Bank Of America Charitable Foundation Inc
Bank Of America Charitable Foundation consistently directs 100% of expenses to programs with no officer compensation.
EIN: 200721133 · Charlotte, NC · NTEE: T20 · Updated: 2026-03-28
Is Bank Of America Charitable Foundation Inc Legit?
Appears Legitimate
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Bank Of America Charitable Foundation Inc directs 100% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Bank Of America Charitable Foundation Inc
Bank Of America Charitable Foundation Inc (EIN: 200721133) is a nonprofit organization based in Charlotte, NC, classified under NTEE code T20. The organization reported total revenue of $218.8M and total assets of $10.1M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Bank Of America Charitable Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Bank Of America Charitable Foundation Inc is a major nonprofit that has been operating for 22 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -1.8%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $220.2M |
| Total Expenses | $225.7M |
| Surplus / Deficit | $-5,447,261 |
| Total Assets | $7.6M |
| Total Liabilities | $1 |
| Net Assets | $7.6M |
| Operating Margin | -2.5% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 0.4 months |
Financial Health Grade: C
In 2023, Bank Of America Charitable Foundation Inc reported a deficit of $5.4M with expenses exceeding revenue, holds 0.4 months of operating reserves (limited), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Bank Of America Charitable Foundation Inc's revenue has declined at a compound annual growth rate (CAGR) of -1.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +186.1% | -28.4% | -42.0% |
| 2022 | -86.0% | +2.7% | -94.8% |
| 2021 | +80.3% | -0.8% | +2702.7% |
| 2020 | +46.7% | +51.0% | -33.5% |
| 2019 | +37.8% | +37.2% | +143.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2004 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Bank Of America Charitable Foundation Inc with a Mission Score of 98 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 0%
- programs: 100%
- fundraising: 0%
According to IRS 990 filings, Bank Of America Charitable Foundation Inc allocates its expenses as follows: admin: 0%, programs: 100%, fundraising: 0%. With 100% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $5.4M, with expenses exceeding revenue.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no officer salaries are paid from the foundation's funds, which is highly commendable for an organization of its size with revenues often exceeding hundreds of millions.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Strengths
The following positive indicators were identified for Bank Of America Charitable Foundation Inc:
- 100% program spending ratio across all reported periods, demonstrating exceptional efficiency.
- Consistent 0% officer compensation, indicating strong commitment to mission over executive pay.
- Minimal liabilities ($1 reported in most periods), suggesting sound financial management and low financial risk.
- Significant revenue generation, with latest revenue at $218,843,611, enabling substantial charitable giving.
Frequently Asked Questions about Bank Of America Charitable Foundation Inc
Is Bank Of America Charitable Foundation Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Bank Of America Charitable Foundation Inc (EIN: 200721133) appears legitimate. Mission Score: 98/100. 0 red flags identified, 4 strengths noted.
How does Bank Of America Charitable Foundation Inc spend its money?
Bank Of America Charitable Foundation Inc directs 100% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Bank Of America Charitable Foundation Inc tax-deductible?
Bank Of America Charitable Foundation Inc is registered as a tax-exempt nonprofit (EIN: 200721133). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Bank Of America Charitable Foundation Inc. a good charity?
Based on the provided IRS 990 data, the Bank Of America Charitable Foundation Inc. appears to be an excellent charity, consistently dedicating 100% of its expenses to program services and reporting 0% officer compensation.
How does the foundation manage its administrative costs?
The foundation reports 0% administrative spending, indicating that all operational and overhead costs are likely covered by Bank of America directly, or are negligible and absorbed within program expenses, making it highly efficient.
What is the trend in the foundation's financial stability?
While the foundation's revenue and assets show significant year-to-year variability (e.g., revenue from $76M to $549M), its liabilities consistently remain minimal ($1), suggesting strong financial control and stability despite fluctuating income.
Filing History
IRS 990 filing history for Bank Of America Charitable Foundation Inc showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Bank Of America Charitable Foundation Inc's revenue has declined by 19.9%, moving from $275.0M to $220.2M. Total assets decreased by 91.3% over the same period, from $86.4M to $7.6M. Total functional expenses rose by 13.8%, from $198.3M to $225.7M. In its most recent filing year (2023), Bank Of America Charitable Foundation Inc reported a deficit of $5.4M, with expenses exceeding revenue. The organization holds $1 in liabilities against $7.6M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $7.6M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $220.2M | $225.7M | $7.6M | $1 | — | View 990 |
| 2022 | $77.0M | $315.0M | $13.0M | $1 | — | View 990 |
| 2021 | $549.4M | $306.7M | $250.0M | $1 | — | — |
| 2020 | $304.7M | $309.1M | $8.9M | $1 | — | — |
| 2019 | $207.7M | $204.7M | $13.4M | $1 | — | View 990 |
| 2015 | $150.6M | $149.2M | $5.5M | $1 | — | View 990 |
| 2014 | $162.7M | $175.8M | $4.1M | $1 | — | View 990 |
| 2013 | $145.6M | $160.5M | $17.2M | $1 | — | View 990 |
| 2012 | $121.0M | $175.3M | $32.1M | $1 | — | View 990 |
| 2011 | $275.0M | $198.3M | $86.4M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $220.2M, expenses of $225.7M, and assets of $7.6M (revenue +186.1% year-over-year).
- 2022: Revenue of $77.0M, expenses of $315.0M, and assets of $13.0M (revenue -86.0% year-over-year).
- 2021: Revenue of $549.4M, expenses of $306.7M, and assets of $250.0M (revenue +80.3% year-over-year).
- 2020: Revenue of $304.7M, expenses of $309.1M, and assets of $8.9M (revenue +46.7% year-over-year).
- 2019: Revenue of $207.7M, expenses of $204.7M, and assets of $13.4M (revenue +37.8% year-over-year).
- 2015: Revenue of $150.6M, expenses of $149.2M, and assets of $5.5M (revenue -7.4% year-over-year).
- 2014: Revenue of $162.7M, expenses of $175.8M, and assets of $4.1M (revenue +11.7% year-over-year).
- 2013: Revenue of $145.6M, expenses of $160.5M, and assets of $17.2M (revenue +20.3% year-over-year).
- 2012: Revenue of $121.0M, expenses of $175.3M, and assets of $32.1M (revenue -56.0% year-over-year).
- 2011: Revenue of $275.0M, expenses of $198.3M, and assets of $86.4M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Bank Of America Charitable Foundation Inc:
Data Sources and Methodology
This transparency report for Bank Of America Charitable Foundation Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.