Philanthropic organizations as defined as an organization that is classified as private foundations under IRS code 501(C) (3) until the requirements aren’t met (Brammer, 2015). These organizations are developed for charitable purpose without any specific explanation. In the U.S., these are charitable organizations that are enjoying tax exempt status.
These organizations are operated for particular purpose which is to qualify the status of tax exemption as per the IRS. The purpose of these organizations include scientific, literacy, testing for public safety, educational, charitable, religious, international sports competition, and others. The example of these organizations includes charitable hospitals, alumni associations, charitable clubs, and other charitable institutions.
These types of organizations receive donation and funds in the form of donation that make 10% of nonprofit income. Philanthropic organizations are subjected to private foundation tax provisions. There are particular set of regulations which are followed between substantial contributors and organizations that is limited to holding in private investment that is further used for charitable purpose.
These are various Philanthropic organizations that are providing creative education platform to the children worldwide (Murdoch, 2016). It directly contributes towards social impact by supporting knowledge and education regarding earth care, self-care and creative expression.
The organizations who are mainly working to provide donation for creative purpose in order to make lives of children different and make social impact by considering the creativity in others. It a believer that the creativity doesn’t restricts the artist for considering creativity with the talent of an individual.
The characteristics of creative philanthropy includes innovative problem of complex solutions, seeking sustainable impact that is beyond their own grantees, taking a long view, and operate s learning organization which mainly emphasizes on doing things better rather than founding solution to resolve complex problems (Ip, 2018). Creativity is considered as an important approach in order to determine appropriate solution with innovation in response.
Creativity enables forward thinking and develops knowledge towards the improvement in specific field. It requires social changes which occur that results into small events which occur over a time and initiatives are taken into five years that reflect significant results.
Creative philanthropies enable to understand the limitations that relative to the social problems which are seeking to results. The effective ways are determined with innovative ideas with influential individuals in political and public sphere who are in position to make changes.
In the US, the companies are working to provide charity for creativity in order to increase organizational growth. Increasing the use of philanthropy is in the form of public relations in order to promote organizational performance through cause related marketing.
Art sponsorship is growing at growing rate in the US that is accounted to increase by $589 Million in the year 2001 (Anheier, 2006). The charitable initiatives are taken towards creativity which helps to promote creativity by support to generate innovation in the organization.
Philanthropic organizations are working to support creativity in order to generate innovative product and services. The purpose of philanthropy is to improve mankind and resolve social problems.
Charity is the form of financial support which is provided by the organizations in order to eliminate the sufferings related to social problems. It supports creativity by providing those funds so that the artists are promoted to grow their business. There are various art projects which a range of discipline that merge art with children welfare.
The foundation has developed effective philanthropy that helps to facilitate the systematic and targeted (Bain, 2019). It supports creativity in the organization which leads to develop competitive advantage to increase profitability of the company.
It helps to provide the opportunities to the artists in order to explore new areas to improve decision making of the company. The corporate philanthropy helps to develop goodwill by developing innovative product and services with the use of creativity towards the achievement of organizational growth.
Charitable initiatives are taken by the organizations towards the achievement of business goals. Philanthropy leads to enhance the economic and social goals that improve economic and social goals to improve long term business perspective.
The organizations are using context focused philanthropy in order to achieve economic and social gains (Hammack, 2017). It is important for the organization to develop talent management which is supported by the creativity among the workforce.
It helps to promote creativity in the organization which helps to stand out among the competitors within the same industry. The organizations are working towards the achievement of core competencies by providing social benefit. The corporate expenditures lead to generate social benefits.
The corporate benefits of the company provide social benefits in order to achieve economic gains. Corporate philanthropy is important for the organization that helps to develop competitiveness which enables to develop effective strategy for the organizational success.
The motivated and skilled employees, size of local market, efficiency of local infrastructure, government regulations and others are important factors that help to increase organizational success by promoting creativity in the organization (Maier, 2016).