1. Direct Cash Donations
Nonprofit organizations will tell you that money is needed most. These organizations are geared around collecting donations to meet the needs of those they serve, so when thinking about creative ways for your business to giveAfter creating a profitable business, many entrepreneurs want to give back to the communities or industries that helped them succeed. There are many creative ways to do so.
USA Giving, a public service initiative of The Giving Institute, states that corporations gave $16.88 billion in 2020. From tax deductions to employee retention to garnering goodwill in their community, there are many reasons business owners look for ways to give back.
Below, serial entrepreneur Jason Kulpa details ten ways entrepreneurs can use their newfound success and influence to help those that have enabled their business to flourish.
back – don’t forget good old cash.
2. Matching Gifts:
One great way to increase the amount donated to a charity is with a corporate matching gift program. When an employee gives to an approved charity, the company matches the donation. Companies customarily match donations at a 1:1 ratio, but some will donate at a 2:1, 3:1, or even a 4:1 ratio. Sixty-five percent of Fortune 500 companies offer a matching gift program.
3. Volunteer Grants:
Corporate volunteer grants are a generous vehicle for increasing the value of an employee’s volunteer work. When an employee meets a threshold for volunteer hours, usually from 20 to 50 hours, the company will also provide a volunteer grant to the organization. Ranging from $250 to $750, these grants incentivize employees to stay involved in their community as a volunteer. Forty percent of Fortune 500 companies offer volunteer grant programs.
4. Charitable Foundations:
Giving to charitable foundations can effectively support various organizations. They are a category of nonprofit that typically provides funding and support for other charities through grants but may also engage directly in philanthropic activities.
5. Seed Funding for Entrepreneurs:
To give back to and bolster a community or industry, businesses can provide seed funding for entrepreneurs. Tech companies, for example, often provide funding for entrepreneurs launching startups developing complementary technologies.
6. Donate Goods and Services:
Setting up an office collection box for clothes or food is a great way to provide an opportunity for employees to participate in helping others. In addition, food drives around Thanksgiving and toy drives near Christmas are a convenient way for workers to give back to the communities in which they live and work.
7. Revenue Sharing:
Charitable revenue sharing can take many forms, but it is essentially a vehicle for giving a share of a company’s revenue for charitable purposes. Suppose, for example, a company manufactures sports apparel. Under a charitable revenue sharing program, they might choose to donate a portion of every sale to youth sports programs.
8. Employee Selected Charities:
To help employees stay engaged in a company’s philanthropic endeavors, a business may let its workers choose which charities receive all, or a portion, of its donations.
9. Paid Volunteer Hours:
Some business owners feel so passionate about giving back that they offer programs by which they pay workers for volunteering. Under these programs, employees can work up to a specified number of hours each month as volunteers at a food bank, Habitat for Humanity, or another charitable organization.
10. Employer Donation Drives:
Many large charities have programs designed to make it easy for companies to sponsor a donation drive. In some cases, employees can have a percentage of their wages automatically deducted from each paycheck. This method makes employee charitable giving effortless for the employer and their workers.
About Jason Kulpa:
Jason Kulpa is a serial entrepreneur and the Founder and CEO of UE.co, San Diego’s Fastest Growing Business multi-year award winner, and a Certified Great Place to Work multi-year winner. Mr. Kulpa is a San Diego’s two-time winner of the Most Admired CEO Award of the San Diego Business Journal and also a semi-finalist for the Ernst and Young Entrepreneur award. Under Mr. Kulpa’s leadership, in 2018, his teams volunteered at over 24 events and worked side-by-side to improve the San Diego community. They hosted a gala dinner benefiting individuals with autism, cheered on Special Olympic athletes as they broke their records on the track, and brought school supplies and cold-weather gear to students impacted by homelessness. Jason’s mission is to bring awareness, support, and inclusion for special needs causes.