Bank of America donates $1 million toward Kirk Kerkorian School of Medicine at UNLV

Rhea-AI Summary

Bank of America has made a significant contribution of $1 million towards the construction of the Kirk Kerkorian School of Medicine at UNLV, marking its first donation for this project which began in October 2020. This project has, to date, secured over $150 million in private donations. Upon completion, the school will serve up to 120 students, doubling its capacity. A study estimates it could bring about $1.2 billion annually to the local economy in 15 years.

Positive

• Bank of America donated $1 million towards the construction of the Kirk Kerkorian School of Medicine.
• The project has garnered over $150 million in private donations.
• Upon completion, the school will double its capacity to accommodate up to 120 students.
• Projected local economic impact of the school is estimated at $1.2 billion annually after 15 years.

Negative

• None.

LAS VEGAS, Dec. 1, 2021 /PRNewswire/ -- The budding 135,000 square-foot Kirk Kerkorian School of Medicine at UNLV has received a $1 million donation toward its construction from Bank of America. The corporate donation is the very first of its kind benefitting the project, which broke ground in October 2020 and is slated for completion in 2022.

To-date, the majority of the project has been funded by more than $150 million in private donations, including contributions from the Estate of Kirk Kerkorian, Engelstad Foundation and the State of Nevada, among others.

"Since day one, this project has been a collaborative effort that has brought the absolute best in our community together to make this project a reality," said Maureen Schafer, President and CEO of Nevada Health & Bioscience Corporation (NHBC), the company overseeing the Kirk Kerkorian School of Medicine at UNLV development. "Bank of America has been engrained in Southern Nevada for decades and knows exactly what it takes to make this such a strong place to call home. We are excited to have them be a part of our winning formula."

Upon completion, the school will accommodate a class size of up to 120, doubling the school's current capacity. A Brookings Mountain West / Tripp Umbach study found that a new medical school in Las Vegas would equate to residents less likely to leave the state for medical care and it would also be a boon to the economy, equating to an infusion of $1.2 billion per year locally after its first 15 years of startup.

"As more and more decide to call Las Vegas home, increasing access to quality health care and building a robust pipeline of medical professionals have never been more important," said Al Welch, Bank of America Las Vegas President. "We see this grant to the Kirk Kerkorian School of Medicine at UNLV as a vital investment toward our community's budding minds as well as the vitality of our residents. Amid our efforts in and beyond Las Vegas, Bank of America is truly honored to support this project."

In 2020, Bank of America awarded nearly $2 million to Las Vegas area nonprofits, which was nearly double its 2019 giving. Its 2021 efforts have impacted more than 100 local nonprofits, as it works to improve the financial lives of individuals and families.

As part of its commitment to the Kirk Kerkorian School of Medicine at UNLV, Bank of America will receive naming rights and access to a unique video board inside the front entrance of the school.

For more information on the Kirk Kerkorian School of Medicine at UNLV, visit nevadahbc.org.

Bank of America

At Bank of America (NYSE: BAC) , we're guided by a common purpose to help make financial lives better, through the power of every connection. We're delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It's demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter (@BofA_News).

For more Bank of America news, including dividend announcements and other important information, register for news email alerts.

Reporters May Contact:

Jumana Bauwens, Bank of America
Phone: 1.213.345.9134
jumana.bauwens@bofa.com 

Jasen Woehrle, Jesse Scott or KC Kappen, NHBC's public relations & marketing firm
Phone: 1.702.739.9933
nhbc@thefirmpr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/bank-of-america-donates-1-million-toward-kirk-kerkorian-school-of-medicine-at-unlv-301435348.html

SOURCE Bank of America Corporation