US bank JP Morgan Chase this month launched a campaign that will enable Facebook users to vote which charities from 500,000 US organisations  will receive a share of a $5m (£3m) pot, part of the bank’s corporate philanthropy fund.

Chase Community Giving: You Decide What Matters is enlisting Facebook users to vote for small, local non-profits. The eligible charity receiving the most votes online will be awarded $1m (£600,000), the top five runners-up will receive $100,000 (£60,000) each and the 100 finalists, including the top winners, will be awarded $25,000 (£15,000) each.

Jamie Dimon, chairman and CEO of JPMorgan Chase & Co said, "The grassroots nature of Facebook will allow us to hear directly which local charities matter most to our communities, hopefully creating an even bigger impact."

Additionally, a special advisory board featuring members who are active in philanthropy, including Desperate Houswives actress Eva Longoria Parker, ‘Do Something’ founder Nancy Lublin and NBA Hall of Famer David Robinson, will allocate a total of $1m (£600,000) to the nominated charities of its choice.

This $5m Facebook effort is in addition to the bank's traditional philanthropic giving. If the online initiative is  successful, the bank hopes to commit more of its annual philanthropy funds using this innovative method of giving.

Sheryl Sandberg, COO of Facebook. "Chase's creative approach - crowdsourcing for charity - puts the power of corporate giving directly in the hands of Facebook users.”

To reinforce the local focus of this programme, only 501(c)(3) non-profits with an operating budget of $10m or less will be eligible.

Eva Longoria Parker, who this month won The Hollywood Reporter philanthropist of the year award, said, "These smaller organisations are working hard for their communities every day, but don't always get the recognition they deserve. This new way of corporate giving will bring these non-profits into the spotlight where they can shine."

The non-profits listed work within education, healthcare, housing, the environment, combating hunger, arts and culture, human services and animal welfare.

One hundred qualifying non-profit organisations with the most votes will be announced on 15th December. They will then have the option to submit a million dollar grant proposal to Facebook users, who will vote again from 15th January. The winner and five runners-up will be announced on 1st February.