Presidents Cup in Korea generates record amount for charities

The PGA Tour announced Thursday the 2015 Presidents Cup held in South Korea generated a record amount of dollars for charitable funds.

The biennial match play competition featuring 24 golfers -- a dozen from the United States and a dozen more from the rest of the world excluding Europe -- raised $6.12 million that will be donated to charities soon, topping the previous record of $5.01 million at the 2013 competition.

The 2015 Presidents Cup was held last October at Jack Nicklaus Golf Club Korea in Incheon, a metropolitan city west of Seoul, the first time the event was held in Asia.

There was no prize money at stake, but the 33 players, captains and captain's assistants will allocate an equal portion of the funds generated to charities of their choice. This year, that portion was $150,000 per participant, according to the PGA Tour.

In addition to these funds, $100,000 in funding for the Pearl S. Buck Foundation Korea and more than $1 million for the establishment of The First Tee Korea was generated by the Presidents Cup, resulting in $1.17 million being returned to these Korean-based charities.

The Pearl S. Buck Foundation Korea is a non-governmental organization benefitting children of mixed ethnicities. The First Tee Korea is a youth development, not-for-profit organization helping create affordable access to golf for the underprivileged.

The PGA Tour said that since its inception in 1994, the Presidents Cup has raised more than $38.4 million for charities from its proceeds, reaching more than 450 organizations in 15 countries and 35 states in the United States.

"Our goal for every Presidents Cup is to look back and know that it was better and more successful than the event prior, in all aspects," PGA Tour Commissioner Tim Finchem said. "The thrilling finish provided by the teams at Jack Nicklaus Golf Club Korea was the pinnacle of memorable moments in golf, the welcome by the Korean fans was unmatched, and with today's announcement of $6 million-plus to charities around the world, we are able to celebrate a significant milestone in charitable giving as well."

The U.S. Team, captained by Jay Haas, edged out Nick Price's International Team, 15 1/2 to 14 1/2, to win its sixth consecutive Presidents Cup and its ninth overall. The Americans earned the clinching point in the anchor match, as Bill Haas, son of the U.S. captain, defeated Bae Sang-moon, the lone South Korean in the field, 2-up. (Yonhap)