Corporate Giving: What You Need to Know
Moreso than ever before in history, philanthropy and “doing good” is being built into the for-profit corporate world. Historically, the nonprofit and for-profit spaces were seen as separate, and that the nonprofit space was where good deeds were done while corporate bodies towed the foundation’s line. Corporations have long supported nonprofits but never at the level of individual donors.
Why Is Corporate Philanthropy Important and Growing?
More and more, consumers look for brands that they support, not just because of quality products but because of social and environmental responsibility. Corporate brands are powerful financially and socially as they are massive institutions that possess loyal followings. These entities recognize that consumers want companies to not only lift their shareholders but also the community. Therefore, these corporations have begun to include philanthropy as part of their business plan in order to satisfy consumers. This has led to more interrelation between the efforts of corporations and nonprofits as these groups work together to fund social good.
What Can Corporate Philanthropy Do For Your Nonprofit?
The opportunities presented by corporate giving should not be overlooked. These days, almost every corporation has a Corporate Social Responsibility program that directs support to nonprofits. Most of these corporations offer matching gift programs as well as volunteer grants for employees.
Matching Gift:
Matching grants are donations that are made after an employee makes a donation. Typically, the employee makes a gift and then submits documentation to the company (often online these days), and then the company makes an additional gift in the same amount. This means that you can double donations received from corporate employees. Organizations should note that some corporations will match gifts at a greater value compared to the original gift. For example, some offer a 3:1 matching program.
Organizations can promote matching gift programs by creating a list that shows what local corporations offer gift matching. The organization then knows when someone is eligible for matching gifts or it can share the list with donors. It is critical to follow up on these gifts after they are made to ensure that the corporate gift is then pursued. The best time to do this is right after the gift is made as the nonprofit knows that it is addressing an audience that definitely supports its mission. There are online programs that help nonprofits track gifts, send automatic reminders, and allow for more customization.
Volunteer Grants:
Volunteer grants are giving initiatives that reward employees who volunteer with nonprofits by giving to that nonprofit. Depending on the structure of the program, which differs from corporation to corporation, the employee may receive funds after a certain number of volunteer hours is achieved or per hour volunteered. Just like with matching gift programs, the key here is to communicate the availability of these programs to your volunteers. A list may once again be helpful here as you can prescreen the large corporations in your community to find out if they offer volunteer grants.
The key here is to communicate the availability of these programs to donors and volunteers. Some of your supporters may not be aware that their employer will help them support their favorite cause. According to Double the Donation $4-7 billion in matching gift funds are unclaimed annually and over 26 million individuals work for companies that offer matching gift programs. Take advantage of this opportunity to boost your fundraising numbers with very little extra work.
Failing to plan is a plan to fail. At NMBL Strategies, we love helping our clients plan. We take the experiences and insights our team has cultivated in the 30+ years leading nonprofits and deliver them to our clients in strategic, business, fundraising plans, and more.
