The Albert W. Rice Charitable Foundation was founded in 1959 and is managed by the Massachusetts office of Bank of America Private Bank, a division of Bank of America, N.A. This philanthropic entity supports charitable efforts through its Institutional Investments & Philanthropic Solutions branch. The foundation primarily aims to fund initiatives that benefit underserved communities by enhancing access to education, health services, and human services.
The foundation’s grantmaking focuses on nonprofit organizations that serve the city of Worcester, Massachusetts, and its surrounding communities. Its primary objective is to promote quality programming in the areas of education, health care, and human services. The foundation particularly encourages applications from organizations that demonstrate alignment with its mission and operate in these fields.
Grant requests can be submitted for both general operating support and program-specific funding. For general operating support, priority is given to organizations with annual budgets of $5 million or less, although larger organizations may also be considered if their overall mission aligns with the foundation’s goals. Applicants may include small, program-related capital expenses within their funding requests. Additionally, the foundation may occasionally consider standalone capital funding.
Funding awards generally range from $15,000 to $25,000, with a broader range from $10,000 to $40,000 being possible in certain circumstances. Grants are typically awarded for a one- or two-year period, depending on the nature of the project or need.
The application deadline for the foundation is July 1, and applicants can expect to receive notifications regarding funding decisions by November 30. Prospective applicants are encouraged to thoroughly review the foundation’s procedures document before applying. Application assistance is available via downloadable PDF and Word documents, and applicants can reach out directly via email for questions.
To inquire further or discuss the application process, applicants should contact ma.grantmaking@bofa.com and include the foundation's name in the subject line. Additional detailed contact information is available within the foundation’s procedures document.
