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Company Commitment
Bank of America is in the business of helping people achieve their financial goals and strengthening the fabric of the communities where we do business. We take our responsibilities - to our customers, our shareholders, our associates and our communities - seriously. We know that community strength depends on the interplay of complex and diverse elements and we mobilize many resources - financial experts, jobs, loans, grants, volunteer hours and policy leadership - to help communities thrive.
Doing the right thing is a core value at Bank of America. We take a holistic view of our role and responsibilities as a company, seeking to do the right thing by our environment and by each other. We believe that sustainable growth is rooted in respect and responsibility and that our company can succeed only when our communities succeed. From coast to coast, Bank of America works in local communities through the following channels:
- Community development.In 1998, Bank of America made a 10-year goal to lend and invest $350 billion for community development, including affordable housing and home ownership, small business and low- and moderate-income initiatives. This ambitious goal was later increased to $750 billion in 2004 against which we have achieved nearly $274 billion in just three years. Beginning in 2009, we announced a new nationwide goal --- the largest community development goal ever established by an American financial institution -- to lend and invest $1.5 trillion over ten years, targeting four main areas, including affordable housing, economic development, consumer lending and small business lending.
- Environment. Bank of America is a leader on environmental issues and has instituted operating principles that are environmentally friendly and encourage associates to take responsibility for the world around them.
- Charitable Investments. The Bank of America Foundation is one of the nation's largest corporate contributors with generous donations to nonprofit organizations throughout the country. The Foundation is a strong supporter of education and community revitalization programs that strengthen children and families.
- Sponsorships. Bank of America embraces the desire to challenge the boundaries of athletic performance, which is a testament to the strength of the human spirit. We encourage this spirit as a primary sponsor of the U.S. Olympic Teams, the PGA Tour, and other professional sports teams across the nation. We are the first company ever to be designated the Official Bank of Baseball -- a unique relationship with Major League, Minor League and Little League baseball.
Associate commitment
Company wide, commitment to community is an integral part of our corporate culture. Volunteering time and resources is a way of life for Bank of America associates. We believe in the power of human relationships and encourage associates to get involved in the communities where they live and work. Some of the ways Bank of America associates make a difference:
- Team Bank of America is a global grassroots volunteer organization through which current and former associates contribute more than 700,000 to 3,500 nonprofit organizations annually within our communities. The program has won national awards for corporate social responsibility and community service for its commitment to the environment, community reinvestment and high ethical standards.
- Bank of America Charitable Investments matches dollar for dollar associate contributions to qualifying nonprofit organizations in communities across the nation.
- The Volunteer Grants Program encourages associates to contribute volunteer hours which qualify nonprofit organizations that serve communities in the areas of education, health and human services, community development, arts and culture for grant dollars.
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