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Article 12ARTICLE XII – LIMITATIONS AND RESTRICTIONS Section 1. Notwithstanding any other provisions of this Constitution, this Fellowship shall not carry on any activities not permitted by an organization exempt from federal income tax under IRC Section 501 (c) (3), or contributions to which are deductible under IRC Section 170 (c) (2). All references herein to “IRC” shall mean the Internal Revenue Code of 1986, as amended, (or the corresponding provision of any future United States Internal Revenue Law). No substantial part of the activities of OCF shall consist of carrying on propaganda, or otherwise attempting to influence legislation, except as provided in IRC Section 501 (h), nor shall OCF participate or intervene in any political campaign (including the publication or distribution of statements) on behalf of any candidate for public office except as provided in IRC Section 501 (h). The money and property of this corporation are irrevocably and exclusively dedicated to charitable, religious, and educational purposes, and no part of the net income or assets of this corporation shall ever inure to the benefit of any director, trustee, officer, shareholder, or member (if any) hereof, or to the benefit of any private individual. Upon dissolution of this OCF, its assets remaining after payment of, or provision for payment of, all debts and liabilities of this corporation, shall be distributed to a nonprofit fund, foundation, trust, or corporation which is organized and operated exclusively for charitable, religious, or educational purposes which has established its tax exempt status under IRC Section 501 (c) (3). No part of the net earnings of the organization shall inure to the benefit of its members, directors, officers, or other persons except that the organization shall be authorized to and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the exempt purposes of the organization. In the event of dissolution, the residual assets of the organizations will be turned over to one or more organizations with similar purposes or to one or more organizations described in section 501 (c) (3) of the Internal Revenue Code of 1954.
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Created by Nick Syrpis in 2012. He can be contacted at ns7902@uncw |