ARTICLE XIX.

EARNINGS AND ASSETS

• The ASSOCIATION is non-profit and shall not have or issue shares of stock or pay dividends.
• The assets of ASSOCIATION shall be dedicated to the purposes set forth in ARTICLE I hereof, and shall be used exclusively toward the furtherance of any or all of such purposes.
• Any sums which shall accumulate in the Treasury of this ASSOCIATION shall be used exclusively for the accomplishment of the purposes of this ASSOCIATION as set forth in ARTICLE I hereof.
• Notwithstanding any other provisions of these articles, the ASSOCIATION is organized exclusively for one or more of the purposes as specified in Section 501(c)(3) of the Internal Revenue Code of 1986, and shall not carry on any activities not permitted to be carried on by a corporation exempt from Federal income tax under IRC Section 501(c)(3) or corresponding provisions of any subsequent Federal tax laws.
• No part of the net earnings of the ASSOCIATION shall inure to the benefit of any member, trustee, director, officer of the ASSOCIATION, or any private individual (except that reasonable compensation may be paid for services rendered to or for the ASSOCIATION), and no member, trustee, officer of the ASSOCIATION or any private individual shall be entitled to share in the distribution of any of the corporate assets on dissolution of the ASSOCIATION.
• No substantial part of the activities of the ASSOCIATION shall be carrying on propaganda, or otherwise attempting, to influence legislation (except as otherwise provided by IRC Section 501(h)), and does not participate in, or intervene in (including the publication or distribution of statements), any political campaign on behalf of any candidate for public office.
• In the event of dissolution all of the remaining assets and property of the ASSOCIATION shall, after necessary expenses thereof, be distributed to another organization exempt under IRC Section 501(c)(3), or corresponding provisions of any subsequent Federal tax laws, or to the Federal government, or state or local government for public purpose, subject to the approval of a Justice of the Supreme Court of the State of Connecticut.
• In any taxable year in which the ASSOCIATION is a private foundation as described in IRC Section 509(a), the ASSOCIATION shall distribute its income for said period at such time and manner as not to subject it to tax under IRC Section 4942, and the ASSOCIATION shall not
  • engage in any act of self-dealing as defined in IRC Section 4941(d), retain any excess business holdings as defined in IRC Section 4943(c),
  • make any investments in such manner as to subject the ASSOCIATION to tax under IRC Section 4944, or
  • make any taxable expenditures as defined in IRC Section 4945(d) or corresponding provisions of any subsequent Federal tax laws.