BofA Awards Over $3.6 Million to Nonprofits Tackling Economic Mobility in Metro Detroit

Rhea-AI Summary

Bank of America, on its annual 'Day of Giving,' highlights community contributions, awarding over $3.6 million to 64 nonprofits in Detroit. Significant grants went to Abayomi Community Development Corporation and Racquet Up Detroit, each receiving $200,000 for various initiatives. The focus is on economic mobility and racial equality, providing essential services like housing and education. In total, Bank of America contributed $6.6 million in Michigan throughout the year, emphasizing its commitment to local communities and partnerships for enhancing economic conditions.

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• Bank of America awarded over $3.6 million to 64 nonprofits in Detroit.
• Abayomi CDC and Racquet Up Detroit each received $200,000 in grants for community programs.
• Total contributions in Michigan exceeded $6.6 million, reflecting strong community engagement initiatives.

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• None.

Abayomi Community Development Corporation, Racquet Up Detroit announced as 2022 Neighborhood Builders Awardees

DETROIT, Nov. 17, 2022 /PRNewswire/ -- Today, Bank of America celebrates its annual "Day of Giving," connecting more than 100 employees with the bank's community partners to volunteer with organizations helping to advance economic mobility and racial equality in Detroit. In addition to the volunteer visits, the day includes a small business roundtable, a luncheon with bank teammates and partners, and a special "GIVE" celebration event.

In 2022, the Bank of America Charitable Foundation Detroit Market awarded more than $3.6 million in community giving grants to 64 Metro Detroit area nonprofits. Overall, Bank of America Corporation contributed more than $6.6 million in Michigan through grants, investments, sponsorships, and engagements. These partnerships focus on ensuring individuals and families in Michigan have access to tools and resources improving economic mobility, and to essential services such as emergency shelter, affordable housing, access to food, and financial education.

"Any time we can volunteer and work with our community partners to create consistent pathways to employment, job training and job creation, entrepreneurship and stable neighborhoods, we will do it," said Matt Elliott, President, Bank of America Michigan. "As Metro Detroit families continue to work toward a better future, Bank of America will continue to work by their side whenever we can to deliver the support they need through our trusted partners."

Organizations receiving grants this year include:

Abayomi CDC	Coalition on Temporary Shelter (COTS)
ACCESS	College for Creative Studies (Design Core)
Accounting Aid Society	Connect Detroit
Alternatives for Girls	Detroit Economic Growth Corporation
American Red Cross of SE Michigan	Detroit Educational Television
Arab American National Museum	Detroit Impact Inc.
Big Brothers Big Sisters of Metropolitan Detroit	Detroit LISC
Brilliant Detroit	Detroit PAL
Build Institute	Detroit Regional Chamber Foundation Inc.
Catholic Charities of Southeastern Michigan	Detroit Rescue Mission Ministries
Chaldean American Ladies of Charity	Develop Detroit
Chaldean Community Foundation	Michigan Science Center
Flint Institute of Arts	Midnight Golf Program
Focus Hope	Motown Museum
Food Gatherers	New ERA Community Group Inc.
Forgotten Harvest	NPower Inc.
Gleaners Community Food Bank of Southeast Michigan	Pope Francis Center
Global Detroit	Racquet Up Detroit
Goodwill Industries of Greater Detroit	The Salvation Army Eastern Michigan Division
Great Lakes Women's Business Council	SAY Detroit
Greening of Detroit	SER-Metro Detroit Jobs for Progress
Habitat for Humanity Detroit	South Oakland Shelter
Habitat for Humanity International	Southwest Economic Solutions
Haven	Teach for America Inc.
Invest Detroit Foundation	The Edison Institute (The Henry Ford)
Jefferson East Inc.	The Greening of Detroit
Jewish Family Services of Washtenaw County	The Michigan Women's Foundation
Jewish Vocational Service and Community Workshop	The Wright Museum of African American History
Junior Achievement of Southeastern Michigan	United Way for Southeastern Michigan
Michigan Community Resources	Wayne State Medical
Michigan Humane Society	Wayne State University Research & Technology Park
Michigan Minority Supplier Development Council (MMSDC)	YMCA of Metropolitan Detroit

 

Bank of America's Day of Giving includes a small business roundtable with local partners to discuss the current business environment and identify opportunities to provide support. It will end with GIVE, an event celebrating the bank's local partners, this year's Student Leaders^®, and its 2022 Neighborhood Builders awardees.

Abayomi Community Development Corporation (Abayomi CDC) and Racquet Up Detroit are Detroit's 2022 Neighborhood Builders. Each organization will receive $200,000 in flexible funding, as well as comprehensive leadership training for their leadership teams that will cover topics ranging from increasing financial sustainability, human capital management, and strategic storytelling. They also will join a network of peer organizations across the U.S. and get the opportunity to access capital to expand their impact.

Established in 1998, Abayomi CDC was founded on principles of faith, family and personal achievement. As a human services organization, Abayomi strives to provide access to housing, education, arts, wellness, and economic resources to all members of the community.

A bank partner since 2008, Abayomi CDC will use the Neighborhood Builders grant for facility renovations and to launch their new community wellness program, 'Be Well'. The program will allow Abayomi CDC to catalyze, motivate, and sustain individual and communal efforts towards improving physical, mental, and emotional health.

"Abayomi is honored to be an awardee of the Neighborhood Builders Initiative through Bank of America. We look forward to continuing our efforts to uplift Detroiters and build strong families for the future," said Hannah Morris, Deputy Director, Abayomi CDC.

Racquet Up Detroit serves Detroit students from fifth grade through college, offering academic support and world-class coaching in squash.

The bank has worked with Racquet Up Detroit since 2016. The organization's leaders plan to use their Neighborhood Builders grant to expand enrollment in their afterschool youth development program, launch new programming beyond the afterschool hours in partnership with neighborhood schools, and to support their Career Pathways program.

"The Bank of America Neighborhood Builders award is a game-changer for Racquet Up Detroit, as it will enable us to make good on the promise of our new facility by activating the spaces for community impact," said Derek Aguirre, executive director, Racquet Up Detroit. "Specifically, we will grow enrollment and serve more kids and families, while also adding broader community programs to increase access to the sport of squash, educational support, and other resources.  And, perhaps most importantly, we will be able to make valuable investments in the leadership of the organization thanks to the development and training opportunities provided. We are thrilled to have Bank of America behind us in these important ways."

In the last decade, Bank of America awarded $39 million in support to fund partner initiatives, and its employee volunteers have spent thousands of hours on the ground helping to strengthen these important organizations.

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. Learn more at www.bankofamerica.com, and connect with us on Twitter at @BofA News.

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

Reporters may contact:

Naomi R. Patton, Media Relations, Bank of America
Phone: 1.646.855.4266
naomi.patton@bofa.com 

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SOURCE Bank of America Corporation

FAQ

What amount did Bank of America award to nonprofits in Detroit?

Bank of America awarded over $3.6 million to 64 nonprofits in Detroit.

Which organizations received the Neighborhood Builders grant from Bank of America?

Abayomi Community Development Corporation and Racquet Up Detroit received the Neighborhood Builders grant.

How much funding did Abayomi CDC and Racquet Up Detroit receive?

Both Abayomi CDC and Racquet Up Detroit received $200,000 each.

What was the total contribution by Bank of America in Michigan for 2022?

Bank of America contributed over $6.6 million in Michigan through various initiatives.

What focus areas did the nonprofit contributions address?

The contributions focus on economic mobility and racial equality.