Corporate philanthropy generally refers to the charitable acts of a business or corporate organization towards others’ welfare. Charitable deeds range from giving employees time do volunteer, to donating money to charity organizations. It doesn’t matter if you’re a small business. You can show your customers you care through even a basic corporate social responsibility plan.
While corporate philanthropy is a noble endeavour, there are tremendous corporate benefits for donating to charitable organizations. The donating business increases their visibility in the community. Also, by giving to their local communities, they get to connect with their primary customer base. Charitable giving affords companies the chance to network with other companies, thus potentially building significant business alliances.
Businesses can also enjoy tax deductions for charitable donations, including employee spare time or old inventory. They’d only have to ensure they give to approved charities or social endeavors. Corporate giving doesn’t have to be extensive or costly. You can begin donating to charitable causes in the following ways.
Launch a Charity Drive
A charity drive is a collection of goods such as food, clothes, or cash gifts. Launching a charity drive isn’t a difficult task for any willing organization. Begin by enlisting a few members of your staff in a team of organizers. Afterward, set goals for your charity work in the local community. For instance, you can set targets on how much you expect to raise.
Do you expect a specific weight of books you’re looking to provide for a charitable cause? When you’re clear on the number of gifts you hope to generate, seek a partner organization. These organizations could be charities that will receive your donations or businesses that can advertise the drive. Appreciate all participant donors quickly and inspire others with your success story.
Create Volunteering Project for Teams
Your organization can do something that can improve your local community through employee volunteering. When you and your staff participate in a volunteering project, the company also benefits from social capital. Your team can get to collaborate more through the volunteering projects, bringing every member closer together.
Indeed, such projects can also support underprivileged persons inside your organization. However, make sure to choose a project that your employees feel is important and exciting. The organization could draw up a list of possible projects and allow them to make a choice.
Your employees may decide to clean up a public space. Or, they could make courtesy visits to geriatrics or veterans in the community. Volunteering projects don’t have to be complicated for you to impact people in your environment. You can seek further information on ways you can give back in your area or state.
Helping through Disaster Relief Efforts
There are efficient charity organizations like Food for Life Global, directly providing relief to disaster victims. Your organization may partner with these organizations by sending donations specifically for relieving communities in need. By partnering with these global or national organizations, you can reach out to distant disaster-prone populations.
However, if a nearby community falls victim to some mishap, you may decide to help out directly. Guide your employees in such situations to inspire them towards a social change. Your employees could pool food or materials and donate to affected communities. After the impact of the disaster wanes, your brand name would linger in the minds of the community.
Employee Philanthropy Support
People are likely to transact with companies with which they feel some form of connection. And giving charitably to your community can create a positive memory that isn’t fading soon. You can support employee engagements in some volunteering work in the community through employee grant stipends.
Millennials are known to favor companies that are involved in social causes. Any organization concerned about their future would therefore need to give attention to corporate charity. Your organization can set up a scheme for matching gifts employees give to charity organizations. These matching grants can encourage more employee donations towards improving the quality of life of others.
Corporate Sponsorships and Events
Local sporting events and community celebrations are a very crucial part of people’s lives. It’s not a bad idea if you sponsor a sports team or event nearby. Residents in the community will identify your interests in their passion and mark your brand name.
Your organization could also put up a sponsorship that inevitably showcases your products and services. If your company produces energy-creating consumer goods, how about supplying them for athletes? There are various events in the community that need public spending. Liaise with your staff and, where possible, come up with a practical idea.
Offer Pro-bono Services
Aside from the methods mentioned above of corporate philanthropy, your organization can look to providing pro-bono services. A pro-bono service is any act a corporate organization does for the good of the public. Generally, pro-bono charitable donations include free professional services or subsidized company offers.
You could engage your team of professionals in offering pro bono services to non-profit organizations. For example, your company could organize a program where indigenous persons can access its services at subsidized rates. Keep in mind that you advance a competitive edge while supporting charitable causes with your resources.
Promote Donation of Non-Cash Items
Your organization can also encourage your employees to donate non-cash items to charity. Some charity organizations receive donations ranging from clothes, food, to vehicles and electronics. Rather than disposing of your old inventory half-heartedly, you can give them to a charity that could sell them.
When employees observe this corporate culture of handing out non-cash items, they’re likely to join. Corporate donations don’t have to be bogus. That deliberate pooling of resources of different employees can help needy populations in unique ways.
Donate Money Online
Cash donations are well-known means of making charitable contributions. Social enterprises like feedOM are involved in different charitable giving like feeding needy children and planting trees. The major benefit of working with a social enterprise like feedOM is that not only do you get to support charity but you also get recognized for for doing good through their OM Guarantee certification program.
While charitable organizations would appreciate your donated canned foods, a monetary donation is much more adaptable. Giving money rather than materials to charities could also raise the intrinsic value of your gift. Instead of donating items individually, the charity could use donated funds for bulk-buying the necessary goods.
Your business has the right to enjoy tax deductions on corporate donations. As long as you make your contributions the right way, you can receive a tax deduction. Ensure that the charity you’re donating to has a license from your government as a non-profit organization. For detailed guidelines, consult the Internal Revenue Service website.
When donating to a charity, confirm whether they need the gift. That’d help in determining the fair market value of your charitable contribution. Also, see to it that the charity issues a receipt stating the details of your donations. Itemize the deductions you want to receive and request for a discount from the IRS.
Whatever your choice is, your local community—and your organization—would benefit from your charitable activities. Your donation doesn’t have to scale above your organization’s capability. While involving your employees, you can bring them along in improving the quality of human lives globally.
We provide a sponsorship opportunity exclusively to socially-responsible companies that wish to make a positive social impact through our OM Guarantee ™ certification.