A recent survey ranked Minneapolis-based Target as the eighth-most generous company in the United States based on the share of its cash profits that it donated last year.
Forbes cited a report by The Chronicle of Philanthropy, a newspaper that covers the nonprofit realm, which surveyed the 150 U.S. companies with the highest revenues—and 70 companies chose to participate.
Out of the 70 companies, New York-based aluminum manufacturing giant Alcoa gave away the highest percentage of its profits, 12.1 percent, which totaled $39 million. Target gave away substantially more, $149 million, although that only accounted for 3.2 percent of its total revenue.
The list was ranked by percentages rather than the raw amount of cash donated. So although Walmart gave away the most cash of any company—$312 million—that only totaled 1.3 percent of its revenue.
Following Alcoa was Safeway (7.2 percent), UPS (5.6 percent), Bank of America (5.4 percent), State Farm (4.1 percent), Kroger (3.3 percent), and then just ahead of Target was MetLife (3.2 percent).
According to the Chronicle, U.S. corporate profits increased to an all-time high of $1.9 trillion in 2013, up more than 5 percent over the previous year, but corporate cash giving rose less than 3 percent, to $4.6 billion.
While cash donations haven’t kept up with profits, product donations rose by 22.8 percent last year, according to the Chronicle.
Target recently began a product donation program for its school supplies. Between July 13 and August 2, Target is donating one school supply item to a student in need for every school supply purchase made at Target. The company said its goal is to donate up to $25 million in supplies to nearly 2 million children.
The company says that, through its various community grants and programs, its total giving equals more than $4 million a week.
This article is reprinted in partnership with Twin Cities Business.