Bank of America Charitable Gift Fund

Analysis

Bank of America Charitable Gift Fund is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in September 1957, 69 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Bank of America Charitable Gift Fund reported income of $1.19bn and spending of $845.5m, leaving 29% of income unspent that year. Across the 4 years on record, from December 2020 to December 2023, income grew from $837.7m to $1.19bn (+42%), an average of +12% a year. The sharpest change came in the year to December 2021, when income rose by 100%. Over the whole period it spent 60% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Bank of America Charitable Gift Fund sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within MA. Charities of a similar size with the same main cause include Jewish Communal Fund ($1.04bn), Morgan Stanley Global Impact Funding Trust Inc ($1.30bn) and Greater Horizons ($890.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 86% of the total. At year end it held assets of $4.16bn against liabilities of $84.4m, net assets of $4.08bn.