Bank of America Charitable Foundation strategy and funding opportunities

We’re advancing pathways to economic mobility in order to build thriving communities.

At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. We recognize that the communities we serve across the globe must prosper in order for our company to grow in a sustainable manner. That’s why we develop strong partnerships with nonprofit organizations serving critical needs, bringing our collective networks and expertise as part of our commitment to help fuel economic and social progress in communities.

We partner with nonprofits that are removing barriers to economic success for vulnerable populations, including youth, working families, and those with barriers to employment including the formerly incarcerated. Too many individuals living on the margins are limited by their zip code and unable to create a better life for themselves and their families through good jobs or affordable housing. That’s why we’re helping to build pathways to economic mobility by addressing issues of workforce development & education, basic needs and community development. We’re committed to advancing a more diverse and inclusive society by expanding opportunities and supporting equitable solutions that will enable low-income communities to grow and prosper. Through our philanthropic efforts and the power of our employee volunteers, and our Better Money Habits personal financial tools, we’re helping create thriving economies and a better future for us all.

Learn more about our charitable funding priorities.

In 2018, the Bank of America Charitable Foundation will issue two requests for proposals (RFPs) on the priority focus areas of:

  • Economic mobility focused on the needs of individuals and families by investing in workforce development & education and basic needs (Applications accepted 1/29/2018 – 2/23/2018) More details
  • Economic mobility and social progress focused on the needs of the community by investing in affordable housing, community revitalization, arts, and the environment (Applications accepted: 6/4/2018 – 6/29/2018) More details

Economic mobility focused on the needs of individuals and families

Today, more than 45 million people are living in poverty and struggling to make ends meet. Deciding to put food on the table or paying rent are tough choices faced by many. That’s why we partner with nonprofits that are advancing economic mobility, by addressing basic needs (food and shelter), and providing education/job skills training that are needed for meaningful employment. All of these efforts contribute to alleviating poverty and creating pathways to economic success.

Funding priorities and examples:

Critical needs, such as hunger relief and services for the homeless – We support nonprofit organizations that meet individuals and families at their point of need so that they can overcome fundamental challenges, achieve stability, and improve their financial lives.

Examples:

  • Local food banks, soup kitchens, school- and after-school-based child feeding and nutrition programs that provide free or subsidized food, clothing, and other critical necessities
  • Programs and services that prevent or end homelessness, like rental assistance, emergency shelter, rapid-rehousing, and permanent supportive housing, including Housing First

Wrap Around Services – We recognize that low-income individuals and families face a variety of challenges, have diverse needs and may qualify for multiple services, so we support nonprofit organizations providing supportive services that will enable individuals and families to move forward.

  • Bundled services – Organizations that offer services and benefits, direct or in collaboration with other providers, that addresses employment, asset building, financial coaching and education
  • Benefits access and referral programs
  • Networks, programs, and services that are working to break the cycle of poverty
  • Organizations advancing better money habits through financial education and coaching

    Workforce development – Employment is one of the most powerful levers to connect individuals, and their communities, to success and economic mobility. We’re connecting the most vulnerable to the training and support they need to obtain a meaningful job and set them on a path to improve their financial lives and create a better future. We deploy three strategies to connect people to the workforce:

    • Keeping youth on track and connecting them to training and education they need for success with a specific emphasis on first-time employment
    • Providing alternative pathways and wrap around services for those with significant barriers to employment
    • Preparing individuals for meaningful employment with access to skills training, credentialing and education

    Examples

    • High-school completion programs, skills-training (hard and soft skills), first-time employment, internship opportunities, mentoring for teens and young adults
    • Job preparedness, training, skill building, college or vocational certification, career counseling, placement, job retention, and entrepreneurship leading to livable wage jobs for low-income individuals, veterans, second chance, homeless individuals, and disconnected youth
    • Social enterprises for those with barriers and other transitional employment and workforce reentry programs

    Applications accepted 1/29/2018 – 2/23/2018

    Economic mobility and social progress focused on the needs of the community

    We’re committed to supporting equitable solutions that will help vulnerable communities grow and prosper. The vibrancy and health of each community has a direct impact on the long-term success of its residents. That’s why we are addressing critical issues to ensure communities are resilient and poised for growth. This includes support for affordable housing, sustainable development, strong business corridors, the arts and environmental investments.

    Expanding Access to Housing Opportunities
    Access to affordable housing remains a challenge for many communities. That’s why we support the work of organizations as they work to preserve, and increase access to a mix of affordable housing options and connect individuals and families with the tools and resources to achieve their financial goals:

    • Organizations whose housing efforts address the needs of vulnerable populations (e.g. low and moderate income, homeless, elderly, formerly incarcerated) as they construct or preserve affordable single, multi-family, transitional and supportive housing
    • Organizations creating pathways to stable housing or homeownership through financial stability efforts such as homebuyer education, budgeting, savings, credit and credit repair including foreclosure prevention and loss mitigation
    • Organizations whose sustainable development efforts create healthy living environments through the pursuit of energy efficiency upgrades, retrofits, solar and other green building efforts

    Building Vibrant Communities

    Supporting local and regional revitalization efforts taking a holistic approach to building thriving communities, create economic opportunity and livable neighborhoods. This includes support of economic drivers such as arts and cultural institutions that contribute to the overall vitality of the community:

    • Economic development efforts that promote small business growth and healthy commercial corridors
    • Revitalization initiatives that engage community stakeholders in the environmental health and economic growth of their communities (e.g. transit-oriented development as a means of connecting individuals to jobs services and economic opportunity; neighborhood preservation to strengthen overall community health, safety and welfare)
    • Strengthening the resiliency of communities through the initiatives that support local plans to prepare, withstand and recover from extreme weather events and the long-term impacts of climate change
    • Supporting community arts and cultural institutions that provide economic opportunity and contribute to the vitality and livability of communities
    • Supporting community greening efforts that create healthy neighborhoods and environmental sustainability through the preservation, creation or restoration of open space, parks and community gardens

    Applications accepted: 6/4/2018 – 6/29/2018


    Open Location
    Open How we're involved