Although a majority of companies cut back on their philanthropic giving between 2008 and 2009, corporate contributions in the aggregate rose 7 percent year-over-year, to $9.93 billion — the highest level in four years — a new report from the Committee Encouraging Corporate Philanthropy finds.

Based on responses from 171 companies, including more than half the Fortune 100, CECP's annual Giving in Numbers (60 pages, PDF) report found that 59 percent of respondents reduced their giving in 2009, with 40 percent reporting cuts of 10 percent or more, while 36 percent gave more, including 20 percent that reported increases of at least 10 percent. The remaining 5 percent reported negligible changes in their charitable giving.

CECP attributed the increase to corporate mergers resulting in combined giving budgets and increased donations of medicine by pharmaceutical companies that were quick to respond when millions of Americans lost their health insurance due to unemployment.

At the same time, many companies faced company-wide spending reductions, declines in the value of their foundation endowments, and shareholder pressure to operate efficiently. In response, companies became more targeted in their giving; reduced their management and program costs; enhanced opportunities for employees to volunteer; and increased contributions through matching-gift programs.