Philanthropy is dependent on profit, CSR susists whether there is profit or loss.
Charity is often used in connection with the money and goods given to the needy in the society. CSR must be solving a social problem for it to be CSR.
CSR is not goodwill, corporate community involvement or strategic corporate philanthropy, rather it is a genuine process through which an organisation builds an enduring relationship between the corporate sector and the rest of the society, a feat that can only be achieved when a business adapts all of its practices in ways that meet or exceed the legal, ethical and economic requirements.
In other words, CSR takes the whole business model into consideration as organisations seek to act as a force for the good of the society through CSR.
Excerpts from CSRFilesTM Vol 1 Issue 3, 2012: Sustainability: The ‘S’ of Business.