed above) for the long term success of its neighborhoods.
Local Grants: At the core of Bank of America’s national philanthropic strategy is neighborhood excellence. It’s a national strategy — delivered locally. Bank of America’s local grant making activities can — and do — vary, depending on local community needs. Their local market presidents and their teams develop relationships with other community leaders to determine the best use of philanthropic dollars in each community.
Matching Gifts: The Bank of America Charitable Foundation Matching Gifts program encourages associates to contribute to qualifying nonprofit organizations of their choice. The program offers a way to double — up to $5,000 per person each calendar year — associates’ cash or securities contributions to their favorite organizations and thus improve their communities. See website for additional Grantmaking Program Area descriptions.
Volunteer Gifts: An unrestricted grant is made to an eligible charitable organization for which an associate has committed substantial volunteer hours within a calendar year: For 50 hours of volunteer time within a calendar year, the Bank of America Charitable Foundation will give a $250 grant. For 100 hours of volunteer time within a calendar year, the grant is $500. Qualified organizations must have a charitable status and fit the above listed Grantmaking Program Areas. Associates must log their hours through the Bank of America Community Volunteers website and have the recipient organization verify the hours served. This information must be received by March 31 after the year in which the hours were completed.