Corporate Philanthropy

[Page 717]Corporate philanthropy is the practice by companies of giving charitable donations to a wide range of societal institutions, especially nonprofit or nongovernmental organizations (NGOs), including social service agencies, environmental groups, housing and poverty agencies, schools and universities, hospitals, and other organizations, whose goals are to benefit society in some way. Sometimes termed corporate social investment, corporate philanthropy can be considered a part of companies’ overall approach to corporate community relations and to the somewhat broader concept of corporate social responsibility (CSR). CSR is defined as a direct attempt by companies to contribute to the betterment of society. CSR, with its elements of philanthropy, is part of the larger picture of companies’ corporate citizenship, which is defined as the ways in which a company’s strategies ...