- Charity is part of the missions of some of the biggest companies in the US.
- In 2017, donations to charity reached an all time high in the US, with an estimated $US410 billion investments towards philanthropic efforts.
- Nearly 5% of the total came from large US corporations like Wells Fargo & Company, Goldman Sachs Group, and Google.
- Here’s 10 of the US companies that give the most to charity.
Here’s something to feel good about: Total charitable giving in the United States reached record levels in 2017, with an estimated $US410 billion donated to various causes by groups and individuals, according to Charity Navigator.
Of that total, 5% – or nearly $US21 billion – came from corporations, up 8% from the previous year.
Here’s a look at some of the US companies that donate the most to charity.
1. Gilead Sciences leads the pack in charitable giving for 2017
Biotech firm Gilead Sciences donated the most money to charitable causes in 2017 – $US388 million – according to the Chronicle of Philanthropy’s survey of charitable giving by major US companies in 2017.
Considering that the company’s annual pretax profit is $US13.5 billion, its giving takes up 2.9% of said profit, the Chronicle survey states.
According to a 2016 report by Fortune, the company generally gives cash grants to health-related projects, such as the nonprofit Liver Foundation.
2. Wells Fargo & Company gives back locally and nationally
Wells Fargo & Company came in second for 2017 giving, donating $US287 million in cash of its $US27.4 billion pretax profit, or 1%, according to the Chronicle of Philanthropy.
According to BusinessWire, in 2017, Wells Fargo donated to more than 14,500 non-profits, and employees volunteered 2 million hours. Highlights of the company’s charitable efforts included $US28 million donated to veterans and military service members, $US45 million in down-payment assistance and other home-buying resource through NeighborWorks, and $US10.6 million to the American Red Cross.
In 2019, the company plans to use 2% of its after-tax profits for philanthropy, BusinessWire reported.
3. Goldman Sachs Group has increased its giving since 2007
In 2017, Goldman Sachs Group gave $US280 million in cash to charity. That’s 2.5% of its $US11.1 billion pretax profit, Chronicle of Philanthropy reported.
Their charitable missions include 10,000 Women, which provides education, funding, and other resources to women entrepreneurs around the world, and 10,000 Small Businesses, which invests money and resources in people running small businesses.
4. Google gives back via Google.org, its philanthropic arm
Google donated $US255 million in cash to charity in 2017, which is 0.9% of its $US27.2 billion pretax profit for the year, according to the Chronicle of Philanthropy.
In 2017, Google announced that it plans to give $US1 billion in grants and contribute one million volunteer hours over a five-year period, according to Philanthropy News Digest. The charitable work will focus on “education, economic opportunity, and inclusion.”
5. JPMorgan Chase & Company supports financial initiatives
According to the Chronicle of Philanthropy, JP Morgan Chase & Company donated $US250 million in cash to philanthropic causes in 2017 – 0.7% of its $US35.9 billion pretax profit.
In January 2018, JP Morgan Chase announced a commitment to boosting philanthropic efforts by 40% in the next five years, Philanthropy News Digest reported.
The total of $US1.75 billion in charitable investments will focus on economic revitalization in underserved neighbourhoods, increasing support for the Entrepreneurs of Colour Fund, and providing job training to those in need.
6. Johnson & Johnson focuses on health-related causes locally and globally
Johnson & Johnson, in 2017, donated $US227 million in cash to charity, according to the Chronicle of Philanthropy. Of its $US17.7 billion pretax profit, that’s 1.3%.
The medical devices, pharmaceutical, and consumer packaged goods manufacturing company supports health-related causes via global and community-based partnerships, such as the C40 Cities Climate Leadership Group, according to its website.
7. Pfizer donates funds to support health-related causes
In 2017, Pfizer donated 1.7% of its $US12.3 billion pretax profit, which equals $US210 million in cash, according to the Chronicle of Philanthropy.
8. ExxonMobil focuses on three main areas with its giving
ExxonMobil, which takes the ninth spot on the Fortune Global 500 of the biggest companies in the world (based on 2017 revenues and profits), donated $US204 million in cash in 2017, according to the Chronicle of Philanthropy. That’s 1.1% of its $US18.7 billion pretax profit.
The oil and gas company focuses on three areas with its giving: education, malaria prevention, and economic opportunities for women, according to a 2016 report in Fortune. It has worked with the international women’s group Vital Voices and the Medicines for Malaria Venture.
9. Bank of America funds workforce education, community development, and more
According to the Chronicle of Philanthropy, Bank of America ponied up $US181 million in cash to charitable causes in 2017, which is 0.6% of its $US29.2 billion pretax profit.
Since the 2008 recession, the financial firm has concentrated its giving on basic needs and economic mobility by funding community development, workforce education, and hunger and other urgent needs, according to Fortune. In the past, it has worked with Feeding America to battle hunger.
10. Microsoft Corporation works with more than 200,000 nonprofits
In 2017, Microsoft Corporation gave $US169 million cash to charity – or 0.7% of its $US23.1 billion pretax profit, according to the Chronicle of Philanthropy.
Via its Microsoft Philanthropies arm, the tech giant works with more than 200,000 nonprofits and has donated more than $US1.4 billion in cash grants and technology (as of February 2018), according to a LinkedIn article by Mary Snapp, corporate vice president and lead for Microsoft Philanthropies.
According to the article, in 2017, Microsoft made a $US25 million commitment – one of its biggest philanthropic investments – to the Markle Foundation’s Skillful program, which identifies the most in-demand skills for employers and trains people in them.
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