Bank of America Charitable Gift Fund

Bank of America Charitable Gift Fund
DAFScore™ : 4.20
Rank : 4.20

AUM

$3.5B

Number of Accounts

14,267

Minimum Balance

$250

Initial Contribution Minimum

$25,000

Grant Minimum Amount

$250

Grant Timing

1 - 2 Weeks

Investment Options

6 - 10

Administrative Fee

0.6 - 0.9%

Since 1955, The Bank of America Charitable Gift Fund has been helping donors contribute money to their favorite charities in an organized, tax-efficient, streamlined and worry-free way.

DAF Details

Sponsor Donation Recommendations

International Granting

Accepts Illiquid Contributions

Ability of 3rd Party Advisors

Political or Religious Affiliation

Sell Their Own Financial Products

Tax Requirements

Minimum Grant Frequency Requirement

Provides Anonymity if Requested

Transferability to Another Sponsor

No History of Security Breaches

Customer Service Resources & Quality of Service

Good

Online Access and Ease of Use

Great

More Information

Sponsor Organization

Bank of America

Sponsor Donation Recommendations

None

International Granting

Donors may make grant recommendations to Qualified Organizations ogranized in the U.S. that fuction as intermediary organizations facilitating international charitable giving.

Accepts Illiquid Contributions

The Charitable Gift Fund accepts a wide variety of assets including: Cash, securities & mutual funds, restricted stock and closely held business interests, real estate, timberland, farms & ranches, gas, oil and mineral rights. Non-financial, tangible assets are considered on a case-by-case basis.

3rd Party Advisors

You may name unlimited advisors to your fund at any time. An advisor has all the powers that the donor has during the donor’s life to the DAF account, including granting ability, investment reallocation, & naming of successors.

Political or Religious Affiliation

The Bank of America Charitable Gift Fund is independent of any religious or political organizations.

Sell Their Own Financial Products

None

Tax Requirements

There is no tax code requirement for DAF donors to meet a minimum payout requirement.

Minimum Grant Frequency

A grant must be made at least every 5 years.

Overall Grant Restrictions

Grants to organizations where the IRS requires expenditure responsibility will not be approved. For example: private non-operating foundations as well as 509(a)(3) functionally non-integrated organizations.

Provides Anonymity

Donors may request their grant recommendation be made anonymously to the recommended charitable organization. Both the donor name and/or the name of the donor’s gift fund account will remain anonymous, if requested.

Investment Options

The Gift Fund offers 8 Investment Objectives, a money market fund and 7 strategic asset allocation models ranging from All fixed income through Appreciation. Under each asset allocation model, you may recommend one of the following: Sustainable, separately managed account (SMA) or portfolio All-ETF portfolio (passive).

Transferability to Another Sponsor

Assets can be transfered to another DAF sponsor that is also a 501(c)(3) charitiy.

History of Security Breaches

In 2011, a Bank of America insider leaked and sold confidential customer data to scammers, resulting in more than $10 million in losses. Scammers stole names, addresses, social security numbers, phone numbers, bank account numbers, driver’s license numbers, birth dates, email addresses, mother’s maiden names, PINs and account balances-resulting in identify theft of hunders of Bank of America cutomers.

Administrative Fees

0.90% on $0-$100,000; 0.75% on $100,001-$500,000; 0.50% on $500,001-$1,000,000; 0.35% on $1,000,001-$2,500,000; 0.25% on$2,500,001-$5,000,000; 0.15% on $5,000,001-$20,000,000; 0.10% on amounts over $20,000,001

Customer Service

Dedicated team for support. • 888-703-2345 •charitablegiftfund@bofa.com

Online Access & Ease of Use

Online Platform & Mobile App (MyMerrill)

Latest News

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