THE CHICAGO TEACHERS UNION FOUNDATION, INC. ("FOUNDATION") WAS ORGANIZED FOR EDUCATIONAL AND SOCIAL WELFARE PURPOSES WITHIN THE MEANING OF SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. THE FOUNDATION'S CIVIC AND CHARITABLE PURPOSES INCLUDE THE FOLLOWING: SUPPORT OF PROJECTS, PROGRAMS, COMMUNITY ORGANIZATIONS AND OTHER NOT-FOR-PROFIT ORGANIZATIONS THAT PROVIDE SERVICES TO IMPROVE AND ASSIST PUBLIC SCHOOLS, TEACHERS AND THEIR DEPENDENTS AND RETIRED TEACHERS, INCLUDING FINANCIAL ASSISTANCE FOR ELIGIBLE ELDERLY AND RETIRED CHICAGO PUBLIC SCHOOL TEACHERS.