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).

United Way of Central Maryland’s 2-1-1 Maryland at First Call for Help, a free, 24-hour a day, seven day a week, information and referral call center, serves as the state’s tax credit hotline. Last year, more than 2,000 residents took advantage of the hotline by calling for tax credit and preparation information.

A statewide EITC coalition last year, that included the United Way of Central Maryland and Bank of America effort, helped Marylanders recoup more than $4 million in federal EITC refunds and more than $11 million in total federal refunds.  The Bank of America and United Way of Central Maryland efforts alone helped refund more than $74,000.

This year, the partnership between United Way of Central Maryland and Bank of America will focus on an outreach and education campaign and free tax preparation services model for Spanish-speaking filers in the greater Baltimore area.  Bank of America has also provided 15 volunteers have to provide free tax prep services to clients.

“United Way of Central Maryland 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 Larry E. Walton, President and CEO. “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.”

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 StabilityLeadership Summit and new One Stop Financial Stability Centers.

“Helping families and individuals build wealth is a key priority for Bank of America,” said Laura Gamble, president, Bank of America Maryland.  “By supporting the United Way of Central Maryland, 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 this region.”

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.