Total Corporate Giving Falls in 2008
(June 24, 2009) Corporate giving fell in 2008 despite many corporations increasing their giving to help fill the gap.
Adjusted for inflation, 2008 aggregate giving retreated from $10.47 billion in 2007 to $10.03 billion across a matched set of 102 companies providing data from 2006 through 2008. These data are the results of a study by the Committee Encouraging Corporate Philanthropy (CECP).
Median giving per company remained high at $30.78 million, drifting down 7.8 percent from a peak in 2007 of $33.19 million. These figures include corporate cash grants, foundation cash grants, and noncash contributions.
Filling the Need
Against this challenging economic backdrop, 53 percent of surveyed companies increased their giving from 2007 to 2008 (off only slightly from the 56 percent that increased giving from 2006 to 2007), reports CECP. Within this group, 27 percent of companies raised their year-over-year giving by 10 percent or more.
Among the 53 percent of companies that gave more in 2008, non-cash giving increased the most—surging by nearly 35 percent. Among companies whose giving declined, their giving dropped most in cash grants from the corporate side.
Overall, the drop in total giving shows corporations are feeling the pinch, as 68 percent of companies that responded to survey reported a decline in corporate profits from 2007 to 2008.
The above findings are based upon data from the Committee Encouraging Corporate Philanthropy’s Corporate Giving Standard, an online philanthropy measurement and benchmarking tool for participating companies. CECP will post its annual data analysis report, Giving in Numbers, 2009 Edition, for free download in fall 2009. For more information go to http://www.corporatephilanthropy.org/.