United Way of New York State Receives Grant from Bank of America to Promote EITC

ALBANY, NY (02/06/2008)(readMedia)-- United Way of New York State (UWNYS) today announced a $30,000 donation from the Bank of America Charitable Foundation to support an asset building strategy to help low- and moderate-income individuals achieve financial stability. This grant is part of a national partnership between United Way of America and the Bank of America Charitable Foundation that will provide $2 million in grants across the country. The United Way Financial Stability Partnership™, launched in 2007, was designed to provide working individuals and families in communities across the country with tools to increase their income, build savings, and develop and maintain their assets. A fundamental component of this initiative is to help people obtain free tax preparation assistance and unclaimed tax refunds through the Earned Income Tax Credit (EITC).

In New York State close to two dozen local United Ways are partnering with local agencies and institutions to provide education, outreach and free tax preparation services in their communities. Last year these efforts resulted in more than 197 Volunteer Income Tax Assistance (VITA) sites in 31 counties across New York State. They were staffed by 1,800 volunteers who processed over 95,000 returns. This generated more than $144 million in refunds including $67 million in EITC.

United Way of New York State is pleased to partner with Bank of America for the second year in a row to increase the financial literacy and long-term economic independence of individuals and families nationwide,” said Mary A. Shaheen, United Way of NYS Vice President. “The generosity of Bank of America will again help support United Way’s efforts in promoting a critical program that increases financial stability in communities across the country. In New York State this translates into grants to 10 local United Ways to support the education, outreach and free tax preparation services of their local EITC coalitions.”

Bank of America funding will support the United Ways of Allegany County, Buffalo and Erie County, Chenango County, Clinton & Essex Counties, Dutchess County (on behalf of the Hudson Valley CASH coalition which also includes United Ways of Orange and Ulster Counties), Franklin County, the Greater Capital Region, Seneca County, the Southern Tier and Tompkins County.

Building on last year’s successful results, the Bank of America Charitable Foundation will provide grants to two statewide and 42 local United Way agencies across the U.S. The Bank of America Charitable Foundation was the first national partner for the United Way’s EITC program donating $500,000 for the launch of the United Way Financial Stability Partnership™. Last year, Bank of America associates provided more than 2,000 volunteer hours to help working individuals and families claim valuable tax refunds and will continue these efforts in 2008 at Volunteer Income Tax Assistance locations offering free tax preparation services. This grant will also support the Financial Stability Leadership Summit and new One Stop Financial Stability Centers.

“Helping families and individuals build wealth is a key priority for Bank of America,” according to a Bank of America spokesperson. “By supporting United Ways, we hope to help more people effectively navigate the tax system, access free tax preparation services and secure the benefits of the Earned Income Tax Credit, and thereby advance the health and vitality of communities across the country.”

Notes Susan K. Hager, President and CEO of United Way of New York State, “In this economy, social services alone aren’t enough to address the needs of today’s families. In fact, social and economic conditions are leaving many families, even those who work full-time on shaky ground. EITC education and outreach coupled with free income tax preparation services are among the best ways we have to assist families by returning to them earned income to meet everyday needs, as well as providing a foundation to begin savings toward housing, higher education or entrepreneurship.”

In the spirit of collaboration, last week the NYS Office of Temporary and Disability Assistance announced that it would supplement the grant to UWNYS from Bank of America with a small $16,500 grant to fully fund the efforts of the 10 coalitions led by the local United Ways named above. Key partners in the local coalitions include local social service districts.

United Way of America will provide leadership and technical assistance to the 44 participating United Way organizations and will coordinate key project components, including: creation of goals, objectives, and outcomes; compliance with grant guidelines; fund disbursement; and national reporting on the results of the partnership, including the number of taxpayers helped. Statewide and local United Way grant recipients will be responsible for strategic administration and oversight of grant resources by the community-based EITC coalition and will work with local Bank of America associates to promote volunteer opportunities regarding EITC outreach and free tax preparation.

EITC campaigns typically include marketing and outreach to eligible tax filers; free tax preparation for individuals and families earning less than $39,783 annually by volunteer tax preparers; and financial education and other asset building opportunities.

About United Way of New York State

United Way of New York State (UWNYS) is a state-wide association serving 40 local, member United Ways. This 30+ year old organization is focused on public policy and advocacy, programs that support local leadership development/member services, and support for the State Employees Federated Appeal. UWNYS also co-chairs the state 2-1-1 Policy Board, which is working to bring 2-1-1 information and referral services to communities throughout the state.

One of United Way of New York State’s public policy accomplishments, achieved in partnership with SCAA, the Business Council and the NYS AFL-CIO, was the 1994 enactment of the state earned income tax credit as a latch-on to the federal EITC, now at 30% of the federal credit.

About Bank of America Corporate Philanthropy

Building on a long-standing tradition of investing in the communities it serves, Bank of America is in its fourth year of achieving an unprecedented 10-year goal to donate $1.5 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 will give more than $225 million in 2008, making the bank the most generous financial institution in the world and the second largest donor of all U.S. corporations in cash contributions. 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 www.bankofamerica.com/foundation.

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