Giving to Mass. Nonprofits by Top Corp. Donors Rose 19%
September 25, 2015 Total corporate charitable givingcash and in-kind servicesby the top 50 donors to Massachusetts nonprofits rose 19% last year, compared to two years earlier, although giving by the very largest corporate donors dropped by nearly 7%, according to a recently published listing.
Total cash gifts by the top 50 corporate donors rose 6%, while total in-kind giving increased 45%, according to the listing compiled by the Boston Business Journal (BBJ).
Citigroup Inc., which was not included in the listings, this week announced it will cancel its sponsorship of the Citi Performing Arts Center
, which operates the Citi Wang Theatre, the Citi Shubert Theatre, and the Colonial Theatre, when the naming rights contract comes up for renewal in November, The Boston Globe reported.
Citigroup reportedly provided about 10% of the nonprofits annual $30 million budget.
Nationally, a newly released report based on a survey of 271 U.S.-based companies found that nearly half of all corporate donors increased their charitable support over the last three years by more than 25 percent, while 36% decreased their support over the same period.
The report, Giving in Numbers
, produced by CECP, a coalition of chief executive officers, and The Conference Board, a business research group, said 41% of survey participants will maintain their 2014 giving levels this year, 38% expect to increase giving, and the rest said they would decrease giving in 2015.
The top corporate donor to Massachusetts nonprofits last year was Liberty Mutual Insurance Group, which gave $14.6 million in cash, and no in-kind support, according to the BBJ, down from $16.5 million two years before, when the company ranked number 3 on the list.
Two years earlier, the top donor was State Street Corp., which gave$19.8 million in cash and no in-kind support to Massachusetts nonprofits. Last year, it dropped to the number 3 slot, giving $12.2 million in cash and $44,000 of in-kind support.
The top 10 corporate donors to Massachusetts nonprofits last year contributed $103.7 million in cash, according to the BBJ, down from $111.4 million two years earlier. However, the top 10 corporate donors increased in-kind giving last year to $2.8 million, up from $2.6 million.
The top 70 corporate donors to Massachusetts nonprofits last year gave an average of $2.9 million in cash and $4.3 million of in-kind support. That compares to $2.7 million in cash and the same level of in-kind support two years earlier.
According to Giving in Numbers
, education is the most popular cause area across all companies, and the companywide day of service was voted the most successful volunteer program. Overall, donors said the business case for giving is aligned with research on purpose-driven, long-term performance.
"Robust corporate social responsibility and sustainability strategies underpin the way in which the most successful and most admired companies structure their operations, and engage with their employees and customers," said Conference Board CEO Jonathan Spector. "It's no surprise that the data in this year's Giving in Numbers
report show a practice that is getting smarter at delivering value to business and society, and, as a result, a practice that is increasingly vital to everyday operations."