Bank of America Charitable Gift Fund Enhancements Create Greater Access to Efficient and Flexible Donor-Advised Fund Capabilities

Bank of America Charitable Gift Fund Enhancements Create Greater Access to
Efficient and Flexible Donor-Advised Fund Capabilities
Bank of America Merrill Lynch Combination Offers Wide Range of Philanthropic
Product and Service Options to Match Donors' Personal Giving Strategies

BOSTON, Nov. 4 /PRNewswire-FirstCall/ -- Bank of America Merrill Lynch today
announced several enhancements to the Bank of America Charitable Gift Fund,
one of the nation's leading donor-advised funds. These enhancements include
the ability for donors to create a customized donor-advised fund that aligns
to their personal giving strategies through an innovative online portal. The
new portal provides donors with simplified access to a charitable vehicle that
allows them to:

-- Access a full range of grant-making capabilities, and make grant
recommendations anytime, from anywhere through an intuitive,
easy-to-navigate portal
-- Authorize an unlimited number of delegates to help fulfill and carry
on
a philanthropic legacy, with unlimited generational transfers
-- Track balances, grant history and quarterly statements through a
secure
Web site
-- Get started with an initial contribution of as little as $5,000
-- Choose from an expanded set of investment options

-- Open a fund through a step-by-step online process, or with assistance
from a Merrill Lynch Financial Advisor or U.S. Trust Advisor

Today, a nationwide team of more than 150 Bank of America Merrill Lynch
philanthropic specialists works with donors, as well as their financial and
wealth advisors, to help maximize the effectiveness of their giving. This vast
network of philanthropic specialists offers expertise in family philanthropy,
mission development, intergenerational wealth transfer, specific giving
sectors and cross border philanthropy. Philanthropic specialists and Financial
Advisors provide guidance to donors on the fundamental building blocks of
strategic giving and are committed to helping them ensure that their
charitable endeavors are fulfilling and effective.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )

"We believe that with these enhancements, we are able to help more donors
pursue their goals of broadening the impact and increasing the efficiency of
their charitable giving," said Cary Grace, national philanthropic management
executive for Bank of America Merrill Lynch. "Bank of America Merrill Lynch
now offers a wide range of donor-advised fund and private foundation products
and services, with a choice of options designed to help support the charitable
goals of every type of donor - from the emerging philanthropist to the most
sophisticated donor."

Donor-advised funds are the fastest growing charitable vehicles, with an
average annual growth rate of 15% since 2003.(1) The 2008 Bank of America
Study of High Net-Worth Philanthropy (March 2009), conducted by The Center on
Philanthropy at Indiana University, further confirms that donor-advised funds
are now one of the preferred giving vehicles utilized by affluent donors, with
more than 20% of survey respondents currently using them, and another 20%
indicating that they would consider using them in the next three years.(2)

Flexible Giving Options

Among the many benefits of the Bank of America Charitable Gift Fund is its
ability to accept a wide range of assets as donations, including traditional
assets, such as cash, stocks or mutual funds, as well as tangible or specialty
assets, such as residential and commercial real estate, farmland, timberland,
oil and gas properties, collectibles and private businesses at a time of
liquidation.(3)

"We are increasingly seeing wealthy donors gift not only cash, but specialty
assets which are oftentimes less affected by an economic downturn," said
Gillian Howell, national private philanthropy executive for Bank of America
Merrill Lynch. "Unlike most organizations, Bank of America Merrill Lynch,
together with U.S. Trust, has the ability to both manage these gifted assets
within a donor-advised fund, and convert them into cash donations. According
to our study, 13% of wealthy donors surveyed gifted this type of asset in
2007, and 19% indicated a likelihood to gift specialty assets from 2008 to
2010.(2)"

Combination Creates Wide Range of Charitable Vehicle Options

"To successfully integrate personal giving into a comprehensive wealth
management strategy, individuals and families must first understand the
charitable vehicles that most appropriately align with their philanthropic
goals, as well as the various options available within these vehicles and
their potential benefits and risks," said Don Greene, national philanthropic
product executive for Bank of America Merrill Lynch. "The grantee, gifting and
investment options within our Charitable Gift Fund are among the broadest in
the industry."

