10 of the companies that give the most to charity in the US
10 of the companies that give the most to charity in the US

10 of the companies that give the most to charity in the US

Posted on

Here’s something to feel good about: Total charitable giving in the United States reached record levels in 2017, with an estimated $410 billion donated to various causes by groups and individuals, according to Charity Navigator.

Of that total, 5% — or nearly $21 billion — came from corporations, up 8% from the previous year.

Here’s a look at some of the US companies that donate the most to charity.

Biotech firm Gilead Sciences donated the most money to charitable causes in 2017 — $388 million — according to the Chronicle of Philanthropy’s survey of charitable giving by major US companies in 2017.

Considering that the company’s annual pretax profit is $13.5 billion, its giving takes up 2.9% of said profit, the Chronicle survey states.

According to a 2016 report by Fortune, the company generally gives cash grants to health-related projects, such as the nonprofit Liver Foundation.

2. Wells Fargo & Company gives back locally and nationally

Wells Fargo & Company came in second for 2017 giving, donating $287 million in cash of its $27.4 billion pretax profit, or 1%, according to the Chronicle of Philanthropy.

According to BusinessWire, in 2017, Wells Fargo donated to more than 14,500 non-profits, and employees volunteered 2 million hours. Highlights of the company’s charitable efforts included $28 million donated to veterans and military service members, $45 million in down-payment assistance and other home-buying resource through NeighborWorks, and $10.6 million to the American Red Cross.

In 2019, the company plans to use 2% of its after-tax profits for philanthropy, BusinessWire reported.

In 2017, Goldman Sachs Group gave $280 million in cash to charity. That’s 2.5% of its $11.1 billion pretax profit, Chronicle of Philanthropy reported.

Their charitable missions include 10,000 Women, which provides education, funding, and other resources to women entrepreneurs around the world, and 10,000 Small Businesses, which invests money and resources in people running small businesses.

Google donated $255 million in cash to charity in 2017, which is 0.9% of its $27.2 billion pretax profit for the year, according to the Chronicle of Philanthropy.

In 2017, Google announced that it plans to give $1 billion in grants and contribute one million volunteer hours over a five-year period, according to Philanthropy News Digest. The charitable work will focus on “education, economic opportunity, and inclusion.”

According to the Chronicle of Philanthropy, JP Morgan Chase & Company donated $250 million in cash to philanthropic causes in 2017 — 0.7% of its $35.9 billion pretax profit.

In January 2018, JP Morgan Chase announced a commitment to boosting philanthropic efforts by 40% in the next five years, Philanthropy News Digest reported.

The total of $1.75 billion in charitable investments will focus on economic revitalization in underserved neighborhoods, increasing support for the Entrepreneurs of Color Fund, and providing job training to those in need. 

Johnson & Johnson focuses on health-related causes locally and globally

Charity
Johnson & Johnson HQ in New Brunswick, New Jersey. 

Johnson & Johnson, in 2017, donated $227 million in cash to charity, according to the Chronicle of Philanthropy. Of its $17.7 billion pretax profit, that’s 1.3%.

The medical devices, pharmaceutical, and consumer packaged goods manufacturing company supports health-related causes via global and community-based partnerships, such as the C40 Cities Climate Leadership Group, according to its website.

Pfizer donates funds to support health-related causes

Charity
Pfizer donated $210 million to charity in 2017. 

In 2017, Pfizer donated 1.7% of its $12.3 billion pretax profit, which equals $210 million in cash, according to the Chronicle of Philanthropy.

The pharmaceutical giant provides grants for health-related causes, including the International Trachoma Initiative, which works to eradicate the blindness-causing eye infection.

ExxonMobil focuses on three main areas with its giving

Charity
Education, malaria prevention, and economic opportunities for women have been the targets of ExxonMobil’s charitable donations. 

ExxonMobil, which takes the ninth spot on the Fortune Global 500 of the biggest companies in the world (based on 2017 revenues and profits), donated $204 million in cash in 2017, according to the Chronicle of Philanthropy. That’s 1.1% of its $18.7 billion pretax profit.

The oil and gas company focuses on three areas with its giving: education, malaria prevention, and economic opportunities for women, according to a 2016 report in Fortune. It has worked with the international women’s group Vital Voices and the Medicines for Malaria Venture.

Leave a Reply

Your email address will not be published.