Bank of America's Philanthropy

photo via Brian Katt

The goal of the Bank of America is to invest in communities and the economy – they believe that new funding helps fuel opportunities. Their business, which spans more than 200 years, is an assemblage of American financial institutions that has shaped the economy of the country in terms of industry, infrastructure, and individual development. But as one of the shapers of the entire nation, the bank decided to go beyond the limitations of their business to fulfill their goal.

The Bank of America is not only a giant in the financial services industry, but also an admired trustee or co-trustee to a wide variety of charitable foundations. The bank has a philanthropic management group – a faction dedicated only to the fulfillment of charitable intent for the non-profit community.

This Fortune 500 Company caters to the needs of various programs such as community improvement and capacity building, education, employment, environment, health, human services and medical research.  One of their programs is the Charitable Gift Fund, which is a donor-advised fund that gives their clients a flexible and convenient way of supporting their personal causes. With this program, the Bank of America extends their commitment to clients who are willing to help.

When a client signs up for a donor-advised fund, he or she can avail the following benefits: receive current-year income tax deduction, make grand recommendations and donate assets sans capital gains taxes. Opening an account requires a $5,000 initial contribution. The bank then provides the client with a financial adviser to help him or her manage the charity.

The Bank of America also gives clients the option to open their own private foundation. A client’s philanthropy is supported by a broad range of customized services provided by the bank, thus helping him or her take an active role in charity.

By building a charitable network of clients, the Bank of America becomes an admirable leader in the financial services industry.