- Our Impact
- LBG Performance
Impact of Our Giving Dollars
We recognize that many community organizations rely on our support. In 2010, we continued to deliver on our commitment to be The Better Bank by giving $57.7 million to community organizations in Canada, the U.S. and the U.K.
2010 Community Giving
(millions of canadian dollars)
TD Donations 57.7 TD Employee Donations 12.4 Customer Donations 3.6 $73.7
In 2010, TD donated $37 million to community organizations in Canada which is 1.4% of the rolling five-year average of our pre-tax profits. The recommended corporate giving target is set at 1% by Imagine Canada.
In 2010, the TD Charitable Foundation donated USD$13 million to not-for-profit organizations in the U.S. which is 1.03% of TD Bank’s pre-tax income. This is higher than the U.S. average percentage of net pre-tax income donated by companies in 2009 according to the Giving U.S.A. Foundation of 0.9%.
Through our retail branch network, TD facilitates and encourages customer donations to the Children's Miracle Network (CMN) and TD Friends of the Environment (TD FEF). While the donation amount is a credit to the generosity of our customers, TD covers the associated fundraising costs (marketing, salaries, and transaction fees) to ensure that 100 per cent of the funds benefit CMN and TD FEF.
TD employees are proud to serve their communities. In Canada and the U.K., we offer all employees paid time off for volunteering activities in the community during regular working hours, upon manager approval. We are currently planning for a new volunteering program for all employees in 2011.
Through our Volunteer Grant Program employees who volunteer more than 40 hours a year to a registered charity can earn a donation for the organization. Through this program, TD gave more than $488,000 to organizations across North America in 2010.
We’re often asked to estimate how many TD employees volunteer. While we know how many employees benefit from the grant program, this does not reflect the true extent of volunteerism across our organization. In 2011, we’re implementing a new system that will provide a better volunteer matching experience for our employees and help capture volunteer metrics.
Corporate Giving 2010 2009 2008 Canada1 (millions of Canadian dollars) 38.4 37 35.5 U.S.2 (millions of U.S. dollars) 18.63 19.33 21.93 U.K. (thousands of pounds sterling) 87 74 44 Employee Giving Canada (millions of Canadian dollars) 11.1 9.5 6.8 U.S. (thousands of U.S. dollars) 1200 700 - U.K. (thousands of pounds sterling) 42 25 3 Employee Volunteer Grants Canada (thousands of Canadian dollars) 409 336 257 U.S. (thousands of U.S. dollars)4 77.5 - - Customer Giving Canada (millions of Canadian dollars) 3.6 4.7 4.6
1 This amount includes in-kind donations, such as donated equipment, computers and furniture. In 2010, TD’s in-kind donations amounted to $1.4 million (2009 - $1.03 million, 2008 - $0.57 million). Excludes program management costs.
2 In-kind donations do not occur and program management costs are excluded.
3 Includes USD$13 million from the TD Charitable Foundation. (2009 - US$13.9 million, 2008 - US$11.5 million)
4 The U.S. employee volunteer grant program was launched in 2010.
The London Benchmarking Group (LBG) promotes an emerging global standard for reporting community investment activities, which allows for a more meaningful comparison of community giving activities. Since there are no Generally Accepted Accounting Principles (GAAP) to inform how “community giving” is reported, different companies have historically taken different approaches to arrive at their numbers.
TD is a founding member of LBG Canada. As an external third-party, they provide a standardized approach for valuing community investment, and undertakes to review each participants’ reported community giving to ensure that the approach has been followed.
For this report, we are using the LBG standards to calculate our community giving performance, in addition to our previous approach, to enhance the transparency and comparability of our reporting.
Canadian Community Giving Total 2010 Corporate Donations using TD’s previous approach $38.4 M Total 2010 Corporate Donations using LBG assessment $39.6 M
The LBG amount is higher primarily because LBG includes salary and program management costs of support staff in the total donation amount.