Managing your foundation
Whether you are establishing a new foundation or looking to strengthen the activities of an existing one, we’re committed to help make your philanthropic endeavors more fulfilling and effective.
As one of the largest trustees of charitable assets in the country, Bank of America Private Bank has extensive knowledge and experience in managing philanthropic assets and helping foundations pursue their philanthropic missions.
An opportunity to make a difference
Your foundation is distinct from any other. That’s why at Bank of America Private Bank, our team of philanthropic specialists delivers customized support according to your particular needs and goals. Through our foundation management offering, you receive guidance on the many aspects of your charitable foundation — including investment management, governance, administration, and grantmaking — with the goal of maximizing efficiency, effectiveness, and enjoyment.
From an investment standpoint, we believe a foundation’s greatest risk is failing to achieve its mission due to insufficient funds. Therefore, our philosophy is to build portfolios that seek to support foundations’ short- and long-term spending needs. Our team can work with you to create a highly customized investment approach aligned with your foundation’s mission, spending policy, risk tolerance, liquidity needs, and fiduciary responsibilities.
At Bank of America Private Bank, our trust and investment management relationship with you is supported by the strongest standard of integrity, trust and accountability: the fiduciary standard.1 Proprietary and goals-based, the fiduciary investment process at Bank of America Private Bank is designed around a total portfolio approach seeking to support a sustainable spending policy, preserve capital, and help ensure the long-term pursuit of your mission.
For those foundations with needs beyond investment management and grants administration, our team can provide additional foundation services, including but not limited to acting as office of record for all grant inquiries and foundation correspondence; identifying and conducting outreach to organizations that meet your giving criteria; and receiving and/or summarizing post-grant activity reports. Our foundation specialists also are able to help you to manage your grant portfolio, including reviewing and assessing grant applications or proposals, and evaluating grantee reports on expenditures and outcomes.2
Foundation governance and administration
Foundations are governed by complex rules and regulations. We can provide education and guidance to help you minimize risk through adhering to best practices including:
- Meeting the foundation’s annual distribution requirements
- Codifying the foundation’s mission, guidelines, and best practices into written governance policies.
- Avoiding improper grant distributions or use of foundation assets
Grants management and administration
Effective grants management and administration are critical components of a successful grants program. We can provide the following grants management services to our foundation clients as a component of their investment management relationship:3
- Verification of the tax-exempt status of grant recipients
- Confirmation that organizations are not flagged on specific watch lists
- Maintenance of current records of the above verifications and confirmations
- Preparation of grants correspondence
Consulting and advisory support
Our philanthropic strategists can provide guidance on a variety of strategic questions and concerns, including how to educate and engage current and future foundation stewards and leaders; where and how to connect to relevant resources; and how to seek an effective impact on the communities and/or causes that interest you. For a full description of consulting topics, please see our Philanthropic Consulting & Advisory overview or contact your advisor.
We are committed to providing you with support, service, and resources to advance your foundation’s mission.
1 Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Bank of America, N.A., and U.S. Trust Company of Delaware (collectively the “Bank”) do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services, or referrals to other affiliates of the Bank.
2 Additional fees may apply, depending on the depth of the engagement.
3 Additional grantmaking services can be available to you based on your individual needs for an additional fee.
Investing involves risk. There is always the potential of losing money when you invest in securities.
Institutional Investments & Philanthropic Solutions (also referred to as" Philanthropic Solutions" or "II&PS") is part of Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp."). Trust, fiduciary, and investment management services are provided by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A. and its agents. Brokerage services may be performed by wholly owned brokerage affiliates of BofA Corp., including Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill").
MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of BofA Corp. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Certain Bank of America Private Bank 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.