OVERVIEW: The Bank of America Charitable Foundation seeks to enable economic mobility through its largescale funding operations. This foundation supports workforce development, education, and student leadership.
IP TAKE: The Bank of America Charitable Foundation has recently increased its spending on youth programs. Funding initiatives aim to increase economic mobility through education and job training in the U.S. and abroad.
PROFILE: Based in Charlotte, North Carolina, the Bank of America Charitable Foundation is “focused on building pathways to economic mobility by addressing the issues of workforce development and education, basic needs and community development.” The organization is committed to promoting a more diverse and inclusive society and finding equitable solutions to pressing economic problems. Bank of America runs two signature giving programs—Neighborhood Builders and Student Leaders—as well as two broader funding initiatives that address mobility through community development and assistance to individuals and families.
In the realm of K-12 education, the foundation conducts the Student Leaders program and the economic mobility of individuals and families initiative. The Student Leaders program awards paid summer internships at nonprofit organizations to high school juniors and seniors. The economic mobility for individuals and families initiative funds youth employment, job training, high school completion, service learning and after school programs.
Grants sizes range from a few thousand to tens of thousands of dollars. In 2016, Bank of America earmarked $40 million for youth skills development and job training programs to be disbursed to nonprofits over the next three years.The Bank of America Charitable Foundation funds organizations in the U.S. and abroad.
While this foundation accepts unsolicited applications, potential applicants are required to take an on-line eligibility quiz. Once applicants establish, they will be better informed about proposal requirements for appropriate funding opportunities.
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