Matching Gifts Program
Dec 03, 2012
The Bank of America Charitable Foundation Matching Gifts program encourages employees to contribute to qualifying charitable organizations. This program supports employee giving by offering a way to double – up to $5,000 (US) per person each calendar year – employees’ cash or securities contributions to their favorite charitable organizations and thus improve their communities.
Matching Gifts Program Rules:
- Eligible US Charitable Organizations: Charitable organizations in the United States must be tax-exempt under section 501(c)(3) of the Internal Revenue Code and not be classified as a private foundation. No other qualification process is required.
- Eligible Non-US based Charitable Organizations
- Charitable Organizations located in England or Wales must be registered with the Charity Commission
- Charitable organizations outside of the United States, England or Wales must be qualified as eligible for donations from CAFAmerica. Employees should search on the employee programs site to determine if the organization is included in that listing. The site also provides instructions for nominating organizations that are not currently on the eligible listing. (Further information regarding CAFAmerica can be found at the CAFAmerica website. Employees should not contact CAFAmerica regarding the qualification of organizations.)
- Please review the eligibility criteria to understand further restrictions on certain types of organizations and programs as not all charitable organizations can be funded.
The Bank of America Charitable Foundation’s Matching Gifts Program is subject to IRS rules and regulations which include the following:
- We do not match charitable gifts to private, family or donor advised funds, or gifts to political or fraternal organizations.
- We do not match charitable gifts that benefit students directly or that result in an employee receiving a benefit, including tuition or sponsorships.
- We match pledges after they are paid by the employee. Future pledges are not matched through the program. Payment of pledge must meet criteria of the program. If an organization’s program changes and is no longer eligible under the Matching Gifts Program criteria, payment will not be made.
Beyond these requirements, as a corporate foundation, our program is subject to additional restrictions which limit our support of gifts to athletics programs, religious organizations or via employee campaigns; please see below.
- We do not honor any gifts made to programs whose primary focus is in support of any athletic activity (for example, youth or adult athletic programs, booster clubs, scholarships, and community leagues)
- With regard to religious organizations, we are not able to fund general funding for a religious organization due to tax complications. However, we will support religious organization funding of homeless shelters, soup kitchens or other social service needs. In this instance, the religious organization may be asked to provide proof of the social enterprise receiving funding.
- In order to be consistent and in recognition of our significant corporate support of United Way, gifts to United Way are not matched.
We do not provide funding to any organization that discriminates based on race, religion, color, sex, sexual orientation, age, national origin, ancestry, citizenship, veteran, or disability status.
Employee giving program review policy
- Full-time and part-time benefit eligible employees
- Active members of the Board of Directors of Bank of America Corporation
Bank of America regularly evaluates our programs to ensure the process adheres to stated guidelines and our commitment to corporate social responsibility, including random reviews of organizations receiving matching funds from our programs. Organizations selected for review will be required to provide documentation verifying receipt of individual donations for each participant.
Bank of America may suspend, change or terminate this program at any time. The interpretation, application and administration of the program shall be determined by the Board of Directors of the Bank of America Charitable Foundation Board, whose decision is final.
Make sure that you are familiar with these matching gift program rules. Failure to abide by these rules or providing any false or misleading information in connection with a matching gift request could result in disciplinary action up to and including termination, as well as possible civil or criminal liability. Bank of America reserves the right, in its sole discretion, to discontinue funding and to demand the return of the matching gift grant amount, or any portion thereof, and any income earned thereon, if you provide Bank of America with any false or misleading information or make any misrepresentations in connection with this request for a matching gift.