The Chronicle of Philanthropy is out with its ranking of the leading charitable donors and Target ranked eighth in 2011.
Target donated $146 million in cash and $63 million worth of products last year, according the Chronicle. It is a significant sum that and equates to roughly 4.7% of the retailer’s pretax profits.
“Target is providing more than $12-million this year to improve libraries in local schools across the country,” the Chronicle noted. “The company is also making $1.5-million in grants to encourage reading at more than 100 schools that participated in its library-makeover program in the past. Both efforts are part of Target’s plan to give $1-billion to education by 2015.
While there were seven other companies who donated more to charity in 2011 than Target, of those who made a profit none gave a higher percentage of their pretax profits.
Top ranked Walmart was close at 4.1%. The Chronicle’s ranking showed Walmart donated $342 million in cash and $616 million in products.
“Walmart continues to make good on its 2010 $2 billion pledge to help feed low-income people. Last year, it provided $60 million and 338 million pounds of food to anti-hunger groups,” according to the Chronicle. “ The company is also doubling its commitment to support job training and education for military veterans to $20 million over the next five years and plans to provide $100 million to help women around the globe gain job and entrepreneurial skills.
Other company’s who donated more than Target included Goldman Sachs, ExxonMobil,
Wells Fargo, Chevron, Bank of America and JPMorgan Chase. Rounding out the top 10 were General Electric and Citigroup.
A summary of the report is available by clicking here.