The Bank of America Corporation is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina, USA. It is the second largest bank holding company in the United States by assets. As of 2013, Bank of America is the twenty-first largest company in the United States by total revenue. In 2010, Forbes listed Bank of America as the third biggest company in the world.
The Bank of America Charitable Foundation Matching Gifts program encourages employees to contribute to qualifying charitable organizations. This program supports employee giving by offering a way to double – up to $5,000 (US) per person each calendar year – employees’ cash or securities contributions to their favorite charitable organizations and thus improve their communities. Annually, the Bank of America Charitable Foundation provides more than $25 million in matching gifts on behalf of employee donations.
An unrestricted grant for volunteer work is made to any eligible nonprofit organization for which an employee or retiree has committed substantial volunteer hours within a calendar year. For 50 hours of volunteer time within a calendar year, Bank of America Charitable Foundation will give a $250 grant and for 100 hours the grant is $500.
Charitable organizations in the United States must be tax-exempt under section 501(c)(3) of the Internal Revenue Code and not be classified as a private foundation or certain types of supporting organizations. No other qualification process is required.
Eligible Non-US based Charitable Organizations located in England or Wales must be registered with the Charity Commission. Charitable organizations outside of the United States, England or Wales must be qualified as eligible for donations from CAFAmerica. Employees should search on the employee programs site to determine if the organization is included in that listing. The site also provides instructions for nominating organizations that are not currently on the eligible listing.
Employees and retirees will be notified of eligibility based on hours recorded on the volunteer website and must then complete an application. Employee and retirees volunteer hours must be recorded by January 31 after the year in which the hours were volunteered. Employees and retirees are responsible for asking the nonprofit to verify volunteer hours.
Bank of America Donates to 501c3. To donate one must be full-time and part-time benefit eligible employees, retired employees from certain predecessor organizations, active members of the Board of Directors of Bank of America Corporation.
Organizations like Religious organizations (churches, synagogues etc.), secular community service programs, (soup kitchens, shelters for the homeless etc.), organizations classified as private foundations by the IRC, family foundations, political organizations and activities, fraternal organizations are not eligible to receive donations from Bank of America.
