BANK OF AMERICA

Newsroom

 

Facts & Resources

Bank of America Introduces Web Site for Non-profit Organizations Seeking Foundation Grants

Large-scale Online Resource Dedicated to Helping Non-profits Search and Apply for Grants

Thursday, May 1, 2008 8:08 am EDT

Dateline:

BOSTON

Public Company Information:

NYSE:
BAC
"We are proud to work with more than 2,000 foundations nationwide that have such a profound impact on a wide variety of social issues"

Bank of America today announced a new, national Web site through which non-profit organizations can research and apply for grants from nearly 70 foundations managed by Bank of America. In its role of distributing more than $350 million annually to charities on behalf of the foundations for which it serves as trustee or grant-making agent, Bank of America Philanthropic Management now offers enhanced search and online access to detailed information about an array of foundations.

The company has redesigned and significantly broadened the capabilities of its public-facing "Search for Grants" (http://www.bankofamerica.com/grantmaking) site, providing non-profits with a single point of access to the financial services industry's most sophisticated, comprehensive online resource in support of these organizations' fundraising efforts.

"We are proud to work with more than 2,000 foundations nationwide that have such a profound impact on a wide variety of social issues," said Cary Grace, Bank of America National Institutional Advisory Solutions Executive. "Through our efforts to strengthen our online philanthropic management capabilities, Bank of America is reaffirming its commitment to fulfilling the charitable intent of each client donor in accordance with their philanthropic missions, and to providing information and tools non-profits need to increase their fundraising efficiency."

The following key enhancements made to the new Bank of America "Search for Grants" site improve non-profit organizations' online grant research and application experience, increase fundraising efficiency, and offer greater overall awareness of the private foundations managed by the company:

  • Find a Foundation - Search for a foundation by individual criteria, such as name, geographic coverage area, and focus area, including arts and culture, education, health and human services, among others. Advanced search capabilities allow non-profits to further narrow their search by combining criteria, such as region and focus area (i.e. Connecticut and Education).
  • Single point of access - Gather information about each foundation through a consolidated portal that allows non-profits to quickly determine a foundation's mission, regional application procedures proposal deadlines, contact information, and whether or not their organization may qualify for a grant based on the foundation's application criteria.
  • Grant-making History - To help non-profits gain a better understanding of our client foundations' grant-making history, Bank of America has posted recent grants awarded by each foundation that can be searched by geographic area.
  • Standard Application Format - An "Applications & Procedures" section of each foundation's portal site offers instructions, requirements and links to grant application forms. Most foundations allow for Bank of America to present these forms in a Standard Grant Application format helping to further simplify and streamline this process. Application documents required by each foundation must then be submitted by mail or email to the respective contact name and by the appropriate deadline. Applicants must be classified by the Internal Revenue Service (IRS) as a 501(c)(3) public charity.
  • Increased Transparency - Bank of America has designed this portal in part to provide greater visibility into and awareness of the foundations it manages, including how they give, what they give and to whom.

Resource constraints on non-profit organizations and demand for greater transparency of foundations managed by financial institutions have ignited an industry-wide movement to increase public knowledge of grant-making vehicles. With this site, Bank of America has set a much needed standard for helping non-profits to more easily and accurately find and apply for the best potential sources of funding - while increasing the efficiency of their organizations' research and development staffs.

Currently, the Bank of America "Search for Grants" site serves as an introductory portal to foundations distributing charitable grants primarily in the following states: Connecticut, Illinois, Massachusetts, New Jersey, New York and Rhode Island among others. The company plans to increase its national footprint of client foundations available through its online search capabilities from nearly 70 to as many as 100 by year-end.

Bank of America Philanthropic Management

Bank of America Philanthropic Management delivers expertise and comprehensive services to help clients build and sustain their philanthropic missions. The company leads the industry in serving both individual and institutional clients by seamlessly integrating philanthropy into their broader financial relationships. Bank of America serves as grant-making agent, trustee or co-trustee for over 2,000 private foundations, and advises more than 10,000 clients nationwide who entrust the company with over $35 billion in assets, as of December 31, 2007.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with nearly 25 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.