Bank of America will allocate $20 million for philanthropy

The Bank of America Charitable Foundation has announced today the launch of the sixth year of its signature philanthropic program, the Neighborhood Excellence Initiative (NEI). In 2009, the Foundation will allocate $20 million globally to the initiative, which recognizes, nurtures and rewards organizations, local heroes and student leaders helping to strengthen and revitalize their communities in 45 of the bank's major markets.

By the end of 2009, more than 800 leaders from the nonprofit awardees will have participated in the Neighborhood Excellence Leadership Program®, which builds a network of community leaders across the country to share learning and insight in areas including strategic communications, financial management, succession planning, and long-term development. Through NEI, Bank of America has also encouraged community leadership at the grassroots level by recognizing more than 1,000 high school students and 1,000 community leaders over the last five years.

"Bank of America's long-term commitment to the Neighborhood Excellence Initiative exemplifies our belief that philanthropic giving is most effective when administered locally and through close partnerships with nonprofit recipients," said Andrew D. Plepler, president of the Bank of America Charitable Foundation and global community impact executive. "Leadership in our communities is more critical than it has ever been. As nonprofits wrestle with greater challenges and fewer resources, this program helps reinvigorate local economies, a key factor in addressing the current global crisis."

More detailed information is available on the site.

Source: Bank of America