More than $2 Billion Will Be Invested in Indian NGOs this Year; Raffa and Vardaan Help Businesses Achieve Greatest Good for the Community and Brand
Washington, D.C. and Bangalore, India – After three decades of “doing well by doing good” in the United States, entrepreneur Tom Raffa is assisting some of the largest companies in India as they set out to invest billions in socially responsible projects.
The Indian government passed a law in 2013 requiring companies with a net worth of $81 million or net profits that exceed $800,000 to invest at least two percent of their net profits in socially responsible projects around the country.
“This amounts to more than $2 billion in annual giving that will transform the NGO (nongovernmental organization) community in India,” said Tom Raffa, CEO of Raffa, a B-Corp certified, national top 100 accounting, consulting and technology firm.
“Businesses in India have always given back to their communities, but this change in the law offers business owners and boards a chance to reevaluate what type of impact they want to have and how they should best invest those dollars for the greatest good – both for the community and for their brand,” said Raffa.
Tom Raffa is assisting business leaders in India as the Knowledge and Equity Partner at Vardaan. Vardaan means “giver of good fortune,” and the company is becoming a key partner to businesses across India as they invest dollars to do the most good and to help grow their own bottom lines.
“Corporate philanthropy can be an effective tool for companies that are trying to meet consumers’ rising expectations of the role that businesses should play in society, but not all companies are using that tool as well as they should and are learning through the process that it’s much more than just writing a check to charity,” said Raffa.
“My philosophy is that corporations have a powerful, positive role to play in our communities,” explained Raffa. “And, this investment is not simply a cost of doing business, it is a true investment in the corporation. Improving our communities improves our bottom lines. This has played out over and over again in my 30 years in business.”
“Today, our philanthropic activities at Raffa are driven not only by our commitment to support our own stakeholders in their effort to make a difference today, but also by our strong desire to catalyze and inspire others to build a better tomorrow for future generations,” added Raffa. “While the lion’s share of the firm’s philanthropy is driven by our most important stakeholders – our employees and clients – Raffa’s giving is also channeled through Companies for Causes (CforC), a collective impact model we conceived to drive more effective corporate philanthropy in our community, Washington, DC.”
Tom Raffa was recently recognized with a “Pillars of Excellence” 2014 P.E.A.R.L.S. Award for the creation of CforC, a new model for corporate giving aimed at moving social responsibility from good intentions to strategic impact in local communities.
The team at Vardaan offers businesses in India the financial expertise, corporate law domain expertise, management thought process, social responsibility knowledge and global practice of implementing social responsibility programs in organizations.
Vardaan is also helping build the capacity of the nonprofits to ultimately help both sectors make the most of their efforts and move the entire country toward sustainability. “Our common goal is to act responsibly on behalf of future generations to achieve economic, environmental and social progress,” said Raffa.
About Raffa
Founded in 1984, Raffa is an accounting, consulting and technology firm based in Washington, D.C. dedicated to service and community. As a B-Corp certified, national Top 100, “Best of the Best” CPA advisory firm specializing in nonprofits and socially-responsible businesses, Raffa performs high-quality audits annually and provides support to help organizations across the country effectively and efficiently manage their most critical processes. The firm’s highly specialized professionals provide planning, consulting and compliance services to entrepreneurs, families, nonprofits and social enterprises. Offering a deep bench of expertise across an array of services, including accounting and tax, human resources, technology and consulting, Raffa’s client-centric, customized approach helps each client meet its potential and ensures each client’s success is sustained and maintained. Learn more at www.raffa.com.
About Vardaan
Vardaan is a consulting company which enables businesses to achieve their social responsibility (SR) objective. Vardaan advises on all aspects of SR consulting. This includes the diagnostic process, deriving objectives, policy making, SR plan implementation, monitoring, assessment and impact measurement. The Vardaan team is comprised of successful serial entrepreneurs, management professionals and corporate leaders. Learn more at vardaan.co.
