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History And Purpose
Northern Kentucky State College Research and Development
Foundation was incorporated November 23, 1970, as a domestic non-profit corporation under
Kentucky Revise Statutes. The Articles of Incorporation state that the purpose of the
Foundation shall be to provide general and specific services and material things necessary
or desirable for the growth and development of Northern Kentucky State College, or its
successor institution, and encompasses prospective students, students, alumni, faculty,
and staff, as well as research and civic services and cooperative educational programs.
Any and all things and acts in and incidental to the conduct of such activities deemed
useful, necessary, proper and lawful, are also declared purposes.
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The name of the corporation was changed to Northern
Kentucky State College Foundation, Inc. by amendment to the articles on February 26, 1974,
and the name was further changed to Northern Kentucky University Foundation, Inc. by
amendment to the articles May 10,1977.
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Since its incorporation the
Foundation Board of Directors
has acted independently of the University in the management of its affairs. The
Commonwealth of Kentucky's legislative branch enacted regulations defining affiliation
status for corporations supporting public education institutions. By regulation,
affiliated corporations would be subject to the same state policies and procedures as the
University. To clarify its position, on December 12, 1988, the Foundation Board of
Directors, through amendment to the by-laws, declared itself an unaffiliated corporation
as defined by Kentucky Revised Statutes.
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The Internal Revenue Service has determined, under Section
501(c)(3) of the code, that the Foundation is a tax-exempt organization and has determined
that it is not a private foundation within Section 509(a) of the code.
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Contributions, bequests, legacies, devices, transfers and
gifts made to the Foundation are deductible by donors, as provided in section 170 of the
code.
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