New York, NY (October 27, 2010)- Although a majority of companies cut back on their philanthropic giving between 2008 and 2009, corporate contributions in the aggregate rose 7 percent year-over-year, to $9.93 billion – the highest level in four years – a new report from the Committee Encouraging Corporate Philanthropy finds.
Based on responses from 171 companies, including more than half the Fortune 100, CECP’s annual Giving in Numbers (60 pages, PDF) report found that 59 percent of respondents reduced their giving in 2009, with 40 percent reporting cuts of 10 percent or more, while 36 percent gave more, including 20 percent that reported increases of at least 10 percent. The remaining 5 percent reported negligible changes in their charitable giving.
CECP attributed the increase to corporate mergers resulting in combined giving budgets and increased donations of medicine by pharmaceutical companies that were quick to respond when millions of Americans lost their health insurance due to unemployment. At the same time, many companies faced company-wide spending reductions, declines in the value of their foundation endowments, and shareholder pressure to operate efficiently. In response, companies became more targeted in their giving; reduced their management and program costs; enhanced opportunities for employees to volunteer; and increased contributions through matching-gift programs.
While this analysis is written for corporate giving professionals, for whom it serves as a powerful tool positioning their giving in the larger field of corporate philanthropy, it also provides invaluable insight for journalists, consultants, nonprofit executives, and others interested in understanding the ways that corporations are leveraging their cash and non-cash resources to continue to support their communities, even in difficult economic times.
The Report is available for free download at the link below, and features analysis on relevant topics including:
* The latest trends in cash and non-cash giving by companies.
* How grant recipients were affected by changes in giving, broken down by program area, international, ethnicity, and gender.
* Ways that companies continue to enhance opportunities for employee volunteerism and pro bono service.
* Adjustments in corporate management structures and program costs in a challenging economic year.
Giving in Numbers: 2010 Edition