When you think of grants, what else do you think about? Obviously, you must be thinking of foundations or some governmental agencies. But, corporations can be a good source of grant funding as some have committed themselves to have grant programs. Such corporations are normally sponsored by large multinational corporations but with well-defined programmatic areas.
Cane Bay Partners have played a big role in showing how corporations can be committed to charitable works supporting society. However, it is necessary to note that some companies support small numbers of local nonprofits consisting of one-time cash gifts of goods or services. If you are a beginner, the following is vital information you should know about corporate philanthropy.
Types of corporate giving
Corporates give back to society as a way of appreciation and support in several ways. They provide grants and cash gifts which are donated in the form of goods and volunteer services. They establish foundations and administer formal grant programs. These programs are sometimes similar to those organized by private foundations. A corporate foundation will have a shorter application process compared to a private foundation. Also, you will realize that it will have lighter reporting requirements.
However, when a company decides not to have a foundation, it might give out gifts through other channels. It can organize an employee matching gift program whereby the company can match, dollar-for-dollar, or any other cash donation to its employees.
Other types of support
- Sponsorships- A company can decide to sponsor a fundraising event by organizing a bike race or walk-a-ton. This happens when such a company chooses not to write a check to a nonprofit. It caters to all the costs associated with holding such an event, and in exchange, the company logo is displayed on the marketing materials. Also, the event has labeled the name of the company.
- Marketing- This is another idea of corporate support. A company chooses to associate itself and its operations with certain nonprofits. It brands its website, products, and other used advertising tools with the nonprofit’s logo to show its endorsement. The skill of co-branding products has multiple purposes. It displays the nonprofit’s logo on the company’s products. So, the company assists nonprofits in advertising its products, hence raising awareness about the nonprofit motive or goal. In another case, a company is likely to use the technique to endorse a cause. This means adding a nonprofit’s logo to its products’ packaging and giving away some of the sales to the organization.
- Non-cash gifts- These are also referred to as in-kind support. It’s not always obvious that corporate donations should be in the form of cash gifts. It can support organizations through donating goods either manufactured by the company or others. The company can provide cut-price or free proficient services. To do this, a company can permit staff to volunteer a specified number of hours a week during working hours to provide the services. Such programs also include a secondment that is known to involve company employees working full-time for a nonprofit. This happens for a certain period, maybe for months or a year. However, the employees still keep their job at the company and receive their regular salaries and benefits.
How to find corporate donors
There is a number of ways to unearth corporate giving programs, which include checking on;
- Foundation Database- Some companies have foundations, which means that one can check in the donor database. Those companies with formal CSR programs are listed in the donor databases, which are popular and easy to get.
- Company website- Most companies have websites. If you want to find out whether the company has giving programs, search the company website. You might be lucky to get the information you want.
