The Bank of America Foundation continues to identify general operating support as one of its grantmaking priorities. In the last full giving year, the Foundation provided more than $200 million to address critical issues facing neighborhoods and communities where BOA has a presence.
In addition, the Foundation has been increasing its focus on housing needs, awarding $22 million this summer in grants to nonprofits that build and rehab affordable housing, offering foreclosure prevention services and homeowner counseling, and providing a range of services aimed at revitalizing neighborhoods and helping working families.
BOA is also looking for new ways to provide support for organizations. For example, earlier this year the company issued a "green bond” consisting of a three-year, fixed-rate bond worth $500 million in aggregate principal. The issuance of bonds is part of the company's efforts to support renewable energy initiatives and promote energy efficiency. Bond funds will be used to finance green investments.
Some of the Foundation's grants are awarded through an RFP process. For example, last year the following notices were issued:
- Workforce Development/Education (Application period: Jan. 22 to Feb. 15)
- Community Development (Application period: April 15 to May 10)
- Critical Needs (Application period: July 8 to Aug. 2)
Other giving by the Foundation results from proposals which are accepted throughout the year, often with the collaboration of local BOA branches.
For more information, visit the BOA Foundation website at www.bankofamerica.com/foundation
To learn more about funding for operating costs, sign up to attend CD Publications' Dec. 12 audio conference, Winning Operating Funds from Foundations. To register, go to www.cdpublications.com/store/257.
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