The Karen Magnussen Foundation was created in 1973 to assist young skaters who had potential and at a high level, and not funded by Skate Canada nor the Provincial Government. This Foundation has provided over $400,000 of funding to skaters over the past 34 years. Currently the Foundation funds approximately 50 scholarships for skaters per year.

Leveraging the enthusiasm and focus on the upcoming Olympics to be held in Vancouver, the Foundation sees a once in a lifetime opportunity to build the number of beneficiaries. This will help provide new growth opportunities to the sport of Figure Skating in the province of BC. Previously there has not been funding available at the grass roots of this sport.

The Foundation seeks to initiate and develop more young British Columbia skaters, who in turn may grow to provide BC with more Olympic caliber skaters and a much greater presence as a dominate province in the Canadian figure skating scene. This development will be done through the initiation of an Olympic quality Technical Development Program which will be instituted this year. This program will be built and increased in run up to the Olympics. This is in order to gain momentum and to make it a sustainable growth program for this sport in this province. The Development Program will be designed and implemented at an Olympic standard, and mentored and instructed by Olympic competitors and World champions.