- To provide an organization for youth to meet together in a regular meeting that encourages and facilitates their participation in the sport of track and field.
- To encourage the participation in the sport of track and field by youth and their parents at the local, state, and national levels.
- To provide training, education, and/or seminars in the sport of track and field.
- To provide an organization for the promotion of the sport of track and field that encourages sportsmanship, citizenship, good character, and cooperation among youth and their parents.
- To receive and maintain a fund or funds of real or personal property, or both, subject to the restrictions and limitations herein set forth, to use and apply the whole or any part of the income there from and the principal thereof exclusively for charitable, religious, scientific, literary, athletic, or educational purposes either directly or by contributions to organizations that qualify as exempt organizations under section 501 of the Internal Revenue Code and its Regulations as they now exist or as they may be amended.
- No part of the net earnings of the corporation shall inure to the benefit of any director of the corporation, officer of the cooperation, or any private individual (except that reasonable compensation may be paid for services rendered to or for the corporation affecting one or more of its purposes), and no director or officer of the cooperation, or any private individual shall be entitled to share in the distribution of any of the corporate assets on dissolution of the cooperation. No substantial part of the activities of the cooperation shall be carrying on of propaganda, or otherwise attempting to influence in (including the publication of distribution of statements) any political campaign on behalf of any candidate for public office.
- The corporation shall distribute its income for each taxable year at such time and in such manner as not to become subject to tax on undistributed income imposed by applicable provisions of the Internal Revenue Code of 1986, or corresponding provisions of any subsequent federal tax laws.
- The corporation shall not engage in any act of self-dealing as defined in Section 4341(d) of the Internal Revenue Code or corresponding provisions of nay subsequent provisions of any subsequent federal tax laws.
- The corporation shall not retain any excess business holdings as defined in Section 494(c) of the Internal Revenue Code or corresponding provisions of any subsequent of any subsequent federal tax laws.
- The corporation shall not make any investments in such manner as to subject to tax under Section 4944 of the Internal Revenue Code or corresponding provisions of any subsequent federal tax laws.
- The corporation shall not make any taxable expenditures as defined in Section 4945 (d) of the internal Revenue ode or corresponding provisions of any subsequent federal tax laws.
- Notwithstanding any other provisions of these Articles of Incorporation, the corporation shall not conduct or carry on any activities not permitted to be conducted or carried on by an organization exempt from taxation under Section 601 of the Internal Revenue Code and its Regulations as they now exist or as they may be amended.
- Upon dissolution of the corporation or the winding up of its affairs, the assets of the corporation shall be distributed exclusively to charitable religious, scientific, testing for public safety, literary, athletic, or educational organizations which would then quality under the provisions of Section 501 of the Internal Revenue Code and its Regulations as the now exist or as they may hereafter be amended.
No part of the net earnings of the nonprofit corporation shall ensure to the benefit of or be distributed to its members, trustees, directors, officers or other private persons with the exception that the corporation is empowered to pay necessary and reasonable compensation and expenses for services rendered and to make payment and reasonable compensation and expenses for services rendered and to make payment and distributions in furtherance of the corporation's purposes as set fourth in Article IV. The corporation's primary purpose shall not be used for the promotion of propaganda including, but not limited to, lobbying or influencing legislation and the corporation, however, my engage in legislative activities to the extent permitted by law. Furthermore, the corporation shall not engage in activities which are disallowed under Section 501(c)(4) of the internal Revenue ode and its regulations as they now exist or may be hereinafter amended. The corporation is organized pursuant to the Texas Non-Profit Corporation Act and does not contemplate pecuniary gain or profit and is organized solely for nonprofit purposes.
Upon the dissolution of the corporation or the winding up of its affairs, the assets of the corporation shall be distributed to another nonprofit organization engaged in similar activities and with similar purposes after all liabilities and obligations have been paid in full and are discharged and all assets subject to a condition upon transfer are conveyed according to said condition.
