7/13/06

Corporate Giving: Quieter Side Of Philanthropy

While Buffett and the Gateses were making headlines, the country's nearly 2,600 corporate foundations were busy too. Corporate foundations gave a record $3.6 billion in 2005, a nearly 6% increase over the previous year, according to estimates by the Foundation Center, a New York-based institute that tracks corporate philanthropy.

That's more than two and a half times the total grants paid by the Gates Foundation in 2005, which approached $1.4 billion. And it doesn't include the money that companies give directly, without going through a foundation.

Total corporate giving increased 22.5% last year, to about $13.8 billion.

[Excerpt of article by Daniel J.T. Schuker, Forbes]

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