Bank of America 2002 Annual Report Download - page 22

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Higher standards in corporate leadership mean higher standards in community leadership. That’s
nothing new to us. Through the years, we’ve strengthened the markets we serve by combining products,
services and our financial success with associates’ talent and creativity. We’re proud of an outstanding
record of impact that is making communities across America better places to live and work.
20 BANK OF AMERICA 2002
In 1998, Bank of America made an unprecedented 10-year, $350 Billion Commitment to community
development lending and investment. In just four years, we’ve exceeded $160 billion, with more than
$49 billion in loans and investments in 2002. Over the past two decades, we’ve helped create more
than 100,000 affordable housing units. Demonstrating sustainability of the business, Community
Development Banking in 2002 generated $170 million in revenue and $24 million in SVA.
A leader in corporate philanthropy, we provided almost $128 million in direct grants, matching
gifts, volunteer grants, sponsorships and in-kind contributions to qualifying nonprofits and other
community-based organizations across our franchise in 2002. Embracing that spirit of giving and
commitment to community, our associates donated $10 million of their own money. Our corporate
and associate spirit also extends to hands-on civic engagement. We provided more than 650,000
hours of volunteer time through the efforts of more than 135,000 associates participating in more
than 3,000 bank-sponsored activities with an estimated financial value of nearly $10 million.
We focus our charitable and volunteer activities on programs that contribute to creating economic
opportunities for individuals and communities. For example, understanding that good money man-
agement skills are key to financial security, we introduced Financial Fitness for Life with the National
Council on Economic Education. To help K–12 students become smart consumers, savers and investors,
we’ve provided teachers with free curriculum and materials available in both English and Spanish.
Our America/Works program is meeting two important goals — supporting the community’s efforts
to help people become economically self-sufficient and supplementing our company’s efforts to attract
new associates. Partnering with community-based organizations such as Goodwill and the Urban
League, we’ve hired more than 7,000 people from public assistance through this initiative.
Why do we care about strong, vibrant communities? Because we’re a part of them, too.