Since the founding of our country, philanthropy has played a large role in the way our society has grown. Even American founders Benjamin Franklin and Alexander Hamilton wrote about a necessity to love mankind in order to build a strong, successful nation. Throughout our nation’s history, corporate giving has been important in helping build our society and giving to those in need. In today’s world, corporate giving has become a way for the wealthy to give back to those less fortunate.

In the early 1990s, John D. Rockefeller and Andrew Carnegie proved themselves to be two of America’s most influential philanthropists. For example, Carnegie gave away the majority of what he earned to notable causes, including funding the creation of Carnegie Hall in New York City. Today, philanthropists include names such as Bill Gates, the founder of Microsoft, who operates the Bill and Melinda Gates Foundation alongside his wife. The foundation is designed to help increase the availability of quality healthcare worldwide and also reduce poverty. The foundation also helps further educational initiatives within the United States.

There are a variety of options for corporations and businesses looking to give back. These include helping charities through general donations and specific endowments. Many also opt for starting their own foundation. Smaller companies can help local charities by becoming a sponsor of their fundraisers.

How does a company pick the cause that they are willing to support? Well, it’s important to keep in mind that any charity selected should have good reputation of helping those in need. Some corporations select charities that work with the working poor and some even help fight specific illnesses. Your company may find that helping animals is what is best. No matter what the charity, make sure they work hard and are not fraudulent.

Helping others is not only a great way to build your community, but it also drives economic recovery. Many causes are designed specifically to help people get ahead. Your company may, for example, decide its best to start a scholarship fund. Any type of giving like this helps your community get back on track.

Elliott Broidy is the Chief Executive Officer and Chairman at Broidy Capital Management. He is also a philanthropist and and the 2008 Raoul Wallenberg award winner for his for his commitment to civic duty, security and philanthropy in the United States and Israel and writes regularly about corporate giving.