Prem Watsa and the Canadian branch of his company, Fairfax Financial Holdings Ltd., raised $2.6-million to 200 scholarships at Canadian universitiesGetty Images/iStockphoto
The donor: Prem Watsa
The gift: Helping raise $2.6-million and climbing
The cause: To fund scholarships for students who have overcome adversity
A few years ago, Vancouver businessman Jim Pattison approached Prem Watsa about an organization called the Horatio Alger Association.
The U.S.-based association honours people who have overcome adversity and become role models in their communities. It also raises money to fund hundreds of university scholarships for students in need. A Canadian branch was founded in 2009 and it eventually began awarding around 85 scholarships annually thanks in part to the efforts of Mr. Pattison.
Mr. Watsa, chief executive of Fairfax Financial Holdings Ltd., became a member in 2012 after receiving an award from the association for his lifelong commitment to education and in recognition of his philanthropic efforts. He's now president of the Canadian branch and, this week, he hosted a fundraising gala in Toronto that honoured former Governor-General David Johnston and raised $2.6-million to fund 200 scholarships at Canadian universities. It's the first time the Canadian branch has held a large fundraising gala and Mr. Watsa plans to make it an annual event.
Mr. Watsa said he still draws inspiration from the stories of the many students the association has helped. "Life has not handed them a good hand, but they have shown determination," he said in an interview from his Toronto office. "They want to study and they want to do well and we are encouraging them. It's very inspiring."