ARTICLE X / Charitable and Educational Fund
§10.1 Establishment of Fund. The Ohio REALTORS’ Charitable and Education Fund established for and dedicated exclusively to the charitable and educational purposes of the Association and its predecessor, hereinafter referred to as the Fund, shall be maintained separate from all other funds of the Association, and shall maintain separate books and accounts. Income and principal of the Fund shall not be commingled with other funds of the Association which are held for other than charitable and educational purposes.
§10.2 Authority of Fund. Solely for the purpose of carrying out the charitable and educational purposes of the Association, the Fund is empowered to exercise all rights and powers conferred upon charitable organizations, including without limitation, to receive gifts, bequests and contributions, in any form and to use, apply, invest and reinvest the income and principal there from or to distribute the same for the above purposes. The Fund shall include all property which from time to time may be transferred to said Fund, all property contributed to the Association for charitable and educational purposes, and all income from the foregoing property.
§10.3 Authority of Scholarship Selection Group. There shall be a Scholarship Selection Group, whose members shall be appointed by the President each year. The Selection Group shall make recommendations of Scholarship recipients in the furtherance of the charitable and educational purposes of the Association. No member of the Scholarship Selection Group may participate in the decision to award a scholarship grant from the Fund to any applicant or candidate who is a lineal descendant, ancestor, brother or sister of such member. The Scholarship Selection Group shall provide the Ohio REALTORS Board of Directors with detailed reports indicating methods in which to raise funds.
§10.4 Authority of Trustees. The Fund shall be managed by and under the direction of three Charitable Fund Trustees. The Fund Trustees shall each be appointed by the President of the Association, each to serve for a staggered three-year term. The initial term of office of one Trustee shall expire on the last day of December, 1994, that of the second Trustee shall expire on the last day of December, 1995, and that of the third Trustee shall expire on the last day of December, 1996, and in all cases, until his successor is appointed or until his earlier resignation. In the appointment of Trustees, the President shall consider only past contributors to the Fund.
Subject to the authority granted to the Board of Directors of the Association elsewhere in this Code of Regulations, the Fund Trustees shall possess and exercise all power and authority with respect to the Fund, including final approval for the distribution of income and principal from the Fund, which distributions shall be for the furtherance of the charitable and educational purposes of the Association. No Trustee of the Fund may participate in the decision to award a scholarship grant from the Fund to any applicant or candidate who is a lineal descendant, ancestor, brother or sister of such Trustee. The Fund Trustees shall provide the Ohio REALTORS Board of Directors with detailed reports indicating the uses of the income and principal of the Fund and shall account for any unexpended funds. Such reports shall be submitted at least annually.
The Charitable Fund Trustees shall meet at least annually at times and places mutually determined by the Fund Trustees.
§10.5 Use of Earnings. No part of the net earnings of the Fund may inure to the benefit of or be distributable to any private individual, but the Fund shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the charitable and educational purposes of the Association. The Fund shall not carry on propaganda or otherwise attempt to influence legislation, and shall not participate or intervene in any political campaign, to such extent as would result in the loss of exemption under §501(c)(3) of the Internal Revenue Code. It is intended that the Fund shall have and continue to have the status of an organization which is exempt from federal income taxation under §501(c)(3) of the Internal Revenue Code of 1986, as amended, and which is other than a private foundation as defined in §509(a) of such code, and these procedures shall be construed accordingly and all powers and activities hereunder shall be limited accordingly.
§10.6 Dissolution. Upon dissolution of the Fund, the Board of Directors of the Association shall, after paying or making provision for the payment of all liabilities of the Fund, distribute all assets of the Fund exclusively for charitable and educational purposes.