Billionaire investor Warren Buffett is donating $1.5 million to the charity he founded in honor of his late wife’s birthday, his first major gift to an organization that supports people who are disadvantaged.
The billionaire investor, who died in 2016 at the age of 86, said in a letter Tuesday that he had decided to give his wife’s memory “greater prominence than ever before.”
The Buffett family foundation, which is chaired by the billionaire investor’s wife, gave a $1,000 gift to the U.S. Foundation for the Arts in June.
The foundation, named after his wife, serves as the country’s largest arts foundation.
In the letter, Buffett wrote that he will give his “heartfelt thanks” to the foundation for its efforts to provide funding for artists and artists’ organizations, “to help support people of all ages and backgrounds.”
In 2015, Buffett gave $1 billion to the John S. and James L. Knight Foundation for Community Service, a foundation that helps communities improve their infrastructure and access to clean water and other resources.
Buffett’s foundation has given more than $5.5 billion to charities that support the poor and needy.
In 2016, the foundation gave $50 million to aid the survivors of Hurricane Harvey, helping them rebuild after the devastating storm that flooded much of Texas.
The fund also provided $1 to the National Flood Insurance Program.
In 2013, the Buffett Foundation gave $25 million to help the victims of Hurricane Sandy.
That was the largest single contribution to a relief effort in the U:$25 million.
The foundation also has given about $4.5 to the American Red Cross, which provides help to the needy and rebuilds homes.