Bank of America Launches Sixth Year of Nationally Recognized Neighborhood Excellence Initiative(R)

CHARLOTTE, N.C., Jan. 13 /PRNewswire/ -- The Bank of America Charitable Foundation today announced the launch of the sixth year of its signature philanthropic program, the Neighborhood Excellence Initiative (NEI). In 2009, the Foundation will allocate $20 million globally to the initiative, which recognizes, nurtures and rewards organizations, local heroes and student leaders helping to strengthen and revitalize their communities in 45 of the bank's major markets.

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By the end of 2009, more than 800 leaders from the nonprofit awardees will have participated in the Neighborhood Excellence Leadership Program(R), which builds a network of community leaders across the country to share learning and insight in areas including strategic communications, financial management, succession planning, and long-term development. Through NEI, Bank of America has also encouraged community leadership at the grassroots level by recognizing more than 1,000 high school students and 1,000 community leaders over the last five years.

"Bank of America's long-term commitment to the Neighborhood Excellence Initiative exemplifies our belief that philanthropic giving is most effective when administered locally and through close partnerships with nonprofit recipients," said Andrew D. Plepler, president of the Bank of America Charitable Foundation and global community impact executive. "Leadership in our communities is more critical than it has ever been. As nonprofits wrestle with greater challenges and fewer resources, this program helps reinvigorate local economies, a key factor in addressing the current global crisis."

The Bridgespan Group, a leading nonprofit and philanthropy consultant, has also studied the societal importance of investing in leadership. Results of a 2006 study showed that over the next decade, nonprofits will need to attract and develop some 640,000 new senior managers-the equivalent of 2.4 times the number currently employed.

"Bank of America is taking a very thoughtful and strategic path with its philanthropy, as reflected in its focus on unrestricted funding and leadership development," said Jeffrey L. Bradach, managing partner and co-founder of the Bridgespan Group. "This combination provides nonprofit leaders with the tools to manage their organizations more effectively, from developing strategies to fiscal management and succession planning, all towards the goal of producing results in their communities."

The Foundation has committed more than $90 million to NEI since the program's inception in 2004. Much of this funding is in the form of "unrestricted grants" to more than 400 diverse, high-impact nonprofit organizations, and can be used for operating expenses and to build capacity, a significant need in the nonprofit sector. The funding also builds economic vitality in the communities Bank of America serves.

As part of the NEI program, local bank and community leaders identify the organizations best positioned to address critical issues facing their neighborhoods. Working with community partners, the Foundation developed NEI to provide each of the 45 participating markets with essential support through three key programs:

    -- Neighborhood Builders(R): $200,000 in unrestricted grant funding in
       addition to leadership training for two local nonprofit organizations
       working to promote vibrant neighborhoods.

    -- Local Heroes(TM): recognition of five community heroes whose
       achievements and leadership on local issues contribute significantly to
       neighborhood vitality. Recipients direct a $5,000 contribution to an
       eligible nonprofit of their choice.

    -- Student Leaders(R): development of five exemplary high school students
       with a passion for improving their neighborhoods.  To further their
       development as the next generation of community leaders, each
       participates in a paid eight-week summer internship with a community-
       based organization and attends an all-expense paid Student Leadership
       Summit to learn how business, government and nonprofits create positive
       change.

Award recipients will be chosen by a local selection committee comprised of private, public and nonprofit sector leaders and chaired by the bank's local presidents in the 45 communities in which NEI operates.

2009 Neighborhood Excellence Leadership Program

A significant component of the Neighborhood Excellence Initiative is leadership training for Neighborhood Builder executive directors and an emerging leader from each organization. On February 17-20, nearly 100 nonprofit leaders selected last year will meet in Los Angeles to attend the first of four training sessions. Future sessions will be held on April 21-24 in Dallas, May 12-15 in Philadelphia, and October 27-30 in Charlotte.

NEI 2009 applications are available online at http://www.bankofamerica.com/foundation. The deadline for applications is February 20 for Student Leaders and June 30 for Neighborhood Builders and Local Heroes. Applicants in the following markets are encouraged to submit as early as possible:

    -- Atlanta, Georgia                 -- Los Angeles, California
    -- Austin, Texas                    -- Miami, Florida
    -- Baltimore, Maryland              -- Nashville, Tennessee
    -- Boston, Massachusetts            -- Newark, New Jersey
    -- Broward County, Florida          -- New York, New York
    -- Charlotte, North Carolina        -- Orange County, California
    -- Chicago, Illinois                -- Orlando, Florida
    -- Dallas, Texas                    -- Palm Beach County, Florida
    -- Detroit, Michigan                -- Philadelphia, Pennsylvania
    -- Kent, New Castle & Sussex        -- Phoenix, Arizona
       Counties, Delaware               -- Pinellas County, Florida
    -- Metropolitan Washington, DC      -- Portland, Oregon
    -- East Bay/Oakland, California     -- Providence, Rhode Island
    -- Ft. Worth, Texas                 -- Richmond, Virginia
    -- Hampton Roads, Virginia          -- Sacramento, California
    -- Hartford, Connecticut            -- San Antonio, Texas
    -- Houston, Texas                   -- San Diego, California
    -- Inland Empire, California        -- San Francisco, California
    -- Jacksonville, Florida            -- Santa Clara County,
    -- Kansas City, Missouri               California
    -- Las Vegas, Nevada                -- Seattle, Washington
    -- London, England                  -- St. Louis, Missouri
    -- Long Island, New York            -- Stamford/Bridgeport/Norwalk,
                                           Connecticut
                                        -- Tampa, Florida

Bank of America Corporate Philanthropy

Building on a long-standing tradition of investing in the communities it serves, Bank of America will embark in 2009 on a new, ten-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Bank of America approaches giving through a national strategy called "neighborhood excellence" under which it works with local leaders to identify and meet the most pressing needs of individual communities. Through Team Bank of America, bank associate volunteers contributed more than 650,000 hours in 2007 to enhance the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit http://www.bankofamerica.com/foundation