Acorn Foundation receives biggest bequest ever

Acorn Foundation general manager Lori Luke was amazed at the generous donation. Photo / Andrew Warner

The Acorn Foundation has been gifted its largest ever bequest, thanks to a Mount Maunganui woman.

Foundation general manager Lori Luke said the $3 million donation is the biggest sum the charitable fund, which celebrated its 15 year anniversary this year, had ever received.

The previous record donation was $2.6m.

Karen Pensabene, who died in March 2018, left the bequest noted in her will and chose which organisations she wanted Acorn to give the monumental sum to.

She decided to split the money between Waipuna Hospice, Omanu Beach Surf Life Saving Club and the administration at Acorn, with each of the charities receiving a third each.

Pensabene's contribution would be the gift that keeps on giving, with the money invested with Craigs Investment and the interest earnings distributed to her chosen charities each year.

The interest, on average, was expected to total about $120,000 a year.

Karen Pensabene generously left the Acorn Foundation its biggest ever bequest. Photo / Supplied

The UK ex-pat, who was a big fan of the organisation's work, learned about the Acorn Foundation during her time as a Ocean Shores Retirement Village resident.

Luke said the bequests were quite common as the foundation often worked with people who want to contribute to the good work of charities after they die.

Omanu Beach Surf Life Saving Club Regan Carey said the club was very appreciative of the generous donation and it would help ensure the club's future success, with Pensabene's memory and values in mind.

"Karen Pensabene was clearly a very special person with a passion for supporting worthy charities."

Waipuna Hospice chief executive Richard Thurlow said the "very generous" bequest was overwhelming and the hospice would be sure to put the funds to good use into the future.

"This highlights the huge benefit of funds being held by foundation trusts to ensure a stable income for charities to ensure certainty of incomes for the future."