New York, NY, June 6, 2006--Corporations gave 14 percent more to charities in 2005 from a year earlier, suggesting the growing importance of philanthropy to companies and their top executives, according to an annual survey released on Monday.
The Committee to Encourage Corporate Philanthropy said that 91 companies gave $10 billion last year, which the group estimates represents more than half of total U.S. corporate philanthropy. More than $300 million of that sum was donated by 86 companies for Gulf Coast hurricanes relief.
Companies are also placing more emphasis on employee involvement and volunteerism, according to the survey, with 87 percent of the companies indicating they have at least one formal volunteer program. Sixty percent of the companies reported using volunteer recognition awards and matching grants, and almost half offered paid time-off to their employees during the year.
The survey pointed out that the increased giving mirrored gains in corporate revenue and pretax profits. Among 62 companies it tracked in 2004 and 2005, median revenues rose 17 percent while pretax profits grew 15 percent last year.
Individual employees also stepped up their donating last year, the Committee said. Giving per employee jumped to $685 in 2005 from $670 a year earlier among the 62 companies.
