Bank of America

Overview

Mission

The Bank of America Charitable Gift Fund is a 501(c)(3) public charity that helps donors give to their favorite charities in an organized, tax-efficient and worry-free way, offering tax-free investing options and turnkey administration. 3/ Linked investment accounts may not support recurring payments to Bank of America credit card accounts. 4/ Funds transferred as a payment to an eligible credit card, business line of credit, home equity line of credit during draw period (“HELOC”), installment loan or mortgage (together “Loan Accounts”) after the applicable cutoff time indicated above but by 11:59 p.m. ET will be credited with the date the payment is submitted. It may take up to 2 business days for these updates to be reflected in your account balances, funds availability, and transaction posting. One-time transfers may be made at any time and are immediately debited from a checking...

What it reported doing in 2024

Grants to charitable organizations (see attached statements)

Operating model

Revenue model
Donor-supported. 93% of the money available for current operations came from contributions.
Distribution model
Grant intermediary. The nonprofit sent 99% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

Nonprofit profile at a glance

EIN
046010342
IRS 990 coverage
2021–2024
Website reviewed
Jun 2026
Forms available
Form 990 2024, Form 990-T 2023
Headquarters
Boston, MA, USA
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Public, Societal Benefit

Official website

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The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports that some governance safeguards are missing and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 76
  • Accountability: 84
  • Sustainability: 86
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 63.7%; rating input score 64
  • Program expense ratio: 98.5%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 24th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited
  • Public monitoring controls: 0 of 8 controls in place; rating input score 0
  • Public policy transparency: 2 of 7 controls in place; rating input score 29
  • Public financial transparency: 0 of 5 controls in place; rating input score 0
  • Impact reporting controls: 0 of 7 controls in place; rating input score 0
  • Public relationship transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 76th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 86
  • Public governance controls: 0 of 4 controls in place; rating input score 0
  • Zakat policy transparency: Limited

Sustainability

  • Operating margin: 40.3%; rating input score 94; 94th percentile among comparable filings
  • Operating reserve ratio: 5.13; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 94; 94th percentile among comparable filings
  • Officer compensation ratio: 2.4%; rating input score 47; 47th percentile among comparable filings

Growth

  • Program expense growth: 10.6% per year; rating input score 100; 76th percentile among comparable filings
  • Revenue growth: 1.8% per year; rating input score 100; 13th percentile among comparable filings
  • Asset growth: 9.8% per year; rating input score 100; 69th percentile among comparable filings

Details

  • What they do: 1 operating location identified
  • Where the money goes: 63.7% of revenue deployed · 98.5% of spending went to programs
  • Governance: 1 of 1 board members independent · 6 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $979.1M in reported program spending
  • Leadership: top reported pay $24.1M · 1 people listed
  • Consistency: 18 of 20 current checks pass · 2 findings to review
  • Schedules: 6 filed schedules · includes grants
  • Filing history: 4 annual filings from 2021 to 2024
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.