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Do private companies donate more than charities?

Excerpts from Andrew Frye's article in the Bloomberg news:
Charles Munger, the business partner of billionaire philanthropist Warren Buffett, said private investment may advance society more than charity. "I believe Costco does more for civilization than the Rockefeller Foundation," Munger said.
Buffett, the world's third-richest person, has committed more than 99 percent of his wealth to charity and in June publicly challenged billionaires to give away half their fortunes.

 
tasches

Asked by tasches at 11:48 AM on Sep. 19, 2010 in Money & Work

Level 48 (298,202 Credits)
This question is closed.
Answers (6)
  • my understanding is the private (profit driven)companies donate primarly in monetary and physical items (food, clothes, etc) and charities donate services (counseling, job training, etc...) in addition to physical items. additionally charities are non-profits so their funds are very limited. without the donation of profit driven companies or wealth individuals most charities would not survive. i believe they are symbiotic. without each other, they would not be as effective.
    rfurlongg

    Answer by rfurlongg at 11:57 AM on Sep. 19, 2010

  • Rick folks (and large companies) give it away bc it's a tax write off so they essentially benefit from even giving it away plus everyone thinks they are swell for doing it. It's a win - win for givers. I'd have to see their tax records to answer your question accurately.
    Anonymous

    Answer by Anonymous at 11:53 AM on Sep. 19, 2010

  • I'd like to see the states he used as a basis for this article before I can answer one way or another.
    HotMama330

    Answer by HotMama330 at 12:00 PM on Sep. 19, 2010

  • I concur with you op they should donate more and stop spending so much on them selves. Obviously they see that our country is in need and they choose to either help another country or to donate to another rich person. I hate it really do I do I do I do!
    agriffinmom4

    Answer by agriffinmom4 at 12:12 PM on Sep. 19, 2010

  • my husband used to bitch because target doesnt let people stand outside and sell stuff or even salvation army for donations.. well when he started for them he found out why they donate like 20% of their grose income to charities and if you have a target credit card you can opt for 10% donation to your school everytime you spend.. its awesome..so they do donate a lot.
    swaney06

    Answer by swaney06 at 2:04 PM on Sep. 20, 2010

  • With the previous postings, I realized I should provide more info for those interested in the article - it was published in the San Francisco Chronicle on September 18, 2010.
    tasches

    Comment by tasches (original poster) at 3:18 PM on Sep. 19, 2010