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realproperty,andotherobjectsoritemsofvalue,bydonation,dedication,grant,gift, <br />devise,orotherwise,whichcontributionsmightbebeneficiallydevoted tothepublicuse <br />in theestablishmentanddevelopmentoftheCouncil’s Articlesof Incorporation. All <br />fundsreceivedby theCouncilshallbedeemedentrustedby thePeopleoftheCityof <br />Louisville,Colorado,for theuseandbenefitof theLouisvilleCulturalCouncil. <br />Section3Limitations–Nopartof thenetearningsof theCounciloranyassets <br />of theCouncilordonations to theCouncilshallinure tothebenefitof,orbedistributable <br />to,itsmembers,ifany,directors, trustees,officers,orotherprivatepersons.Council <br />membersmaybepaidorreimbursedauthorizedexpensesactuallyincurredin the <br />performanceof thedutiesoftheoffice.NosubstantialpartoftheactivitiesoftheCouncil <br />shallbe thecarryingonofpropagandaorotherwiseattempting toinfluencelegislation, <br />andthecorporationofstatementsin,anypoliticalcampaignonbehalfofanycandidate <br />forpublicoffice.Notwithstandinganyotherprovisionsof thesebylaws, theCouncilshall <br />notcarryonanyotheractivitynotpermittedtobecarriedon(a)byacorporationexempt <br />fromfederalincometaxunder Section501(c)(3)of theInternalRevenueCodeof1954 <br />(or thecorrespondingprovisionsofanyfutureUnited StatesInternalRevenueCode <br />law),orby(b)acorporation,contributions towhicharedeductibleunderSection <br />170(c)(2),of the InternalRevenueCodeof1954(orthecorrespondingprovisionsofany <br />futureUnited StatesInternalRevenueCodelaw).Thecorporationshallnotissueany <br />sharesofstocknorshall thecorporationmakeanyloans toitsdirectorsorofficers. <br />Section4 Purchasing Policies– All501(c)(3)fundsmustbespentin <br />accordancewith thebudgetof theCouncil,orasvoteduponbyamajorityofthe <br />Council. <br />Section5Non-Discrimination– All501(c)(3)fundsmustbespentin <br />accordancewith thenon-discriminationrulesstatedinArticle VI. <br />Section6Auditing–TheCouncilshallhaveits501(c)(3)financialsaudited <br />annually toassureproperspendingandaccounting. <br />THESE BYLAWS ARE ADOPTEDby the_____________________ this_____dayof <br />_______201_. <br />____________________________ <br />Chair <br />____________________________ <br />Secretary <br />Page9of10 <br />PDFcreatedwithpdfFactory trialversionwww.pdffactory.com <br />