The slowing economy hasn’t stopped the nation’s largest corporations from giving to charity – many of them have actually increased their giving, according to the Committee Encouraging Corporate Philanthrophy.
Despite the challenging economic backdrop that has 63 percent of companies reporting a decline in profit during 2008 – more than half of them still increased charitable giving.
Within this group, 27 percent of companies raised their year-over-year donation amount, giving 10 percent or more.
Adjusted for inflation, overall giving dropped to $10 billion from $10.47 billion during 2007. Median giving per company remained at $30.78 million, nearly 8 percent less than $33.19 million the year before.
Among companies that increased their donation, non-cash giving increased by nearly 35 percent.