Purpose:

The Corporation is organized and at all the times shall be operated exclusively for educational or charitable purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986, or corresponding provisions of the future law (the “Code”). The Corporation shall operate exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more public charter schools described in Section 501(c)(3) of the Code and Sections 509(a)(1) and 170(b)(1)(A)(ii) or (v) of the Code. The Corporation shall not have any additional purpose or support any organization other than public charter schools described in Section 501(c)(3) of the Code and Sections 509(a)(1) and 170(b)(1)(A)(ii) or (v) of the Code. The Corporation may support the development of public charter schools, within or without the state of New Mexico, and may provide support to established public charter schools by acquiring and purchasing a facility for use/lease/lease-purchase by a school, through direct grants to a public charter school, by performing activities that benefit a public charter school, by assuming financial liability, such as debt, as a means to benefit a public charter school, or by other means deemed appropriate by the Board of the Corporation.

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