Bank of America Charitable Gift Fund
Legal name: Bank of America Charitable Gift Fd
Nonprofit profile at a glance
- EIN
- 046010342
- IRS 990 coverage
- 2021–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024, Form 990-T 2023
- Location
- Boston, MA, USA
- Phone
- 8888663275
- Rating
- 82
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Federated Giving Programs
Reported finances
- Revenue
- $1,664,401,095
- Expenses
- $993,629,953
- Assets
- $5,096,006,595
- Liabilities
- $57,908,937
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
1 person listed
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
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 and gifts.
- 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.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and some filed totals do not add up.
Rating breakdown
- Financial Efficiency: 69
- Transparency & Controls: 88
- Accountability: 94
- 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; 21st 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
Accountability
- Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
- Governance controls: 6 of 9 controls in place; rating input score 86
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Limited
- Other executive compensation review process: Limited
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 40.3%; rating input score 95; 95th percentile among comparable filings
- Total-asset coverage ratio: 5.13; rating input score 85; 85th percentile among comparable filings
- Liabilities to assets ratio: 0.01; rating input score 95; 95th 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 filing years from 2021 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Accountability: Governance controls: Form 990 shared with the board not reported.
- Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
- Moderate — Transparency & Controls: Schedule D revenue reconciliation did not reconcile in the filed values.
- Moderate — Sustainability: Officer compensation ratio scored 47/100.