The Ministry of Education and Sport agreed to the establishment of the Karel Pečko Foundation in 1997. Named after the Slovenian painter Karel Pečko (1920-2016), it is aimed at the development of the Koroška region (northeast Slovenia), stimulating Slovene cultural, scientific and other creative activities. Each year in September it announces a competition for undergraduate studies in the field of art and humanities (painting, sculpture, music, museology, art history etc), aimed at the most gifted students from the Koroška region. Two students are subsequently awarded a stipend for up to four years.
Karel Pečko donated over 250 of his paintings to the Foundation, which are occasionally exhibited in the Koroška Gallery of Fine Arts, the regional gallery that the painter helped establish in 1957.