Donor-Advised Fund

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The Bank of America Charitable Gift Fund offers a sophisticated and
dynamic way to give to the causes that mean the most to you.

Since 1955, the Bank of America Charitable Gift Fund has been helping donors contribute money to their favorite charities in an organized, tax-efficient, streamlined and worry-free way. You can depend on Bank of America to help you pursue your philanthropic goals while you support important causes.

A donor-advised fund allows you to streamline your charitable giving. Your fund will be invested with the potential to grow over time. Bank of America's online portal allows you to easily make new contributions, select investment objectives, make grant recommendations to the charities of your choice, track your giving, and access statements and tax documentation.

Open your Charitable Gift Fund account

Make an irrevocable, tax-deductible contribution to your donor-advised fund
Initial contribution minimum is $25,000. Additional contributions must be $250 or more
You can contribute a wide variety of assets including cash, mutual funds, securities, and non-publicly traded assets (i.e. private stock, restricted stock, real estate)

Bank of America Charitable Gift Fund benefits:

Choose how your funds are invested

The Charitable Gift Fund offers 15 distinct investment options representing a range of strategic asset allocation models from fixed income to appreciation. For each allocation model, donors may choose either sustainable, actively-managed portfolios, or passive, all ETF (exchange-traded fund), portfolios.

Make grant recommendations to benefit charities that are important to you

You decide when to make grant recommendations and how much to grant to the charities of your choice
Streamlined grant recommendations through Bank of America's secure portal including setting up recurring grants
Receive recognition for your donations or maintain anonymity to protect your privacy
Authorize an unlimited number of individuals to serve as co-advisors to your account

Access and manage your gift fund account using Bank of America's flexible, secure portal

Review your fund balance and transactions
Research grantees using the Guidestar®¹ database of 1.8 million IRS–recognized charitable organizations
Access all account documents
Download useful forms

Connect with a Merrill Private Wealth Advisor.

Find an advisor

Frequently asked questions

Donor-advised funds (DAFs) are accounts that are held at a public charity on behalf of a donor. The donor makes irrevocable contributions of cash or other assets to his or her DAF and is able to take a tax deduction, up to allowed maximums, in the year of the donation. The donor can advise the charity on grants to be made to qualified charitable organizations using these funds provided the purpose meets the DAF guidelines. The funds in a DAF can also be invested with the potential to grow tax-free and donors can continue to make charitable contributions to their DAF until the account is closed.

Upon the death of the last remaining donor-advisor(s), a designated successor will have full advisory privileges including recommending grants in the same way as the founding donor or the donor-advisor(s) can designate a charitable organization as a beneficiary to receive the remaining lump sum balance of the account. If no successor or charitable organization beneficiary is named, the remaining account balance will be distributed to the Bank of America Charitable Gift Fund’s General fund to be used for charitable purposes.

The Charitable Gift Fund can accept contributions from Individual Retirement Accounts. Please note, however, if the donor is making a current lifetime distribution, i.e. not at death, distributions from an IRA to the donor advised fund, these do not constitute “qualified charitable distributions” excludable from the donor’s income. Federal law specifically excludes donor advised funds (as well as certain other public charities) from being eligible to receive qualifying charitable distributions. Rather, such IRA distributions would be includible in the donor’s taxable income and then the donor would need to file for an offsetting charitable deduction. Donors should consult their tax and legal advisors to determine whether to proceed in light of their overall tax situation.

There is no limit to the amount of cash or other assets that can be contributed to a donor-advised fund (DAF). There are limits to the tax deductibility of gifts to a DAF, generally offering up to a maximum potential deductibility of 60% of the donor’s current year adjusted gross income. Donors should consult their legal and/or tax advisors before making any gifting decisions.

Once cash or other assets are gifted to a donor-advised fund they are irrevocable and become the property of the public charity that manages the DAF on the donor’s behalf. As a result, these assets and any subsequent interest payments, dividends or capital appreciation are the property of the charitable organization and not taxable to the donor. Donors should consult their legal and/or tax advisors before making gifting decisions.

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¹Guidestar is not affiliated with Bank of America Corporation or its subsidiaries.

Donor-advised fund management is provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”). Trust, fiduciary, and investment management services are provided by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A. and its agents. Brokerage services may be performed by wholly owned brokerage affiliates of BofA Corp., including Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”). Merrill is a registered broker-dealer, a registered investment adviser and Member SIPC.

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