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 approximately 48 million consumer and small business relationships with approximately 4,800 retail banking offices and approximately 15,800 ATMs and award-winning online banking with 31 million active users and approximately 17 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries.
Corporate Social Responsibility
Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. The company’s CSR efforts guide how they operate in a socially, economically, financially and environmentally responsible way around the world, to deliver for shareholders, customers, clients and employees. Their goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with their stakeholders, they create value that empowers individuals and communities to thrive and contributes to the long-term success of our business.
The company has have several core areas of focus in their CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work.
The Bank of America Charitable Foundation, Inc.
The company addresses immediate needs vital to the health of the communities they serve through a focus on preserving neighborhoods, educating the workforce for 21st century jobs and addressing basic human services, such as hunger. In order to create longer term solutions, the company support services and programs that enhance financial stability and create better money habits. In order to create greater impact, the company’s local and national funding is enhanced through volunteerism, helping to address community challenges while supporting the passion of their employees. By connecting nonprofits and communities to much-needed resources, they can help create a better economic future for us all.
The company brings a wide array of assets, from their business to their philanthropy, to help individuals, families and communities build better money habits. In addition to addressing immediate needs related to jobs, housing and hunger, they’re connecting individuals to longer-term solutions that will help them improve their financial lives, from financial education and coaching to access to benefits. This focus is woven across our philanthropic funding.
In 2015, the Bank of America Charitable Foundation will issue three requests for proposals (RFPs) on the priority focus areas of:
Jobs: Workforce development and education
The company has focused their donations to connect individuals and young adults to employment and improve education and training for their workforce. To address these issues of unemployment and economic progress across the country, we focus our philanthropic giving in the following areas:
Investing in the workforce: Connecting individuals, through community college, career programming and entrepreneurship to the skills needed to succeed in 21st century jobs, emphasizing those with skills mismatch
Connecting Youth to Employment: Connecting young people/teens to first time work opportunities and recognizing service as a pathway to gaining employment and leadership skills
Housing: Community development
The company is combining their philanthropy and the expertise of their employee volunteers, in support of affordable housing, neighborhood preservation, community revitalization initiatives, as well as the delivery of integrated services connecting individuals and families with financial education tools, resources and benefits to achieve their financial goals. Funding examples:
Preserving neighborhoods: Increasing access to affordable housing and homeownership opportunities, preparing future homeowners, helping individuals and families move toward financial stability and helping distressed individuals and families stay in their homes.
Revitalizing communities: Driving economic development through support of large institutions such as arts and culture venues and hospitals as well as initiatives that contribute to the vitality and livability of communities.
Hunger: Basic human services
In 2015, the company continues to support their nonprofit partners as they examine how to connect their clients to more social benefits, through integrated services. The company defines integrated service delivery as the promotion and expansion of bundled services that include three key components: workforce development, financial education and coaching, and benefits access. Through the company’s support of integrated services, they leverage philanthropic support to help overcome barriers to access.
Funding Priorities include:
Hunger Relief/Food Access: Providing access to vital food supplies and services to feed individuals, children and families, with a particular focus on nonprofits that address the immediate challenges of food access and also connect the families they serve to supportive services and economic livelihood programs that help towards financial stability.
Supportive Housing/Shelter: Addressing immediate shelter needs and long-term supportive housing for vulnerable individuals and families with a focus on housing-first or place-based approaches that make supportive wraparound services available to those seeking financial security and independence.
Benefits Access/Referrals: Transitioning financially-distressed, low-to-moderate income individuals and families towards financial stability through bundled services in three core areas: employment and education, access to benefits and support resources, financial coaching and better money habits education.