More Than Half of Companies Increased Philanthropy in 2008, Despite Economic Decline
New York, New York, June 2, 2009 — Today, the Committee Encouraging Corporate Philanthropy (CECP) shares a first-look at results from its annual philanthropy survey of nearly 140 leading companies, revealing that 53% of companies increased their total philanthropic donations in 2008, and 27% increased their giving by more than 10% year-over-year. Amid a challenging economy, business leaders continue to support their companies’ commitments to supporting their communities and advancing social and environmental programs around the world, further evidenced today as CECP presents the Excellence Awards in Corporate Philanthropy to two companies and one nonprofit.
CECP’s corporate philanthropy data also indicate that while nearly 70% of respondents experienced a decline or loss in corporate profits from 2007 to 2008, the inflation-adjusted median giving per company remained high at $30.78 million, drifting down 7.8% from a peak of $33.19 million in 2007. The greatest surge was seen in non-cash giving – which rose by nearly 35% among companies whose giving increased. Giving from corporate foundations remained flat.
To access a detailed Executive Report of these findings, visit ‘Benchmarking’ at
This year’s Excellence Awards recipients are: Western Union, Liquidnet Holdings Inc., and Boys & Girls Clubs of America, nominated by Charles Schwab Foundation. Winners were selected by an independent jury according to the following criteria - CEO leadership, innovation, measurement, and partnership.
Western Union receives CECP’s Large Company Award, given annually to a company with revenues greater than $3 billion. Western Union is investing $50 million over five years in the Our World, Our Family® program, which facilitates education and economic opportunity for people at every rung of the financial ladder. The company’s commitment goes beyond financial grants, advancing the cause through advocacy, employee volunteerism, and in-kind support, such as no-cost post-disaster money transfers, with a focus on migrants and their families, which represent a core customer base in many markets. Western Union is working closely with NGO partners such as Mercy Corps to create scalable, sustainable programs, which aim to address the root causes of poverty so migration can be a choice, rather than a necessity, for families worldwide.