By Nancy Syverson, Editor-in-Chief, IMPO
Manufacturing.Net - November 10, 2006
American industry has a long tradition of corporate giving. In 1889, Andrew Carnegie, founder of Carnegie Steel (today U.S. Steel) publically announced that the rich had a moral obligation to give away their fortunes. Since then, corporations have developed a wide array of charitable vehicles: foundations; non-profit and association umbrella groups; and community outreach programs.
In dollars and cents, charitable corporate contributions are on the rise. The Conference Board estimated that corporations gave away $12 billion in charitable donations in 2004, a big jump from only $3.88 billion in 2003. Targeted areas of contribution were health and human services; education; and art. In addition, international giving has also increased. More than $260 mln has been donated to Tsunami relief funding."