CULTURAL ARTS CENTER

ENDOWMENT FUND 

The Board of Directors may appoint a Committee to be known as the 

“Endowment Fund Committee”, subject to the provisions within the Cultural Arts Center Articles 

of Incorporation, to accept, manage, account for and disburse the principal and income from an 

endowment fund for the following purposes consistent with the purposes of the Cultural Arts 

Center under 501(c)(3) of the Internal Revenue Code, that is:

1. To act as a conduit to receive funds from those who wish to contribute to 

establish and fund the endowment fund to serve the Cultural Art Center’s cultural and charitable 

activities carried on in those communities;

2. To solicit and raise funds for other charitable activities serving the Cultural Arts Center;

3. To solicit, raise funds and act as a conduit to receive funds for the 

encouragement, enhancement, and promotion of cultural arts in all ways permitted by 

Section 501(c)(3) of the Internal Revenue Code as may be amended from time to time;

4. To receive funds and other such donations to be a part of a perpetual 

endowment fund from which the income may be paid to participants in all aspects of 

cultural art to encourage, enhance and promote cultural arts in all ways permitted by 

Section 501(c)(3) of the Internal Revenue Code, within the South Carolina Tri-County area or 

beyond within South Carolina;

5. To do such other and further charitable activities as may be consistent 

with the foregoing.

The Endowment Fund Committee shall report to the Board of Directors and shall 

have the following powers consistent with the Articles of Incorporation of the Cultural Arts Center:

1. To apply, hold, administer, invest, and disburse such funds and properties 

of any kind or character as from time to time may be given to it by persons or entities 

absolutely or in trust, as the case may employ and retain proper employees, agents, 

experts, consultants, accountants, counselors, advisors, and investment advisors for the 

proper accepting, holding, administering, investing, and disbursing of such funds and 

properties of any kind or character; and in general, to do all things that may appear 

necessary and useful in accomplishing these purposes;

2. To use all assets and earnings of the endowment fund of the Cultural Arts Center

exclusively for enhancement of the cultural arts or other charitable purposes, including 

the payment of expenses necessarily incident thereto; and no part of such assets and 

earnings shall ensure to the benefit of any employee, officer, or member of the Cultural Arts Center 

or any other individual except in payment of reasonable compensation for services actually 

rendered or expenses necessarily incurred;

3. To have authority, and it shall be its duty, to hold and apply the corpus and 

income of any donation, grant, devise or bequest or any part thereof in such manner as 

may have been stipulated or provided in the instrument creating such donation, grant, 

devise or bequest;

4. To have authority to sell, mortgage, pledge, lease, or exchange all or any 

part of the real or personal property of the funds of the endowment fund of the Cultural Arts Center

subject to the supervision of the Board of Directors and unless otherwise specifically 

provided in the Cultural Arts Center Articles of Incorporation, at such prices and upon such terms 

and conditions as it may deem best; and it may invest and reinvest its funds in any such 

loans or securities, or in any such real or personal property as it may deem suitable and 

prudent for the investment of trust funds, although such investments are not approved 

as investments for trustees under the laws of the State of South Carolina;

5. To borrow money and make and issue bonds, notes, contracts and other 

evidence of indebtedness therefore, and by proper resolution duly adopted by the Members of the

 Board of Directors, to secure payment thereof by authority provided above.

The policy of investment of the endowment fund shall be determined in 

consultation with the Board of Directors and shall be subject to amendment by the 

Board of Directors.  Subject to review and approval by the Board of Directors, the 

Endowment Fund Committee may from time to time disburse income from the 

endowment fund investments consistent with the foregoing in a manner supportive of 

the cultural arts within the Tri-County area or beyond within South Carolina.