Corporate Giving Reaches Milestone Independent of Disaster Relief
(May 21, 2007) Corporate foundations gave a record $4.2 billion in 2006, and 57 percent say they expect to give more in 2007, according to a new report.
Key Facts on Corporate Foundations, released by the New York-based Foundation Center, reveals that foundation giving rose by six percent in 2006, even though most giving related to the Gulf Coast Hurricanes and Southeast Asia Tsunami has already been completed. Giving exceeded $4 billion for the first time ever, and this strong growth comes on the heels of an exceptionally high increase in giving in the 2005 study – 16.5 percent.
In addition to the $4.2 billion in giving by nearly 2,600 corporate foundations, an additional $3.2 billion was provided in mostly in-kind support by 113 corporate-sponsored operating foundations. Most of the in-kind gifts came in the form of medications to patients in need.
Overall, corporate foundations accounted for 11 percent of all giving in 2006, although that figure nearly doubles to more than 20 percent when in-kind gifts from operating foundations are included.
Nearly half of all support from corporate foundations goes to causes related to education (25 percent) and public affairs/social benefit (22 percent), including support for community development, federated funds and civil rights.
Findings from Key Facts on Corporate Foundations come from the Foundation Center's tracking of fiscal and programmatic information on more than 80,000 foundations, corporations, and public charities in addition to annual surveys of leading grant makers and analyses of the giving patterns of the nation's nearly 1,200 largest foundations.
The report can be downloaded at no charge from the Foundation Center's website.
The Foundation Center provides research, education and training for grant makers and nonprofit organizations and is supported by more than 600 foundations.