Robin Robertson, Board Chair of Community Foundation (left) and John Pankiw (right) establish an endowment fund, seeded by Pankiw’s $4 million donation.
The largest contribution ever received by the Community Foundation of the South Okanagan Similkameen was given this week, when their founding donor presented an ‘extraordinary’ $4 million donation.
John Pankiw’s donation to the non-profit organization will be used to create an Endowment Fund in which the funds are invested, and portions of the earnings are given as annual grants to support local charitable programs.
CFSOS said the original donated amount remains untouched and invested.
Pankiw shared that he considers it a privilege to be able to create a “family legacy that will benefit the local community in perpetuity.”
As a longstanding philanthropist in the community, Pankiw donations have made their way into many organizations hands, such as the SOS Medical Foundation and Okanagan College.
“Words truly can’t capture the magnitude of Mr. Pankiw’s gift to our community,” Robin Robertson, Board Chair of the Community Foundation said in a press release.
“Pankiw was integral to the creation of the Foundation over 30 years ago, and today, he continues to make a profound impact on both the Foundation and our community.”
The foundation, which was established as the Penticton & District Foundation in the early 90s, had continued to see genersotiy come from Pankiw as one of the founding donors.
CFSOS said the first grants went out to six local charities for a total of approximately $2,000 back then.
With Pankiw’s gift, the foundation now manages assets totalling $20 million and has distributed over $9 million in grants throughout its history.
“Mr. Pankiw’s gift will have a positive impact for generations to come. We are truly honoured and humbled by his longstanding support, the trust he has placed in our foundation, and for the deep care he has for our community,” Robertson added.
For more information on the community foundation, head to their website here.