Why Should Businesses Make Donations to Charity

Imagine a Singapore where every business becomes a beacon of hope. At Food from the Heart, we have seen this vision come to life as companies embrace corporate charity, not just as an act of goodwill but as a core part of their identity.

By stepping up as a company to support meaningful social causes, business organisations are doing more than just helping those in need. In "Building a better tomorrow for all, together" an article published in The Business Times, Mr Patrick Lee, CEO of Standard Chartered Bank, detailed the advantages of its corporate giving.

Corporate volunteers from Standard Chartered Bank at HEART ON WHEELS food donation drive

Beyond making profits, corporates can also make a difference in society. This demostrates a dedication to making a positive change in society, which in turn, brings multifacted benefits overtime.

Corporate charity is not a new concept, but its significance has soared in recent years. Today's discerning consumers and employees seek more than just quality services or products; they are drawn to businesses that demonstrate genuine social responsibility.

 

 

Enhancing Brand Reputation with Corporate Charity

When it comes to enhancing a company's brand reputation, charitable giving is a powerful tool. Take Microsoft, for instance. Its philanthropic division has extended technology grants to numerous non-profit organisations. This commitment has not only empowered these organisations to amplify their impact but has also cemented Microsoft’s image as a frontrunner in corporate social responsibility, showcasing the power of technology for the greater good.

 

Fostering Community Engagement through Corporate Charity

Corporate philanthropy can serve as the lifeblood of local community initiatives, fostering significant social impact. Take for example, the initiatives of FairPrice Group. Through NTUC FairPrice Foundation, their registered charity which was set up with a mission to provide "A Better Life for the Community", they have championed numerous community programmes. Their community involvement goes beyond charitable support; they also encourage employees to volunteer, thus creating a ripple effect of positive change within society.

Resorts World Sentosa's Eat Well @ Community Shop initiative aims to provide lower income families with better access to fresh produce

 

Improve Employee Engagement and Retention with Corporate Charity

Studies have shown that organisations with robust corporate charity programmes tend to have lower employee turnover rates. Employees often feel more invested in a company that mirrors their own values and gives back to the community. This alignment can be a critical factor in not only retaining talent but also attracting new employees who prioritise corporate responsibility in their job search. 

Corporate volunteers from BNP Paribas help with food checking and sorting at a recent food donation drive

 

Financial Benefits and Tax Incentives from Corporate Charity

Furthermore, corporate donations are eligible for 250% tax deduction in Singapore, a significant incentive for businesses to engage in charitable activities. This deduction applies to cash donations made to approved charities and Institutions of a Public Character (IPCs) and is also available for qualifying expenses incurred when employees volunteer their services to these organisations.

 

It is important to note that to reap these financial benefits, businesses must ensure that their donations are made to approved charities and IPCs. Note that donations must be made to organisations that are able to issue tax-deductible receipts.

 

Kickstart Your Corporate Charity Partnership with Food from the Heart

Now that we have explored the various benefits of corporate charity, let's redefine the essence of business success. It's time to look beyond the balance sheets and profit margins and measure achievements not just in dollars and cents, but in the smiles we bring to faces and the lives we touch. 

Photo from Sime Darby Services' LinkedIn post

 

At Food from the Heart, we invite you to partner with us on this journey of social transformation. Our programmes and activities, such as Bread Run and School Goodie Bag, provide tangible opportunities to engage in corporate volunteering in Singapore and directly contribute to alleviating hunger. By doing so, you don't just tick a box for corporate social responsibility; you build stronger social connections and create ripples of change that benefit all. Join us on this transformative journey, and be a vital part of nourishing lives and sharing hope in Singapore.