The Varkey Family Fund: A Year With LCF
The Varkey Family Fund: A Year With LCF
The Varkey family moved to London in 1973, and have been putting down deep roots in the city ever since.
The Varkey family has relationships with Western University and Riverside United Church, as well as University Hospital, where the late Dr. George P. Varkey, worked before running the London Pain Management Centre. “London has been very good to us, so it’s important for us to be able to give back to London,” says George’s son Joe, who established the Varkey Family Fund with London Community Foundation in 2022.
Joe and his family have long been supporting causes important to them within London, Canada, and India, making annual, quarterly, and monthly donations to various organizations. “Right from when we were little children, our parents had drilled into our heads the importance of giving back to our community, whether it’s by supporting the church, local charities, or the needy,” Joe tells us.
Following Dr. Varkey’s passing in March 2021, Joe, his sister, Renu, and their mother, Mary, decided to establish a family foundation to honor George’s legacy - something Joe and his dad had always talked about. While exploring options, Joe contacted LCF on the advice of his accountant. Pleased with how LCF handles the “nuts and bolts” of the fund so they could focus on the granting, the Varkey family set up a Donor-Advised fund, allowing them to continue supporting the causes that are important to them, such as healthcare, homelessness, and education, forever.
Just over a year into its life with LCF, the Varkey Family Fund is already granting to organizations that mean a lot to Joe and his family: “The needs on the street are quite shocking and are getting worse, so places like the Sisters of St. Josephs Soup Kitchen and Mission Services of London, what they do for people is very important to my parents and is very important to me.”
Joe’s commitment to growing the fund is shown by his recent decision to include it in his will - a big step to make, but one made easy for him having experienced the benefits of working with LCF and how simple it’s been; “I love getting updates on the fund from Emily, the team at LCF makes that whole process so easy for us,” Joe says. “When I first had a phone call with Diane, we talked about the pros and cons of how it works, it’s so much more appealing to me than the original angle I was proceeding with.”
While the fund is still young, Joe and his family are excited about where the fund can go in the future, noting that London is lucky to have many great organizations worthy of support. “It’s all thanks to my accountant. It’s going really well and we’re excited to see where our journey takes us.”
Read more about how to start your own fund, leave London Community Foundation in your will, or how we work with accountants and advisors.