Fallout from the slump in corporate earnings could hit local nonprofits hard.
On Monday we reported on how the economic crisis portends a rough patch for charities that rely on donations.
I looked up a few more corporate foundations to see what impact they have on the local nonprofit scene. Unless individual giving rises dramatically, nonprofits will have to find ways to do more with less. The following list is not exhaustive, but I tried looking up every foundation connected to a company in the Richmond Stock Index. My search did not include private companies and probably leaves out others. RBS has not heard of cuts in giving, but national media outlets are reporting that corporations are slashing their philanthropy.
The Circuit City Foundation donated $1.58 million in 2007, including $1.2 million to the Boys & Girls Club of America. The company donated smaller amounts to local charities as well.
The LandAmerica Foundation gave way $1.87 million in 2006 to causes all over the country. The Richmond-based title insurer filed for bankruptcy protection and sold several other units in November. In 2006, the company donated a large sum to the American Red Cross, and various health-related causes. Locally, the foundation gave $30,000 to the Arts Fund of Richmond, $2,500 to the Brandermill Rotary Club, $41,000 to the First Freedom Center, $20,000 to the Greater Richmond Chamber of Commerce, $15,000 to Homeward, $10,000 to Lewis Ginter Botanical Gardens, $6,000 to the Maymont Foundation, $10,000 to the Metropolitan Richmond Sports Backers, $90,000 to Richmond Habitat for Humanity, around $80,000 to VCU.
Media General, the Richmond-based owner of newspapers and TV stations, disbanded its foundation in 2006, according to paperwork filed with the IRS. In 2006, the Media General Foundation gave $20,000 to the Metropolitan Sports Backers, two donations of $47,870 to the Southern Newspaper Publishers Association, $15,000 to the Virginia Sports Hall of Fame and $21,055 to the University of North Carolina.
The Genworth Foundation gave away $3.26 million in 2007. The company gave $250,000 to the Virginia Performing Arts Foundation, $148,000 to the Children’s Museum of Virginia, $125,000 to the Virginia Museum and $307,000 to the United Way of Greater Richmond. Genworth also gave $1.87 million to the American Red Cross.
The Dominion Foundation gives money to charities across the Eastern Seaboard. In Virginia, the Dominion Foundation gave $30,000 to the Richmond Symphony, $30,000 to the Virginia Opera and $5,365 to the Central Virginia Food Bank.
The CarMax Foundation gave out $1.1 million in 2007, including $150,000 to MADD, $30,000 to Child Savers of Richmond, $32,000 to Habitat for Humanity and $20,000 to the Central Virginia Food Bank. The company donates heavily to causes that advocate driver safety.
The Brinks Foundation gave $410,000 in 2007 to three charities: $10,000 to Children’s Hospital, $250,000 to the Virginia Performing Arts Foundation and $150,000 to the Byrd Theater Foundation.
* all statistics are according to IRS 990 forms, which you can find at Guidestar.