Opinion ID: 1728040
Heading Depth: 1
Heading Rank: 4

Heading: purposes and powers

Text: 2.1 Purposes. The foundation shall be operated exclusively for charitable, scientific, literary and/or educational purposes as described in Section 501(c)(3) of the Internal Revenue Code of 1954, or corresponding provisions of any subsequent federal tax law (Code) including but not limited to the following particular purposes: (a) The improvement of the administration of justice and the elevation of judicial standards. (b) The promotion of the study of law and research in the law, the diffusion of legal knowledge and the continuing legal education of lawyers. (c) The publication and the distribution of works on legal subjects. (d) The improvement of relations between members of the Bar, the judiciary and the public. (e) The fostering of suitable standards of legal education and of admission to the Bar, and the furnishing of funds for making grants and loans to qualified and worthy persons for the study of law. (f) The aiding of members of The Florida Bar who shall be in great need of assistance because of illness, misfortune or advanced age. (g) The promotion of the preservation of the American constitutional form of government. Provided, however, that no part of the assets or net earnings of the foundation (including such assets or net earnings as may be derived from the Trust Savings Account Program described in Article 2.3 below) shall inure to the benefit of any private charity shareholder or individual; and further provided that the foundation shall not carry on propaganda, or otherwise attempt to influence legislation, and shall not participate in or intervene in (including the publication or distribution of statements), any political campaign on behalf of any candidate for public office. (h) In furtherance of the foregoing charitable, scientific, literary and/or educational purposes, the assets and earnings of the foundation (including but not limited to those assets or earnings derived from the Trust Savings Account Program) may be used for any one or more of the following charitable activities undertaken for exclusively public purposes: (1) To provide legal aid to the poor; (2) To provide student loans; (3) To improve the administration of justice; and (4) For such other programs for the benefit of the public as are specifically approved from time to time by the Supreme Court of Florida for exclusively public purposes. Except as more specifically hereinabove set forth, such activities may be undertaken directly by the foundation or by the provision of funds by the foundation to The Florida Bar or Florida Legal Services, Inc., to be used exclusively for such purposes. 2.2 Restrictions. In such fiscal years (if any) as the corporation shall be a private foundation as described in Section 509(a) of the Code and/or subject to the taxes imposed by Sections 4940 et seq. of the Code: (a) The corporation shall distribute its income for each taxable 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 Code, or corresponding provisions of any subsequent federal tax laws. (b) The corporation shall not engage in any act of self-dealing as defined in Section 4941(d) of the Code, or corresponding provisions of any subsequent federal tax law. (c) The corporation shall not retain any excess business holdings as defined in Section 4943(c) of the Code, or corresponding provisions of any subsequent federal tax laws. (d) The corporation shall not make any investments in such manner as to subject it to tax under Section 4944 of the Code, or corresponding provisions of any subsequent federal tax laws. (e) The corporation shall not make any taxable expenditures as defined in Section 4945(d) of the Code, or corresponding provisions of any subsequent federal tax laws. 2.3 Gifts. The foundation may receive, by gift, bequest, devise, or in any other manner, money, assistance, and any other form of contribution, whether of real, personal, or mixed property, from any person, firm or corporation to be used in the furtherance of the purposes of the foundation; provided, however, that gifts shall be subject to acceptance by the board of directors as required by the bylaws. The foundation may also receive all funds generated by the Trust Account Savings Program implemented by Order of the Supreme Court of Florida (In Re: Matter of Interest on Trust Accounts et seq.) as such Order may be amended from time to time. 2.4 Offices and Employees. The foundation may establish one or more offices and employ such agents, employees and clerical force as may be deemed necessary or proper to conduct and carry on the work of the foundation, and it may pay a reasonable compensation for the services of such persons. 2.5 Powers: General. The foundation may contract and be contracted with, sue and be sued, invest and reinvest the funds of the foundation, and do all acts and things requisite, necessary, proper, or desirable to carry out and further the purposes for which the foundation is formed. 2.6 Powers: Trust Account Savings Program. With respect to the activities of, and assets and earnings derived from, the Trust Account Savings Program, the foundation may: (a) Authorize capital expenditures, accumulations, or reserves, only as may be necessary to meet the reasonable working needs of the foundation in administering the Trust Account Savings Program: (b) Retain professional investment advisory services; (c) Through its Directors in the manner set forth in ARTICLE VI hereof, adopt rules of procedure reasonably necessary or helpful in carrying out the purposes and powers of the foundation in managing and administering the Trust Account Savings Program.