December 2, 1999 | Read Time: 1 minute
Bank of America gives more than any other company in the country, says Worth magazine (December-January) in a new set of rankings of the most-generous corporations. Champion International — the paper and forest-product company — gave the largest percentage of its profits to charity, the magazine says.
The magazine collaborated with the Council on Economic Priorities, a New York organization that analyzes the social and environmental records of corporations, to put together the list. The council compiled giving data on the country’s 500 largest companies by revenue.
Bank of America gave $92-million in 1998, the magazine notes, followed by General Motors, which gave $75-million; Johnson & Johnson, $67-million; Philip Morris, $60-million; and General Electric, $59-million.
Champion gave only $8-million, but that was 6.61 per cent of its pre-tax earnings. It was followed by Humana, which made gifts equal to 4.84 per cent of its average earnings, Owens Corning (4.82 per cent), Dole Food (4.39 per cent), and Times Mirror (4.18 per cent). The average gift as a share of pre-tax profits was 1 per cent, Worth says.
Articles from Worth magazine are available at http://www.worth.com.
