The purpose for which this Foundation is formed is exclusively educational and charitable within the meaning of Section 501(c)(3) and other appropriate sections of the Internal Revenue Code of 1954; and in the furtherance of said purpose:
(a) The Foundation shall further the educational aims of Orangeburg-Calhoun Technical College (hereinafter referred to as “College”) and the students and employees thereof by such means as may be authorized by law and as may be determined by the Board of Directors of the Foundation. Such furtherance may include but shall not necessarily be limited to financial support of capital improvements on the campus or other property of the College; financial support through scholarships, grants, prizes, awards, stipends, loans, and other forms of aid to students and/or staff and faculty of the College; and
(b) The Foundation shall seek to gather to itself resources as may be necessary to fulfill the aims of Section 1(a) above; and
(c) The Foundation shall receive funds and other assets by way of donations, contributions, gifts, and grants (including those from other Foundations) and also including such deferred and conditional gifts, the acceptance of which shall be determined by the Board of Directors to be in the best interests of the Foundation; and
(d) The Foundation shall be and perform all things reasonably necessary for the accomplishment of the above purposes and that are not in conflict therewith or with the laws of the United States or the State of South Carolina.