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In 2020, Personal Investment Management decided to make an annual charitable donation of approximately 1% of net income each year going forward. At the time, we were generally aware of the “Pledge 1%” movement but had yet to formalize our intentions.
Our first charitable gift was made at the end of 2020 to the Bellevue College Foundation for the creation and initial capitalization of the Frank Bosone Memorial Scholarship. Mr. Bosone, one of the original founders of PIM, passed away in late 2019. To complete the minimum capitalization requirement, PIM intends to make another gift to the scholarship fund at the end of 2021.
We recently formalized our charitable giving intentions by officially joining the Pledge 1% movement. Pledge 1% is a global initiative to create a new normal for companies of all sizes and stages of development to have a positive social impact through charitable giving. To date, over 12,000 companies globally have committed to Pledge 1% of products, profits, equity, or staff time to the charities of their choosing.