--Bank of America Merrill Lynch Combination Offers Wide Range of Philanthropic Product and Service Options to Match Donors' Personal Giving Strategies
BOSTON, Nov 04, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Bank of America Merrill Lynch today announced several enhancements to the Bank of America Charitable Gift Fund, one of the nation's leading donor-advised funds. These enhancements include the ability for donors to create a customized donor-advised fund that aligns to their personal giving strategies through an innovative online portal. The new portal provides donors with simplified access to a charitable vehicle that allows them to:
-- Access a full range of grant-making capabilities, and make grant
recommendations anytime, from anywhere through an intuitive,
easy-to-navigate portal
-- Authorize an unlimited number of delegates to help fulfill and carry on
a philanthropic legacy, with unlimited generational transfers
-- Track balances, grant history and quarterly statements through a secure
Web site
-- Get started with an initial contribution of as little as $5,000
-- Choose from an expanded set of investment options
-- Open a fund through a step-by-step online process, or with assistance
from a Merrill Lynch Financial Advisor or U.S. Trust Advisor
Today, a nationwide team of more than 150 Bank of America Merrill Lynch philanthropic specialists works with donors, as well as their financial and wealth advisors, to help maximize the effectiveness of their giving. This vast network of philanthropic specialists offers expertise in family philanthropy, mission development, intergenerational wealth transfer, specific giving sectors and cross border philanthropy. Philanthropic specialists and Financial Advisors provide guidance to donors on the fundamental building blocks of strategic giving and are committed to helping them ensure that their charitable endeavors are fulfilling and effective.
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"We believe that with these enhancements, we are able to help more donors pursue their goals of broadening the impact and increasing the efficiency of their charitable giving," said Cary Grace, national philanthropic management executive for Bank of America Merrill Lynch. "Bank of America Merrill Lynch now offers a wide range of donor-advised fund and private foundation products and services, with a choice of options designed to help support the charitable goals of every type of donor - from the emerging philanthropist to the most sophisticated donor."
Donor-advised funds are the fastest growing charitable vehicles, with an average annual growth rate of 15% since 2003.(1) The 2008 Bank of America Study of High Net-Worth Philanthropy (March 2009), conducted by The Center on Philanthropy at Indiana University, further confirms that donor-advised funds are now one of the preferred giving vehicles utilized by affluent donors, with more than 20% of survey respondents currently using them, and another 20% indicating that they would consider using them in the next three years.(2)
Flexible Giving Options
Among the many benefits of the Bank of America Charitable Gift Fund is its ability to accept a wide range of assets as donations, including traditional assets, such as cash, stocks or mutual funds, as well as tangible or specialty assets, such as residential and commercial real estate, farmland, timberland, oil and gas properties, collectibles and private businesses at a time of liquidation.(3)
"We are increasingly seeing wealthy donors gift not only cash, but specialty assets which are oftentimes less affected by an economic downturn," said Gillian Howell, national private philanthropy executive for Bank of America Merrill Lynch. "Unlike most organizations, Bank of America Merrill Lynch, together with U.S. Trust, has the ability to both manage these gifted assets within a donor-advised fund, and convert them into cash donations. According to our study, 13% of wealthy donors surveyed gifted this type of asset in 2007, and 19% indicated a likelihood to gift specialty assets from 2008 to 2010.(2)"
Combination Creates Wide Range of Charitable Vehicle Options
"To successfully integrate personal giving into a comprehensive wealth management strategy, individuals and families must first understand the charitable vehicles that most appropriately align with their philanthropic goals, as well as the various options available within these vehicles and their potential benefits and risks," said Don Greene, national philanthropic product executive for Bank of America Merrill Lynch. "The grantee, gifting and investment options within our Charitable Gift Fund are among the broadest in the industry."
Established in 1955, today the Bank of America Charitable Gift Fund is part of a much larger organization that offers a full range of philanthropic strategies to individual and institutional clients. Additional Bank of America Merrill Lynch Philanthropic Management strategies include:
-- Merrill Lynch Community Charitable Fund(R) (MLCCF) Program - A complement
to the Bank of America Charitable Gift Fund, the MLCCF program offers an
innovative philanthropic service that allows donors to create a
donor-advised fund with guidance from their Merrill Lynch Financial
Advisor and leading community foundations.
-- Foundation Advisory Services - A comprehensive range of support services
designed to help individuals and families establish and maintain a
private foundation. From the development of a mission to strategic
planning, governance and grant-making services, dedicated philanthropic
specialists help clients enjoy their philanthropy and focus on their
charitable objectives rather than the administrative tasks associated
with managing a foundation. Bank of America Merrill Lynch works with
donors to help them create highly customized investment strategies
driven by foundation mission, which may include funding and asset
allocation strategies designed to help meet future spending needs,
preserve a legacy or accommodate sunset provisions.
"We believe that our more than two centuries of experience managing charitable assets, extensive resources, ongoing innovation and long-standing philanthropic commitment across three leading financial institutions - Bank of America, U.S. Trust and Merrill Lynch - give us the unique ability to understand and support donors' philanthropic desires and ambitions, as well as the needs of non-profit institutions," added Grace.
For more information about the Bank of America Charitable Gift Fund, Merrill Lynch Community Charitable Fund and Foundation Advisory Services visit these Web sites or contact your Merrill Lynch Financial Advisor or U.S. Trust Advisor for assistance.
Bank of America Merrill Lynch Philanthropic Management
Philanthropic Management has more than 220 years of experience serving nonprofit institutions, philanthropic individuals and families. Philanthropic Management distributes more than $300 million in grants to charitable organizations annually on behalf of its clients, and serves as trustee, co-trustee or grant-making agent for more than 30,000 philanthropic accounts. Bank of America Merrill Lynch is one of the nation's leading providers of investment and philanthropic services to more than 10,000 individuals, families, foundations, endowments and other nonprofit organizations who entrust the company with over $55 billion in assets.(4)
(1) The Chronicle of Philanthropy's Annual Donor-Advised Fund Survey, 2009
(2) 2008 Bank of America Study of High Net-Worth Philanthropy, 2009
(3) Bank of America Charitable Gift Fund, in partnership with the U.S. Trust Specialty Asset Management Group, can, on a case-by-case basis, consider gifts of non-financial tangible assets such as real estate or a closely held business.
(4) Client assets at affiliates of Bank of America Corporation, including Bank of America, N.A., Merrill Lynch Bank & Trust Co., FSB and brokerage affiliate Merrill Lynch, Pierce, Fenner & Smith Incorporated, as of Jan. 1, 2009.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is a marketing name for the Institutional Retirement, Philanthropy & Investments businesses of Bank of America Corporation. Banking and fiduciary activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Brokerage services are performed globally by brokerage affiliates of Bank of America Corporation, including Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation.
Investment products:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Bank of America Merrill Lynch makes available investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation or in which Bank of America Corporation has a substantial economic interest, including Columbia Management, BlackRock, and Nuveen Investments.
SOURCE Bank of America
http://www.bankofamerica.com
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