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Bank of America Charitable Gift Fd
Bank of America Charitable Gift Fd reported $1.66 billion in revenue and $993.6 million in expenses for calendar year 2024. Of every $100 it spent, $98.55 went to program services, $1.45 to management and general costs and $0.00 to fundraising. Its largest source of revenue was contributions and grants: 89.5% of the total. The highest compensation it reported for one person was $24,062,159 (TRUSTEE). 1 person received more than $100,000 in reportable compensation. Revenue fell 1% between 2021 and 2024. Source: Form 990, 2024.
Where $100 of spending went
Calendar year 2024 · Form 990, Part IX, line 25 · total expenses $994MFor context, the median across 1,001 covered philanthropy, voluntarism & grantmaking charities: $91.65 programs, $6.50 management, $1.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
Calendar year 2024 · Form 990, Part VIII · total revenue $1.66BThe 990 scorecard · same measures for every charity, no grades
| Measure | 2024 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 98.5% | 90.2% |
| Management & general Part IX 25(C) ÷ 25(A) | 1.5% | 6.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.0% | 1.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.00 | $0.02 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 89.5% | 79.9% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 0.0% |
| Program service revenue share Part VIII 2g ÷ 12 | 0.0% | 0.0% |
| Highest reported compensation Part VII-A, columns D–F | $24,062,159 | $325,675 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 2.42% | 1.56% |
| People paid over $100,000 Part VII, line 2 | 1 | 3 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 60.8 | 56.6 |
| Independent voting board members Part VI 1a–1b | 1 of 1 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
2024 · Form 990, Part III · the three largest programs by expenseHighest reported compensation
2024 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| TRUSTEE Director/trustee | $24,062,159 | $0 | $0 | $24,062,159 |
1 people received more than $100,000 in reportable compensation from Bank of America Charitable Gift Fd (Part VII, line 2).
4 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
2024 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b1 · 1 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aNo
- Board given the 990 before filing Part VI 11aNo
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bNo
- Employees Part I, line 50
Private foundation grants it received
39 private foundations reported grants to Bank of America Charitable Gift Fd totaling $30M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Bank of America Charitable Gift Fd's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Bank of America Charitable Gift Fd, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Bank of America Charitable Gift Fd spent in 2024, $98.55 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Jewish Communal FundNew York, NY · revenue $1.34B · programs 98.6% · FY2025
- American Endowment FoundationHudson, OH · revenue $1.89B · programs 99.4% · 2024
- Charities Aid Foundation AmericaAlexandria, VA · revenue $1.06B · programs 99.1% · FY2025
- The Chicago Community TrustChicago, IL · revenue $2.14B · programs 97.8% · FY2025
- The Signatry Charitable TrustSioux Falls, SD · revenue $1.04B · programs 99.0% · 2024
All philanthropy, voluntarism & grantmaking charities · Largest charities in Massachusetts
Questions people ask
How much of Bank of America Charitable Gift Fd's spending goes to programs?
In calendar year 2024, Bank of America Charitable Gift Fd reported that 98.5% of its $993.6 million in expenses went to program services, 1.5% to management and general and 0.0% to fundraising (Form 990, Part IX).
How much does Bank of America Charitable Gift Fd pay its top executive?
The largest total compensation Bank of America Charitable Gift Fd reported for one person in calendar year 2024 was $24,062,159, for the role of TRUSTEE (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Bank of America Charitable Gift Fd get its money?
Of $1.66 billion in revenue in calendar year 2024, 89.5% came from contributions and grants and 0.0% from program service revenue (Form 990, Part VIII).
Is Bank of America Charitable Gift Fd a registered charity?
The IRS lists EIN 04-6010342 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- 2024: Form 990 for calendar year 2024, object 202503219349318170 · read the filing · XML
- 2023: Form 990 for calendar year 2023 (amended), object 202520169349301042 · read the filing
- 2022: Form 990 for calendar year 2022 (amended), object 202441809349301264 · read the filing
- 2021: Form 990 for calendar year 2021, object 202222869349300202 · read the filing
All filings for EIN 04-6010342: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.