what is corporate philanthropy

Corporate philanthropy refers to the voluntary act of a corporation or business providing financial support, in-kind donations, or other resources to nonprofit organizations, causes, or initiatives that promote the public good. It is a form of corporate social responsibility (CSR) that aims to contribute to societal goals of a philanthropic, activist, or charitable nature. Corporate philanthropic activities can include monetary investments, donations of products or services, in-kind donations, employee volunteerism, and other business transactions. Some examples of corporate philanthropy include company donations to charity, community volunteering, and socially-responsible business practices. Corporate philanthropy can help support community development and create positive social change by providing resources and funding for vital programs, services, and initiatives. Engaging in corporate philanthropy can also provide businesses with tax benefits and incentives, such as deductions for charitable donations or credits for supporting certain community initiatives.