May 03, 2012
Bank of America invests millions of dollars and volunteer hours to improve financial stability
Last night, United Way recognized Bank of America with two Summit awards for volunteer engagement and community impact. In 2011, Bank of America and its employees raised more than $35 million through the United Way campaign. In addition, bank employees volunteered more than 1.5 million hours nationwide.
“Bank of America continues to be one of United Way’s top national corporate partners and is helping lead innovative individual and family financial stability efforts throughout the nation,” said Brian Gallagher, United Way Worldwide president and CEO. “The bank and its employees invest considerable time and resources in communities to ensure that more people are provided opportunities they need to lead successful lives."
As part of its commitment to improving financial stability, in 2011, the company provided a $1 million grant to support free volunteer-assisted income tax preparation, resulting in more than 530,000 completed tax returns and $800 million in total refunds, including $279 million in Earned Income Tax Credits, to hardworking individuals and families nationwide. By the conclusion of the 2013 tax season, Bank of America will have invested $6.5 million in Financial Stability grants with United Way. Plus, over the last few years, Bank of America employees have provided nearly 10,000 volunteer hours to help working individuals and families claim valuable tax refunds. The bank was the first financial institution to nationally support United Way’s Financial Stability work.
Further, the company provided thought leadership by funding United Way’s Economic and Social Impacts of EITC Outreach and Free Tax Preparation Programs research. Findings confirmed investing in free tax assistance programs yields a measurable return on investment: $59 for every $1 invested, by providing financial resources to families, especially valuable during these uncertain economic times.
Setting the pace for other companies to follow, Bank of America also provided substantial support for its employees’ community involvement. In addition to giving employees meaningful volunteer opportunities to address pressing community issues, the company offers up to two hours of paid time per week -- twelve days per year -- for employees to volunteer at nonprofit organizations of their choice. In addition, Bank of America provides grants to nonprofits where employees regularly volunteer, celebrates employee volunteer impact through recognition programs, and puts special emphasis on volunteering during the company’s Global Service Month each April.
The Spirit of America and Summit Awards program, celebrating its 25th year, is United Way’s highest national honor for corporations, recognizing United Way Global Corporate Leaders with the most comprehensive commitments to strengthening communities. Applicants are evaluated by corporate peers and local United Ways. Join the conversation on Twitter using hash tag #SpiritofAmerica or visit unitedway.org/SOA.
About United Way
United Way is a worldwide network in 41 countries and territories, including more than 1,200 local organizations in the U.S. It advances the common good, creating opportunities for a better life for all by focusing on the three key building blocks of education, income and health. United Way recruits people and organizations who bring the passion, expertise and resources needed to get things done. LIVE UNITED® is a call to action for everyone to become a part of the change. For more information about United Way, please visit: www.UnitedWay.org.
About Bank of America Corporate Social Responsibility
Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way across more than 100 markets around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create shared value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. Learn more at www.bankofamerica.com/opportunity and follow us on Twitter at @BofA_Community.