While more than two-thirds of companies reported profit hits in 2008, a majority of leading companies gave more to charity last year than the year before, a new study says.
Non-cash giving was particularly strong last year, says the survey of 137 companies by the Committee Encouraging Corporate Philanthropy.
While much of the increase was driven by strong third-quarter profits, corporations also went beyond their formal giving budgets to help with natural disasters.
Among the 55 Fortune 500 companies that participate in the survey, six in 10 reported increasing their charitable giving, even though they sustained larger profit declines than smaller companies.
Corporate CEOs and giving officers say they are committed to fulfilling their existing commitments to grantees and also are working to align their companies’ philanthropic goals with their business goals.