Approved Charitable Organization

Approved Charitable Organization. Means an organization approved by a majority vote of the Board of Directors acting in its sole and absolute discretion which is one or more of the following: (i) A corporation, trust, or community chest, fund, or foundation – a. created or organized in the United States or in any possession thereof, or under the law of the United States, any State, the District of Columbia, or any possession of the United States; b. organized and operated exclusively for religious, charitable,... scientific, literary, or educational purposes, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment), or for the prevention of cruelty to children or animals; c. no part of the net earnings of which inures to the benefit of any private shareholder or individual; and d. which is not disqualified for tax exemption under section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended. (ii) A post or organization of war veterans, or an auxiliary unit or society of, or trust or foundation for, any such post or organization – a. organized in the United States or any of its possessions, and b. no part of the net earnings of which inures to the benefit of any private shareholder or individual. 2 (iii) A domestic fraternal society, order, or association, operating under the lodge system, but only if the Stock or proceeds thereof is to be used exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. View More