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California Nonprofits Receive More than $4 Million from Bank of America Charitable Foundation to Provide Emergency Services

PRNewswire

December 14, 2009

SAN FRANCISCO, Dec. 9 – The Bank of America Charitable Foundation today announced it has provided $4.3 million in grants to California nonprofits this year, as part of its strategic focus on supporting organizations providing critical services to populations disproportionately affected by the economic downturn.

Bank of America augmented its focus on basic human services in 2009 as a response to nonprofits experiencing record demand for these services and reduced funding from other sources to meet these demands. The grants were provided across California to a variety of organizations, such as regional grant-making institutions like the Northern California Grantmakers, to newly created emergency relief programs like the East Bay Emergency Relief Fund, and directly to nonprofits such as East Valley Community Health Centers in Los Angeles, San Diego Rescue Mission, and Second Harvest Food Bank Orange County.

The Nonprofit Finance Fund’s 2009 Recession Study, for example, showed that 93 percent of “lifeline” organizations providing essential services anticipate an increase in demand in 2009. By adapting its philanthropic strategy to allocate emergency funding to address critical human services, such as access to health care, housing and food, and enable organizations that provide these services to keep their doors open, Bank of America is complementing its ongoing efforts to strengthen the communities it serves.

“In the current economy, Bank of America’s focus on providing meaningful and relevant support to the communities we serve has never been more important, and is critical to our long-term business goals,” said Janet Lamkin, California President, Bank of America. “This focus provides significant funding to address the basic needs of people who have been hardest hit by the economic downturn.”

In addition to grants, Bank of America in California continues to help provide ongoing counsel and expertise to nonprofits about ways to cut costs and increase revenues. More than 1,500 nonprofit leaders participated in nine workshops held across the state throughout the year, called ‘Surviving and Thriving During Tough Economic Times,’ led by CaliforniaVolunteers and Bank of America. Participating nonprofits were advised on how to restructure finances, share back office resources and needs with other community partners, and selling assets not in use as opportunities to reduce costs and increase revenue.

“When nonprofits across the state were seeing a steep increase in demand while revenue was being cut across the board, the Bank of America Charitable Foundation was one of the very first foundations to step up to address the needs of these safety net organizations,” said David Greco, Western Region Vice President, Nonprofit Finance Fund. "As nonprofits continue to face a challenging and uncertain economic environment, this effort will enhance the ability of these organizations to continue to provide critical services in our communities not only now but into the future. We are proud to partner with them as we work together to improve the financial sustainability of community-based organizations. "

Bank of America Corporate Philanthropy

Building on a long-standing tradition of investing in the communities it serves, Bank of America this year embarked on a new, ten-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Funded by Bank of America, the Bank of America Charitable Foundation gave more than $200 million in 2008, making the bank the most generous financial institution in the world and the second largest donor of all U.S. corporations in cash contributions. Bank of America approaches investing through a national strategy called “neighborhood excellence” under which it works with local leaders to identify and meet the most pressing needs of individual communities. Bank associate volunteers contributed more than 900,000 hours in 2008 to enhance the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/foundation.

SOURCE Bank of America

Originally published by Bank of America.

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