Liberty Mutual to Lead Corporate Support of Nonprofits in 2012
September 7, 2012 Liberty Mutual, one of the largest corporate supporters of nonprofits and community groups in Massachusetts, announced that it will increase its charitable giving in the state this year, outpacing many other major financial services firms.
Liberty said it will increase its local donations by 20% this year, to $17 million, according to a report in The Boston Globe.
A number of other companies, including Bank of America and John Hancock Financial Services, said they will keep their local charitable giving at about the same levels as 2011, the paper reported.
Included in Liberty Mutuals giving plans, according to The Globe, are:
- An increase in its annual philanthropic budget, which supports more than 150 nonprofits a year, by $1 million to $8.6 million.
- A $1 million donation in the form of nonprofit grants and sponsorships.
- Renewal of its sponsorship of the Boston Pops Fireworks Spectacular with a three-year, $8 million deal.
We care deeply about the community, Melissa MacDonnell, director of Liberty Mutuals philanthropy programs, was quoted in the paper. We were born here 100 years ago, and weve grown to become an international company in 27 countries.
Charitable giving plans this year among other large corporate donors, according to the report, include:
- Bank of America: $12 million to local nonprofits, the same amount it has given in previous years.
- Eastern Bank: increase its charitable giving locally to $4 million from $3.8 million last year and $2.7 million in 2010.
- John Hancock: $11.5 million to local nonprofits, about the same as last year.
- State Street Corp.: $10.5 million, about the same amount it gave last year and just slightly less than the $11 million it gave in 2010.
- Massachusetts Mutual Life Insurance Co.; $6.4 million, similar to last year.
- Citizens Bank: could be down from the $4.1 million it gave last year, which was already a drop from the $4.5 million it gave in 2010.
- TD Bank: $2.1 million to local groups, about the same it gave in each of the last two years.
The paper noted that Fidelity Investments, Sovereign Bank, and Putnam Investments, all based in Boston, declined to provide figures on charitable giving, as did Sun Life Financial of Toronto, which has its US headquarters in Wellesley.