Charitable giving

Definition

Charitable giving involves donating money, goods, or time to support philanthropic causes and organizations. It can enhance a company's reputation and contribute to its sustainability goals.

5 Must Know Facts For Your Next Test

1. Charitable giving can improve a company's brand image and customer loyalty.
2. Donations can be tax-deductible, providing financial benefits to the company.
3. It is often included as part of corporate social responsibility (CSR) strategies.
4. Charitable contributions can attract and retain employees who value social responsibility.
5. Transparency in charitable contributions is crucial for sustainability reporting.

Review Questions

• How does charitable giving contribute to a company's sustainability efforts?
• What are the potential financial benefits for companies that engage in charitable giving?
• Why is transparency important in reporting charitable contributions?

Related terms

Corporate Social Responsibility (CSR): A business model that helps companies be socially accountable to stakeholders and the public.

Sustainability Reporting: The practice of disclosing information on an organization's economic, environmental, and social performance.

Tax Deductible Donations: Contributions made to qualified organizations that can reduce taxable income.