For the charities and the community, says Mary O'Keefe, senior vice president and chief marketing officer for Principal Financial.
The Des Moines insurance and financial services company is the title sponsor of the Principal Charity Classic, which began Tuesday.
The company has an agreement with the PGA Tour to sponsor the Champions Tour event through 2010.
"So we can pay the money and get no benefit, or we can pay the money and the children's charities can benefit," O'Keefe said.
Principal puts up $2.5 million annually to be the title sponsor of the event at Glen Oaks Country Club in West Des Moines. That fee includes television rights paid to the Golf Channel.
Principal was approved to participate in the Capital Purchase Program, which is part of TARP, but it has not decided if it will sell $2 billion worth of preferred shares to the government.
"At the end of the day, whether a company received TARP money or not, they still need to market their products or services," said William Chipps, senior editor of the IEG Sponsorship Report.
In light of economic conditions, however, Principal is cutting some of the hospitality and promotions Source
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