Last year top financial and healthcare companies gave away the most money to various charitable organizations and causes, leading a pack of huge corporate donors that meted out about $4.8 billion in total funds.
This according to a recent study from The Chronicle of Philanthropy, a magazine and news source covering the charity and non-profit world. According to the organization’s annual survey of corporate donors, which this year tracked the giving tendencies of 68 of the largest firms in the U.S., the overall output rose 2%* over 2014’s reported donations.
Topping the list is healthcare behemoth Pfizer, which doled out more than $3.2 billion last year, $93.3 million of which was in cash and the rest in donation of products and services. Overall, Pfizer’s charitable output rose 44% over what it gave away last year.
In second position on Chronicle of Philanthropy’s list is Gilead Sciences. Based in Foster City, California, the bio-pharmaceutical company gave away more than $2.3 billion in donations last year—a 101% increase over its giving last year. Nearly $447 million of its donations were in cash.
Third on the list is another well-known healthcare firm, Merck & co., which donated more than $1.8 billion last year, $133 million of which was in cash.
Five of the 10 largest cash donors on The Chronicle’s list are financial institutions. Wells Fargo handed out $317 million plus and Goldman Sachs more than $276 million. JPMorgan Chase JPM +1.11% gave $236 million; Bank of America BAC +1.79% gave $168 million, and Citi gave $143 million. According to The Chronicle, banks on the list are parties to billion-plus dollar settlements with the U.S. government for their role in the 2007-2008 financial crisis and might see donations as a tool to tend to their besmirched public images.