Dorothy was married to Lawrence Avakian for 49 years. When he passed, Dorothy took over the management of their considerable estate. “Larry had appointed excellent professional advisors that helped me with investment, tax, and legal matters. We had already settled on giving our estate to charity,” says Dorothy.
Dorothy wanted to support good causes in Pasadena while she was alive, so her investment advisor suggested a Donor Advised Fund (DAF) at PCF. After working with the Foundation for several years, Dorothy came to appreciate PCF’s work in supporting local nonprofits. In her later years, she passed control of her fund’s grantmaking to PCF, creating a named endowment with the balance of her DAF. Dorothy died in May, 2015 at the age of 97. Her fund continues to support Pasadena-area nonprofits in perpetuity.
The Power of Endowment
Endowments are the cornerstone of PCF’s mission to build hometown legacies. The corpus of each endowed fund is invested with PCF’s portfolio for long-term growth. Each year, the endowments generate the funds that support PCF’s local grantmaking, which enriches the arts community, protects our environment, provides health care and critical social services, and bolsters public education in Pasadena. Endowments are permanent legacies for our community; these funds will continue to grow and provide philanthropic support forever. Learn more about creating an endowment at PCF.