For-profit organizations should engage in and support philanthropic efforts (Corporate social responsibility)

Corporate Philanthropy

It is easy to estimate what corporate America is pulling in by simply looking at the amount of money they spend on advertising and celebrity endorsements . The evidence of increased affluence can also be seen in the kind of lifestyle exemplified by the CEOs of said companies

In this era of billion dollar industries the question has to be asked on the necessity or the responsibility of for-profit organizations to engage in and support philanthropy ? An initial reaction would be the affirmative as there is almost no negative consequence to

the idea of receiving a gift . But then again there is no such thing as a free lunch so to speak

This study will attempt to get a basic understanding of corporate philanthropy and what it means to the donor and to the receiver as well .Spirit of Giving

Even before tax deductible corporate charitable contributions became part of business strategy , there were already businessmen and organizations imbued with the spirit of giving . In the early year of the twentieth century Milton S . Hershey , a deeply religious man belonging to the Mennonite sect took great pains in to bless others as he was blessed and this was explained by Andrew Savitz

Hershey [ .] wanted his wealth to be used `for a purpose of enduring good , [ .]

Through his Hershey Improvement Company , he founded most of its leading institutions , including local bank , department store , zoo , and public gardens modeled on those at the French Versailles [ .] He even founded a community college that local residents and company employees could attend free of charge (2006 ,

. 5-6

When the Great Depression ravaged corporate America in the 1930s this same spirit of giving has alleviate the suffering of many people . After this time the Federal government has seen the potential of corporate giving in helping the government during times of crisis and even in providing assistance for economic growth

The government then made decisive steps to harness this potential Wilkinson et al , described the rationale , 1n 1935 , during the height of the Great Depression , corporate giving to private charity was welcomed as a means to reduce the taxation that would otherwise be required by local communities shouldering the burden of caring for unemployables (2006 , section 1-4

Thus , in a way the spirit of giving was regulated and before while the gift was given freely without any prodding , now those who gave are rewarded with incentives such as the tax deductible contributions that many are familiar today

Social Responsibility

In times of crisis it is understandable why the help of businesses are required to help prevent an economic collapse or a major breakdown in the social system of this country but what about in the times of peace and less turbulent times where can corporate philanthropy come in

Louis Boone , writing about the realities of 21st century businesses asserted that corporate success is not only about dollars and cents but by abiding with an unwritten code of corporate...