Bank of America Charitable Gift Fund
A PUBLIC CHARITY THAT MAKES GRANTS ON BEHALF OF INDIVIDUALS AND FAMILIES WHO CREATE DONOR ADVISED FUNDS
IRS Tax Year 2024
Period ending December 31, 2024
Total Revenue
$1.7B
Total Expenses
$993.6M
Net Assets
$5.0B
Employees
0
Grants Paid
$969.5M
Program Expense Ratio
98.5%
This nonprofit profile presents IRS Form 990 tax filing data for Bank of America Charitable Gift Fund (EIN: 04-6010342), based on the 2024 tax year annual return filed with the Internal Revenue Service.
Sections below include financial summaries (revenue, expenses, and net assets), program accomplishments, officer and key employee compensation, governance policies and audit information. All figures are reported in USD as filed.
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Financial Health
Transparency
Compensation
Program Effectiveness
Financial Stability
Risk Flags
Indicators derived from IRS Form 990 data. Not financial advice.
Bank of America Charitable Gift Fund is a 501(c)(3) nonprofit headquartered in BOSTON, MA, founded in 1955. The organization has held tax-exempt status since 1957. In its 2024 filing, the organization reported $1.7B in total revenue, a 40.0% increase from the prior year, and $993.6M in total expenses. , TRUSTEE, is the highest-compensated individual at $24,062,159. The organization runs 2 programs, totaling $979.1M in program expenses. 3 of 6 recommended governance policies are in place.
Bank of America Charitable Gift Fund is classified under NTEE code T700. Its foundation type is 15.
Programs(Tax Year 2024)
2 records
Bank of America Charitable Gift Fund operates 2 programs, with total program expenses of $979.1M. Bank of America Charitable Gift Fund's largest program accounts for 99% of total program spending.
GRANTS TO CHARITABLE ORGANIZATIONS (SEE ATTACHED STATEMENTS)
BANK OF AMERICA TRUSTEE FEES
Financial Overview(Tax Years 2021–2024)
4 records
Over the past 4 years, Bank of America Charitable Gift Fund's revenue has declined from $1.7B to $1.7B, a 0.8% decrease. Program expenses represent 99% of total spending.
Revenue increased 40.0% year-over-year, while expenses grew 17.5%. net assets rose to $5.0B, up 23.5% from the prior year.
Bank of America Charitable Gift Fund derives 90% from contributions and grants, with 10% from investment income.
Revenue is primarily driven by contributions and grants (90%), with investment income at 10%.
Bank of America Charitable Gift Fund allocates 99% to programs, 1% to management and general.
Revenue grew by 40.0% while expenses grew by only 17.5%, suggesting improving operational efficiency.
Bank of America Charitable Gift Fund distributed $969.5M in grants to other organizations and individuals, representing 98% of total expenses.
Over 4 filings from 2021–2024, Bank of America Charitable Gift Fund declined revenue from $1.7B to $1.7B (-0.8%) while maintaining a program expense ratio of 99%.
Bank of America Charitable Gift Fund holds $5.1B in total assets against $57.9M in liabilities (debt-to-asset ratio of 1%). The organization has 60.8 months of operating reserves. Cash and equivalents of $0 cover approximately 0.0 months of expenses.
Revenue
| Year | Total Revenue | Contributions | Gov't Grants | Program Revenue | Investment |
|---|---|---|---|---|---|
| 2024 | $1.7B | $1.5B | $0 | $0 | $174.7M |
| 2023 | $1.2B | $1.0B | $0 | $0 | $168.4M |
| 2022 | $907.6M | $949.4M | $0 | $0 | $-41.8M |
| 2021 | $1.7B | $1.4B | $0 | $0 | $309.8M |
Expenses
| Year | Total Expenses | Program | Management | Fundraising | Grants Paid |
|---|---|---|---|---|---|
| 2024 | $993.6M | $979.1M | $14.4M | $0 | $969.5M |
| 2023 | $845.5M | $833.2M | $12.0M | $0 | $825.2M |
| 2022 | $763.1M | $751.8M | $11.3M | $0 | $744.2M |
| 2021 | $728.1M | $717.4M | $10.6M | $0 | $710.3M |
Program Expense Ratio
98.5%
Admin Expense Ratio
1.5%
Fundraising Efficiency
—
Operating Reserve
60.8 mo
People & Compensation(Tax Year 2024)
1 record
Bank of America Charitable Gift Fund reported compensation for 1 officers and key employees. Total officer compensation was $24.1M, representing 2.4% of total expenses. 1 individual received total compensation exceeding $500,000.
