As the need for social intervention funding grows everyday, companies through their philanthropic and corporate social responsibility (CSR) arms have been undertaking significant spend as they seek to build on public-private partnerships and positively impact communities.

Locally several large corporates have pooled contributions from various segments of their operations as they commit to funding various projects across different areas.

According to Heather Goldson, director of the Supreme Ventures Foundation (SVF), giving back is extremely important to her company’s core business.

“The work done by our foundation is as important to us as our core business. We have a responsibility to Jamaica and in particular to the people in the communities where we do business.

“We spend between four-six per cent of revenues on CSR activities and donations annually, in addition to our large contribution to the consolidated fund which is used to fund cultural, health-related, arts, sports and educational initiatives across the country,” she told the Jamaica Observer.

Goldson said that with the funding provided, the foundation is able to undertake numerous projects and initiatives ranging from its Supreme Heroes to Robotics Camp for primary school students. Just recently the entity also made contributions to the Kingston Public Hospital (KPH), where it provided funding to the tune of some $13 million to assist with renovation activities for doctor lounges at the KPH.

Other companies big on CSR projects such as the Sagicor Group, through the work of its foundation has annually also funnelled millions in the areas of health and education.

Through its flagship Sigma Run event, the foundation to date has donated approximately $500 million to charities islandwide. It has also made significant contributions across several years to communities through its Adopt- a-School programme under which it provides funds to aid the developmental needs of early childhood institutions.

“The foundation’s activities are supported by contributions from various business lines in the group — such as Sagicor Life, Sagicor Bank and Sagicor Investments. The only time the foundation receives external funding is through the annual Sigma corporate run, whereby persons can donate to the cause or sign-up to participate in the road race. The foundation covers all expenses associated with executing the Sigma Run with all proceeds raised going to the selected beneficiaries,” stated Alysia White, executive director of the Sagicor Foundation.

“The foundation provides significant support through donation in cash and kind to various community groups and organisations, service clubs, charitable institutions, non-governmental organisations and national initiatives,” White also said to the Sunday Finance.

For many companies, CSR mandates operationalised through structured foundations not only provide opportunities for them to pursue pro-social objectives, but to also strengthen the reputation of their brands among consumers. Guided by the triple bottom line concept, properly organised CSR projects have managed to enhance profit maximisation as they attract new clients.

According to the United Nations Industrial Development Organisation (UNIDO), a properly implemented CSR concept can bring along a variety of competitive advantages.

“These include enhanced access to capital and markets, increased sales and profits, operational cost savings, improved productivity and quality, efficient human resource base, improved brand image and reputation, enhanced customer loyalty, better decision-making and risk management processes,” the international agency said.

As companies recognise the growing impact that these models can have on their operations, CSR projects have grown dramatically in recent years, with corporates of all sizes and sectors developing innovative strategies. While research has shown the practice being more utilised by larger corporates, as they would have grown their businesses to degrees to which they can afford to give back, small enterprises also practice some amount of CSR, only that their initiatives are not as grand and publicised.

“Firms have come to realise CSR as being good for businesses, since it increases productivity, contributes to competitiveness and creates a positive corporate image in the eyes of consumers, investors, employees and the community at large,” UNIDO also said.