Articles of Incorporation
(amended as of 10.12.2017)
- The name of such corporation is University of Illinois Foundation.
- The object for which it is formed is:
- To assist in developing and increasing the facilities of the University of Illinois for broader educational opportunities for and service to its students and alumni and to the citizens of the State of Illinois, by encouraging gifts of money, property, works of art, historical papers and documents, museum specimens and other material having educational, artistic or historical value, and by such other proper means as may seem advisable.
- To receive, hold and administer such gifts with the primary object of serving purposes other than those for which the State of Illinois ordinarily makes sufficient appropriations; to act without profit as trustee of educational, or charitable trusts; to administer gifts, grants or loans of money or property, real or personal, whether made by or for the benefit of public governmental bodies, state or national, or by or for the benefit of corporations or natural persons, and whether in the form of conventional express trusts or otherwise; to become a party to contracts, trust instruments and agreements of any type or description, and to execute negotiable obligations, as trustee or otherwise; in order to effectuate either the creation or organization of trusts, or the execution of the purposes thereof. Where the terms and conditions imposed by the donors of any forms of gifts or bequests make immediate transfer to the University of Illinois right and proper, the Foundation may transfer absolutely and in full right, title to and interest in such property, real and personal, transferred, assigned or conveyed by any and all persons whatsoever, whether such property be in the form of money, manuscripts, works of art, or otherwise, for the use and benefit of the University of Illinois, subject to said terms and conditions of said donors and subject also to the right of the Board of Trustees of the University of Illinois to refuse such proffered gifts, if conditions attached thereto be deemed unsatisfactory or unacceptable. Whenever such gifts or bequests, when made as memorials, involve maintenance, provision for such maintenance shall be included in the gift unless this requirement is waived by the University Board of Trustees.
- To deposit forthwith in the archives or library of the University whatever articles or manuscripts, having scientific or educational value, which may be loaned the Foundation by the owners or by persons in legal custody thereof, subject to the approval of the Board of Trustees.
- To perform other services for the Board of Trustees of the University of Illinois not herein specifically mentioned, if said Board of Trustees requests such services and the Foundation agrees.
- To do such other acts and undertake such other enterprises as in the judgment of the Board of Directors shall tend to promote the interests and welfare of the University of Illinois.
- In the event of dissolution, the assets of the corporation shall be transferred or conveyed to the Board of Trustees of the University of Illinois to be held in trust and said property, or the income therefrom, used to advance the educational purposes of the University of Illinois, unless such distribution of particular property is prohibited by the terms of the gift thereof or the deed of trust to the corporation, in which event said property, so restricted, shall be distributed to a corporation, society or organization engaged in substantially similar activities, to be used for the purposes specified in the original gift or deed of trust.
- The management of University of Illinois Foundation shall be vested in a Board of Directors, the number thereof to be fixed from time to time by the bylaws. The Board of Directors may appoint from their own number an Executive Committee and delegate to this Committee power to transact corporate business in accordance with the objects as above outlines. Until otherwise provided by the constitution or the bylaws of the University of Illinois Foundation, an Executive Committee of five or more Directors may be elected by the Board of Directors, which committee shall have and exercise all of the powers of the Board of Directors while the Board of Directors is not in meeting.