Bank of America Announces 'Million Hour Challenge' for 2010

CHARLOTTE, N.C., April 1 /PRNewswire/ -- Bank of America today announced the "Million Hour Challenge," a pledge by the company's 300,000 associates around the world to donate 1 million volunteer hours by the end of 2010. Reaffirming its commitment to develop and sustain a culture of service, this announcement coincides with the relaunch of the company's employee volunteerism program, now called Bank of America Community Volunteers.

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Serving as a kickoff to year round volunteer activities, associates from across the globe will participate in Global Service Month, a concentrated effort of community service projects led by Bank of America Community Volunteers. The Bank of America Community Volunteers program closely aligns with the company's major philanthropic priorities by pairing employee volunteer efforts with corporate philanthropic investments, including community development, education and youth development, arts, environment and health and human services. The company also offers many associates the opportunity to take two hours per week off to volunteer for various causes.  

"While nonprofits continue to depend heavily on monetary contributions from corporations, we find that augmenting our grants with the time and expertise of our associates provides exponential support to our partner organizations," said Kerry Sullivan, president of the Bank of America Charitable Foundation. "Through these partnerships, we are collaboratively revitalizing neighborhoods and giving our associates an opportunity to take a personal stake in creating positive change while building upon their personal and professional skills."

On the first day of the company's Global Service Month, the Bank of America Charitable Foundation will announce a $6 million grant to Habitat for Humanity International. The donation will fund the construction of homes both domestically and internationally over the next three years. Charlotte-based Bank of America Community Volunteers will be on hand on April 1 to help build two new homes and refurbish a foreclosed house.

"We are grateful to Bank of America and their associates for this gift and for their continued, generous support," said Jonathan Reckford, CEO of Habitat for Humanity International. "As a result of our long-term partnership and with the help of Bank of America associates, hundreds of families now have safe, decent and affordable homes. We are excited to continue this partnership as we seek to serve a growing number of families around the world."

In line with the Obama administration's call to rebuild the nation through service, the bank can make a significant impact on communities in crisis through volunteerism, a key piece of its corporate social responsibility strategy. Volunteer activities will occur throughout the month tying in to the bank's key philanthropic priorities including helping bridge the achievement gap through educational support of young people, creating comprehensive access to entitlement benefits such as Earned Income Tax Credit, enabling access to the arts, and serving basic human needs such as hunger and housing.

"Bank of America has a history of innovative civic leadership. With the relaunch of its Bank of America Community Volunteers program and new million-hour commitment, it is at the forefront of mobilizing human capital to tackle tough problems and build sustainable and strong communities," said Michelle Nunn, CEO of Points of Light Institute and co-founder of HandsOn Network, the largest volunteer network in the U.S. "In the process, it is cultivating leaders for the company and giving its employees the opportunity to participate in meaningful and rewarding service experiences."

In 2009, Bank of America associates volunteered more than 800,000 hours to support a variety of critical community needs. Bank associates who volunteer regularly with a nonprofit organization may apply for a volunteer grant for the nonprofit in recognition of their service commitment. Associates also have the option to have their donations matched to qualified nonprofits. Last year, associates directed more than $25 million of the bank's charitable giving through the Matching Gifts and Volunteer Grant programs.  

Bank of America Corporate Philanthropy

Building on a long-standing tradition of investing in the communities it serves, last year Bank of America embarked on a ten-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Bank of America approaches giving through a national strategy called "neighborhood excellence" under which it works with local leaders to identify and meet the most pressing needs of individual communities. Bank associate volunteers contributed more than 800,000 hours in 2009 to enhance the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/foundation.

Reporters May Contact:

Nicole Nastacie, Bank of America, 1.980.388.7252

[email protected]

SOURCE Bank of America