North Canton City Schools Foundation

PURPOSE. SUBJECT TO ALL THE TERMS AND CONDITIONS SET FORTH IN THE ARTICLES AND THIS CODE OF REGULATIONS, THE CORPORATION IS ORGANIZED, AND AT ALL TIMES SHALL BE OPERATED, EXCLUSIVELY FOR CHARITABLE, ADVOCACY, AND EDUCATIONAL PURPOSES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (OR THE CORRESPONDING PROVISION OF ANY FUTURE UNITED STATES INTERNAL REVENUE LAW) (THE "IRC"), THE MAKING OF DISTRIBUTIONS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE IRC, AND FOR THE FOLLOWING MORE PARTICULAR AND INCLUDED PURPOSES: (A) TO HAVE AND EXERCISE ALL RIGHTS AND POWERS CONFERRED ON NONPROFIT CORPORATIONS UNDER THE LAWS OF THE STATE OF OHIO, OR WHICH MAY HEREAFTER BE CONFERRED: PROVIDED, HOWEVER, THAT THE CORPORATION SHALL NOT, EXCEPT TO AN INSUBSTANTIAL DEGREE, ENGAGE IN ANY ACTIVITIES OR EXERCISE ANY POWERS THAT ARE NOT IN FURTHERANCE OF THE PRIMARY PURPOSES OF THIS CORPORATION AS SET OUT IN THIS SECTION 3. (B) TO FURTHER THE PURPOSES FOR WHICH THE CORPORATION IS ORGANIZED IT SHALL ALSO RECEIVE AND MAINTAIN REAL OR PERSONAL PROPERTY, OR BOTH, AND SUBJECT TO THE RESTRICTIONS AND LIMITATIONS HEREINAFTER SET FORTH, TO USE AND APPLY THE WHOLE OR ANY PART OF THE INCOME THEREFROM AND THE PRINCIPAL THEREOF EXCLUSIVELY FOR CHARITABLE OR EDUCATIONAL PURPOSES EITHER DIRECTLY OR BY CONTRIBUTIONS UNDER SECTION 501(C)(3) OF THE IRC AND THE REGULATIONS PROMULGATED THEREUNDER (THE "TREASURY REGULATIONS") AS THEY NOW EXIST OR AS THEY MAY HEREAFTER BE AMENDED. (C) TO RAISE FUNDS, AND ACCEPT FUNDS BY BEQUEST, DEVISE, OR GIFT, AND EXPEND FUNDS IN SUPPORT OF SUCH CURRICULAR AND EXTRACURRICULAR ACTIVITIES AND PROGRAMS OF THE NORTH CANTON SCHOOL DISTRICT (THE "DISTRICT"). THE CORPORATION INTENDS TO PROMOTE ENHANCEMENT OF EDUCATIONAL EXCELLENCE AND GROWTH IN YOUNG PEOPLE WITHIN THE DISTRICT.