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During the holiday season, many of us exchange gifts, celebrate with co-workers, and spend time with family and friends with an attitude of gratitude. Corporate philanthropy is another example of these traditions.
Giving USA 2022: The Annual Report on Philanthropy for the Year 2021, reports that individuals, bequests, foundations and corporations gave an estimated $484.85 billion to U.S. charities in 2021, representing a 4 percent increase compared to 2020 without adjusting for inflation. Meanwhile, Double the Donation reported a 12 percent increase in online giving last year.
Between 2020 and 2021, giving by corporations increased by nearly 24 percent (18.3 percent when adjusted for inflation), for a total of $21.08 billion, according to the Giving USA Foundation report, a comprehensive review of sources and uses of charitable giving. In 2021, the second year of the pandemic, the increase in U.S. corporate giving was attributed, in part, to strong gross domestic product indicators and favorable pre-tax profits. The numbers are not yet in for 2022.
Corporate philanthropy takes many forms. Examples include matching gifts, grants, donations of cash or goods, scholarships, staff volunteer time and sponsorships, which often allow companies to be recognized at fund-raising events.
Philanthropy is generally perceived in a positive light and known to stimulate feelings of well-being among those who participate in them. Businesses benefit from charitable giving programs that attract qualified job applicants and customers who care about the causes they support. Appropriate giving increases brand visibility and is often an important dimension of local community and corporate social responsibility initiatives.
Employers and individuals who make donations to tax-exempt, non-profit organizations (501(c)(3)) qualify for tax deductions. While this is a commonly accepted practice, it may also be perceived as self-serving rather than philanthropic. That’s one of the reasons why corporations must carefully select the organizations they choose to support. The organization’s administrative costs should be wisely managed, and a major share of contributions directed toward fulfilling its stated mission.
WorkCare’s Giving Program
WorkCare supports organizations in collaboration with our clients and independently.
In California, our home state, we donate funds to Kids’ Chance of California and serve on their public relations committee. Kids’ Chance is a non-profit organization that provides college scholarships to the children of parents who are killed or disabled in work-related incidents. There are chapters of Kids’ Chance of America in every state. We also contribute toward safety and health scholarships for college students through the American Society of Safety Professionals Foundation.
WorkCare’s Executive Chairman and Chief Medical Officer Peter P. Greaney, M.D., serves on the board of the PIH Health system in southern California. WorkCare supports the PIH Health Foundation, which provides quality health care services to more than 3.7 million people without discrimination.
Organizations we support in collaboration with clients include the United Way, Made-A-Wish Foundation of America and its local chapters, and Huddle Up for Kids Foundation. Visit our Giving page to learn more. We’d love to hear about how your organization supports causes you care about. Write to us at email@example.com to share your story.
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