Corporate Giving Programs and Foundations

Corporate Philanthropy refers to the investments and activities a company voluntarily undertakes to responsibly manage and account for its impact on society. It includes investments of money, donations of products, in-kind services and technical assistance, employee volunteerism, and other business transactions to advance a social cause, issue, or the work of a nonprofit organization. Corporate foundations and corporate giving programs traditionally play a major role in these areas.

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What is the Sarbanes-Oxley Act?
The Sarbanes-Oxley Act of 2002 was designed to rebuild public trust in the corporate community in the wake of the Enron scandal and other corporate and accounting scandals. Sarbanes-Oxley requires publicly traded companies to adhere to governance standards that expand board member roles in overseeing financial transactions and auditing procedures.

What is the five percent payout requirement?

Each year, every private foundation must make eligible charitable expenditures that equal or exceed approximately five percent of the value of its endowment. The purpose behind the minimum payout requirement contained in Internal Revenue Code Section 4942 is to prevent foundations from simply receiving gifts, investing the assets, and never spending any funds on charitable purposes. The basic rule can be stated simply, but its calculation is complex.

Both the board and CEO advance each foundation’s mission. They hold different responsibilities, but they need to support and balance each other.

Sample form that might be used by the Board to evaluate the Chief Executive. This sample should be customized to the particular culture and purpose of the agency by modifying the performance criteria as appropriate for the organization, inserting those criteria, and conducting the evaluation using the updated criteria.

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