The 2024 Giving USA annual report on philanthropy has just been released!
[Thanks to Benefactor Group for coalescing all their intel and trend analysis into an easy-to-comprehend infographic!]
The good news: contributions are UP!
The bad news: those gains didn’t keep up with inflation.
You know what? I lay it ALL at the feet of CORPORATIONS!
The inflation: corporations are raising prices while their profits (and CEO salaries and stock dividends) are at record highs.
Lower contributions (when adjusted for inflation): corporations gave just 7% of the total contributed last year. That’s the lowest faction, lower than bequests (8%). By far the prize for giving goes to individuals (67%), and then foundation (19%).
For shame!
The level of greed while others suffer is incredulous to me. Families can’t afford to feed their children, yet the food pantries that might be there to help them are being squeezed by corporate greed.
What to do about it?
1) Change your corporate sponsorship strategy.
a. For the corporations you have a relationship with: get their “Community Investment” officer on the phone and work with them to assess what really rings their bell. Then offer that (without “chasing the money”)!
i. Does the bank need you to have an account with them? Does the manufacturer need more visibility? Does the wealth management company need access to your staff/volunteers/constituents to offer their services? Do they need volunteer opportunities for their associates?
b. For the corporations you don’t yet work with: hound those corporations in your region that are NOT philanthropic to start! Take your business (and all you offer in a corporate sponsorship) elsewhere until they get the message.
i. Is there a sports team that is not being locally sponsored? Are there businesses moving into your area? Are the car dealers/restaurant chains/grocery stores/etc. in town being good partners with the local non-profits? Any business beyond the magnitude of a mom-&-pop is fair game.
2) Watch your spending (both personal and on behalf of your agency), and make sure you take your dollars to the corporations that ARE giving back. Send a message!
a. “Vote” with your wallet, and encourage others to as well. Sing the praises of the corporations that ARE doing a good job of being good partners, and drive all the business their way as possible.
i. If there’s a choice between going to the big chain drive-thru and picking up from the corporate sponsor’s business — by all means, do THAT! Start a movement and watch it spread. Put your community’s corporations that withhold their vast wealth on notice!
b. Watch out for an app being developed by an Indiana University student (at the Lilly School of Philanthropy) to help you target those corporations. Stay tuned — I will blog about it as SOON as it releases!
