THE PRINCE ALBERT COLLEGE FUNDS
In 1986 a property administered by The Prince Albert College was leased for one hundred years for a once only rental payment of $18,895,000. In the following year this sum, together with the interest earned, was used to create the capital for the Funds set out below. In addition, a further sum of money was invested in PACT 2086 Trust for the future long-term development of the site.
DISTRIBUTING THE FUNDS
A Strategy Group formed by 1987 Conference was given the specific task of enabling the Church to find a creative way of distributing and making available the monies from The Prince Albert College Fund. They recommended to the 1988 Conference at Palmerston North that a national Distribution Group be established called the "PAC Distribution Group".
The Strategy Group deliberately chose to put in place some important Touchstones and Guidelines, believing that they would set the basis from which all distributions of monies would be made.
TOUCHSTONES FOR MISSION
The Distribution Group and the Distribution would be expected to be in tune with our Church's current understandings and priorities of Mission.
- Biblical Teaching relating to the Christian use of money.
- Wesley's Sermons on Wealth and the use of money.
- Commitment to the Bi-Cultural Church and Society.
- The distribution must take account of the current issues of the day, concerning the Church and its Mission in society.
- Funding for innovative, creative use, in the furtherance of the Mission of the Church, at local, district, national or international level.
- the whole of any major part of the net distributable income, in any year, may be allocated to a particular project or purpose.
- Each 7th year we take the opportunity of reviewing the distribution processes, and the effect the use of this money has on the life of the Church.
- Monies from Prince Albert College will normally be distributed after the Balance date 31 March, and the PAC Distribution Group will report on those distributions to the following Conference.
- The Distribution Group may receive applications but shall have freedom of initiative.
- 15% of the monies each year be used outside the life of the Church.
PAC RESOURCE PERSON/CHRISTIAN EDUCATION LECTURESHIP ENDOWMENT TRUST
(Education Resource Person Endowment)
Be available for the provision of leadership and resources, in persons or material, in the areas or Christian Education and Evangelism within the life of the Methodist Church of New Zealand, Te Hāhi Weteriana O Aotearoa (or any successor thereto).
- The Methodist Church of New Zealand’s current understanding and priorities of mission.
- The teaching of the Bible relating to the Christian use of money.
- Wesley’s sermons on wealth and the use of money.
- The commitment to a bi-cultural Church and society.
- The Methodist Conference’s commitment to a bi-cultural Church and society which is central to the Fund’s use and administration.
- Distribution shall take into account the current issues of the day concerning the Church and its mission in society, and in particular those emphases adopted by the Methodist Conference.
- Distribution will be in line with purpose of the Fund.
- Funding may be a grant and/or an interest-free loan for a maximum period of two year.
- The merit of an application shall not be judged in terms of the amount being requested.
- Applications for projects of an ecumenical nature will be considered on an equal basis.
- The Fund shall provide encouragement, training and resources to those who have limited or no access to other funding.
- All applications shall:
(a) request a specific amount, sought as a grant or loan.
(b) set out the purpose and benefit of the grant or loan.
(c) supply up-to-date details of the cost of the project.
(d) indicate what efforts, if any, have been, or will be made to obtain funds from other sources.
(e) shall be forwarded to the General Secretary by 30th June in any year.
- Applications from individuals are to be sent with a letter of support from either a Parish or District.