That seems logical.   😁

However, what exactly was the charitable contribution?  Was it cash?

If it was non-cash, there are additional rules to consider in regards to the Basis that the corporation has in the donated property.

If that applies to the donations, I did a quick Google search and came up with this:

IRC section 1367(a)(2) flush language provides that S corporation shareholders will decrease basis in S corporation stock (or debt after stock basis is reduced to zero) by their pro rata share of the S corporation’s adjusted basis in the property contributed to charity. In Revenue Ruling 2008-16, the IRS clarified that the shareholder’s basis is not reduced by the appreciation of the contributed property. Thus, while the shareholder reduces his stock (and debt) basis by his ratable share of the basis in the contributed property (but not below zero), he will pass through his ratable share of the contributed property’s basis, limited to his basis in S corporation stock and debt, plus his ratable share of all the appreciation on the contributed property. In other words, the deduction is based on the fair market value of the charitable contribution.

The rule that limits the pass-through of the deduction to the stockholder’s basis in S corporation stock and debt does not apply to the appreciation of property contributed to charity by the S corporation. Even when the shareholder begins with zero basis in his S corporation stock (or debt), the appreciation of contributed property will pass through as a charitable contribution. In effect, the deduction is prorated to the portion limited by (and reducing) basis and to the appreciation.

https://www.cpajournal.com/2019/05/13/charitable-contributions-by-s-corporations/