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Bank of America Invests More Than $1 Million in Paid Summer Internships at Nonprofit Organizations

As the national teen unemployment rate hovers at 24 percent, Bank of America is partnering with 95 nonprofit organizations to put 230 civic-minded high schoolers to work across the country this summer as part of its Student Leaders program. Funded by the Bank of America Charitable Foundation, the program matches local nonprofits with Student Leaders for a paid, eight-week internship. The students gain hands-on experience and learn valuable leadership skills while providing support to nonprofits in critical need of resources. This year alone, the company is investing more than $1 million in the leadership program and has committed more than $8 million since the program’s inception in 2004.

The Student Leaders program is part of the bank’s signature philanthropic initiative that recognizes the service and leadership of nonprofit organizations and individuals working to improve their communities. Each year, Bank of America celebrates the achievements of five exemplary high school juniors or seniors in 45 cities who have demonstrated a commitment to community service by offering them a paid internship and leadership development training. By the end of this summer, more than 1,600 students in 44 U.S. cities and London will have participated in the program.

The Student Leaders program supports Bank of America’s long-standing belief that investing in leadership – from students to nonprofit leaders – is critical to revitalizing the economic and social health of local communities. The program’s goals include:

  • Preparing students to develop further as the next generation of engaged, knowledgeable leaders who create positive change beginning in – and ultimately extending beyond – their own backyards.
  • Strengthening the capacity and resources of nonprofits in communities served by the bank and where students live.
  • Expanding the company’s efforts to create a culture of service to address pressing community issues.

“In communities across the country, teens are disproportionately affected by high unemployment rates,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “Our Student Leaders program helps civic-minded youth find paid employment while gaining valuable workforce skills that ultimately benefits the economic health of local communities. We view the Student Leaders program as an opportunity to engage young people in solving critical issues while also supporting nonprofits by providing valuable services to individuals and families in need.”

The extra labor comes at a good time for nonprofits. The 2011 Nonprofit Finance Fund Survey reports 85 percent of nonprofits expect more demand in services this year, and more than half are not expected to fully meet this increased demand.

In addition to the internships, Student Leaders participate in a weeklong Bank of America Student Leadership Summit from July 10 to July 15, 2011 in Washington, D.C. Now in its fourth year, the goal of the summit is to inspire students to remain committed to service and to equip them with tools and resources to continue their positive contributions in their communities.

Through a series of interactive workshops, including sessions on financial education, environmental sustainability, nonprofit leadership and Capitol Hill briefings, the summit broadens students’ understanding of how service creates positive change in communities and how corporate, nonprofit and government collaboration is instrumental in community revitalization.

Bank of America Corporate Philanthropy

Building on a long-standing tradition of investing in the communities it serves, Bank of America is delivering on a 10-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Funded by Bank of America, the Bank of America Charitable Foundation gave more than $200 million in 2010, making the bank one of the largest corporate cash donors in the United States. As a global company doing business in more than 150 countries, Bank of America approaches investing through a national strategy under which it works with local leaders to identify and meet the most pressing needs of individual communities. Reaffirming a commitment to develop and sustain a culture of service, bank associate volunteers contributed more than one million hours in 2010 to enhance the quality of life in their communities worldwide. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/foundation.

Contacts:

Reporters May Contact:
Nicole Nastacie, Bank of America, 1.980.388.7252
nicole.nastacie@bankofamerica.com

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