Wal-Mart, Walton Family Gave Almost $600m in 2007

Top 10 Organizations for Annual Giving, 2007

(Source: Annual Reports)

BENTONVILLE, Ark., Feb. 25, 2008 – Wal-Mart announced that the company and its Foundation gave $296 million in 2007 – $5.6 million per week – benefiting more than 4,000 U.S. communities. Donations last year reflected a $23 million increase over giving in 2006.
Additionally, Wal-Mart customers and associates again proved to be some of the most generous in the nation, donating $106 million through individual contributions and company-sponsored fundraisers, bringing total 2007 U.S. giving to more than $400 million. For the last two years, Wal-Mart has been recognized by the Chronicle of Philanthropy as the largest corporate cash contributor in America. The company expects that today’s announcement will confirm this position for Wal-Mart for the third consecutive year.

How does $402 million in annual giving compare to the annual giving of the most generous U.S. foundations? Well, as shown in the chart above, Wal-Mart gives more than all but five charitable organizations, and ranks #6 for annual giving.

In addition, the Walton Family Foundation gave $189 million in 2007. Add that amount to Wal-Mart's $402 million, and Wal-Mart and the Walton Family gave almost $600 million in 2007, second only to the Gates Foundation. Wal-Mart is one of the most generous organizations on the planet.

Disclosure: No positions

Comments

[Roudy11z]

It would appear that the Walton family(WMT) could find it in their heart to give more than published? This has not been their forte in the past.
Roudy11z

[lookout scout]

Hmm...the Gates Foundation's endowment is $38.7 billion...Wal-Mart's profits are somewhere closer to $400 billion. I don't got real good math smarts, but somehow I think the Gates foundation still comes out on top.

Also, Wal-Mart makes its money by systematically ruining communities and lowering the standard of living for the working class. If the company factored those costs against its charitable donations, I don't think they'd still be considered so generous.

[KRANKY]

The bigger question remains as to where those "charitable" contributions were handed to.
Did the bulk go to right wing organizations such as Bob Jones University, Regent University, the Heritage Foundation, the Hudson Institute, the American Enterprise Institute, et al?

Worst*Mart "gives" to its water-carriers and fellow travelers in the exploitation society, and then deducts that from the gross, reducing their corporate tax responsibilty.

Generous...or self-serving?