Bank of America Charitable Foundation Philanthropic Strategy

At Bank of America, we’re guided by a common purpose to help make financial lives better. We drive Responsible Growth by focusing on our clients, managing risk well, and making sure our growth is sustainable. To be sustainable, we have to share our success with our communities which includes all we do to drive progress on societal priorities, including those broadly defined in the United Nations (UN) Sustainable Development Goals (SDG): poverty, hunger, education, affordable housing, and other key areas.

As part of this work, we develop strong partnerships with nonprofit organizations addressing issues fundamental to economic mobility and social progress in low- and moderate-income communities. We focus on improving the lives of individuals and families by investing in basic needs and workforce development and education and also strengthening broader community vitality by addressing needs related to affordable housing, small business, and neighborhood revitalization. Through our partnerships, we support vulnerable populations, including working families, youth and young adults out of school and work, seniors, individuals living with disabilities, veterans, and those impacted by the criminal justice system – enabling them to move forward toward their goals. In response to the ongoing challenges that people and communities of color face, we continue to work to advance racial equality and economic opportunity throughout many of our partnerships.

In 2022, the Bank of America Charitable Foundation will issue two requests for proposals (RFPs):

  • Economic Mobility focused on needs of individuals and families
    (workforce development & education and basic needs)
    Applications accepted 1/24/2022 – 2/18/2022

  • Economic Mobility focused on needs of community
    (affordable housing, small business, neighborhood revitalization)
    Applications accepted: 5/30/2022 – 6/24/2022

Economic mobility focused on needs of individuals and families

Basic Needs
Coronavirus has had a significant impact on all populations and a disproportionate impact on vulnerable populations who have experienced increased unemployment and higher levels of infection. As we emerge from this crisis, we are focused on health and economic recovery. In response, we’re partnering with organizations addressing the economic and social conditions that affect an individual’s health, access to community-based health services, crisis-prevention tied to family stabilization programs, and other poverty related issues.

Examples:

  • Access to healthcare and food – services that improve health outcomes with an emphasis on hunger relief and access to nutritious food, community-based healthcare, mental health counseling and substance use disorder treatment and rehabilitation.

  • Family stabilization– access to crisis prevention programs and wrap services including help with immediate and safe shelter, free or subsidized benefits like internet access, utilities, childcare, transportation, financial assistance and recovery.

  • Services for the homeless – programs that prevent or end homelessness, such as emergency shelter, rapid-rehousing, rental and utility assistance and permanent supportive housing.

Workforce Development & Education
Employment is a key driver of economic mobility. That’s why we’re focused on building pathways to employment by supporting a range of workforce development opportunities, including education, upskilling and reskilling programs – meeting people where they are so that individuals and families can advance.

Examples:

  • Youth employment – high-school completion programs, skills-training (hard and soft skills), first-time employment, internship, apprenticeship, and mentoring.

  • Alternative pathways for adults – job preparedness, training, skills-building, college or vocational certification, career counseling, ESL education and training, entrepreneurship opportunities, and job placement and retention.

  • Barriers to employment – organizations that help individuals overcome barriers to employment (individuals with disabilities, the formerly incarcerated, foster care youth, individuals living in extreme poverty) through training, support services, and housing.

  • National service – national service opportunities for people to make a positive impact on their communities while developing marketable skills for employment.

Economic mobility focused on the needs of the community

Affordable Housing
The current environment has underscored the importance of safe, decent housing for an individual’s overall well-being, including health, educational success and future employment opportunities. Yet for many, access to affordable housing has become further out of reach while others struggle with the possibility of eviction, foreclosure and homelessness. That’s why we support the efforts of organizations working to preserve, and increase access to a mix of affordable housing options as well as other essential assistance.

Examples:

  • Housing development for vulnerable populations through the construction or preservation of affordable single, multi-family, transitional and supportive housing.

  • Minority homeownership programs

  • Pathways to stable housing or homeownership through financial habits and stability efforts such as homebuyer education, budgeting, savings, and credit counseling including eviction and foreclosure prevention.

  • Sustainable development efforts creating healthy living environments through energy efficiency upgrades, retrofits, solar and other green building efforts.

Small Business
Small Businesses play an important role in the overall health of our nation’s economy. In response to the challenges small business owners face in today’s environment, we’re supporting nonprofits assisting entrepreneurs especially minority and indigenous owned, as they address their short term needs and strengthen their overall recovery.

Examples:

  • Technical assistance supporting business planning (short and long term).

  • Operational capacity of CDFIs delivering essential growth capital to entrepreneurs.

  • Supporting organizations assisting minority-owned small businesses.

  • Creating business incubators and accelerators that provide mentorships, resources, and networks entrepreneurs need to launch, fund and grow their businesses.

  • Assisting economic development efforts that promote small business growth and healthy commercial corridors. (e.g. Mainstreet).

Neighborhood Revitalization
Vibrant communities are places where individuals can thrive and succeed and have the opportunity to live and work with safe, decent housing, transportation to jobs, strong business corridors and thriving arts and culture districts. We support local and regional revitalization efforts, taking a holistic approach to building inclusive communities, creating economic opportunity and livable neighborhoods.

Examples:

  • Revitalization, preservation, and stabilization initiatives that engage community stakeholders in building livable communities.

  • Transit-oriented development efforts that connect individuals to jobs, services, schools, and economic opportunity.

  • Community arts and cultural institutions that provide economic opportunity and contribute to the vitality and livability of communities.

  • Resiliency of communities supporting short and long term plans to prepare, withstand and recover from extreme weather events and the long-term impacts of climate change.

  • Environmental efforts through the preservation, creation or restoration of open space, parks and community gardens.

  • Supporting organizations/initiatives that bring energy efficiency and renewable energy advances to LMI/BIPOC communities.

A copy of the Bank of America Charitable Foundation’s 990 may be found on publicly accessible sites such as Guidestar (Guidestar is unaffiliated with Bank of America).