Classical Prep is a public tax-exempt non-profit 501(c)(3) organization. As such, no part of its net earnings or assets inure to the benefit of any private individual or group. Upon dissolution, its assets would be distributed within the tax-exempt purposes set forth in section 501(c)(3). Below are the relevant sections of Classical Prep's Articles of Incorporation pertaining to Dissolution and its status as a Public Tax-Exempt Non-Profit Corporation.
Article IX - Dissolution
Upon dissolution of the corporation, assets of the Corporation shall be distributed for one or more of the tax-exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Service Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. Any such assets not so disposed of shall be disposed of by a Court of Competent Jurisdiction of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations, as the Court shall determine, which are organized and operated exclusively for such purposes.
Article X – Public Tax-Exempt Non-Profit Corporation
No part of the net earnings of the Corporation shall inure to the benefit of, or be distributable to its members, trustees, officers, or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth in Article III.