Study finds megabanks' philanthropic efforts lack transparency and livelihood
January 04, 2013
A study that was recently released by the National Committee for Responsive Philanthropy found that philanthropic giving records from four of the mega banks in the United States are not as generous and transparent as expected.
The "Take and Give: The Crimes and Philanthropy of Bank of America, Wells Fargo, Goldman Sachs and JPMorgan Chase
" report found that only one of the banks met the median for philanthropic giving in the financial industry, while all four failed to present clear cut public records about charitable contributions and recipients. Additionally, all four banks studied in the survey fell below benchmarks for giving to social justice projects and marginalized societies.
"These too-big-to-fail banks already hurt America with their lawbreaking and unscrupulous practices that greatly contributed to the financial crisis," said Aaron Dorfman, executive director of NCRP. "The question is - should you trust them when they say their charitable giving is especially generous and effective? I wouldn't."
Organizations that are providing funds for multiple nonprofit programs might find it easier to manage their large-scale efforts with fundraising management
programs that can account for funds as they are disbursed to recipients.