The recession could take a big bite out of corporate giving this year, according to a new report by the Conference Board in New York. Forty-five percent of businesses that the organization surveyed in February said they had already reduced the amount they plan to donate this year. Another 16 percent were considering such cuts.

Thirty-five percent of companies said they would make fewer grants this year, and 21 percent said the grants they made would be smaller, according to the organization, a nonprofit group that produces research on companies.

Corporate officials said they were most concerned about financial constraints (56 percent), the recession (50 percent) and the alignment of their giving with their business' needs (47 percent).

"How their companies are faring overall financially is very much on the minds of leading U.S. companies when allotting their corporate philanthropy monies," said Carolyn Cavicchio, senior research associate at the Conference Board's global-corporate citizenship program.

The survey found that, among types of gifts, sponsorships of events would take the biggest hit. Of the causes that businesses support, arts and culture are projected to see the biggest drop.

Volunteer programs are expected to see the biggest growth this year, while environmental groups and programs will probably see the biggest increase in support.

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