Established in 1955, today the Bank of America Charitable Gift Fund is part of
a much larger organization that offers a full range of philanthropic
strategies to individual and institutional clients. Additional Bank of America
Merrill Lynch Philanthropic Management strategies include:

-- Merrill Lynch Community Charitable Fund® (MLCCF) Program - A
complement
to the Bank of America Charitable Gift Fund, the MLCCF program offers
an
innovative philanthropic service that allows donors to create a
donor-advised fund with guidance from their Merrill Lynch Financial
Advisor and leading community foundations.

-- Foundation Advisory Services - A comprehensive range of support
services
designed to help individuals and families establish and maintain a
private foundation. From the development of a mission to strategic
planning, governance and grant-making services, dedicated
philanthropic
specialists help clients enjoy their philanthropy and focus on their
charitable objectives rather than the administrative tasks associated
with managing a foundation. Bank of America Merrill Lynch works with
donors to help them create highly customized investment strategies
driven by foundation mission, which may include funding and asset
allocation strategies designed to help meet future spending needs,
preserve a legacy or accommodate sunset provisions.

"We believe that our more than two centuries of experience managing charitable
assets, extensive resources, ongoing innovation and long-standing
philanthropic commitment across three leading financial institutions - Bank of
America, U.S. Trust and Merrill Lynch - give us the unique ability to
understand and support donors' philanthropic desires and ambitions, as well as
the needs of non-profit institutions," added Grace.

For more information about the Bank of America Charitable Gift Fund, Merrill
Lynch Community Charitable Fund and Foundation Advisory Services visit these
Web sites or contact your Merrill Lynch Financial Advisor or U.S. Trust
Advisor for assistance.

Bank of America Merrill Lynch Philanthropic Management

Philanthropic Management has more than 220 years of experience serving
nonprofit institutions, philanthropic individuals and families. Philanthropic
Management distributes more than $300 million in grants to charitable
organizations annually on behalf of its clients, and serves as trustee,
co-trustee or grant-making agent for more than 30,000 philanthropic accounts.
Bank of America Merrill Lynch is one of the nation's leading providers of
investment and philanthropic services to more than 10,000 individuals,
families, foundations, endowments and other nonprofit organizations who
entrust the company with over $55 billion in assets.(4)

(1) The Chronicle of Philanthropy's Annual Donor-Advised Fund Survey, 2009
(2) 2008 Bank of America Study of High Net-Worth Philanthropy, 2009
(3) Bank of America Charitable Gift Fund, in partnership with the U.S. Trust
Specialty Asset Management Group, can, on a case-by-case basis, consider gifts
of non-financial tangible assets such as real estate or a closely held
business.
(4) Client assets at affiliates of Bank of America Corporation, including Bank
of America, N.A., Merrill Lynch Bank & Trust Co., FSB and brokerage affiliate
Merrill Lynch, Pierce, Fenner & Smith Incorporated, as of Jan. 1, 2009.

Bank of America

Bank of America is one of the world's largest financial institutions, serving
individual consumers, small- and middle-market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk management products and services. The company
provides unmatched convenience in the United States, serving approximately 53
million consumer and small business relationships with 6,000 retail banking
offices, more than 18,000 ATMs and award-winning online banking with more than
29 million active users. Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes serving
corporations, governments, institutions and individuals around the world. Bank
of America offers industry-leading support to more than 4 million small
business owners through a suite of innovative, easy-to-use online products and
services. The company serves clients in more than 150 countries. Bank of
America Corporation stock (NYSE: BAC) is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.

Bank of America Merrill Lynch is a marketing name for the Institutional
Retirement, Philanthropy & Investments businesses of Bank of America
Corporation. Banking and fiduciary activities are performed globally by
banking affiliates of Bank of America Corporation, including Bank of America,
N.A., Member FDIC. Brokerage services are performed globally by brokerage
affiliates of Bank of America Corporation, including Merrill Lynch, Pierce,
Fenner & Smith Incorporated (MLPF&S). MLPF&S is a registered broker-dealer,
Member SIPC and a wholly owned subsidiary of Bank of America Corporation.
Investment products:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

Bank of America Merrill Lynch makes available investment products sponsored,
managed, distributed or provided by companies that are affiliates of Bank of
America Corporation or in which Bank of America Corporation has a substantial
economic interest, including Columbia Management, BlackRock, and Nuveen
Investments.

SOURCE Bank of America

Media: Matt Card, +1-617-434-1388, matthew.card@bankofamerica.com; Investors:
Kevin Stitt, +1-704-386-5667