Five Charitable Companies
Corporations and charities aren’t two ideas that necessarily go hand in hand. Corporations generally exist to make money; charities give it away (or use it to give away items or resources to people in need). However, some companies do freely give their profits to charities, showing that even the corporations that make the biggest profits are also invested in people who make the least. Here are the five most charitable companies.
The biggest grocery store chain in America is also one of its most charitable companies, in terms of percentage of profits. In 2010, Kroger donated more than 10 percent of its overall profits – approximately $64 million – to charities at both local and national levels. Kroger’s charitable endeavors include not only donations, but also employee volunteering efforts programs and participation in programs to feed the hungry. Kroger’s store loyalty card-holders can also choose local charities to which they would like a portion of their bill to be donated, allowing communities to rally around local causes.
Charity may not be the first thing that comes to mind when you think of a company that sponsors showy events like the Macy’s Thanksgiving Day Parade, but this department store actually gives a significant amount of its profits to charities around the country. Macy’s consistently gives approximately $40 million annually to charitable organizations, and encourages its customers to give back around the holidays with its “Thanks for Sharing” campaign.
Walmart giving does not total much of its overall profits (less than 1.5 percent, actually), but because this corporation is such a behemoth, its charitable donations, dollar for dollar, are more than almost any other company in the world – it was knocked down to #2 in 2013 by Wells Fargo. Walmart donates over $300 million per year to charity. The company also donates significant amounts of food to charities and hunger-prevention programs.
4. Goldman Sachs
Another surprising company that ranks high on the corporate giving list is Goldman Sachs. Despite its alleged role in causing the recession of 2008, Goldman actually works in some ways to prevent poverty by donating millions to charity. In fact, during a time period in which its own profits dropped by 35 percent, Goldman increased its charitable giving by a whopping 300 percent, bringing them to $315 million total. Though the company has been accused of using charitable donations to bolster their image after the fiscal crisis, the fact remains that few companies have donated more than Goldman.
Target makes the top 10 charitable corporations list, with its donations coming in at five percent of total profits. Target’s employees are some of the most generous with their time as well, as Target runs a substantial employee service program. Target’s goal is to transform for the better every community with a Target store, and by giving to charities that support education, hunger prevention and public safety, they’re doing just that.
– Elise L. Riley
Sources: Forbes, Business Insider