Bank of America Invests $20 Million in U.S., U.K. to Support Nonprofits

Charlotte, N.C., December 2, 2009, Philanthropy News Digest - Bank of America has announced the recipients of its 2009 Neighborhood Excellence Initiative (NEI), which includes nonprofits in 44 U.S. communities and London that will receive investments totaling $20 million.???

The nonprofit recipients, known as Neighborhood Builders, each receive $200,000 in unrestricted grants, which can be used for operating expenses and to build capacity, a significant need among nonprofits in the current economy. According to the Nonprofit Finance Fund, only 16 percent of nonprofits anticipate being able to cover their operating expenses in both 2009 and 2010, and 93 percent of nonprofits anticipate an increase in service demand throughout the year.

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