Solon Education Foundation
ARTICLES OF INCORPORATION
OF
SOLON EDUCATION FOUNDATION
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TO THE SECRETARY OF STATE OF THE STATE OF IOWA:
I, the undersigned, acting as incorporator of a corporation under the Iowa Nonprofit Corporation Act under Chapter 388 of the Laws of the Sixty-First General Assembly adopt the following Articles of Incorporation for such corporation:
I. The name of the corporation is SOLON EDUCATION FOUNDATION.
II. The period of its duration is perpetual.
III. The purposes for which the corporation is organized are:
Exclusively for charitable, religious, educational and scientific purposes, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under Section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code.
In addition to all other lawful purposes, the Solon Education Foundation shall maximize opportunities for students, staff and friends served by the Solon Community School District. A further purpose is to advance the potential of individual students and the District through obtaining private gift support while continuously laying the groundwork for future fundraising success, in order to aid the District in fulfilling its own mission of excellence and achievement in student education and service.
In particular, the Solon Education Foundation shall strive to endow scholarships for students graduating from the Solon Community High School and attending a credited two year or four year colleges.
IV. The address of its initial registered office in the state of Iowa is 102 S. Clinton, Suite 510 in the City of Iowa City, County of Johnson, and the name of its initial registered agent at such address is James H. Martinek.
V. The number of directors constituting the initial board of directors of the corporation is one, and the name and the address of the person who is willing to serve as the initial director is :
Laura Reed
2155 Sugar Bottom Road, NE
Solon, Iowa 52333
VI. The date on which the corporate existence shall begin is June 1, 2003.
VII. The name and address of incorporator is:
Laura Reed
2155 Sugar Bottom Road, NE
Solon, Iowa 52333
VIII. The Corporation will be governed by the following principles:
a. The corporation will distribute its income for each tax year at such time and in such manner as not to become subject to the tax on undistributed income imposed by Section 4942 of the Internal Revenue Code, or the corresponding section of any future federal tax code.
b. The corporation will not engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code, or the corresponding section of any future federal tax code.
c. The corporation will not retain any excess business holdings as defined in section 4943(c) of the Internal Revenue Code, or the corresponding section of any future federal tax code.
d. The corporation will not make any investments in such manner as to subject it to tax under section 4944 of the Internal Revenue Code, or the corresponding section of any future federal tax code.
e. The corporation will not make any taxable expenditures as defined in section 4945(d) of the Internal Revenue Code, or the corresponding section of any future federal tax code.
IX. No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to its members, trustees, officers, or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth in Article Third hereof. No substantial part of the activities of the corporation shall be the carrying on of propaganda, or otherwise attempting to influence legislation, and the corporation shall not participate in, or intervene in (including the publishing or distribution of statements) any political campaign on behalf of or in opposition to any candidate for public office. Notwithstanding any other provision of these articles, the corporation shall not carry on any other activities not permitted to be carried on (a) by a corporation exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or (b) by a corporation, contributions to which are deductible under section 170(c)(2) of the Internal Revenue Code, or the corresponding section of any future federal tax code.
X. Upon the dissolution of the corporation assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. Any such assets not so disposed of shall be disposed of by a Court of Competent Jurisdiction of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations, as said Court shall determine, which are organized and operated exclusively for such purposes.
In witness whereof, I have hereunto subscribed my name this _____day of ___________, 2003.
_______________________________________
LAURA REED, Incorporator and Director