The Groove Fund was organized for all lawful purposes pursuant to Section 501 (c) (3) of the United States Internal Revenue Code, as it relates to educational philanthropy. In particular, the purpose of the Groove Fund is to solicit, and then distribute money to college students who are pursuing course work leading to a degree at an accredited college or university.
The primary focus of The Groove Fund is to provide academic scholarships to college students who plan to pursue undergraduate and graduate degrees. The Groove Fund places particular emphasis on awarding scholarships to young black men, but will not discriminate against other applicants based upon race, gender, religion, or ethnic background. The scholarship awards shall be based upon the availability of funds, academic performance, and unmet financial needs.
The Board of Directors and Officers shall help ensure that all revenue received, minus administrative expenses, is used towards the Fund's philanthropic endeavours. The Fund’s revenue shall be used to achieve its stated purpose in conformance with the guidelines set forth by the Internal Revenue Service for 501(c) (3) tax-exempt entities, The Groove Fund shall not provide any goods and/or services, in whole or in part, for consideration of any donations received.
Charitable donors who submit donations in accordance with Section 170 of the Internal Revenue Code (Charitable Contributions – Substantiation and Disclosure Requirements), shall receive letters of acknowledgement that their donations are tax deductible.