Corporate Philanthropy Accelerated In 2020 And Should Continue Into 2021
Despite 2020’s economic headwinds, most major global companies spent more on philanthropy in 2020 than they had budgeted. A survey from The Conference Board Environmental, Social & Governance (ESG) Center of public and private companies with median revenues of $28 billion found that 61 percent had exceeded budgets last year. And more than 67 percent of these leading companies plan to maintain or increase their total level of giving in 2021.
The survey attributes corporations’ stepped-up spending to efforts to address the pandemic and racial inequality in 2020. Of those surveyed, 58 percent of respondents used incremental funds to respond to COVID-19 and 54 percent used incremental funds to do more to address racism in the U.S.
Along with sustained corporate giving in 2021, more than 70 percent of respondents have resumed in-person volunteering and 88 percent are now offering virtual volunteering opportunities. Companies are also providing additional support and flexibility for nonprofit partners, with 77 percent having increased funding and nearly 75 percent removed restrictions to allow nonprofits to use grants for general operating expenses.