Magazine article American Banker

Roundtable Survey Finds Rise in Charitable Donations for '02

Magazine article American Banker

Roundtable Survey Finds Rise in Charitable Donations for '02

Article excerpt

Financial Services Roundtable members made at least $1.19 billion of charitable donations for 2002, with Habitat for Humanity International getting a good chunk of those dollars and of volunteer time, the roundtable said.

Donations were up 6%, according to the roundtable's fifth annual Survey of Community Involvement. The 65 companies that responded to the poll, the results of which are due out today, represent about two-thirds of the group's membership of large banking, insurance, and investment firms.

The respondents' community development investment and loans also rose, by 2.6%, to $70.3 billion.

"Our companies are in fact good corporate citizens in their communities, as they financed both business and consumer needs," said Steve Bartlett, the roundtable's president. "Employees get involved and deliver a certain energy to it that is awesome. Their energy level drives companies to do more every single year."

The increase in charitable donations was lower than the national average for business giving, according to the AAFRC Trust for Philanthropy, which tracks charitable giving. For 2002 corporations reported $12.19 billion of donations, up 10.5%.

Mr. Bartlett said it was tough for members of the Financial Services Roundtable to top the 39% jump reported in the 2001 survey. That surge was largely attributable to the response to the terrorist strikes at the heart of the nation's financial community.

Likewise, the roundtable attributed a dip in volunteering in 2002 to the long hours logged by volunteers from New York City companies after 9/11. Volunteer hours reported by roundtable companies slipped from 10.3 million in 2001 to 8.2 million.

Habitat for Humanity, an organization that arranges for volunteers to help build homes in their communities, received a lot of volunteers' time. …

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