The National Committee for Responsive Philanthropy and the Rockefeller Foundation have released the report "Banking on Philanthropy: Impact of Bank Mergers on Charitable Giving." Contrary to the belief that mergers would have a negative impact on corporate giving, an examination of several bank foundations' 990-PF tax filings from 1983 to 2005 reveals a significant increase in total giving. The report suggests that the growth can be attributed to a greater emphasis on strategic philanthropy by corporations, as well as the work of community advocates calling for regulators and banks to support community needs.
The data also revealed that a majority of bank foundations' tax filings were in violation of certain IRS rules. The report concludes with recommendations for increasing corporate giving as well as suggestions to achieve greater transparency in corporate philanthropy. The banks that were analyzed include Bank of America, JP Morgan Chase, Citicorp, SunTrust, Wachovia, Washington Mutual, and Wells Fargo.
The full text of the report is available at the National Committee for Responsible Philanthropy's web site.
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