Top 50 Corporate Giver

Wachovia Corp (WB)

wachovia.com

Contact:

Frank Addison

Foundation program:

The Wachovia Foundation
55 % of giving is through foundation

Signature program:

The Wachovia Teachers and Teaching Initiative
Corporate philanthropy has the greatest impact when giving is focused on a single, well-defined area. Wachovia's long-standing history of supporting education led the Wachovia Foundation to create the Wachovia Teachers and Teaching Initiative. This multi-million dollar program was created in 2004 to provide funding to organizations that enhance teacher recruitment, development, support, and retention, with the goal of increasing student achievement. The program ultimately seeks to increase student achievement in pre-K-12 public education by building and supporting teachers and the teaching profession in scalable and sustainable ways.


 Donations
2004 cash donations $ 81,743,251
As pct. of revenue 0.3 %
As pct. of earnings 1 %
Change since 2003 22.5 %
Change since 2002 75.8 %

2004 in-kind donations $ 6,863,945
As pct. of revenue 0 %
As pct. of earnings 0.1 %
Change since 2003 -35.2 %
Change since 2002 70.2 %

Projected increase/decrease increase

 Favored Issues
  arts   education   community development   health care   international
  Arts   Edu   Comm   Health   Intl


 Major Objectives

Wachovia recognizes that a "one size fits all" approach could never meet the needs of diverse communities and their unique challenges. As a result, our corporate philanthropy program has three components:

1) Employee-Directed Philanthropy
At Wachovia, we believe that our employees should follow their passion when they get involved in the community--and that we should follow their lead. We've created programs and policies that encourage and support employee involvement in the causes that mean the most to them. We support employee community involvement through:
a) Our Time Away from Work for Community Service policy, which enables each employee to use four hours per month--or six days per year--of paid time to volunteer to causes that matter to them.
b) WachoviaVolunteers!, the grassroots network of employees who keep each other informed about volunteer activities in local areas.
c) Sponsorship of local charity events like walks, runs and bike races. Wachovia follows the lead of its employees by sponsoring events with a history of enthusiastic employee participation.
d) The WE Give program, which matches employee financial contributions to nonprofit organizations and makes grants to support organizations that have significant volunteer involvement by Wachovia employees.

2) The Wachovia Teachers and Teaching Initiative
Corporate philanthropy has the greatest impact when giving is focused on a single, well-defined area. Wachovia's longstanding history of supporting education led the Wachovia Foundation to create the Wachovia Teachers and Teaching Initiative. This multi-million dollar program provides funding to organizations that enhance teacher recruitment, development, support and retention, with the goal of increasing student achievement.

3) Community Needs Grants
Wachovia gives local operating committees the flexibility to make contribution decisions to support the most critical needs in their communities. This is a reflection of our belief that those closest to the community are best positioned to know and respond to the individual needs and opportunities of that community. In fact, the majority of Wachovia's corporate contributions go to support locally identified community needs.