No company gave more money and products to charity in 2011 than Walmart, according to The Chronicle of Philanthropy’s annual ranking.
The publication put Walmart at the top of its list of the 10 most charitable companies, indicating that the company donated $342 million in cash and $616 million in products last year. That is the equivalent of 4.1% of the company’s 2010 pretax profits.
“Walmart continues to make good on its 2010 $2 billion pledge to help feed low-income people,” according the publication. “Last year, it provided $60 million and 338 million pounds of food to anti-hunger groups. 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.”
Following Walmart on the ranking of the top 10 most charitable companies were Goldman Sachs, ExxonMobil, Wells Fargo, Chevron, Bank of America and JPMorgan Chase, Target, General Electric and Citigroup.
While no company gave away more money and products than Walmart, Target did best the company in terms of it rate of contribution, donating 4.7% of its pre-tax income compared to Walmart’s 4.1%. Target donated $146 million in cash and $63 million worth of products last year, according the Chronicle.
“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.
A summary of the report is available by clicking here.
A list of the 50 most charitable people is available by clicking here.