US corporate philanthropy rises
By Michelle Nichols |
October 28, 2010, Thursday
|
Print Edition
Print Edition
MOST American firms gave less money to charity in 2009, but total corporate philanthropy rose 7 percent to US$9.9 billion, boosted by product, service, land and space donations, a study released yesterday found.
The Committee Encouraging Corporate Philanthropy's "Giving in Numbers" report said cash giving fell to US$3.8 billion last year from US$4 billion in 2008, while non-cash philanthropy rose to US$6.1 billion from US$5.3 billion.
The fourth annual study by the committee - a forum of business leaders that aims to improve corporate philanthropy - used data from 95 companies, including 42 businesses listed in the Fortune 100 ranking of the largest United States corporations.
"In terms of the companies that decreased giving one of the most prominent reasons was that there were mandated spending decreases within the company, their budgets were reduced, and they were looking for other ways to continue to support their non-profit partners," said the report's author Alison Rose.
"Also we did see fewer international disasters in 2009 that required an immediate response," she said.
About two-thirds of companies reduced their cash giving last year with many cutting contributions by more than 10 percent, the study found, amid the worst financial crisis in decades.
But the country's financial woes resulted in companies focusing their philanthropic efforts a little more on health and social services and community and economic development.
The Committee Encouraging Corporate Philanthropy's "Giving in Numbers" report said cash giving fell to US$3.8 billion last year from US$4 billion in 2008, while non-cash philanthropy rose to US$6.1 billion from US$5.3 billion.
The fourth annual study by the committee - a forum of business leaders that aims to improve corporate philanthropy - used data from 95 companies, including 42 businesses listed in the Fortune 100 ranking of the largest United States corporations.
"In terms of the companies that decreased giving one of the most prominent reasons was that there were mandated spending decreases within the company, their budgets were reduced, and they were looking for other ways to continue to support their non-profit partners," said the report's author Alison Rose.
"Also we did see fewer international disasters in 2009 that required an immediate response," she said.
About two-thirds of companies reduced their cash giving last year with many cutting contributions by more than 10 percent, the study found, amid the worst financial crisis in decades.
But the country's financial woes resulted in companies focusing their philanthropic efforts a little more on health and social services and community and economic development.
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