Corporate Charity Rose Less Than 1% Last Year Despite Big Profits
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NEW YORK — Corporate charitable contributions crept up only slightly in 1993 and probably won’t rise much this year either, despite the national economic recovery, a business group said in a survey released Monday.
Companies responding to the Conference Board study estimated they increased their giving by less than 1% in 1993--even though it turned out to be a banner year for many U.S. companies.
“The main reason is the economy,” said Maria Buenaventura, author of the report from the New York-based Conference Board.
The recession is over by most estimates, but Buenaventura said companies have been slow to increase giving to education and charities “until the economy gains a little more momentum.”
The Conference Board said that for 1993, companies responding to its survey estimated they had increased their charitable giving by a median 0.9%. For 1994, no increase was expected.
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