With an enhanced focus on ending hunger around the world, John Deere invested a record $55.5 million in charitable giving in 2022 to raise up its home communities and those in need. In a news release, the global equipment maker announced that total community investments represented a 30% increase over last year. Of the $55.5 […]
Already a subscriber? Log in
Want to Read More?
Get immediate, unlimited access to all subscriber content and much more.
Learn more in our subscriber FAQ.
- Unparalleled business coverage of the Iowa City / Cedar Rapids corridor.
- Immediate access to subscriber-only content on our website.
- 52 issues per year delivered digitally, in print or both.
- Support locally owned and operated journalism.
With an enhanced focus on ending hunger around the world, John Deere invested a record $55.5 million in charitable giving in 2022 to raise up its home communities and those in need.
In a news release, the global equipment maker announced that total community investments represented a 30% increase over last year. Of the $55.5 million total, $22.1 million was contributed by the John Deere Foundation, Deere said.
The total charitable giving represents 1.4% of Deere’s average net income over the previous year – exceeding its commitment to invest at least 1% of its earnings every year toward civic initiatives.
“At John Deere, we have always believed that our growing success as a business creates an even greater responsibility to contribute meaningfully and sustainably to the lives of others,” Deere Chairman and CEO John May said in the release.
Both the total investments and the foundation’s share represent new all-time highs in Corporate Social Responsibility (CSR) and giving by the Moline-based Deere, said Nate Clark, the foundation’s president and Deere’s CSR global director.
In an interview with the QCBJ on Wednesday, Dec. 21, Mr. Clark said Deere’s community investments are up 30% from a record $42.5 million a year ago. He said the increased giving reflects the company’s growing financial success as well as its new CSR model.
“In 2016, the company set as a goal, as a benchmark, investing 1% of its net income every year” in charitable giving, he said. “We surpass that 1% goal every year, beating industry standards.”
Additionally, Mr. Clark said the company has changed how it gives in recent years. “One of the ways is now the majority of our grant giving is wholly unrestricted or it is directed at capacity building (initiatives) as selected by the nonprofit organization.
“Our experience is that we’ve seen nonprofit organizations – when they are entrusted and empowered by flexible giving – they produce sustainable, impactful results in ways we never could have envisioned,” he told the QCBJ.
For nearly 75 years, the foundation has been a powerful source of philanthropy for nonprofit organizations that serve Deere home communities and farm communities around the world.
In 2021, the John Deere Foundation built on its legacy by committing at least $200 million over the next decade to ensure that marginalized families and youth in Deere communities and smallholder farm households have access to the resources and opportunities essential to their prosperity and dignity.
In its CSR report, Deere noted that the foundation made key investments in its pursuit of ending hunger in 2022. They included:
- More than $3 million was donated to food banks and for emergency hunger assistance, which was the equivalent of 13 million meals.
- Nearly $5 million was donated to serve 3.8 million farmers globally in an effort to increase their food security, incomes and resilience to conflict and climate change.