Wal-Mart is Largest ?Corporate Cash Giver?

Wal-Mart Stores Inc. has been recognized by Forbes magazine as the “largest corporate cash giver” in the United States. The magazine cited The Chronicle of Philanthropy’s annual survey based on sales and cash donations for 2002.r

At a time when donations to the 400 largest charities dropped last year to $46.9 billion from $47.5 billion in 2001, a total of 1.2 percent, Wal-Mart’s cash contributions increased in 2002 to $136 million, up 17 percent from 2001.r

“As donors are feeling more pinched, charities are feeling it, too.”r

Wal-Mart did not rate in the Top 10 when considering 2002 corporate cash donations as a percentage of 2001 income. Retail rival Target Corp. was No. 1 at 2.56 percent followed by MetLife Inc. (2.51 percent), Albertson’s Inc. (2.42 percent) and Best Buy Co. (2.05 percent). r

rTAB CHARTrr

Corporate Cash Giversrr

Here are the Top 10 corporate charitable donors during 2002 with all dollar values in millions:rt tr

——————————————-2001–2002 Cash
r—————-2002 Total –% Change –Operating –Donations as a %
rRank–Company–Cash Giving–From 2001–Income–of 2001 Income
r1–Wal-Mart Stores Inc.–$136–17%–$13,354–1.02%
r2–Altria Group Inc.–$113—7%–$8,765–1.29%
r3–Ford Motor Co.–$113—18%–$6,432–1.76%
r4–Exxon Mobil Corp.–$97—19%–$29,602–0.33%
r5–Target Corp.–$96–10%–$3,759–2.56%
r6–J.P. Morgan Chase & Co.–$93–0%–$7,740–1.21%
r7–Johnson & Johnson Inc.–$84–7%–$8,698–0.97%
r8–Wells Fargo & Co.–$82–24%–$11,969–0.69%
r9–Bank of America Corp.–$81—16%–$15,644–0.52%
r10–Citigroup Inc.–$78–15%–$20,519–0.38%
r————Totals–$973—-$126,482–0.76%rr

Sources: Forbes, The Chronicle Of Philanthropy