IBM, Cummins Engine Are Top Corporate Philanthropists of ’89

International Business Machines Corp. and Cummins Engine Co. were the top corporate donors to charity in 1989, according to a survey.

IBM, which contributed $135 million to charity in 1989, gave the most money, while Cummins Engine was first in percentage of pretax income. The Indiana diesel maker’s $3.4 million in contributions last year represented 16.5% of net income before taxes.

Public Management Institute of San Francisco listed the top givers among U.S. businesses in its second annual “Generosity Index.”

Among dollar leaders, Hewlett-Packard Co. of Palo Alto was second with $74.5 million in donations, and General Motors was third with $62.2 million.