The award was instituted as part of the peace and justice ministries associated with the Independence Temple, which was dedicated in 1994, the year following the inaugural award. The Community of Christ International Peace Award includes a cash gift for the benefit of the recipient's project or endeavor. The Community of Christ International Peace Award has been given annually (with the exception of 1996, 2015, 2017, and 2018) since 1993 at Community of Christ World Headquarters during significant events, including the annual Peace Colloquy, the biennial World Conference, and the International Youth Forum (held every four years). The cash value of the Community of Christ International Peace Award ranks among the top 20 international, non-governmental peace awards in the world (in a list topped by the Nobel Peace Prize) and among the top seven in the United States. As of 2006, the award includes $20,000 for the recipient to donate to a charity of his or her choice.