SMC EDUCATIONAL SERVICE FUND IS A CORPORATION ORGANIZED TO PROVIDE STUDENT ATHLETES WITH THE OPPORTUNITY TO FURTHER DEVELOP THEMSELVES AS PART OF THEIR EDUCATION AND SERVE OTHERS BY PROVIDING MUCH NEEDED SUPPORT TO COMMUNITY CHARITIES, TO RECEIVE AND MAINTIAN A FUND OR FUNDS OF REAL OR PERSONAL PROPERTY,OR BOTH, AND, SUBJECT TO THE RESTRICTIONS AND LIMITAIONS HEREINAFTER SET FORTH, TO USE AND APPLY THE WHOLE OR ANY PART OF THE INCOME THEREFROM AND THE PRINCIPAL THEREOF EXCLUSIVELY FOR CHARITABLE, RELIGIOUS, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSES WITH THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE SERVICE CODE OF 1986.