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Bank
of America Charitable Foundation Philanthropic Strategy
At Bank of America,
we’re guided by a common purpose to help make financial lives better. Through
our focus on Responsible Growth, we deliver for our
teammates, clients and shareholders, while addressing economic mobility and
social progress focused on the needs of the community. We drive meaningful
and sustainable progress to help address society’s biggest challenges by
aligning all our resources – including our financing, our client products and
services, our philanthropy and how we manage our own activities.
As part of this work, we develop strong partnerships with
nonprofit organizations focused on issues fundamental to economic mobility in
low- and moderate-income communities. We focus on improving the lives of
individuals and families by investing in health, jobs, and strengthening
broader community vitality by addressing needs related to small business
resiliency, and community development.
Through our partnerships, we support vulnerable
populations, including working families, youth, seniors, individuals living
with disabilities, veterans, and those impacted by the criminal justice
system – enabling them to move forward in their goals.
In 2024, 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 1/22/2024 – 2/16/2024
- Economic Mobility focused on needs of community
(affordable housing, small business, neighborhood revitalization)
Applications accepted: 5/27/2024 – 6/21/2024
Economic mobility focused on needs of individuals and
families
Health
Too many communities across the United States do not have equal access to
what is needed to live healthier lives. Within under-resourced communities,
generations of lack of access to care and health resources have contributed
to poorer health outcomes. We are focusing on programs and organizations who
are working to address the economic and social conditions that influence
family stability and an individual’s health, including access to quality
community- based health services, crisis-prevention tied to family
stabilization programs, and other poverty related issues.
Examples:
- Prevention and Access to healthcare – Services
that improve health outcomes with an emphasis on community-based
healthcare, mental health counseling, substance use disorder treatment,
and rehabilitation.; services that address access to quality health
care, including early detection and disease prevention; capacity
building and training for local community-based health centers and
clinics
- Food Access and Nutrition – food-based
health care partnerships; programs addressing fresh and nutritious food
access; programs that address dietary nutritional needs and education
for persons with underlying health conditions (diabetes, cancer,
heart-health)
- 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.
Jobs
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 that will help individuals and families stabilize and advance.
Examples:
- Youth workforce development and employment –
Nonprofit programs helping young people (14-24 years old) transition
from education to meaningful employment (i.e. high school completion
programs, skills-training for hard and soft skills, early work
experience, first-time employment, internship and/or apprenticeships
especially for disconnected youth.
- Skills training for adults through alternate routes –
Nonprofit organizations providing adults with job preparedness,
training, skill building, career counseling, placement, job retention,
and entrepreneurship opportunities
- Removing Barriers to employment – Nonprofit
organizations addressing obstacles that hinder individuals from securing
and maintaining long-term employment (i.e. organizations serving
individuals with disabilities, persons impacted by the justice system,
recent immigrants/refugees/asylees, and foster care youth).
- Academic Institutions and student support –
Post-secondary institutions (vocational/technical college, community
college, four-year university or other trade school) and nonprofit
partners providing support services that are ensuring students,
particularly diverse students, matriculate and achieve post-graduation
success
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 staty efforts such as homebuyer education, budgeting, savings, and creble housing or homeownership through
financial habits and stabilidit counseling including eviction and
foreclosure prevention.
- Sustainable development efforts
creating healthy living environments through energy efficiency upgrades,
retrofits, solar and other green building efforts.
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.
- Assist economic development efforts that help
promote healthy commercial corridors (Mainstreet)
- 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 diverse communities.
Small Business Resiliency
Small Businesses help drive economic mobility and generational wealth and
play an important role in the overall health of our nation’s economy. In
response to the challenges small business owners face, we’re supporting
nonprofits assisting under-resourced entrepreneurs, including women and
minority business owners, as they address their short-term needs and help
them grow and scale.
Examples:
- Technical assistance: Support to organizations
delivering training to help entrepreneurs start, grow or expand their
business.
- Access to capital: Funding nonprofits that connect
entrepreneurs with access to essential growth capital.
- Supporting incubators and accelerators that provide
mentors, resources, and networks entrepreneurs need to launch, fund and
grow their businesses
- Build operational capacity of CDFIs delivering
essential growth capital to entrepreneurs
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