Robert Bassam Charitable Giving News Page
Easterns Automotive Group CEO Robert Bassam believes that philanthropy among businesses will only become bigger moving forward.
According to the National Philanthropic Trust, 5% of the total charitable giving in the country or around $18.46 billion dollars had come from corporations in 2015, which was a 3.9% increase from the previous year’s donations. 2015 also marked the sixth straight year wherein giving had increased among the public. NPT estimates that total charitable contributions will amount to a total of $21.2 to $55.4 trillion between 1998 to 2052; with these figures, one can infer that the increasing trend is a reflection of how giving and philanthropy is becoming more and more of a personal advocacy among individuals and companies alike, rather than a mere PR or marketing gimmick.
Among the Fortune 500 companies that made charitable giving a top priority, here are the most generous in terms of cash contributions:
#1: Gilead Sciences – The research-based biopharmaceutical company increased its philanthropic efforts by more than 60% in 2015, donating a total of $446.7 million. Among the grants given, $11 million went to 101 community organizations for HIV prevention initiatives and $2 million to Liver Foundation to fund its plan of building a health facility in India.
#2: Walmart – Walmart and the Walmart Foundation claims the No. 2 spot with cash contributions totaling $320 million. In their Giving Report, they highlighted their donations amounting to more than $1.4 billion in cash and in kind, including 1.5 million hours of volunteer time. Some of their charity focuses are women’s economic empowerment, U.S. veterans’ support, small business development, hunger relief, nutrition education, and disaster relief and resiliency.
#3: Wells Fargo – In 2015, the most generous bank was Wells Fargo with cash contributions totaling $281 million, spread out among 6,300 nonprofits that focused on community development, affordable housing, education, disaster relief, financial education, clean technology, and job training, among others. The bank also donated $80.1 million to 7,400 educational programs and schools around the U.S. and $12.3 million to more than 472 nonprofits that focused on environmental projects.
#4: Goldman Sachs Group – Next on the list is financial services firm Goldman Sachs with cash contributions totaling $276 million in 2015, which brings up its charitable giving record to more than $1.6 billion since 2008. Some of its key philanthropic initiatives are the “10,000 Women” program which provides business management education and access to capital to women entrepreneurs around the world, and the “10,000 Small Businesses” program which serves more than 7,700 small business owners, bringing them practical business education, access to capital, and a network of support for business advising purposes.
#5: ExxonMobil – Last among the top five most generous companies is oil and gas company ExxonMobil with cash contributions totaling $227 million. According to the company’s worldwide giving report, $107 million supported U.S. communities and $120 million supported communities in other countries around the world. The ExxonMobil Foundation has identified women’s economic opportunities, math and science education, and fighting malaria as its focus areas.
Other Fortune 500 companies that have notable charitable giving are Chevron, JPMorgan Chase, Bank of America, Google, and Citigroup.
Stay tuned to this page by Robert Bassam for more news on charitable giving.