Bank of America is giving back to nonprofits – by helping others give back to nonprofits.
Bank of America has partnered with 90 nonprofit organizations to place 230 motivated students into internships that will allow them to gain valuable work experience while giving back to their communities. With the national teen unemployment rate hovering around 26 percent and expected to worsen, the initiative – known as the Student Leaders Program – is an important way to help students enter the workforce.
"Our nation’s high unemployment rate disproportionately affects teens, many of whom face financial challenges while preparing for higher education and their future careers," said Kerry Sullivan, president of the Bank of America Charitable Foundation.
The Student Leaders program "initiates a ripple effect that leads to higher levels of civic service, a greater understanding of how nonprofits work and additional positive impact in the communities we serve," she added.
The students, who were selected based on their contribution to their communities, will participate in eight-week-long internships with nonprofits. The foundation has invested more than $1 million in the program this year, bringing the total amount of money committed to the Student Leaders to $7 million since its inception in 2004.
More than 1,400 students will have participated in the program by the end of summer 2010.
The Student Leaders project is part of a larger Bank of America Charitable Foundation program known as the Neighborhood Excellence Initiative, which recognizes exceptional commitment to community betterment by individuals, businesses and organizations in 44 cities across America, as well as in London.
The Bank of America Charitable Foundation donated more than $200 million in grants in 2008. The company supports a wide range of charities, from educational facilities to environmental projects.