Bank of America Charitable Gift Fund's highest-compensated individual received $24.1M in total compensation. Total officer compensation of $24.1M represents 2.4% of total expenses. 1 individual received total compensation exceeding $1,000,000.
| Name | Title | Type | Hours/wk | Comp from Org | Related Orgs | Total |
|---|---|---|---|---|---|---|
| TRUSTEE | Trustee | — | $24,062,159 | $0 | $24,062,159 |
Governance & Compliance(Tax Year 2024)
Bank of America Charitable Gift Fund has 3 of 6 recommended governance policies in place, including conflict of interest, whistleblower, document retention. Its board has 1 members, 1 of whom are independent.
Bank of America Charitable Gift Fund's financial statements are audited, an audit committee oversees the process.
Policies & Oversight
Audit & Financial Oversight
Grants Awarded(Tax Year 2024)
1 record
Bank of America Charitable Gift Fund awarded $969.5M across 1 grant to organizations. Top recipients include SEE ATTACHED LIST OF DISTRIBUTIONS (BOSTON, MA) — $969.5M.
Organization Grants
| Recipient | Location | Amount | Purpose |
|---|---|---|---|
| SEE ATTACHED LIST OF DISTRIBUTIONS | BOSTON, MA | $969.5M | — |
Supplemental Financial Data(Tax Year 2024)
Bank of America Charitable Gift Fund operates a donor-advised fund (DAF) program with 17,840 accounts. The endowment stands at $57.8M.
Filing History(Tax Years 1957–2024)
4 records
Showing the 4 Form 990 filings currently in our system.
| Tax Year | Form | Period | Revenue | Expenses | Net Assets |
|---|---|---|---|---|---|
| 2024 | 990 | 2024-01-01 – 2024-12-31 | $1.7B | $993.6M | $5.0B |
| 2023 | 990 | 2023-01-01 – 2023-12-31 | $1.2B | $845.5M | $4.1B |
| 2022 | 990 | 2022-01-01 – 2022-12-31 | $907.6M | $763.1M | $3.4B |
| 2021 | 990 | 2021-01-01 – 2021-12-31 | $1.7B | $728.1M | $3.8B |
| 1957–2020 | No filings acquired yet | ||||
Frequently Asked Questions
What does Bank of America Charitable Gift Fund do?
A PUBLIC CHARITY THAT MAKES GRANTS ON BEHALF OF INDIVIDUALS AND FAMILIES WHO CREATE DONOR ADVISED FUNDS
How much revenue does Bank of America Charitable Gift Fund have?
Bank of America Charitable Gift Fund reported $1,664,401,095 in total revenue for tax year 2024, up 40.0% from the prior year.
Who is the highest-paid executive at Bank of America Charitable Gift Fund?
, TRUSTEE, received $24,062,159 in total compensation as of tax year 2024.
Is Bank of America Charitable Gift Fund a 501(c)(3)?
Yes, Bank of America Charitable Gift Fund is classified as a 501(c)(3) tax-exempt organization.
Where is Bank of America Charitable Gift Fund located?
Bank of America Charitable Gift Fund is headquartered in BOSTON, MA 2110.
Is Bank of America Charitable Gift Fund audited?
Yes, Bank of America Charitable Gift Fund's financial statements are audited, and the organization has an audit committee.
Does Bank of America Charitable Gift Fund give grants?
Yes, Bank of America Charitable Gift Fund distributed $969,496,994 in grants to other organizations and individuals in tax year 2024. Top recipients include SEE ATTACHED LIST OF DISTRIBUTIONS.
Data Source
IRS Form 990 electronic filings via the IRS Exempt Organizations Business Master File. All financial figures are as reported in USD.
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