BMWNA to Donate $1 Million for Hurricane Sandy Relief

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BMWNA to Donate $1 Million for Hurricane Sandy Relief

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BMW Group Contributes $1 million for Hurricane Relief

BMW of North America will give $1 million to the American Red Cross for disaster relief in the aftermath of Hurricane Sandy.

Woodcliff Lake, NJ – November 2, 2012… “This donation will help the Red Cross give aid to the many who are in need in the affected areas,” said Ludwig Willisch, CEO and President, BMW of North America. “We support those who are working so hard on the recovery effort and we are encouraging our employees across North America to volunteer their time and money to the work underway. Our dealers already are active in their communities and we thank them for stepping up to meet the needs in their local areas.”

BMW of North America is headquartered in Woodcliff Lake, New Jersey, one of the areas hit hard by the hurricane. The company’s presence in the United States supports thousands of jobs with a large number being in the Northeast – at our headquarters, dealerships, seaports and distribution facilities.

Photos: BMW casualties from Hurricane Sandy

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[宝马.e90]

In before someone says "Only $1 million? Come on BMW, you overprice your cars, you can give more than that!"

Nice, every bit counts!

[Mr.MichaelM3]

AWESOME!

[Echoz]

That is nice, but does that mean you will raise the price on BMWs to cover the "$1M"?

[InTheNightKitchen]

Originally Posted by Echoz

That is nice, but does that mean you will raise the price on BMWs to cover the "$1M"?

No need to, tax write-off.

[bimmerjph]

Good for them.

[Whostheboss]

Originally Posted by bbkg79

No need to, tax write-off.

+1

[Zebra99]

Good on them, but its more of a selfish smart move on their part. Complete tax break.

And I will say it..."only 1 Mil?!"
Sigh....they could have easily done 10Mil

[Spaceman Spiff]

Originally Posted by bbkg79

No need to, tax write-off.

It's deducted from taxable income not taxes due so it's still costing them $650K-$700K, assuming they pay U.S. tax of 30-35% and not German 15% tax.

Still, only $1MM?

[Yodaime]

50k for my 335is BASE in 2010-20111 now over 50k for base. explain that?! im jking that's good they donated. I give em props for dat. shouldve gave me son.

[red-sauerkraut]

Wrong you are.

Maybe take a some tax classes.

BMW is a class act for giving back.

Originally Posted by Spaceman Spiff

It's deducted from taxable income not taxes due so it's still costing them $650K-$700K, assuming they pay U.S. tax of 30-35% and not German 15% tax.

Still, only $1MM?

[PrimoM3]

Originally Posted by Spaceman Spiff

It's deducted from taxable income not taxes due so it's still costing them $650K-$700K, assuming they pay U.S. tax of 30-35% and not German 15% tax.

Still, only $1MM?

Closer to 40% but yes.

[spellbmw]

Originally Posted by 宝马.e90

In before someone says "Only $1 million? Come on BMW, you overprice your cars, you can give more than that!"

Nice, every bit counts!

+1

[JoeyBananaz18]

Hey, a donation is a donation. The point of one is that they aren't obligated to give anything at all. When word of this gets out, people are going to be scratching their heads. It probably never even dawned on anyone that BMWNA is located in a hurricane ravaged state. I think this is great news and am very happy to support a brand that pulls off a class act like this. Great job!

[Bubajay]

Well just for comparison, Dwyane Wade is donating his salary from tonight's game to the relief effort. He makes $210,000 a game. I think for a big time athlete like him, he could've easily donated $1mil, but $210,000 is pretty generous from one person, contrary to other celebrity donations. However, how can a company as big as BMW "only" donate $1mil? That's a cheap publicity gesture. The BMW brand gets more support from public, and they don't even see a dent in the wallet. I'm not saying they HAVE to see a dent in their wallet because at the end of the day they are donating, but how much can $1mil honestly do? SMH

[antzcrashing]

That's awesome BMW.


To all those saying its not enough... how much are you donating....

[Weiser]

Originally Posted by Bubajay

Well just for comparison, Dwyane Wade is donating his salary from tonight's game to the relief effort. He makes $210,000 a game. I think for a big time athlete like him, he could've easily donated $1mil, but $210,000 is pretty generous from one person, contrary to other celebrity donations. However, how can a company as big as BMW "only" donate $1mil? That's a cheap publicity gesture. The BMW brand gets more support from public, and they don't even see a dent in the wallet. I'm not saying they HAVE to see a dent in their wallet because at the end of the day they are donating, but how much can $1mil honestly do? SMH

Well for public companies from a business ethics standpoint they can only really donate what either:

• is allowed by their bylaws approved by the shareholders
• or will improve their brand image and thus potentially have some return over time

After all it isn't the managers money to do with as they please. By donating it they are taking it directly from their shareholders. That is why the preferred method is to usually return it to the shareholders and let them decide how they ration it out to donations.

Now that being said is BMWNA private or public? I'm not sure. I'm also not sure what their revenue is but $1 million doesn't seem like something to get upset about.

[j0hn]

Originally Posted by antzcrashing

That's awesome BMW.


To all those saying its not enough... how much are you donating....

.

[pbw]

Good for BMW -how many other car manufacturers have donated so far? Every $ counts.

[j0hn]

Originally Posted by Bubajay

Well just for comparison, Dwyane Wade is donating his salary from tonight's game to the relief effort. He makes $210,000 a game. I think for a big time athlete like him, he could've easily donated $1mil, but $210,000 is pretty generous from one person, contrary to other celebrity donations. However, how can a company as big as BMW "only" donate $1mil? That's a cheap publicity gesture. The BMW brand gets more support from public, and they don't even see a dent in the wallet. I'm not saying they HAVE to see a dent in their wallet because at the end of the day they are donating, but how much can $1mil honestly do? SMH

this is actually a real post

[jphughan]

Originally Posted by Spaceman Spiff

It's deducted from taxable income not taxes due so it's still costing them $650K-$700K, assuming they pay U.S. tax of 30-35% and not German 15% tax.

Originally Posted by red-sauerkraut

Wrong you are. Maybe take a some tax classes.

Umm, his percentages MAY have been off, but he's absolutely correct on the general facts. Donating $1 million does NOT reduce your taxes by $1 million. It reduces the income on which your taxes are based by $1 million. Items and actions that are tax-deductible aren't free, they're just cheaper than their face value. Otherwise companies would say, "Hmm, I owe $X in taxes this year? Nah, I think rather than paying that, I'll just wipe out my tax bill by donating that amount to charity or spending that amount on other tax-deductible things like investing in the business instead."

[Prissy]

Man if my shitty company can do 1M, BMW's gotta do better lol.