Addressing Critical Community Needs, Part of a 10-Year, $2 Billion Commitment

Jul 01, 2010

$1.5 Trillion Community Development Goal

Super: Brian Gallagher
President and CEO of United Way Worldwide

V/O (Brian Gallagher): Folks that never thought they were going to need emergency assistance now need it. And the bank has said for this period of time, we’re going to put more emphasis in a re-commitment to basic human need—food, shelter, clothing, heating. And it makes sense. And it’s making a difference. You know, the relationship with Bank of America helps us on our mission because we’re big organizations, but we’re locally based. And so we focus again on getting kids ready for school, graduating making sure families are financially stable, making sure they have access to healthcare in each one of those local markets. And the bank has to care about the same thing. Last year 10,000 associates from Bank of America donated 50,000 hours of time. And you know, money is important. You know, you need money. But, sometimes you just need people involved as well. You know, this—this relationship with Bank of America and United Way and financial stability, the impact it’s had is that it’s literally put hundreds of millions of dollars in low and moderate income families’ pockets. Sometimes a family doesn’t need another social worker. Sometimes they just need some economic security. And what’s that done is that it allows these families to get access to the support services. They get them on track to what they really need, which is a job that pays enough for them to sustain themselves, and their children to get educated and to get access to healthcare. So the multiplier of this strategy around financial stability is literally changing the conditions of an entire community.

Logo: Bank of America

As we entered the first year of our 10-year, $2 billion philanthropic commitment, we recognized the needs that nonprofits were facing due to the economic downturn. So, early on, the Bank of America Foundation reaffirmed its 2009 target of $200 million in philanthropic giving. And, in 2009, we exceeded that amount in helping nonprofits across the country continue to address community and social needs.

Last year, some of our safety net grants included relief for Feeding America, Meals on Wheels and Save the Children. The $500,000 to Meals on Wheels went to help support senior nutrition providers as they provide meals to homebound seniors across the country. The $500,000 to Save the Children was given to help provide healthy snacks and nutrition education to children living in poverty in rural areas in the U.S. And the $1 million grant to Feeding America, the nation’s largest hunger relief provider, was made so that families struggling under economic pressures would have additional access to food assistance.

According to Vicki Escarra, President and CEO of Feeding America, “The goals of Feeding America and the goals of Bank of America are aligned. We both have similar values, and that is we believe in the importance of healthy communities. And so to have a company like Bank of America be willing to really step up and help through volunteering, through financial donations and through public awareness is quite phenomenal.”

Recognizing that communities and local economies can’t thrive unless basic human needs are met, we will continue to support the organizations that deliver healthcare, job training, hunger relief, shelter and childcare services that are essential to the health of our communities. In 2010, the goal is to focus on both immediate relief and longer-term solutions in response to these ongoing challenges.

Bank Associates Act Locally, Give Generously

Last year, despite challenging economic times, associates responded generously to the bank’s America United Way Campaign, donating $24.5 million to help serve those in need in local communities across the country. A longstanding partner with the United Way, Bank of America consistently ranks among the top 10 corporate donors supporting critical local needs through associate donations, local giving and corporate support. In addition to the financial donations contributed during the campaign, associates volunteered in food banks, taught financial education and assisted other critical-needs service providers in their communities.

Addressing Critical Community Needs, Part of a 10-Year, $2 Billion Commitment

Bank Associates Act Locally, Give Generously

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