PGA tournament gives $100,000 to good causes
An international golf tournament has donated $100,000 to a Bermudian charitable foundation, it was announced today.
The PGA Tour Bermuda Championship, the island's first official PGA tournament, gave the cash to the Bermuda Foundation, known as the BCF, which will invest the money.
Myra Virgil, the BCF managing director, said: “These types of gifts help to sustain the work of the foundation and the charitable sector in the long term.
“With the support of its endowment fund, last year the BCF was able to facilitate, coordinate and co-fund the Bermuda Emergency Fund, which proved critical to ensuring non-profits had access to financial support to deliver frontline services during the pandemic.”
Sean Sovacool, the Bermuda Championship executive director, added: “Each PGA Tour tournament is committed to making a positive charitable impact on the local community that extends throughout the year.
“Grateful for the opportunity we had last fall to bring world-class golf to Bermuda, it was important to us that the funds raised through our second annual event be directed where they were most needed.”
Mr Sovacool said: “We approached BCF because of their understanding of the sector, supported by the work they do.
“The fact that our donation will be growing and make a significant contribution long into the future was very appealing.”
The Bermuda Championship is also to introduce Birdies for Charity – a matching fund programme designed to benefit charities on the island.
The BCF was set up in 2014 to to create and manage charitable endowments, with the investment returns going to non-profits and community projects.
The BCF structure allows a range of donors, including families, businesses, clubs and non-profit agencies, to set up funds that are invested collectively for best returns.
Founding investors of BCF included Atlantic Philanthropies, Buchanan Charitable and RenaissanceRe with support from private donors and non-profits that established their own endowed agency funds to be managed at the foundation.
Bloomberg Philanthropies and the XL Foundation also made key founding contributions, and in recent years, have been joined by Allan & Gill Gray Philanthropies Ltd., PwC Bermuda and USA, Hemera Foundation and the Meritus Trust Company.
The Bermuda Championship has raised more than $400,000 for island charities.
This year’s event will be held at Port Royal Golf Course between October 25 to 31 and feature a field of 120 players and a purse of a minimum of $3 million.
Non-profits can learn more about the Birdies for Charity programme on the tournament’s website at https://bermudachampionship.com/.