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The Bank of America Charitable Gift Fund
Overview
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. The CGF is a donor-advised fund — a flexible, charitable giving help that is a tax-exempt 501(c)(3) public charity. With the CGF, you can benefit from personalized philanthropic guidance to maximize your giving; robust online tools to manage your account grantmaking; and specialized investment management from our firm.
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* |
Contact us at 888-703-2345 or email us.
A private wealth advisor can help you get started.
Find an advisor1 Considered on a case-by-case basis.
* If the account balance falls below $25,000 at the end of any quarter, the account will be placed in an all cash allocation.
Global Wealth & Investment Management (“GWIM”) is a division of Bank of America Corporation (“BofA Corp.”). Merrill Lynch Wealth Management, Merrill Edge™, U.S. Trust and Bank of America Merrill Lynch are affiliated subdivisions within GWIM.
Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) and other subsidiaries of BofA Corp. Merrill Edge, available through MLPF&S consists of Merrill Edge Advisory Center (investment guidance) or self-directed online investing. The Private Banking and Investment Group, a division of MLPF&S, offers a broad array of personalized wealth management products and services.
Institutional Investments & Philanthropic Solutions is part of U.S. Trust, Bank of America Private Wealth Management and U.S. Trust, Bank of America Corporation (“U.S. Trust”). U.S. Trust operates through Bank of America, N.A. and other subsidiaries of BofA Corp. Bank of America, N.A., Member FDIC. Trust and fiduciary services and other banking products are provided by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A. Brokerage services may be performed by wholly owned brokerage affiliates of BofA Corp., including MLPF&S.
Certain U.S. Trust associates are registered representatives with MLPF&S and may assist you with investment products and services provided through MLPF&S and other nonbank investment affiliates. MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of BofA Corp.
Bank of America Merrill Lynch is a marketing name for the Retirement Services business of BofA Corp.
The Private Banking and Investment Group is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Group’s Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch’s obligations will differ among these services. The banking, credit and trust services sold by the Group’s Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC, and other affiliated banks.
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