Newbold CDC | Charter
COMMONWEALTH OF PENNSYLVANIA
ARTICLES OF INCORPORATION
DOMESTIC NONPROFIT CORPORATION
In compliance with the requirements of 15 Pa. C.S. §5306 (relating to articles of incorporation), the undersigned, desiring to incorporate a nonprofit corporation, states that:
1. Name. The name of the corporation is: Newbold Community Development Corporation.
2. Address. The address of the corporation’s initial registered office in this Commonwealth is: 1509 Mifflin Street, Philadelphia, PA 19145. The county of venue is: Philadelphia.
3. Purposes and Operation. The corporation is incorporated under the Pennsylvania Nonprofit Corporation Law of 1988 (as amended) exclusively for: charitable and educational purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986, or the corresponding provisions of any future United States Internal Revenue Law (the “Code”).
No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to, its directors, officers, or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of its exempt purposes. Except as otherwise provided by Section 501(h) of the Code, no substantial part of the activities of the corporation shall consist of carrying on propaganda, or otherwise attempting, to influence legislation. The corporation shall not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition to) any candidate for public office. Notwithstanding any other provision of these articles, the corporation shall not carry on any activities not permitted to be carried on (a) by a corporation exempt from Federal income tax under Section 501(m) of the Code as an organization described in Section 501(c)(3) of the Code, or (b) by a corporation contributions to which are deductible under Section 170(a) of the Code as being to an organization referred to in Section 170(c)(2) of the Code.
4. Nonprofit. The corporation does not contemplate pecuniary gain or profit, incidental or otherwise.
5. Private Foundation. Notwithstanding any other provision in these Articles, at all times when the corporation is a private foundation within the meaning of Section 509 of the Code, it shall be subject to the following additional restrictions:
a. The corporation shall distribute its income for each tax 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.
b. The corporation shall not engage in any act of self-dealing as defined in Section 4941(d) of the Code.
c. The corporation shall not retain any excess business holdings as defined in Section 4943(c) of the Code.
d. The corporation shall not make any investments in such manner as to subject it to tax under Section 4944 of the Code.
e. The corporation shall not make any taxable expenditures as defined in Section 4945(d) of the Code.
6. Nonstock. The corporation is organized upon a nonstock basis.
7. Incorporator. The name and address of the incorporator is:
Mr. John Longacre,
1509 Mifflin Street
Philadelphia, PA 19145
8. Dissolution. Upon the dissolution of the corporation, the Board of Directors shall,
after paying or making provisions for the payment of all of the liabilities of the corporation, dispose of all of the assets of the corporation exclusively for the exempt purposes of the corporation in such manner, or to such organization or organizations organized and operated exclusively for religious, charitable, or educational purposes which at the time qualify as an exempt organization or organizations under Section 501(c)(3) of the Code as the Board of Directors shall determine. Any assets not so distributed by the Board of Directors shall be distributed by the Court of Common Please of the county in which the corporation’s principal office is then located, exclusively for the corporation’s exempt purposes.
9. Effective Date. These Articles of Incorporation shall be effective as of date of filing.
Mr. John Longacre, Incorporator
Laura N. Solomon, Esq.
300 East Lancaster Ave., Suite 106A
Wynnewood, PA 19096
Domestic Nonprofit Corporation (§5306)
Filed with Dept. of State on SEP 27, 2005