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amount to satisfy the obligation under the note in the event of
the untimely deaths of both Mr. and Mrs. Lapham.
The American Endowment Foundation
The American Endowment Foundation (AEF) is a nonprofit
corporation organized under the laws of the State of Ohio. AEF
has been recognized by the IRS as an organization described in
section 501(c)(3) and as a publicly supported entity as defined
in section 509(a)(1). The Amended Articles of Incorporation of
AEF provide generally that the corporation “is organized and
shall be operated as a community foundation.” The document
further specifies:
The Corporation shall be operated exclusively for
public charitable and educational uses and purposes, as
will, in the absolute and uncontrolled discretion of
the Board of Trustees, most effectively assist and
benefit the community consisting of the inhabitants of
the United States of America, including within such
purposes:
1. Investigating, engaging, conducting,
supporting, promoting and extending financial aid
through grants, gifts, contributions or other
assistance to qualified charitable organizations
or for public charitable or educational purposes;
2. Accepting or receiving, absolutely or in
trust, from any individuals, firms, associations,
corporations, trusts, foundations, or any
government or governmental subdivision, unit or
agency, gifts, legacies, bequests, devises,
remainders, funds and property of any kind,
tangible or intangible, real or personal;
3. Holding, managing, selling, investing,
reinvesting the property so acquired by the
Corporation and the income thereon and using,
applying, contributing and disbursing the
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Last modified: May 25, 2011