Corporate philanthropy is a general term that describes the initiatives businesses adopt to promote the welfare of specific communities through monetary and non-monetary charitable donations. For-profit companies view corporate philanthropy as a way of giving back to the organizations that support their existence. On the other hand, nonprofits use philanthropic contributions to attract free money in volunteer grants.
How Is Corporate Philanthropy Different from Corporate Social Responsibility (CSR)?
Although philanthropy and CSR overlap in practice and some corporations use the two terms interchangeably, they are dissimilar. CSR is broader than philanthropy and focuses on much more than giving to the community. Corporations practice CSR to impact their employees, local community, and environment positively. Philanthropy is essentially an integral part of CSR that companies use to promote their brand image or as part of a public relations company.
-
-
To continue reading please visit SteveMalehPhilanthropy.com.
