In the light of financial crisis 2007 - 2010, many companies have had to trim their spending. Meanwhile, in the previous years, they donated billions of dollars. Although there remained many big corporations which still gave away billions to charity in the global slowdown, others slimmed down their cash donations. In 2009, many company gained bigger profits, but this did not translate into bigger donations. Tough economic times could not prevent America’s largest business from continuing giving in 2009. 30% of the large corporations gave more cash, and 16% gave about the same as the year before. In general, total of 68 companies gave less in 2009 than 2008. Cash and product giving combined fell for the first time for recent seven years. The following is a list of companies which gave most in 2009. They were measured by comparing total giving in cash and products during 2009 to total profits from the year before.
New York-based pharmaceutical company Pfizer (NYSE: PFE) ranked No.1 in the list of the most generous corporations which gave cash and products most in 2009. The company contributed $2,346,952,232 to charities, equivalent to 24.2% of its 2008 profits.
Charitable contributions in 2009: $2,346,952,232
General Mills, Inc. (NYSE: GIS), which markets many famous brands like Yoplait, Colombo, Betty Crocker, and Green Giant, contributed $90,695,516 to charities in 2009.
Charitable contributions in 2009: $90,695,516 2009
Giving as a percentage of 2008 profit: 5.2%
Wells Fargo, one of the big four banks of the United States with Bank of America,JP Morgan Chase, and Citigroup, was the only bank in the United States to be rated AAA in 2007. In light of the financial crisis of 2007-2010, the bank’s rating has been lowered to AA-. Strongly affected by the financial crisis, it still took number 7 out of 10 most generous companies that gave most. It gave $202,014,244, which equals 6.2% of its 2008 profits.
Charitable contributions in 2009: $202,014,244
Target (NYSE: TGT), the second largest discount retailer in the United States, behind Walmart, gave an amount equal to 5.3% of its 2008 profits in 2009. The company gave $187,623,743 in cash and products in 2009.
Charitable contributions in 2009: $187,623,743 2009
Giving as a percentage of 2008 profit: 5.3%
In 2008, Abbott Laboratories (NYSE: ABT) has more than $29 billion in revenue. The North Chicago-based pharmaceutical health care company gave $584,110,381 to charities in 2009. The company gave 26% more in 2009 than 2008.
Charitable contributions in 2009: $584,110,381
Indianapolis-based pharmaceutical company Eli Lilly, which was established in 1876 by a pharmaceutical chemist, Eli Lilly, is the world’s largest manufacturer and distributor of psychiatric medications. Eli Lilly took 6 of the top 10 spots on the list of companies that gave most. It gave $405,633,000 million in cash and products in 2009.
Charitable contributions in 2009: $405,633,000
Food processor and marketer Tyson Foods (NYSE: TSN) ranked No.2 in total cash and product giving. This second largest food production company in the Fortune 500 gave $16,428,902, which equals 10.7% of its 2008 profits. The company holds the second spot on the list of the most generous companies in America. Tyson Foods is the world’s second largest processor of chicken, pork and beef only behind Brazilian JBS S.A.
Charitable contributions in 2009: $16,428,902
Oracle's charitable contributions in 2009: $2,091,900,000 2009
Giving as a percentage of 2008 profit: 9.3%
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