Multi-Billion Dollar Industry Of Corporate Philanthropy
Dailycsr.com – 17 September 2020 – When comes to philanthropy in corporate sector one encounters a vast collection of regulations. Therefore, the question remains how does one ensure compliance to them for avoiding any risks of diminishing an organisation’s philanthropy impact.
Corporate philanthropy, which began as “a series of disconnected individual acts”, however, has evolved over the year to one of the vital strategic aspect of a company’s social responsibility duties. Needless to say, that this movement has attracted regulatory scrutiny and increased the bar owing to the “links to international money laundering, organized crime, terrorism financing, financial mismanagement, fraud, and related issues”.
It is to avoid these risks staining a company’s reputation besides getting entangled into “deeper legal/tax/financial infringements” companies need to be absolutely certain about compliance to “full” regulatory measures. This means, they need to carry out their “due diligence” prior to the funds disbursement take place or even before any “other forms of corporate giving”.
Moreover, this due diligence can be achieved with help of the technology through vetting solutions. By vetting the procedure and other related information available, organisations can evaluate non-profit organisations receiving “tax exemptions from the Internal Revenue Service” before filing the 990 annual report, which provides a guidance about “how they operate and an overview of their program spending”.
Likewise, corporate philanthropy is becoming an industry, in fact a strategically important one which values at multi-billion dollar. For further, information, kindly click on the link given below:
https://blog.cybergrants.com/navigating-regulatory-compliance
References:
3blmedia.com
Corporate philanthropy, which began as “a series of disconnected individual acts”, however, has evolved over the year to one of the vital strategic aspect of a company’s social responsibility duties. Needless to say, that this movement has attracted regulatory scrutiny and increased the bar owing to the “links to international money laundering, organized crime, terrorism financing, financial mismanagement, fraud, and related issues”.
It is to avoid these risks staining a company’s reputation besides getting entangled into “deeper legal/tax/financial infringements” companies need to be absolutely certain about compliance to “full” regulatory measures. This means, they need to carry out their “due diligence” prior to the funds disbursement take place or even before any “other forms of corporate giving”.
Moreover, this due diligence can be achieved with help of the technology through vetting solutions. By vetting the procedure and other related information available, organisations can evaluate non-profit organisations receiving “tax exemptions from the Internal Revenue Service” before filing the 990 annual report, which provides a guidance about “how they operate and an overview of their program spending”.
Likewise, corporate philanthropy is becoming an industry, in fact a strategically important one which values at multi-billion dollar. For further, information, kindly click on the link given below:
https://blog.cybergrants.com/navigating-regulatory-compliance
References:
3blmedia.com
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