THE SANCTUARY GOLF CLUB FOUNDATION, INC. IS ORGANIZED EXCLUSIVELY FOR CHARITABLE PURPOSES. THE PRINCIPAL PURPOSE FOR WHICH THE CORPORATION IS ORGANIZED IS TO RECEIVE AND ADMINISTER FUNDS FOR CHARITABLE PURPOSES WITHIN THE SANIBEL AND CAPTIVA ISLAND, FLORIDA COMMUNITY, INCLUDING MAKING DISTRIBUTIONS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE UNITED STATES INTERNAL REVIEW CODE OF 1986, AS AMENDED (OR CORRESPONDING PROVISION OF ANY FUTURE LAW OF THE INTERNAL REVENUE SERVICE OR DEPARTMENT OF TREASURY) (THE "CODE").