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SCT Rotary Foundation, Inc.
History. The SCT Rotary Foundation, Inc. (the “Foundation”) was granted a Certificate of Formation from the Office of the Secretary of State on February 16, 2017, evidencing the existence of the newly created nonprofit corporation. On January 30, 2018, Internal Revenue Service determined the Foundation was exempt from federal income tax under Internal Revenue Code Section 501(c)(3) (the “Code”) and determined that the Foundation was a public charity. Tax exemption status was retroactive to February 16, 2017.
Purpose. The Foundation is organized and shall be operated exclusively for charitable, scientific, literary and educational purposes within the meaning of the Code. The Foundation shall not engage directly or indirectly in any activity that would invalidate its exempt status.
Organization. The Foundation is an independent organization separate from the Rotary Club of Georgetown – Sun City. The affairs of the Foundation shall be managed by its Board of Trustees. Such board may exercise all powers granted to the Foundation and do all lawful acts required by the affairs of the Foundation pursuant to the Texas Nonprofit Corporation Law, the Certificate and the Foundation Bylaws so long as the exercise of such powers and the doing of such acts are consistent with the Foundation’s prescribed purposes. No more than two Rotary Club of Georgetown – Sun City board members can serve on the Foundation Board of Trustees at the same time.
Management. The Foundation will be managed by the Board of Trustees and two ex officio club members who are the current club president (non-voting) and treasurer (non-voting).
Financials. The Foundation shall operate on a fiscal year, 1 July through 30 June.
Operations. The Rotary Club of Georgetown – Sun City shall provide an “estimated funds request” to the Foundation before the beginning of each fiscal year.