Local News

“Benefit Corporation” Law Goes Into Effect January 1st in Indiana

FORT WAYNE, Ind. (WOWO): A state law taking effect next Friday makes it easier for companies to give money to charity.

Many companies donate a percentage of a day's income to charity. or encourage employees to perform community service. But a century of case law says beyond a certain point, that violates a company's responsibility to its shareholders. Indiana is following other states in allowing what's called a “benefit corporation,” which can build philanthropy into its by-laws.

Fort Wayne Representative Casey Cox (R) says there are about 35-hundred benefit corporations nationwide. Cox expects a few dozen in Indiana the first year. Cox says in addition to encouraging more companies with a charitable outlook, the law will allow more transparency into how well they're fulfilling those commitments.

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