Corporate Charity Rose Less Than 1% Last Year Despite Big Profits

Corporate charitable contributions crept up only slightly in 1993 and probably won’t rise much this year either, despite the national economic recovery, a business group said in a survey released Monday.

Companies responding to the Conference Board study estimated they increased their giving by less than 1% in 1993--even though it turned out to be a banner year for many U.S. companies.

“The main reason is the economy,” said Maria Buenaventura, author of the report from the New York-based Conference Board.

The recession is over by most estimates, but Buenaventura said companies have been slow to increase giving to education and charities “until the economy gains a little more momentum.”

The Conference Board said that for 1993, companies responding to its survey estimated they had increased their charitable giving by a median 0.9%. For 1994, no increase was expected.