I've been on both sides of this.
When you say "discussed ... with upper management" - to what end? I've been on leadership where they just want to know if it's a worthwhile team effort/cause. Should they donate in future? (really innocent). That said, I've also seen it be toxic where it has a "mean girl" vibe- where certain donations are popular and others are not (showing disposable income, etc.).
Some companies say you cannot solicit for individual employees - rather the company will choose a handful of places to donate.
Sometimes it's raising money to help with a big issue (illness, fire burned house, etc.). Sometimes it's raising money for every milestone event (esp. wedding and baby birth)---which some say disenfranchises folks who aren't in a relationship or won't have children.
Regardless, advocate for anonymity. Often, the people collecting the money don't keep this in mind. At the end of the day, you'll know whether or not you will be disempowered if don't contribute. You know the company culture. If it can't change and you are disenfranchised, you may want to leave.
Until then, do what feels right to your gut and your wallet.
Cards and well wishes provide sentiment too.
Good luck!
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