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

• Website: https://about.bankofamerica.com/en/making-an-impact/charitable-foundation-funding
• Email: foundation@bofa.com
• Phone: 800.218.9946
• Application Portal: www.cybergrants.com/boa/rfp

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 emphasises developing "strong partnerships with nonprofit organisations" 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 Programmes

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

• Grant amounts vary by market size and organisation 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 organisation per calendar year maximum

Neighbourhood Builders (Separate flagship programme)

• 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 organisational 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 programmes for underserved populations
   • Skills training and career readiness

2. Small Business Resiliency

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

3. Community Development and Vitality

   • Stable housing initiatives
   • Community empowerment programmes
   • Neighbourhood revitalisation
   • 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 organisations (based on race, ethnicity, religion, gender, sexual orientation, age, disability, or veteran status)
• Individuals seeking scholarships or fellowships
• Political, labour, or civic organisations
• Government agencies
• Endowment funds
• Fiscally sponsored organisations
• Religious organisations (with exceptions for homeless shelters and soup kitchens serving the broader community)
• Individual pre-K-12 schools
• Memorial campaigns
• Sports programmes, 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 emphasises the foundation's role in supporting "economic mobility" and building "strong partnerships with nonprofit organisations."

Application Process & Timeline

How to Apply

Eligibility Quiz: Organisations 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. organisations)
• Must accept ACH payments
• Mission aligned with funding priorities

Application Cycles:

The foundation operates two annual RFP cycles:

1. Basic Needs and Income Creation

   • Application Period: Typically opens early February, closes early March
   • Decision notifications: Approximately June

2. Stable Housing and Empowering Communities

   • Application Period: Typically opens mid-May, closes late June
   • Decision notifications: Approximately September

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

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

Decision Timeline

• Basic Needs and Income Creation cycle: Decisions typically communicated approximately 3 months after application deadline
• Stable Housing and Empowering Communities cycle: Decisions typically communicated approximately 2-3 months after application deadline

Grant amounts vary by market and organisation size. Organisations 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 programmes.

Reapplication Policy

Organisations 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 emphasises alignment with their "Responsible Growth" commitment and focus on economic mobility. Applications should clearly demonstrate how the proposed programme 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. Organisations should identify meaningful ways Bank of America employees could engage with the programme.

Financial Education/Coaching Component The foundation values "the ability for our teammates to provide financial education/coaching" in grant programmes. 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. Organisations 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 programmes 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 Organisations 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 Organisations must have the technical capacity to register with FrontDoor system and accept ACH payments. Applications from organisations unable to meet these operational requirements will not be processed.

Key Takeaways for Grant Writers

• Two annual cycles only: Plan ahead for the early-year and mid-year application windows; no rolling applications accepted
• One grant per year maximum: Strategic decision-making required if organisation fits multiple funding categories
• Emphasise 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 programme 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 programme provides single-year awards; Neighbourhood Builders offers multi-year support for select organisations

References

• Bank of America Charitable Foundation FAQ: https://about.bankofamerica.com/en/making-an-impact/charitable-foundation-grant-faq (Accessed 2025)
• Bank of America Charitable Foundation Funding Opportunities: https://about.bankofamerica.com/en/making-an-impact/charitable-foundation-funding (Accessed 2025)
• Bank of America Eligibility Criteria: https://about.bankofamerica.com/en/making-an-impact/eligibility-criteria (Accessed 2025)
• Bank of America Resources and Reports: https://about.bankofamerica.com/en/making-an-impact/find-resources (Accessed 2025)
• ProPublica Nonprofit Explorer - Bank of America Charitable Foundation Inc (EIN 20-0721133): https://projects.propublica.org/nonprofits/organizations/200721133 (Accessed 2025)
• Instrumentl 990 Report - Bank of America Charitable Foundation: https://www.instrumentl.com/990-report/bank-of-america-charitable-foundation-inc (Accessed 2025)