Our Message from the Rainbow Endowment
Leaving a Proud Legacy
The Rainbow Endowment, which has donated $2.3 million to organizations that support lesbian, gay, bi-sexual, and transgendered (LGBT) causes, will cease operations at the end of this year. This decision, according to Fred Bostwick, President of the Board of Directors, was made reluctantly following Bank of America's decision to discontinue The Rainbow Card ® program.
The Rainbow Card was co-founded by tennis legend and civil rights activist Martina Navratilova after participating in the 1993 March on Washington. It became the first affinity credit card aimed directly at LGBT individuals, and quickly demonstrated the economic power of gays and lesbians.
Through The Rainbow Card program, when a cardholder used The Rainbow Card, a portion of the amounts charged was made available to the not-for-profit Rainbow Endowment. Mainstream corporations, including Subaru, Expedia, and British Airways, also supported the Endowment through partnerships with The Rainbow Card program.
At the height of The Rainbow Card's popularity, the Rainbow Endowment was returning $200,000 a year to organizations that serve and empower the LGBT community. With less than 2% of all philanthropic dollars in the United States targeted specifically to lesbian and gay causes, the Rainbow Endowment emerged as one of the nation's top funding sources to the not-for-profits on the front-lines of the fight for equality in health care research and care, youth services and suicide prevention, and civil rights. In total, more than 80 groups have benefitted from the Rainbow Endowment.
"We are deeply saddened that Bank of America has decided to end The Rainbow Card program. The Rainbow Card has been a source of pride and financial support for our community for 15 years," stated Mr. Bostwick. "However, because the Endowment is supported almost entirely by The Rainbow Card, we have no alternative other than to halt our operations."
Purchases made with The Rainbow Card will continue to generate funds for the Rainbow Endowment until October 31, 2011. On or before that date, Bank of America is expected to offer cardholders alternative products. Holders of The Rainbow Card are encouraged to contact Bank of America directly with questions or concerns. The Rainbow Endowment is expected to announce its final set of grants in November.
