Business

4 Ways Corporations Can Get Involved in Philanthropy

Volunteering time, money and other resources is a common activity for both individuals and organizations of various sizes. Here are four ways corporations can get involved in philanthropy.

1. Pledge Money Toward Humanitarian Crises

Corporations, particularly those with a presence in international markets, need to be aware of positive and negative world events. If your corporation is aware of what’s going on in the world, you’re more likely to recognize when locations or groups need humanitarian aid. Stefan Soloviev, for example, has donated $1 million to Americares. The money assists Americares in supporting health services and emergency response teams in Ukraine and neighboring countries.

2. Support Cultural Organizations

Another philanthropic endeavor Stefan Soloviev supports is Russian American culture and cultural exchange. He does so through the American Russian Cultural Foundation, the mission statement of which is to engage the two cultures in dialogue and bridge cultural gaps. Your cultural philanthropy could involve the culture your executives or founders hail from, the culture the country or countries where your corporation is based or a blending of cultures.

3. Support Causes Your Founder Cares About

Everyone has a charitable cause he or she cares about a great deal. Talk to your corporation’s founder or founders about the philanthropic opportunities they’re passionate about and start considering what organizations or causes your corporation can successfully support or get involved in. If your corporation’s founder has passed away or retired, you could consider getting the company involved in a cause you know he or she was passionate about or that impacted his or her life. For example, if your founder or one of their family members developed cancer, then you may focus your corporate philanthropy on giving money toward researching a cure for that specific type of cancer.

4. Sponsor Local Nonprofits

One of the most rewarding aspects of corporate philanthropy is to sponsor nonprofit organizations and volunteer groups in your local area. Keep an eye on fundraising campaigns in your area. Sponsor or host charitable events in your community. Consider backing local youth groups or sports leagues. You may also consider partnering with other organizations or corporations for larger events.

You should get your corporation involved in philanthropy that makes sense for your organization. This doesn’t mean you need to support literacy endeavors if you’re running a corporation focused on publishing. Instead, it means you should get involved in causes that align well with your company’s culture and values.