Navigating the Regulatory Compliance Landscape in Corporate Philanthropy
There is a dizzying array of regulations in corporate philanthropy. How do you ensure you are compliant and avoid the risks that can diminish your philanthropy impact?
Over the years, corporate philanthropy has evolved from a series of disconnected individual acts to a vital strategic component of a company’s corporate social responsibility (CSR) program… and has attracted increased regulatory scrutiny of the recipients of corporate largesse for links to international money laundering, organized crime, terrorism financing, financial mismanagement, fraud, and related issues. Therefore, to avoid reputational risk and deeper legal/tax/financial infringements, companies must ensure full regulatory compliance and due diligence before the disbursement of funds or other forms of corporate giving, and can do so with technology-enabled vetting solutions. Vetting allows organizations to review nonprofit organizations that receive tax exemptions from the Internal Revenue Service and file an annual report, called a 990, which guides how they operate and an overview of their program spending.
Corporate Philanthropy Is a Strategically-Important Multi-Billion Dollar Industry.