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Create a philanthropy committee and budget
Form a team, set a budget, hold regular meetings and ensure long-term viability for impactful philanthropy.
Last updated 24 December 2024
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Overview
Establish the human and financial capital needed to guide and execute the business’s philanthropy strategy and initiatives.
Steps and levels
Basic | Intermediate | Advanced |
|---|---|---|
1. Establish a Team: Bring together a team that will champion your business's philanthropy strategy. | 1. Host regular and focused meetings Ensure that the Philanthropy Committee stays abreast of evolving social needs. | 1. Expand philanthropic budget Ensure that the philanthropic budget expands proportionally with business growth, to achieve scalable and sustained impact. |
2. Set up a philanthropy budget Establish a budget and allocate financial resources specifically assigned for philanthropy and document it in the business’s budget. | 2. Budget strategically The Philanthropy Budget should fund strategic initiatives that align with your business's core competencies and objectives. | 2. Ensure long-term viability Build reserves for philanthropy to ensure continuity, even during business downturns. |
Tips for SMEs As an alternative to formal teams, SMEs may consider informal models, such as setting up an employee interest group, led by staff who are passionate about the cause, to kickstart philanthropic efforts. |
Illustrative examples
Salesforce: Expand philanthropic budget
Salesforce has demonstrated a steady growth in their philanthropic budget since 1999 through their 1-1-1 approach. This entails them committing 1% of their business’s equity, 1% of their products, and 1% of employees' time to community initiatives. This strategy ensures that the philanthropic budget is able to scale up vis-a-vis corporate growth.
DBS: Ensure long-term viability
As a purpose-driven bank, DBS ensures long-term viability and scalability of their philanthropic efforts by taking a multifaceted approach to philanthropy: giving, volunteering and catalysing. This is testament to DBS’ commitment to harness both financial and human capital resources to create positive impact.
In addition to pledging SGD 1 billion to aid vulnerable segments over 10 years from 2024, DBS also committed to 1.5 million volunteer hours through their employee volunteerism movement – People of Purpose, to ensure these initiatives receive the manpower necessary for execution.
Also key to realising this pledge is DBS Foundation, the bank’s catalytic philanthropy arm that focuses on providing essential needs and fostering inclusion for those in need. Through various community programmes/ partnerships and by catalysing the growth of like-minded social enterprises, it aims to uplift the lives and livelihoods of the vulnerable and spark enduring change.