Sarah Ford
Is the Death of Corporate Philanthropy Exaggerated?
By John Godfrey
The end of corporate philanthropy was predicted in a post on the Forbes Leadership Forum. Paul Klein, who heads business and civil sector consulting group Impakt, encourages any corporations who are giving away their hard-earned dollars to charity to stop.
Klein, admittedly, doesn’t go as far as Milton Friedman famously did, saying that the only responsibility of a business was to make a profit, or as Jamie Whyte implied even more stingingly in the Wall Street Journal, “Corporate philanthropy is theft.” However, Klein spares no punches when it comes to charities. He recommends they “can address the loss of 5% of their revenue by reducing costs, improving efficiency.” (Those who argue that charities should spend more on overheads will wince at that uppercut.) The five-percent figure quoted is the corporate contribution to nonprofit income.
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