Corporate Philanthropy Recovering from Swoon

Corporate philanthropy is recovering from the economic crisis, according to a report released by The Conference Board on March 31. Fewer companies are cutting what they spend in "community involvement," efforts. The Conference Board surveyed 114 U.S. companies during December and January, for its report, "The 2010 Philanthropy Agenda: Is the Pressure Easing?"

Companies' giving agendas are being set according to "business needs, rather than economic concerns." Although 20% of companies surveyed will reduce their philanthropy budgets in 2010, that's a vast improvement from the 53% of companies that cut philanthropy budgets for 2009, according to the announcement. Fewer companies are cutting corporate philanthropy staff in 2010--just 4% of companies in the survey plan staff cuts, compared with 18% cutting philanthropy staff in 2009.

Carolyn Cavicchio, a senior research associate, Global Corporate Citizenship at The Conference Board, noted in the release that, "Last year, due to the recession, it was all about cuts," adding that, "This year, the dollar spend for contributions has continued to decline, but at a far less accelerated pace."

Comments? Please send them to kmcbride@wealthmanagerweb.com. Kate McBride is editor in chief of Wealth Manager and a member of The Committee for the Fiduciary Standard.

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