October 28, 2004 | Read Time: 2 minutes
Despite a slowly recovering economy, a new report says corporate giving is expected to increase this year, but only among larger companies.
After examining information from 204 respondents that reported their 2004 giving, the report says corporations with philanthropy budgets of $50-million or more will increase U.S. noncash contributions by 3 percent. Domestic cash giving is expected to remain the same.
The report was published by the Conference Board, a membership association of more than 2,000 companies that is based in New York.
Based on data from 82 companies about their international giving, the organization also says cash donations abroad are expected to grow 2 percent among companies with budgets equal to $50-million or greater.
Corporate philanthropy also increased last year. The total amount donated in cash, products, and services rose from approximately $3.13-billion in 2002 to $3.88-billion in 2003 — a 24-percent increase — for 134 U.S. companies and corporate foundations surveyed in both years.
According to “Giving USA,” an annual report on philanthropy published by the Trust for Philanthropy of the American Association of Fundraising Counsel, in Glenview, Ill., corporate giving rose only 4.2 percent between 2001 and 2002.
The Conference Board attributed last year’s growth to increased giving budgets at large pharmaceutical, financial-services, and technology companies.
The median total giving by companies last year was $7.4-million, meaning that half the companies reported an equal or greater amount. In 2002, the median amount was $6.6-million.
The Conference Board’s other findings:
- As a percentage of the total dollar amount given away by corporations, noncash giving rose from 35 percent in 2002 to 49 percent in 2003.
- Donations abroad rose almost 14 percent from 2002 to 2003 for the 55 companies that reported their international philanthropy for both years.
- Health and human-services groups received the largest percentage — 41 percent — of all contributions from corporations.
The report, “The 2004 Corporate Contributions Report,” may be obtained by contacting the Conference Board at (212) 339-0345 or by ordering it on the organization’s Web site at http://www.conference-board.org/publications. The cost is $300 for nonmembers and $45 for members. The report’s reference number is R-1355-04-RR.
