Warren Buffett made himself, and many of his friends and family, a fortune building Berkshire Hathaway Inc. from a struggling textile maker into one of the world’s largest companies.
He also pledged most of his wealth to charity. Buffett’s sister, Roberta Elliott, is following that course, too.
On Tuesday, she made a $106 million bequest to Montage Health Foundation, the parent company of Community Hospital of the Monterey Peninsula in California. The gift will support creating an “innovative approach to child and adolescent behavioral health” in a venture she named Ohana, Hawaiian for “family,” according to a statement.
The donation will go toward construction of a building, called the Ohana House, for inpatient care and outpatient programs like family counseling. A “significant” portion of the money will be placed in an endowment, according to the statement.
Earlier Tuesday, her brother also highlighted his focus on health care. Berkshire announced it was joining forces with Amazon.com Inc. and JPMorgan Chase & Co. to form a non-profit dedicated to improving health care for their employees. In a separate statement, Buffett called rising medical costs in America a “hungry tapeworm” on the U.S. economy.
Elliott, known as Bertie, was an early investor in her brother’s conglomerate and has made other sizable donations in the past. In 2015, she gave more than $100 million to Northwestern University. She and her three daughters established the Berkshire Foundation in 1996. Elliott, 84, has served on Montage Health’s board of trustees, according to the statement.