Purpose

1. To take and hold by bequest, devise, gift, grant, purchase, lease, or otherwise, either absolutely or jointly with any other person or persons or corporation, for any of the purposes hereinafter set forth, and property, real or mixed, or any undivided interest therein, and to invest, reinvest, and deal with the same in such manner as in the judgment of the directors will best promote the purposes of the corporation, subject to such limitations, if any, as are or may be prescribed by statute, but without and free from restrictions applicable to trustees or trust funds;
2. To apply its income, and, if the corporation so decides, all or any part of its principal to the use of The Lakewood Rocky River Rotary Club exclusively for charitable, scientific, literary or educational purposes, or to any other corporation, person, trust, fund or foundation whose purpose and operations are exclusively charitable, scientific, literary or educational. It shall be a special concern of this Foundation:
   • To foster and maintain an interest in higher education;
   • To make available to worthy students gifts, grants or loans to enable them to further their studies;
   • To create and grant scholarships in specific amounts for specific purposes.
3. Such gifts to be made may be subject to and in accordance with the limitations of the tax laws and general laws of the State of Ohio and the United States of America.

Rotarians who contribute $1000 to the Lakewood/Rocky River Rotary Foundation are recognized by granting him or her the Carl Dryer Award.