The Foundation is organized, and at all times hereafter shall be operated, exclusively for educational purposes as defined in Section 501(C) (3) of the Internal Revenue Code of 1986 (the "Code"), and shall act only in accordance with Section 501 (C) (3) of the Code by:

(a) collecting, earning, and receiving funds from public and private sources;

(b) accumulating such funds;

(c) making distributions of income and principal from time to time as scholarships to individuals pursuing studies in hospitality, tourism and related fields;

(d) providing aid, assistance and advice to colleges, universities, and nonprofit tourism institutions with respect to developing, improving and maintaining programs related to hospitality, travel and tourism;

(e) presenting lectures, seminars, discussions, and similar institutional endeavors in hospitality, travel and tourism;

(f) preparing reports and other up-to-date information dealing with hospitality, travel and tourism management;

(g) conducting technical studies and research, either directly or by grant, and providing for the publication thereof, on a not-for-profit basis, dealing with hospitality, travel and tourism management and related fields.