ALEXANDRIA, Va., April 18, 2013 /PRNewswire-USNewswire/ -- United Way Worldwide, the country's largest privately funded nonprofit, today recognized Bank of America (NYSE: BAC) with a Summit Award for Community Impact. Bank of America and its employees raised more than $30.5 million through the United Way campaign in 2012 and have led the way in national financial stability work with United Way.
"Through giving, volunteering and strategic partnerships, Bank of America is working to create sustainable communities and stronger families," said Brian Gallagher, United Way Worldwide president and CEO. "United Way is proud to recognize the bank and its employees for their tremendous work."
Bank of America focuses its philanthropic work on community development, helping preserve neighborhoods, educating the workforce for 21st century jobs and addressing critical needs such as hunger. In 2012, the bank donated $200 million to nonprofit organizations serving community needs as part of its 10-year $2 billion philanthropic goal.
In addition, Bank of America employees volunteered 1.5 million hours globally, including 1,500 employees giving their time at volunteer tax assistance sites. Since 2006, Bank of America has invested $8 million in Financial Stability grants with United Way, especially around free tax preparation and the Earned Income Tax Credit (EITC). The bank was the first financial institution to nationally support this important work. In 2012 alone, Bank of America's investment resulted in more than $750 million in total tax refunds for individuals and families. The bank is also a founding member of an Integrated Services Collaborative with United Way and other leaders to provide bundled services such as workforce education and asset building for lower-income families.
"We recognize that many individuals and families continue to struggle with basic human needs, said Kerry Sullivan, president of the Bank of America Charitable Foundation. "Our comprehensive partnership with United Way, including employee giving, volunteering and corporate support, is an important part of our approach to connect those in need with integrated resources to help them advance along the economic continuum."
United Way also presented awards to 3M, Comcast Corporation, Microsoft Corporation, Wells Fargo, General Motors and The Mosaic Company. The Spirit of America and Summit Awards program is United Way's highest national honor for a corporation, recognizing outstanding United Way Global Corporate Leaders. Join @UnitedWay and congratulate @BofA_Community on Twitter.
About Bank of America Corporate Social Responsibility
Bank of America's commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at www.bankofamerica.com/about and follow us on Twitter at @BofA_Community.
About United Way
United Way is a worldwide network in 41 countries and territories, including more than 1,200 local organizations in the U.S. It advances the common good, creating opportunities for a better life for all by focusing on the three key building blocks of education, income and health. United Way recruits people and organizations who bring the passion, expertise and resources needed to get things done. LIVE UNITED® is a call to action for everyone to become a part of the change. For more information about United Way, please visit: www.UnitedWay.org.
Nicole Nastacie, Bank of America, 1.980.388.7252
SOURCE United Way Worldwide