November 16, 2009 | Read Time: 1 minute
A new report offers a decidedly mixed picture of corporate philanthropy.
It says a majority of companies increased their giving in 2008, but overall the total amount of corporate giving dropped that year.
The report says 53 percent of the 102 large companies surveyed expanded their philanthropy despite the bad economy, while the rest decreased their charitable contributions. The growth was primarily in donations of products, services, and other noncash donations.
“These findings demonstrate that supporting community partners remained a top priority in 2008 despite the hurdles imposed by tight credit markets, a reduction
in consumer spending, and widespread economic uncertainty,” says the report, which was produced by the Committee Encouraging Corporate Philanthropy, a research group in New York.
However, it seems the increases did not outpace the decline in giving. Since 2006 the report shows that the total amount awarded by the big corporations has eroded. In 2006 they provided $10.7-billion, while last year they gave $10.03-billion.
The study, Giving in Numbers, did not look at 2009 giving but did ask chief executives and the officials in charge of giving what their priorities were given the shaken economy.
Of the CEO’s, the largest percentage, 56 percent, said their priority was to focus the company’s philanthropy on causes that relate to its business strategy.
For the corporate officers who oversee giving, the emphasis was on fulfilling existing commitments, with 44 percent saying it was important.
