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. Annually, the Bank of America Charitable Foundation provides more than $25 million in matching gifts on behalf of employee donations.

Features

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 or certain types of supporting organizations.
  • 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.)
  • Gifts must be personal contributions paid either in cash or securities.
  • The amount of each gift must equal at least $25 USD to be eligible. As part of our efforts to address disasters around the world, we make specific exceptions to lower the minimum gift for disaster relief donations.
  • Employee Deadline - Employees must complete an application and have the recipient organization verify the donation. Employee matching gifts must be submitted to Bank of America Charitable Foundation by March 31 after the year in which the donation was given.
  • Please note that the matching gifts program is a benefit to employees and responsibility lies with each employee to follow up on the matching gift (confirming the nonprofit organization verifies the gift).
  • Organization Deadline - Organizations must verify employee donations by May 15 after the year in which the donation was given.
  • Timeframe: the timeframe for each matching gift may differ according to individual circumstances, for example: how quickly a nonprofit verifies employee donation.

Employees: Apply for a Matching Gift
Charitable Organization: Verify employee gift

Eligibility Criteria

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 foundations, supporting organizations, family or donor advised funds, or gifts to political or fraternal organizations. 
  • We do not match charitable gifts that benefit individuals directly (such as booster clubs, trips (including mission trips), bands, tours, and internships). 
  • We do not match charitable gifts that result in an employee or family member receiving a benefit, including tuition or sponsorships (for example, dinner, raffle, sporting event tickets, parking privileges, club dues, and any other direct services).
  • As of January 1, 2014 we will allow matching gifts for athletic programs with a youth development component that have an impact on grades K-12 or the in-country equivalent.
  • 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 the following:

  • With regard to religious organizations, we are not able to provide general funding for a religious organization. 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.
  • Combined gifts - gifts made jointly by several individuals and combined.

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

Participants are:

  • 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.


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