Spotlight On State Street: An Evolution in Employee Giving
The original “Spotlight On State Street” article was published in August 2013. In March 2014 it was updated to reflect new program changes which include the following enhancements for 2014:.
- Lowered minimum gift from US$50 to $25
- Reduced volunteer hour requirement from 24 to 16
- Eliminated one year service requirement to participate
- And eliminated the $1,000 combined program cap for the DoMore & CollectMore components. And instead, instituted a $5,000 program cap for both of those components, and those $5k caps count toward an employee’s overall annual cap.
Earlier we listed State Street as one of our favorite companies with a corporate giving program. We thought it was time they got their time in the spotlight.
Much like their worldwide financial operations, the company’s corporate giving program have evolved tremendously. A page from the corporate responsibility report reads: “Over the years, we’ve evolved from focusing on philanthropy and community investing in our headquarters city of Boston to a much broader mandate that underpins our effort to embed our strong commitment to citizenship through our global operations.”
A Leader in Growth
Over the course of five years, State Streets corporate matching has grown from approximately $600,000 dollars in 2006 to over $2.1 million in 2011. That’s over a 200% increase!
Part of that success is due to the company’s aggressive global expansion of their giving program. In 2007 the company began to expand the countries in which it operated its donation matching. In 2009, the company completed its European expansion before rolling out plans to expand into Asia in 2010.
The Global Giving Campaign
Also in 2011, State Street launched their first ever Global Giving campaign. State Street employees opted to focus on education as a part of a global initiative that included not only monetary donations but also volunteering. State Street employees donated over 10,000 hours and raised $3.5 million dollars that went to charities across the globe.
The campaign benefited a diverse set of charities. In Asia, funds went to organizations like the Asian Women’s Welfare Association and the Zheijang Youth Development foundation. In North America, State Street contributed to organizations including the Boys & Girls Club, Pathways to Education, and United Way.
The GiveMore Program
The GiveMore program is State Street’s donation matching program. In 2011, the company matched $2.17 million in donations from over 3,000 employees. With the company rapidly expanding GiveMore’s global presence, we can only expect this to grow in the future!
State Street has a tiered corporate matching program. Different levels of employees are eligible to have their contributions matched up to varying amounts. For instance, Executive VPs can have donations of up to $35,000 matched. Senior VPs can have up to a $15,000 matched, and other employees are capped at $5,000.
The DoMore Program
The DoMore program is State Street’s volunteer grant program. State Street’s DoMore program doled out $104,000 in volunteer grants in 2011, a 50% increase from the year before.
If an employee volunteers for at least 24 hours, the company will donate $250 dollars for every 16 hours of work (up to a max of $5,000).
State Street’s unprecedented CollectMore program will match funds that employees raise through any fundraising effort. In 2011, State Street matched over $190,000 from employee fundraisers. While the matching funds are capped to an annual $5,000 per employee, the novel idea should be an example for other giving programs.
Other Company Spotlights:
During the course of our regular corporate research, we often come across companies which are paving the way with innovative and generous employee giving programs. Here are a few companies we’ve covered in past months:
About Double the Donation
Double the Donation is dedicated to helping nonprofits increase the amount of money they raise from matching gift programs. Our team maintains up-to-date records on corporate employee giving programs so your nonprofit doesn’t have to. We then help you set up a custom matching gift site so donors receive accurate and useful matching gift and volunteer grant information.