To define what corporate philanthropy is, let’s first look at the word “philanthropy.” The origin of the word is Greek and translates to “love for mankind.” It’s similar to charity in that it involves investing one’s time, money, or other resources into a cause they believe in. But while charity aims to provide short-term relief, philanthropy is about creating long-term solutions to a problem.
Corporate philanthropy, then, is when a company or business decides to donate money or resources to a cause. Since corporations often have more resources than individuals, they can help nonprofits and charities without draining their resources.
There are seven types of corporate philanthropy:
Matching gifts are when a company makes a donation that matches what their employees have given, effectively doubling the amount.
Volunteer grants are when a company makes a monetary gift to an organization where its employees regularly volunteer.
Employee and board grant stipends are when corporations award employees or public boards monetary grants to donate to the nonprofit of their choice.
Community grants are when a company awards nonprofits that apply for grants and meet a predetermined set of criteria.
Volunteer support initiatives are when a company’s employees volunteer their time to a nonprofit organization.
Corporate sponsorships are when a company supports a nonprofit in return for advertisement from the nonprofit.
Corporate scholarships are when corporations provide scholarship money to universities, promoting education for their students.
Corporate philanthropy is often confused with corporate responsibility, and while the two do have some overlap, they are two different concepts. While corporate philanthropy is a corporation’s donation to a cause, corporate responsibility directly involves a corporation’s business model and practices. For example, a mining company has a duty to clean up after its mining operations for the good of the environment and the community’s health. That’s corporate responsibility. The same mining company may also donate to a local food bank, which would be considered corporate philanthropy because feeding the hungry has nothing to do with its business. The government does not enforce corporate responsibility, but a corporation could suffer from bad publicity if it is not responsible.
Patrick Dwyer, Financial Professional
Patrick Dwyer is a philanthropist and finance professional living in Miami, Florida. He obtained a Bachelor of Arts degree in History from Providence college, where he also minored in business. Afterwards, he attended the University of Miami where he obtained a Master’s degree in Business Administration. He previously worked at Merrill Lynch for 26 years as a Private Wealth Advisor. While working for the company, he built the fourth largest private wealth team there with 11 members, and it managed 3.8 billion dollars in assets.
He has been able to have a successful career because of his concentration on productivity. Every morning, he wakes up at 5 a.m. and starts his day by reading financial news. This helps him develop new investment ideas and allows him to visit with private equity firms and top money managers. Professionally, Patrick Dwyer thrives on interpersonal relationships and appreciates the insight a face-to-face conversation can provide. Additionally, because Patrick Dwyer is always keen on improving his own abilities and expertise, his mindset frequently prioritizes growth and development. Being able to learn and grow in unexpected ways is part of why Patrick Dwyer has been able to cultivate such a successful career.
Outside of work, Patrick Dwyer is passionate about helping his community thrive, which is why he founded the Dwyer Family Foundation. When he was a young boy, Patrick Dwyer’s father donated frequently to their church, even if they were struggling financially. This spirit of giving inspired in him a great desire to give back to the community. The Dwyer Family Foundation donates to educational organizations in their community and strives to empower and support students of all backgrounds and abilities in the Miami-Dade area. Notably, the Dwyer Family Foundation has provided resources for students with learning disabilities such as dyslexia as well as programs for young female students to further support their education and ensure every child has access to high quality schooling.
In addition to his work with the Dwyer Family Foundation, Patrick Dwyer also assists with a number of other charitable organizations. He is a member of the Board of Trustees for the Carrollton School of the Sacred Heart in Miami. He is also a governing board director for the Telluride Science Research Center and the Neuroscience Centers of Florida Foundation. Additionally, he is a supporter of the Key Biscayne Community Foundation, which is dedicated to philanthropic endeavors across south Florida.
Patrick Dwyer aims to improve himself and his community with all that he does.