Bank Of America Charitable Foundation Inc
- Assets
- $250.0m
- Revenue
- $549.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 03/2004
- Data as of
- 12/2021
- EIN
- 20-0721133
Organization Overview
Bank Of America Charitable Foundation Inc is located in Charlotte, NC. The organization was established in 2004. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bank Of America Charitable Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Bank Of America Charitable Foundation Inc generated $549.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.3% each year . All expenses for the organization totaled $306.7m during the year ending 12/2021. While expenses have increased by 10.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Bank Of America Charitable Foundation Inc has awarded 365,272 individual grants totaling $1,879,298,254. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith T Banks Director | 0.5 | $0 | |
Andrew D Plepler Director | 0.5 | $0 | |
Anne M Finucane Chairman/director | 0.5 | $0 | |
Cynthia Bowman Director | 0.5 | $0 | |
Kerry H Sullivan President | 30 | $0 | |
Jennifer Locane Silvania Vice President | 30 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $548,973,137 |
| Interest on Savings | $314,604 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $93,931 |
| Capital Gain Net Income | $93,931 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $60,638 |
| Total Revenue | $549,442,310 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $15,300 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $118,753 |
| Contributions, gifts, grants paid | $306,540,244 |
| Total expenses and disbursements | $306,658,997 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $249,292,827 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $692,504 |
| Total assets | $249,985,331 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Bank Of America Charitable Foundation Inc has awarded $306,540,244 in support to 62,074 organizations.
| Grant Recipient | Amount |
|---|---|
Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $5,000,000 |
Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $5,000,000 |
Washington, DC PURPOSE: OPERATIONAL SUPPORT | $3,000,000 |
Dallas, TX PURPOSE: OPERATIONAL SUPPORT | $2,500,000 |
Atlanta, GA PURPOSE: OPERATIONAL SUPPORT | $2,500,000 |
Atlanta, GA PURPOSE: OPERATIONAL SUPPORT | $2,500,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Bank Of America Charitable Foundation Inc has recieved totaling $45,000.
| Awarding Organization | Amount |
|---|---|
The Fund For Parks And Recreation In Boston Boston, MA PURPOSE: DOROTHY CURRAN WEDNESDAY NIGHT CONCERT SERIES | $30,000 |
The Fund For Parks And Recreation In Boston Boston, MA PURPOSE: ROSE GARDEN PARTY SPONSORSHIP | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marine Toys For Tots Foundation Triangle, VA | $224,233,558 | $379,587,582 |
Bank Of America Charitable Foundation Inc Charlotte, NC | $249,985,331 | $549,442,310 |
Duke Endowment Charlotte, NC | $3,374,460,396 | $832,404,504 |
Marcus Foundation Inc Atlanta, GA | $0 | $247,225,335 |
Distribution Cooperative Inc Mcdonough, GA | $32,404,421 | $108,129,645 |
The Coca-Cola Foundation Inc Atlanta, GA | $328,454,102 | $178,366,620 |
Trousdale Foundation Inc Cleveland, TN | $157,578,588 | $76,137,385 |
The United Methodist Retirement Homes Inc Durham, NC | $351,992,425 | $85,120,969 |
The Murray & Sydell Rosenberg Foundation Inc Atlanta, GA | $5,561,714 | $74,985,544 |
Joseph B Whitehead Foundation Atlanta, GA | $148,285,590 | $58,163,845 |
Winshape Foundation Inc Atlanta, GA | $1,733,664,901 | $22,099,572 |
A Good Name Foundation Inc Atlanta, GA | $709,299,721 | $33,917,740 |