 |
Bank of America in 2005 embarked on a mission to fulfill an unprecedented decade-long, $1.5 billion philanthropic goal, making the bank one of the most generous corporations in the country based on cash donations.
As part of this 10-year goal, the company will donate $200 million in 2006. The bank will meet this goal through a national strategy called “neighborhood excellence,” under which the bank works with local community leaders to identify and meet the most pressing needs in each neighborhood. Our emphasis on community building is the catalyst for the Neighborhood Excellence Initiative—the bank’s signature philanthropic program. In 2005 the bank committed more than $30 million to the program in 38 markets nationwide.
The Neighborhood Excellence Initiative consists of three components: Student Leaders, Local Heroes and Neighborhood Builders. Student Leaders are exemplary high school students with an interest in improving their neighborhoods. Bank of America provides funding for each student to participate in a paid, eight-week summer internship with a community-based organization as well as a customized mentoring relationship with a Bank of America associate. Kayla Drozd, an exceptional high school student from Portland, OR, recently completed her internship with Mount Hood Habitat for Humanity. “Working closely with my Bank of America mentor, I gained hands-on experience—not only benefiting my community, but bettering myself through valuable professional experience,” says Ms. Drozd.
The bank also recognizes Local Heroes for their achievements and leadership on issues that contribute significantly to neighborhood vitality. The bank funds a $5,000 contribution to an eligible nonprofit of the Local Hero’s choice. Michael Lesparre of Washington, DC, is one such hero.
Known as Maitre d’Lesparre, the 82-year-old World War II veteran arrives at Miriam’s Kitchen before 6 a.m. to help serve breakfast to more than 200 homeless guests. “Volunteering is a wonderful, eye-opening experience, and I truly can’t think of anything more rewarding than
giving back to the people who come here looking for a second chance at life,” says Lesparre. Lesparre directed his $5,000 grant from Bank of America to Miriam’s Kitchen.
|
 |
Jesus Garcia, executive director of the Little Village Community
Development Corp. in Chicago, watches neighborhood children
participate in a martial arts class sponsored by Little Village.
Video transcript
The program also provides grants to Neighborhood Builders—nonprofits working to promote vibrant neighborhoods. Each organization receives a $200,000 grant over two years, which can be used for operating expenses and capacity building. Leaders from each organization also
participate in an innovative leadership training program.
This year, nonprofit leaders from our inaugural Neighborhood Excellence Initiative participated in sessions in San Francisco, Chicago, Boston and Washington, DC. Among the participants was Jesus Garcia, executive director of Little Village Community Development Corp., an organization dedicated to violence prevention, education and economic development on Chicago’s Southwest Side. “The Bank of America Neighborhood Excellence Initiative is open-minded, takes chances with newer organizations and invests capital and other resources at critical points during development
using nonconventional criteria,” says Garcia. 
|
