Overview
What is Bank Of America Charitable Gift Fd?
Bank of America Charitable Gift Fund is a public charity based in Boston, Massachusetts, specifically located at 100 Federal Street, MA5-100-10-21. Their primary mission revolves around making grants on behalf of individuals and families who establish donor-advised funds. Essentially, they serve as an intermediary, enabling donors to recommend charities to support while managing their philanthropic dollars. The organization's activities focus on grant-making and strengthening the community by aligning donors' charitable intentions with deserving causes.
What are the reviews and ratings of this charity?
The Bank of America Charitable Gift Fund is not currently rated by Charity Navigator. This lack of rating arises because it has not yet met the necessary criteria, such as having three consecutive years of electronically-filed IRS Form 990 data, to be evaluated under the current Encompass Rating System. The absence of a rating does not reflect negatively or positively on the organization; it simply indicates insufficient data for an assessment.
Charity Navigator historically evaluated nonprofits primarily on Accountability & Finance, which involves analyzing an organization's financial health, governance practices, and transparency. However, for Bank of America Charitable Gift Fund, there isn't enough data on leadership, adaptability, culture, or community metrics either. As the organization submits more records and receives further evaluations under these metrics, it might obtain a more comprehensive rating in the future.
Although no user reviews from GreatNonprofits are available for the Bank of America Charitable Gift Fund, understanding its structural foundation is insightful. It is classified as a foundation supported in part by governmental or public contributions and operates independently. For a full evaluation and rating on Charity Navigator, it needs to continue building a record of compliance and transparency through future filings.
This AI summary has been generated from information found on Charity Navigator.
Is Bank Of America Charitable Gift Fd legitimate?
Bank Of America Charitable Gift Fd is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bank Of America Charitable Gift Fd submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Bank Of America Charitable Gift Fd?
The Bank of America Charitable Gift Fund functions as a public charity, facilitating grants on behalf of individuals and families who establish donor-advised funds. Its mission centers around making charitable contributions to various organizations on behalf of these donors. Through this process, the fund enables generous individuals to support causes that resonate with them while receiving tax benefits. The grants made by the fund are directed towards numerous charitable organizations, as stated in the attached statements.
Who is the CEO of Bank Of America Charitable Gift Fd?
Unavailable
What is the revenue of Bank Of America Charitable Gift Fd?
Bank Of America Charitable Gift Fd's revenue in 2022 was $907,613,090.
Who are the executives of Bank Of America Charitable Gift Fd and what are their salaries?
There is 1 key member and their salary:
- Compensation: $18,808,703
- Related: $0
- Other: $0
Where can I find the form 990 for Bank Of America Charitable Gift Fd?
Bank Of America Charitable Gift Fd's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Bank Of America Charitable Gift Fd
Bank of America Charitable Gift Fund, a public charity, serves as a conduit for individuals and families to make charitable donations. Through this fund, grant requests are administered on behalf of these donors. The organization's primary mission revolves around facilitating grants to various charitable organizations.
The Bank of America Charitable Gift Fund acts as a trusted intermediary, enabling generous individuals and families to support a wide range of causes that resonate with them. By creating donor-advised funds, donors can make tax-deductible contributions, recommend where and when the funds be granted, and witness the impact of their philanthropic efforts unfold. This flexibility allows donors to align their charitable giving with their personal values and strategic priorities.
In essence, the Bank of America Charitable Gift Fund plays a vital role in amplifying the charitable intentions of its donors. By providing a simple, flexible, and cost-effective means of supporting their preferred charitable organizations, the Fund empowers donors to make a significant difference in the lives of others.
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Impact
October, 2024
Bank of America Charitable Gift Fund facilitates impactful philanthropic initiatives by making grants to various charitable organizations on behalf of individuals and families who establish donor-advised funds. Based in Boston, MA, this public charity streamlines the process for donors to direct their charitable giving, effectively amplifying their contributions to causes they care about. By simplifying the grant-making process, it enhances the capacity of donors to support a diverse range of nonprofits, fostering community development and social improvement across multiple sectors. The fund's mission underscores its commitment to philanthropy, making a significant difference in the landscape of charitable giving.
This information is meant to be a general summary of Bank Of America Charitable Gift Fd. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$41,805,713
- Gross Receipts: $7,325,057,484
Assets and Liabilities:
- Total Assets: $3,490,678,875
- Total Liabilities: $49,201,676
- Net Assets: $3,441,477,199
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Organization Details
Founding Year
1955
Phone
(888) 866-3275Main Address
100 FEDERAL STREET MA5-100-10-21, BOSTON, MA, 02110
NTEE Category
Code: T700 - Philanthropy
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