Economy Takes Toll on Giving
The downturn in the economy is prompting many small-business owners to scale back on charitable giving, a recent survey found.
According to the Chronicle of Philanthropy, 60 percent of more than 1,000 small businesses recently polled said they were thinking twice about making donations this year as a result of the economic crisis. Thirty-eight percent said they were donating less, while 47 percent said they were giving about the same amount as last year.
The businesses all made between $100,000 and $250,000 in annual revenue.
Despite the downturn, up to 43 percent of respondents said they felt businesses don't do enough charity work. The biggest constraints cited were money, time and a lack or organization.
In general, the survey also found newer businesses were more likely to incorporate giving into their business plans, while encouraging employees to donate to charities.