The PEF has been determined to be a 501(c)(3) tax-exempt organization by the Internal Revenue Service. The detailed terms and irrevocable purposes of the Trust are described by the Trust Agreement, dated January 29, 1990 as amended on March 9, 1990.
While an independent, stand-alone entity, the PEF also has an obvious connection with the PAA. The PAA was instrumental in the Fund’s creation, initiated its early funding efforts, and is the source of the PEF’s board members. Additionally, the bylaws of the PEF are found within the general bylaws of the PAA.
The PEF is organized under the laws of the State of Illinois and administered by a Board of Trustees consisting of not more than seven (7) persons, one of whom shall be the Board’s Chairman. The President of the PAA, by virtue of that office, serves as one of the Trustees. The Board elects/appoints a Secretary and Treasurer from among the Trustees. Additionally, the Board has the authority to recognize former trustees to be an honorary member of the PEF, but such an honorary member has no voting authority.
To date, more than $800,000 has been granted to the various projects supported by the PEF. These projects include: