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Bank of America Unit Cuts Web-Based Charitable Funds to $5,000
Source: Bloomberg.com  ·  November 4, 2009  ·  Excerpt

To boost its philanthropic business, Bank of America Corp. will begin letting customers open donor-advised funds online with as little as $5,000, the company announced this morning.

An enhancement to the Bank of America Charitable Gift Fund, the Web-based account will be managed by Bank of America acting as a third party that disburses money to a wide range of Internal Revenue Service-approved charities, including nonprofit arts organizations, based on recommended grantees.

The new minimum contribution is one-tenth of the previous requirement of $50,000, Cary Grace, Bank of America Merrill Lynch’s national philanthropic management executive, said in a phone interview.

Our take
Policy changes within the financial and service industries can have widespread impact - and may even reach your organization's bottom line. More importantly, they may change the way your prospective clients or donors interact with you and with each other.

  • How are methods of giving and financial practices changing in the new, more challenging economy?
  • What trends are emerging in other industries as philanthropy continues to evolve, and how can our organization take advantage?

Our experienced associates are here to answer these questions and more. Contact us now for assistance in growing to meet new demands, or send us some brief information for a free analysis of your current challenges.

 

 
 
       
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