The Moody’s Foundation Incorporates Corporate Philanthropy
February 8, 2013 1 Comment
What is corporate philanthropy? Corporate philanthropy is defined by the act of corporations donating some of their profits, resources, or time to a charitable cause or organization. This can be done directly or through a company foundation, such as the Moody’s Foundation.
Moody’s CEO, Raymond McDaniel said that, “We do have responsibilities as individuals and as companies, to identify the means by which social responsibility can be implemented. And we have committed to using some of the financial resources of our company to bring together the aspirations of our employees as well as our local community giving. It is ultimately a benefit to our company because it is a benefit to the environment in which we operate.”
Some companies chose to donate money to different charitable organizations. While of course there is nothing wrong with that, it is great seeing companies actually use working hours to help out their community. The Moody’s Foundation was established by Moody’s Corporation, which is a credit rating agency. Moody’s is committed to supporting education, especially math, finance and economics. The Moody’s Foundation also funds initiatives in the areas of economic development, civic, health and human services, and art and cultural programs.
Moody’s Vice President and CFO Linda Huber said that, We are blessed by having a company that is a key participant in the financial markets and is able to provide good profitability, so it’s incumbent upon us to give back to the community. Some of our groundbreaking work has been done in such areas like the Moody’s Mega Math Challenge, the National Academy Foundation, various charter schools, and other educational opportunities.