The largest bequest to a single charity in B.C.āsā. s history has come from a European immigrant who pledged in his will to hand over equity in his massive Burnaby commercial real estate development.
More than 20 years after his death, John Jambor, a Slovakian self-made multimillionaire, has stayed true to his pledge, leaving the BC Cancer Foundation $21.4 million in a deal which represents the value of a city block of mixed retail, commercial and office space.
The gift arranged by Jamborās protege and grandson, William McCarthy, is the biggest to go to a B.C. cancer cause and the largest to go to a single organization in the province.
āItās quite rare for people to structure a bequest this way but Johnās intent was very clear,ā said foundation president Doug Nelson. āHe wanted to ensure that the property and the business appreciated over time so that when we finally received the funds, the legacy would be even more substantial,ā he added.
āThe gift isnāt restrictive. We can use it for the areas of greatest need which means that while research is the main focus, if we need money for equipment, programs, or capital purposes, we could use the funds that way too,ā said Nelson, adding that money from the estate will be received over a few years.
As is often the case, the foundation will distribute the amount generated as income from the principal of the gift ā expected to be about $750,000 a year. In the last year, the foundation has raised about $50 million for research. That does not include a similar amount researchers have garnered through competitive grants.
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Look out for us teaming up with the BC Cancer Foundation in the near future!
