Strategic Philanthropy-Bank of America Essay

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11/24/2012 | Bank of America | Strategic Philanthropy Project | Strategic philanthropy is the practice of organizations by which they target their respective charitable and philanthropic activities around a specific issue or cause that will in turn support their own business objectives. Organizations look to use philanthropy as a means to simultaneously and directly benefit their business interests and those of a beneficiary organization. Strategic philanthropy is associated with corporations, not individuals, and usually involves participation from the board of directors and multiple departments. Strategic philanthropy has an expectation of increased company profit, recognition, and other direct or indirect benefits. The act of giving in any form is based on research, creative planning, careful execution, analysis of the results, and strategy revisions if company is not seeing their desired results. Strategic philanthropy is mutually beneficial for both the donor company and the non-profit. The donating company can increase its reputation in the eye of the consumer as well as participation by leveraging the positive imagery affiliated with the recipient non-profit. The non-profit stands to increase their brand value through affiliation with a corporation, a higher level of awareness of the cause with which they are involved, attract new sponsors, donors, and volunteers. I feel that strategic philanthropy is important because it links the organizations core values and goals with the charitable giving. Before strategic philanthropy, organizations used the traditional United Way approach. Organizations would give to a variety of charities unrelated to their business and their philanthropy efforts would make no significant impact on any particular cause or on the organizations reputation within the community in which they operate. Strategic

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