Our employees are passionate about improving the lives of individuals and families, offering their time, expertise and philanthropic giving to create more sustainable communities, and we’re proud to support their volunteer and charitable efforts as global citizens.
We support these efforts through programs such as a robust volunteer platform, volunteer grants directed to nonprofit organizations where employees volunteer regularly, matching gifts which double the impact of employee giving and additional employee giving opportunities. While employees support a range of organizations and issue areas, we are particularly focused on opportunities for employees to leverage their skills and expertise toward addressing a pressing societal issue. In support of our purpose to improve financial lives, we’ve developed a cadre of employee volunteers, Better Money Habits Champions, who are helping nonprofits incorporate Better Money Habits into their existing financial education resources for low-income individuals and families at their point of need. We believe we all have a role to play to help individuals develop greater know-how on their personal finances. It’s one way we help advance economic mobility for individuals living on the margins and help them build pathways for a more secure future.
We celebrate shared success through our annual Global Volunteer Awards, through which we highlight the significant achievements of outstanding employee volunteers across the globe. In recognition of their efforts, Global Volunteer Awardees are given the opportunity to direct a grant to the nonprofit of their choice. In addition, during Global Service Month in April, we elevate awareness, drive participation and recognize our volunteer leaders and employee volunteers, building momentum and enthusiasm for volunteering year-round. Other recognition and visibility of volunteerism at the company include our quarterly honor roll highlighting employees recording at least 25 hours in a calendar year, and participation in the President’s Volunteer Service Award (U.S) recognizing employees recording at least 200 volunteer hours annually.
Volunteerism is part of our company’s DNA and has evolved into a strategic and comprehensive platform, integrated with our business, philanthropic, and enterprise initiatives, including partnerships with (RED), Feeding America and Special Olympics. In addition to enriching local communities, volunteerism provides our employees with opportunities for leadership, team building, and skills development.
In 2016, our employee volunteers contributed approximately 2 million hours to help address community needs from mentoring to building affordable housing to packaging food for the hungry. In addition, employees donated nearly $30 million, which was doubled in impact through our matching gifts program for a total of nearly $60 million in funding to help address pressing social issues. Through a variety of fundraising efforts, our UK employees volunteered their time and raised more than $1.2 million in 2015 and 2016 for the company’s UK Charity Partner, Place2Be. And in the U.S. through our Employee Giving Campaign, our employees pledged more than $16 million to address local community needs including education, basic services, youth programs and more.
The International Association for Volunteer Effort (IAVE) recently recognized Bank of America with the Global Corporate Volunteer Award, the only global award to formally celebrate excellence in corporate volunteering, including a well-thought-out strategy that fits the company’s values, priorities and culture; an understanding and appreciation of global issues and local realities; and, activities that address serious problems in a thoughtful way. In addition, Voices for National Service, a diverse coalition of U.S. national and local service programs honored us with its Corporate Service Award for our longstanding commitment to service.
Volunteerism in action:
- In 2016, our Technology & Operations employees in Asia Pacific volunteered to create apps for our partner charities. Thanks to our teammates, Teach for India fellows in remote communities will be able to take and keep electronic student records on their phones, enhancing the way they track students’ progress and performance. The app will be piloted in June in Mumbai and Pune by 100 TFI fellows reaching about 4,000 students, with the aim of expanding the app to seven cities in phases.
- Our partnership with Habitat for Humanity is multi-faceted, including more than $75 million in philanthropic funding for Habitat for Humanity’s work around the world, with more than $55 million in cash and property donations to Habitat for Humanity International, as well as robust volunteer efforts in local markets and regions.
- Financial Opportunity Corps®: In partnership with Americorps and Points of Light, Bank of America was instrumental in creating and launching the Financial Opportunity Corps, an AmeriCorps VISTA project that provides financial coaching to more than 10 communities around the U.S.
- Global volunteer award winners: Walter Chayes, Global Volunteer Awardee, San Antonio Texas: For more than 15 years, Walter has volunteered with the El Paso Holocaust Museum and Study Center. As President of the Board of Directors, he was responsible for a capital campaign that grew the organization from a room in a community center to a large free-standing building with a permanent exhibition area and library. 15,000+ school children visit the Museum annually.