Pharmaceutical Firms Take the Lead in Corporate Giving
In its annual survey of corporate giving, The Conference Board reports that total corporate contributions in the U.S. and abroad (among 197 major corporations and corporate foundations) amounted to $10.97 billion in 2007, up slightly from $10.2 billion in 2006. Total U.S. giving among 197 corporations polled was $8.62 billion in 2007, with a median contributions budget of $10.03 million.
"Pharmaceutical companies continue to substantially outpace all other industry categories," says Carolyn Cavicchio, senior research associate, The Conference Board Center for Corporate Citizenship & Sustainability. "But, in fact, in the majority of industries, the median contribution has gone up. The largest increases were in the financial, insurance, chemicals, and computers and technology industries."
Reflecting the increased global reach of business operations, international grantmaking is continuing to rise as a significant component in the giving programs of many large companies. Total overseas charitable contributions (as reported by 74 companies surveyed in both the 2006 and 2007 samples) reveals a 30.18% increase in international contributions, while median contributions for these same companies increased nearly 17%.
Health and human services continued to lead as the top-ranking recipient of U.S. corporate support in 2007, as they have for five of the past six years. They also received the most support internationally. The share of U.S. contributions directed to this area rose 22% from 2006 to 59.28%.
U.S. giving to education remained about the same as the previous year at $1,459,743. Donations to culture and the arts rose from $337,277 to $366,942. In fact, with the exception of giving to the environment, which declined by 4.42% from 2006 to 2007, giving to all other beneficiary categories increased from the previous year.
The Conference Board 2007 survey of corporate contributions was conducted via e-mail between March and June 2008.