Over Half of US Companies Increase Philanthropy Despite GFC
25 June 2009 at 1:23 pm
In the US a new survey has found that over half of the companies taking part have increased their corporate philanthropy in 2008 despite the economic decline.
The Committee Encouraging Corporate Philanthropy (CECP) survey of nearly 140 leading companies, revealed that 53% of companies increased their total philanthropic donations in 2008, and 27% increased their giving by more than 10% year-over-year.
CECP’s corporate philanthropy data also indicates that while nearly 70% of respondents experienced a decline or loss in corporate profits from 2007 to 2008, the inflation-adjusted median giving per company remained high at $30.78 million, drifting down 7.8% from a peak of $33.19 million in 2007.
The greatest surge was seen in non-cash giving – which rose by nearly 35% among companies whose giving increased. Giving from corporate foundations remained flat. To access a detailed Executive Report of these findings, visit www.corporatephilanthropy.org/benchmarking
This year’s CECP Excellence Awards recipients are: Western Union, Liquidnet Holdings Inc., and Boys & Girls Clubs of America, nominated by Charles Schwab Foundation. Winners were selected by an independent jury according to the following criteria – CEO leadership, innovation, measurement, and partnership.
Western Union receives CECP’s Large Company Award, given annually to a company with revenues greater than $3 billion. Western Union is investing $50 million over five years in the Our World, Our Family(R) program, which facilitates education and economic opportunity for people at every rung of the financial ladder.
Liquidnet Holdings, Inc. receives the Small Company Award, presented annually to a company with revenues less than $3 billion. Liquidnet allocates one percent of revenues each year to address global challenges.
Boys & Girls Clubs of America receives the CECP Directors’ Nonprofit Award for a successful collaboration with its nominating corporate partner Charles Schwab Foundation. Together, they created a financial literacy program just for teens, primarily from underserved communities, entitled Money Matters: Make It Count.
Since 2000, the Committee Encouraging Corporate Philanthropy has presented Excellence Awards in Corporate Philanthropy annually to companies such as Cisco Systems, GlaxoSmithKline, GE, Hasbro, IBM, Moody’s Corporation, Novartis, Pfizer, The PNC Financial Services Group, salesforce.com, Target, Timberland, and Whole Foods Market. The Excellence Awards winners are selected by an independent selection committee, composed of experts from the corporate, government, media, nonprofit, consulting, and academic communities.