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Bank Of America Charitable Foundation Inc

Annual Giving
$225.6M
Grant Range
$3K - $0.1M
Decision Time
3mo

Bank of America Charitable Foundation Inc

Quick Stats

  • Annual Giving: $225.6 million (2023)
  • Success Rate: Not publicly disclosed
  • Decision Time: 3-6 months depending on cycle
  • Grant Range: $2,500 - $50,000 (local grants vary by market)
  • Geographic Focus: United States (markets where Bank of America operates)
  • EIN: 20-0721133

Contact Details

Overview

Founded as a private grantmaking foundation and granted 501(c)(3) tax-exempt status in March 2004, the Bank of America Charitable Foundation Inc is headquartered in Charlotte, NC. With annual charitable disbursements of $225.6 million (2023) and total assets of $10.1 million, the foundation operates as the philanthropic arm of Bank of America. Led by Chairman Steve D. Boland, President AJ Barkley, and Vice President Jennifer Locane Silvania, the foundation aligns its grantmaking with Bank of America's "Responsible Growth" commitment, focusing on economic mobility in low- and moderate-income communities. The foundation emphasizes developing "strong partnerships with nonprofit organizations" to address fundamental economic challenges affecting disadvantaged populations including working families, youth, seniors, individuals with disabilities, veterans, and those affected by the criminal justice system.

Funding Priorities

Grant Programs

Local RFP Grants: $2,500 - $50,000

  • Grant amounts vary by market size and organization size
  • Larger markets: $5,000 - $50,000
  • Smaller markets: $2,500 - $25,000
  • Average grants: $5,000 - $25,000
  • Applications accepted through two annual RFP cycles via CyberGrants portal
  • One grant per organization per calendar year maximum

Neighborhood Builders (Separate flagship program)

  • Multi-year grants with leadership development components
  • Targets nonprofits with operating budgets typically $300,000 - $5 million
  • Includes executive leadership training valued at thousands of dollars
  • Focus on organizational capacity building and peer networking

Priority Areas

The foundation focuses on three strategic pillars:

  1. Health, Jobs, and Income Creation

    • Workforce development and job training
    • Employment programs for underserved populations
    • Skills training and career readiness

  2. Small Business Resiliency

    • Supporting small business development
    • Economic development initiatives
    • Entrepreneurship programs in underserved communities

  3. Community Development and Vitality

    • Stable housing initiatives
    • Community empowerment programs
    • Neighborhood revitalization
    • Environmental work connected to employment, energy-efficient housing, or community resilience

Vulnerable Populations Served: Working families, youth, seniors, individuals with disabilities, veterans, and those affected by the criminal justice system in low- and moderate-income communities.

What They Don't Fund

The foundation explicitly excludes:

  • Discriminatory organizations (based on race, ethnicity, religion, gender, sexual orientation, age, disability, or veteran status)
  • Individuals seeking scholarships or fellowships
  • Political, labor, or civic organizations
  • Government agencies
  • Endowment funds
  • Fiscally sponsored organizations
  • Religious organizations (with exceptions for homeless shelters and soup kitchens serving the broader community)
  • Individual pre-K-12 schools
  • Memorial campaigns
  • Sports programs, student travel, or media production

Governance and Leadership

Current Officers (per 2024 Form 990-PF):

  • Steve D. Boland - Chairman/Director
  • AJ Barkley - President
  • Jennifer Locane Silvania - Vice President

Officer compensation is included in charitable disbursements with no separate salaries reported, indicating strong operational efficiency. Leadership emphasizes the foundation's role in supporting "economic mobility" and building "strong partnerships with nonprofit organizations."

Application Process & Timeline

How to Apply

Eligibility Quiz: Organizations must first complete a brief online eligibility quiz at www.bankofamerica.com/foundation

Required Qualifications:

  • Tax-exempt under section 501(c)(3) of the Internal Revenue Code
  • Not classified as a private foundation
  • Not operating through a fiscal agent or sponsor
  • Based and serving communities in Bank of America's designated markets
  • Must register with FrontDoor system (for U.S. organizations)
  • Must accept ACH payments
  • Mission aligned with funding priorities

Application Cycles for 2025:

  1. Basic Needs and Income Creation

    • Application Period: February 3, 2025 - March 3, 2025
    • Decision notifications: June 2025

  2. Stable Housing and Empowering Communities

    • Application Period: May 19, 2025 - June 30, 2025
    • Decision notifications: September 2025

Submission: All RFP applications submitted through CyberGrants portal (www.cybergrants.com/boa/rfp)

Important: Unsolicited applications are not accepted outside of posted dates. Organizations may only receive one grant per calendar year.

Decision Timeline

  • Basic Needs and Income Creation cycle: Applications close March 3, decisions communicated in June (approximately 3 months)
  • Stable Housing and Empowering Communities cycle: Applications close June 30, decisions communicated in September (approximately 2-3 months)

Grant amounts vary by market and organization size. Organizations with prior funding can use previous grant amounts as reference points for future applications.

Success Rates

The foundation does not publicly disclose success rates or application statistics. In 2023, the foundation distributed $225.6 million across all grantmaking programs.

Reapplication Policy

Organizations may apply in each RFP cycle, but are limited to receiving no more than one grant per calendar year. There is no explicit waiting period mentioned for unsuccessful applicants to reapply in subsequent cycles.

Application Success Factors

Based on information directly from the foundation's guidance:

Strategic Alignment The foundation emphasizes alignment with their "Responsible Growth" commitment and focus on economic mobility. Applications should clearly demonstrate how the proposed program addresses economic challenges facing low- and moderate-income communities.

Volunteer Engagement Opportunities According to the FAQ, the foundation specifically considers "volunteer opportunities related to grant requests" as an important evaluation factor. Organizations should identify meaningful ways Bank of America employees could engage with the program.

Financial Education/Coaching Component The foundation values "the ability for our teammates to provide financial education/coaching" in grant programs. Applications that incorporate opportunities for Bank of America staff to share financial expertise may have an advantage.

Market-Specific Context Grant amounts and priorities may vary by local market. Organizations should understand the specific needs and priorities of their local Bank of America market and demonstrate how their work addresses those community-specific challenges.

Clear Demonstration of Impact on Vulnerable Populations Successful applications clearly articulate how programs serve one or more of the foundation's target populations: working families, youth, seniors, individuals with disabilities, veterans, and those affected by the criminal justice system.

Geographic Requirement Adherence Organizations must both be based in AND serve communities within Bank of America's designated markets. This geographic alignment is a critical threshold requirement.

Operational Readiness Organizations must have the technical capacity to register with FrontDoor system and accept ACH payments. Applications from organizations unable to meet these operational requirements will not be processed.

Key Takeaways for Grant Writers

  • Two annual cycles only: Plan ahead for the February-March and May-June application windows; no rolling applications accepted
  • One grant per year maximum: Strategic decision-making required if organization fits multiple funding categories
  • Emphasize partnership opportunities: Highlight specific volunteer engagement and financial education/coaching opportunities for Bank of America employees
  • Market-specific approach: Research and reference local Bank of America market priorities and community needs
  • Focus on economic mobility: Frame all program outcomes in terms of economic impact and pathways to financial stability for vulnerable populations
  • Operational requirements matter: Ensure FrontDoor registration and ACH payment acceptance capabilities before applying
  • No multi-year funding through local RFP: Local grant program provides single-year awards; Neighborhood Builders offers multi-year support for select organizations

References

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