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The Bank of America Charitable Gift Fund

Overview

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A SMARTER WAY TO GIVE

The Bank of America Charitable Gift Fund (CGF), the firm’s donor-advised fund, offers a sophisticated and dynamic way to give to the causes that mean the most to you. CGF is a donor-advised fund — a flexible, charitable giving vehicle that is a tax-exempt 501(c)(3) public charity. With the CGF, you can benefit from personalized philanthropic guidance to help maximize your giving; robust online tools to manage your account grantmaking; and specialized investment management from U.S. Trust.  

We handle all the administrative details and regulatory reporting, so you are free to devote more time and energy to your causes without being weighed down by administrative concerns.

Benefits

When you use the CGF, you can:

  • Move away from “checkbook giving” to formalize your charitable giving strategy
  • Receive a current-year income tax deduction for contributions made into your account
  • Engage your family in your giving with flexible account privileges
  • Maximize the potential impact of your donation through professional asset management, with tax-free compounding of investment returns
  • Donate appreciated assets such as restricted stock, real estate, timberland, farms and ranches, or gas, oil and mineral rights1 and other nonfinancial assets without incurring capital gains taxes
  • Manage all of your account activities online or with the assistance of your advisor
  • Transition a family foundation to a simpler giving vehicle without the higher costs and increased administrative and fiduciary burdens

A legacy of charitable experience

Since 1955, donors have depended on the Bank of America Charitable Gift Fund to help execute their philanthropic plans. As one of the largest trustees of charitable assets in the country, we draw on deep resources and experience to help you define your philanthropic purpose and develop your giving strategy. Your advisor will work closely with you to determine how the CGF can help you reach your charitable goals and integrate with your overall wealth plan.

Professional investment management

We offer the potential to grow your contribution through the experience of some of the industry’s top investment managers at our firm. The CGF portfolios have been constructed to help meet the specific needs, time frames and goals of your charitable giving strategy. You have a choice of eight investment objectives, from fixed income to appreciation.

Under each asset allocation model, donors may choose a:

  • Hybrid (mutual fund and ETF) portfolio
  • Passive (all ETF) portfolio

Ability to accept specialty assets

Our unique experience allows us to accept a broad range of donor assets, offering you optimal flexibility to maximize the value of your contribution. If you have a highly appreciated asset that you would like to contribute, we will call upon our extensive in-house resources to explore the most tax-efficient contribution to your CGF account.

Examples of specialty assets include:

  • Restricted stock and closely held business interests1
  • Real estate, timberland, farms and ranches1
  • Gas, oil and mineral rights1

Flexible, customized giving options

The Bank of America Charitable Gift Fund provides flexibility to support your grantmaking strategy. You can:

  • Personalize your account name
  • Make anonymous grant recommendations to protect your privacy
  • Authorize an unlimited number of individuals to advise on your account
  • Actively engage your children and grandchildren in philanthropy. 

Convenient online access

You can manage your account easily online at any time and from anywhere.

Our portal allows you to:

  • View account balances, grant history, grants pending, investment performance and quarterly account statements
  • Make grant recommendations
  • Decide when to make grant recommendations, where to direct them and how much to grant
  • Set up single one time grant or recurring grants
  • Research grantees easily with the GuideStar® database, which contains over 1.7 million IRS-recognized charitable organizations
  • Make contributions to your account and update your investment objectives.

Streamlined administration

The CGF will perform all administration and regulatory reporting, enabling you to focus on your giving. When you make contributions to your account, the CGF catalogs your receipts and makes them available online and through your advisor for more efficient tax preparation. Our straightforward fee schedule and statements make it easy for you to understand and anticipate the total fees that will be deducted automatically from your account.

The CGF researches your grant recommendation to validate the organization is in good standing. Once your grant recommendation is approved, we send out the grant check with a letter to the charitable organization.

HOW TO GET STARTED

Opening an account requires a minimal time commitment, making it easy to get started.

Minimum Initial Contribution

$25,000

Minimum Additional Contributions

$250

Minimum Investable Balance

$25,000*

* If the account balance falls below $25,000 at the end of any quarter, the account will be placed in an all cash allocation.   

Contact us at 888-703-2345 or email us.

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