KSU_Thorobreds_Foundation_Articles_of_Incorporation_and_Conflict_of_Interest.pdf — PaddleOCR-VL (Baidu)

ARTICLE V

PURPOSE

The purpose of the Corporation shall be to perform, in compliance with applicable law, all actions necessary to support Kentucky State University and its educational objectives. Such actions may include, but are not limited to, assisting with the development of the physical plant of Kentucky State University, the development and expansion of the academic and athletic programs of Kentucky State University, and the administration of aid to the student body of Kentucky State University. The organization is organized exclusively for charitable, educational, and scientific purposes under section 501(c)(3) of the Internal Revenue Code, or corresponding section of any future federal tax code.

ARTICLE VI

POWERS

The Corporation shall possess the power to:

Raise capital from private and institutional sources.
To receive and hold by gift, bequest, devise, grant, or purchase, any real or personal property and to use and dispose of same in accordance with the purpose of the Corporation.
To receive any restricted funds having purposes or uses that do not conflict with the purpose of the Corporation or Kentucky State University and to administer and apply said funds as directed by donors.
To employ any personnel needed for carrying out the purposes of the Corporation.
To borrow money and give its notes or other obligations therefor and to secure payment thereof by pledging, assigning, or mortgaging any property the Corporation may own.
To issue funds to, or make loans for, worthy students of Kentucky State University who are unable to meet their necessary expenses.
To engage in any and all lawful activities or pursuits for which a non-profit corporation may be incorporated under Chapter 273 of the Kentucky Revised Statutes and to exercise any and all powers that such non-profit corporation may now or hereafter exercise, whether or not specifically set forth herein.

Notwithstanding the foregoing, all expenditures made to or on behalf of Kentucky State University by the Corporation shall require prior written authorization from the President of Kentucky State University and shall follow all established policies and procedures of Kentucky State University and the Corporation.