The Isaiah Stone Foundation (“Organization”) is a not for profit, charitable organization formed under Section 501(c)3 of the U.S. Internal Revenue Code. Donations to the Organization are tax-deductible as charitable contributions for US federal income tax purposes. There are no donation limits or restrictions on contributions to the Organization.
The purpose of the Organization is a) to operate exclusively for religion, charitable, scientific, literary or educational purposes, or for the prevention, research, education and ancillary health care services for of epilepsy in children (i) by engaging directly in the support of such purposes and (ii) by making distributions to other organizations for use, by the distributees, in support of such purposes, and b) to engage in any lawful act or activity for which non-profit corporations may be organized under the general corporations may be organized under the general corporation laws of the State of Oklahoma.
The Organization shall, in all things, act or refrain from acting so as not to subject itself to taxes imposed by 4941 (Self-dealing), 4942 (failure to distribute income), 4943 (no retention of any excess business holdings) or 4944 (investments jeopardizing charitable purposes) or 4945 (taxable expenditures) of the IRC or corresponding portions of federal internal revenue law.
The Organization shall neither have nor exercise any power, nor shall it engage directly or indirectly in any activity, that would invalidate its status (1) as a corporation which is exempt from federal income taxation as an organization described in Section 501 (c) (3) of the Internal Revenue Code of 1954, or (2) as a corporation contributions to which are deductible under Section 170 (c) (2) of the Internal Revenue Code of 1954.