THE PANCRETAN ENDOWMENT FUND
The Pancretan Endowment Fund (PEF) was established during the 1976 PAA Convention
in Pittsburgh, PA. An original fund raising effort throughout PAA's Chapters and
members created the base of the Fund. Subsequent fund-raising efforts as well as
prudent investing of the Fund's portfolio, have assisted to increase its current
portfolio value to nearly $1 million. The main purpose the PEF is to benefit the
University of Crete at Heraklion and Rethymno and the Polytechnic Institute of Crete
at Chania. Furthermore, through the universities of Crete, the PEF promotes and
supports projects such as educational programs, summer courses, internships, seminars
and by-lateral student exchanges for our American youth. These programs are targeted
to promote stronger bonds and cooperation between the peoples of Greece and the
USA and to also enhance the likelihood for our peoples to maintain their Hellenic/
Cretan Identity and Heritage.
The PEF has been granted a 501-c (3) tax-exempt status by the IRS. The detailed
terms and irrevocable purposes of the Trust are described by a Trust-Agreement,
dated January 29, 1990, as amended on March 9th, 1990. It is organized under the
laws of the State of Illinois and is administered by a Board of Trustees consisting
of a maximum of six (6) Trustees plus a Chairman, who are elected at the bi-annual
conventions of the PAA.
To date, more than $650,000 have been granted by the PEF to projects such as: founding
and support of the Crete University Press at Heraklion; founding and support of
the Botanical Park in Chania; support of Summer Courses at the University and Polytechnic
Institute of Crete; funding of Medical Internships at the University of Crete.
Building on its past accomplishments, the PEF plans to do a great deal more in the
future for the benefit both the Universities of Crete, as well as the PAA's members
young and old. Existing projects such as the University summer studies, student-exchanges,
internships and seminars, will be strengthened and expanded. Lastly, the feasibility
of new projects dealing with the Customs, Culture and the History of Crete will
be carefully evaluated for implementation.
Pancretan Endowment Fund
