History of the Foundation

In spring 1965, Interfaith Action of Greater Saint Paul Committee on Capital Funds, Wills and Bequests recommended that the Interfaith Action of Greater Saint Paul Foundation be established. The members of that committee were Roy Overmann, Neal Wood, Lloyd Hatch, Rev. Angus Mairs, Donald Smith, Carl Dreves and Rev. Harold Bradshaw, Executive Director of Interfaith Action. At the November 23, 1965, Annual Meeting of the Council of Churches, a motion was made and carried that the Interfaith Action of Greater Saint Paul Foundation be established.

The spirit behind the Interfaith Action of Greater Saint Paul Foundation was to make it a vehicle by which gifts to Interfaith Action would go into an endowment fund, which would appreciate in value over time and pay out interest exclusively to Interfaith Action.

Some of the first gifts received for the new foundation came as memorials for Mr. Hatch who was instrumental in setting up the Foundation and died just before it came into being. Later, one of the other founders of the Foundation, Carl Dreves, established a scholarship in memory of his wife, Margaret, as part of the Foundation. That scholarship continues today and provides income, which is turned into annual scholarship awards for several area graduating high school seniors who are continuing on to college.

In September 1969, the Council received 2,075 shares of 3M stock, which had a market value of $274,000, from Mrs. Margaret B. Hollensteiner, a niece of Archibald C. Bush, one of the founders of 3M. This stock was held for a number of years, split many times, and appreciated greatly in value.