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Charity slowdown – Economic slump blamed

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Corporate philanthropy should stay flat this year after five years of double-digit growth, The Chronicle of Philanthropy reported July 26.

Fifty-five of 91 firms surveyed by the newspaper said they would donate roughly the same amount or less this year than in 2000.

Among 44 firms that disclosed their 2001 giving budgets, cash contributions would fall 2 percent on average, while the median change – with half the firms planning to give more and half planning to give less – would grow 4.1 percent, less than three-fifths the rate of last year’s median change.

More than one-third of the firms that disclosed income figures in the survey made less in pretax profits last year than in 1999, the Chronicle said.

Two dozen firms that disclosed data for 2000 and 2001 said they would give a median of 0.9 percent of last year’s pretax profits in cash and products this year, compared with 1.1 percent in 2000.

For full story, go to The Chronicle of Philanthropy [subscription only].

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