Principal Financial Group has agreed to a five-year extension with the Principal Charity Classic, the company announced Wednesday. With the new agreement, Principal will continue to be the title sponsor of the annual PGA Tour Champions tournament held at the Wakonda Club in Des Moines. Principal uses its sponsorship to raise money for Iowa charities that focus on supporting children. Since Principal became a title sponsor of the tournament in 2007, the event has raised more than $45.6 million for Iowa children’s charities. Last year it raised more than $8.2 million, surpassing the previous record of $7.3 million set in 2021. According to a news release announcing the agreement, the tournament draws more than 70,000 fans each year. The Principal Charity Classic also released its 2022 Sustainability Report outlining its goals to create a more sustainable tournament that aligns with the sustainability goals of Principal and the city of Des Moines, with a goal of achieving 40% waste diversion and a commitment to be a zero-waste tournament by 2032.