Column: Individual, corporate generosity continues to thrive
Smith began FedEx Corp. as Federal Express in 1978 in Memphis, which it still calls home. A former Marine Corps captain who served two tours of duty during the Vietnam War, and a Yale University graduate, Smith was also a quiet philanthropist, as are many czars of industry.
His financial support included donations to the University of Memphis, the Memphis Zoo and a gift to the Marine Corps Scholarship Foundation to endow a scholarship for children of Navy service members who enroll in STEM (science, technology, engineering and math) collegiate studies, according to his Associated Press obituary.
'America is the most generous country in the world,' the AP quoted Smith as saying in 2023. 'It's amazing the charitable contributions that Americans make every year.
'I think if you've done well in this country, it's pretty churlish for you not to at least be willing to give a pretty portion of that back to the public interest,' he added.
That's the sort of corporate spirit overlooked by those who call for millionaires, billionaires and corporations to pay their 'fair share' of taxes. 'Billionaire giveaways' has become the rallying cry for those who want to ensure working families should not have to pay for personal or corporate tax breaks at the state and federal levels.
Those who have made it big in business, sports and entertainment, already pay some of their fair share when it comes to charitable donations. Corporations, too, are ready to dip into their earnings for the greater good.
Like AbbVie, based in North Chicago, where officials announced in late May that they have a multi-year partnership with the Chicago Cubs to help fund cancer research. The pharmaceutical firm, spun off from Abbott Laboratories in 2013, is involved in 'Striking Out Cancer.'
AbbVie will donate $233 for every strikeout a Cubs pitcher tosses during home games this season. The donation amount is in honor of the approximately 233 Americans diagnosed with cancer every hour, according to the American Cancer Society.
'Every strikeout this Chicago Cubs season is more than a statistic on the scoreboard — it is a step forward in supporting those living with and fighting cancer,' said Tracie Haas, AbbVie's senior vice president, corporate affairs, in a statement, adding, 'We aim to create greater awareness for cancer advocacy and to make a remarkable impact for those living with cancer worldwide.'
The total amount raised — which could be more than $100,000 this season– will be donated to Cubs Charities in support of not-for-profit organizations working to advance the fight against cancer. AbbVie has several oncology therapies for leukemias, lymphomas, lung and gynecological cancers.
Full disclosure: Like many other Lake Countians, I know a number of AbbVie employees, friends and relatives, who work hard and enjoy their careers. They also donate their time and money to various charities in the area.
If they are like other Americans, they give a lot when it comes to philanthropy. Across the U.S., charities received $592.5 billion in donations in 2024, a 3.3% increase over 2023, according to the most recent 'Giving USA″ survey, the AP reported June 24.
This is in the midst of drops in federal funding, funding uncertainty from Washington, D.C., and increased demand for services from nonprofit groups. 'The fundamentals of giving are still working like they historically have in the U.S.,' Jon Bergdoll, managing director for Giving USA, was quoted by the AP. 'It is important to take comfort in that we are still seeing the same things move and shift giving that, 20 years ago, moved and shifted giving.'
The AP said companies, particularly in the tech sector, pushed corporate giving up 6% last year. Individual giving was up 5%.
The share of giving by each source remained stable over the past two years, according to the report. In 2024, individuals accounted for the largest share of giving, 66%, followed by foundations at 19%, bequests at 8%, and corporations at 7%.
The biggest jumps in donations were in giving to public society (such as the United Way) benefit, 16.1%; international affairs, 14.3%; and education, 9.9%.
Bergdoll's Giving USA told the AP that in times of crises, human-services organizations, which feed and house people, often see bumps in donations.
Of course, corporations and individuals receive tax deductions for their contributions to the public good. But they aren't forced to make those gifts.
Most do it to help local communities and their corporate hometowns. With federal and state governments cutting back the amount of money nonprofits have received in the past, billionaire and corporate donations are becoming lifesavers for those who depend on social service agencies to live comfortably.
That's something that shouldn't be forgotten when some call for sharing the wealth.
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