Philanthropy

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Philanthropy

The practice of a wealthy individual or corporation giving money to charity or other programs designed to help others. The term is most applicable when the individual or corporation starts his/her/its own programs. For example, Bill Gates established the Gates Foundation to perform a variety of philanthropic activities such as agricultural development and the establishment of libraries.
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One of the largest and most prominent examples of corporate giving to come to fruition last year was undeniably the BP Asset Integrity and Corrosion (AIC) Laboratory, reflecting a $1 million donation from BP Alaska in partnership with the University of Alaska Anchorage.
1 Corporate giving totals include giving by Wells Fargo Bank, its subsidiaries, the Wells Fargo Foundation, and the Wells Fargo Regional Foundation.
What is more intriguing, however, is the changing philosophy of corporations regarding their corporate giving policies, and the challenges this presents to the non-profit sector.
Responsibility for corporate giving should remain with management and the board.
In 2014, Edwards' global corporate giving will exceed $8 million, including more than $7 million in cash grants from Edwards Lifesciences Foundation to non-profit organizations around the world.
As federal, state and municipal support for non-profits dwindle, businesses around the country are faced with difficult decisions about their corporate giving programs.
To be honest, the driving force behind most corporate giving programs is PR.
Business Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving.
The contribution - $115,000 raised by associates and $100,000 from the corporate giving program - continues to represent the largest single donation to the United Way's annual workplace campaign.
A recent survey by the Conference Board found that product philanthropy now makes up to 33 percent of corporate giving on an annual basis.
So, sector observers weren't surprised when corporate giving dropped below $10 billion for the first time since 1998, when it was $8.
We think the greening of corporations should also translate into even greater corporate giving.

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