Tax Status

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.

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:

• Founding and support of the Crete University Press in 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.