ATLANTA, June 11, 2008 /PRNewswire-FirstCall/ — For business owners, personal passion — not personal reward — drives philanthropic involvement, according to a survey released today by SunTrust Bank Private Wealth Management. The national study surveyed over 200 high net worth business owners, whose companies have at least $10 million in annual revenue, about their philanthropic involvement and motivation.

Business owners cite "helps make a positive change" as the top reason for charitable giving. Nearly three-fourths of respondents say satisfying their personal moral beliefs drives their philanthropic impulses. And fewer than half say they give to receive tax credits; to bring positive attention to their business; to network; to establish a legacy; or to gain recognition.

"The survey shows that when it comes to philanthropy, business owners are genuinely concerned about affecting change," says Dave Johnston, Senior Vice President, SunTrust Private Wealth Management. "This research confirms what SunTrust has observed through our long-standing commitment to serving business owners. Their generosity is rooted in a desire to give back to the community."


Generous personally and professionally

High net worth business owners are a generous group. Virtually all the business owners surveyed have made a charitable donation personally (96%) and through their business (79%). On average, in 2007 they report having donated over a quarter of a million dollars to charitable causes through their businesses and $78,000 personally or as families.

• Seven in 10 agree that "even if there is an economic downturn that moderately affects my business, I plan to keep my current level of nonprofit or charitable giving in the coming year."

• They are "charity multipliers," in that more than half encourage employees to donate time and/or money to company charities. And one in three say they will match donations made by employees.

• Their generosity extends beyond simply giving money. Business owners are a critical component of the nonprofit world as members of nonprofit boards. About half (47%) of respondents sit on the board of a philanthropic organization, particularly those that focus on:

"Business owners are extending their generosity beyond donations and board or event involvement," explains Johnston. "Many recognize the importance of planning for the future by incorporating philanthropy into their financial plans with the inclusion of nonprofits in their wills, engaging in planned giving and establishing family foundations."

In fact, over one-third (36%) have incorporated philanthropic giving into their financial plan. Among them, a number have written nonprofit organizations into their will (53%), set up planned giving (45%), and established a private or family foundation (44%).

When business owners provide financial or in-kind support, they often expect to see good stewardship and results. Nearly half (48%) say they "have regretted making nonprofit or charitable contributions to certain organizations that did not spend my money wisely." An equal number of business owners say they have withheld money from an organization because of concern "the funds would not have been used wisely."

"Business owners approach philanthropic opportunities in much the same way they approach business opportunities," Johnston continues. "For them, it is important that the philanthropies they support are fiscally sound, so they can trust their contributions make a positive change."

SunTrust conducted the survey with GfK Roper Public Affairs to better understand what is on the minds of business owners. The Bank's Commercial and Private Wealth Management lines of business have formed a strategic partnership, through the Business Owner Specialty Group, to address the unique business and personal financial complexities faced by this elite group.


Methodology:  GfK Roper Public Affairs was commissioned by SunTrust Bank Private Wealth Management to better understand the philanthropic habits of high net worth business owners. An online survey was conducted to reach this elite group. In total, 202 business owners whose companies have at least $10 million in revenue were surveyed. All interviews were self-administered using GfK's proprietary web-based platform. Respondents were drawn from GfK's online panel. The random sample was conducted in March 2008.