The purpose for which the Corporation is formed is exclusively for educational, charitable, and other similar nonprofitable purposes, as contemplated by Section 501(c)3 of the Internal Revenue Code of 1954. More specifically, the purpose of the Corporation is to operate exclusively for the charitable and educational purposes; to fund educational scholarships, loans and other types of financial aid to worthy individuals , both undergraduate and graduate; to assist community groups and individuals in educational, civic improvement and charitable activity.