Corporate philanthropy has rebounded to prerecession levels, according to a new report.
On Monday, CECP (formerly Committee Encouraging Corporate Philanthropy) in conjunction with the Conference Board released Giving in Numbers: 2013 Edition.
The study is based on data from 240 companies, including 60 of the top 100 companies in the Fortune 500.
The study found that total corporate giving increased for 59% of companies from 2007 to 2012. Thirty-eight percent of all companies boosted their giving by 25% or more.
In inflation-adjusted dollars, aggregate corporate giving rose by 42%, $4.5 billion, from 2007 to 2012.
Many companies gave noncash support and other in-kind resources, including excess inventory, pro bono service, use of company facilities, intellectual property and land.
For companies that had provided noncash support in 2007, the median percentage change in noncash contributions was 38% in 2012.
Higher education and K–12 education was the most funded program area for all companies for the first time since Giving in Numbers was first released in 2006, representing 29% of the average company’s programmatic allocation.