Corporate philanthropy refers to the activities that companies voluntarily initiate to manage their impact on society. Typically, corporate philanthropic activities include monetary investments, donations of products or services, in-kind donations, employee volunteer programs and other business arrangements which aim to support a social cause. While some companies spearhead and operate corporate philanthropy programs themselves, others may focus on advancing the work of local community organizations, nonprofit organizations or other social initiatives geared toward improving society. Corporate philanthropy has become increasingly popular in recent years, as consumers now expect a certain level of accountability and transparency from corporate entities. With higher levels of open dialogue between consumers and businesses via social media, companies have taken on more responsibility for their particular social effects, wielding their financial and societal influence to empower communities. It’s important to note that corporate philanthropy differs from corporate social responsibility (CSR) in that CSR is typically incorporated into a company’s actual practices and functions as a business. Here are a few types of corporate philanthropy programs that companies undertake:
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For some people, philanthropy means donations of money, often large sums, to support or create university buildings, research centers, or fund four-year college scholarships. For others, acts of philanthropy mean an annual donation to a local theater, food pantry, or public school.
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