Continuation Fund, Inc. — Form 1023 Application for Recognition of Exemption

Continuation Fund, Inc. — Form 1023 Application for Recognition of Exemption

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1023APPLIcATIoNFORRECOGNITIONOFExEMPTIoN
UNDERSEcTIoN501(c)(3)OFTHEINTERNALREVENUECODE
APPLICATIONPAcKET
CoNTINuATIoNFUND,INC.
EIN:27-0633051

TABLEOFCOTENTS
TABNO
Form1023Checklist1
Form2848—PowerofAttorneyandDeclarationofRepresentation2
ExpediteRequest3
Form1023ApplicationandScheduleD4
ArticlesofIncorporation5
CodeofRegulations6
PartIV—NarrativeResponses7
FinancialStatementNarrativeResponses8
ScheduleD—NarrativeResponses9
AntiochCollegeContinuationCorporationTax-ExemptionLetter10
AntiochUniversityTax-ExemptionLetter11

Form1023Checklist
(RevisedJune2006)
ApplicationforRecognitionofExemptionunderSection501(c)(3)ofthe
InternalRevenueCode
Note.RetainacopyofthecompletedForm1023inyourpermanentrecords.RefertotheGeneralInstructions
regardingPublicInspectionofapprovedapplications.
Checkeachboxtofinishyourapplication(Form1023).SendthiscompletedChecklistwithyourfilled-in
application.Ifyouhavenotansweredalltheitemsbelow,yourapplicationmaybereturnedtoyouas
incomplete.
Assembletheapplicationandmaterialsinthisorder:
•Form1023Checklist
•Form2848,PowerofAttorneyandDeclarationofRepresentative(iffiling)
•Form8821,TaxInformationAuthorization(iffiling)
•Expediterequest(ifrequesting)
•Application(Form1023andSchedulesAthroughH,asrequired)
•Articlesoforganization
•Amendmentstoarticlesoforganizationinchronologicalorder
•Bylawsorotherrulesofoperationandamendments
•Documentationofnondiscriminatorypolicyforschools,asrequiredbyScheduleB
•Form5768,Election/RevocationofElectionbyanEligibleSection501(c)(3)OrganizationToMake
ExpendituresToInfluenceLegislation(iffiling)
•Allotherattachments,includingexplanations,financialdata,andprintedmaterialsorpublications.Label
eachpagewithnameandEIN.
Userfeepaymentplacedinenvelopeontopofchecklist.DONOTSTAPLEorotherwiseattachyourcheckor
moneyordertoyourapplication.Instead,justplaceitintheenvelope.
EmployerIdentificationNumber(EIN)
CompletedPartsIthroughXloftheapplication,includinganyrequestedinformationandanyrequired
SchedulesAthroughH.
•Youmustprovidespecificdetailsaboutyourpast,present,andplannedactivities.
•GeneralizationsorfailuretoanswerquestionsintheForm1023applicationwillpreventusfromrecognizing
youastaxexempt.
•Describeyourpurposesandproposedactivitiesinspecificeasilyunderstoodterms.
•Financialinformationshouldcorrespondwithproposedactivities.
Schedules.Submitonlythoseschedulesthatapplytoyouandcheckeither“Yes”or“No”below.
ScheduleAYes
_____
NoXScheduleEYes
_____
NoX
ScheduleBYes
_____
NoScheduleFYes
_____
NoX
ScheduleCYes
_____
NoScheduleGYes
_____
NoX
ScheduleDYesXNo—ScheduleHYes
_____
NoX

Anexactcopyofyourcompletearticlesoforganization(creatingdocument),Absenceoftheproperpurpose
anddissolutionclausesisthenumberonereasonfordelaysintheissuanceofdeterminationletters.
•LocationofPurposeClausefromPartIll,line1(Page,ArticleandParagraphNumber)Page4
ArticleIll,Paragraøh(a)
•LocationofDissolutionClausefromPartlii,line2bor2c(Page,ArticleandParagraphNumber>orby
operationofstatelawPage7,ArticleVI
Signatureofanofficer,director,trustee,orotherofficialwhoisauthorizedtosigntheapplication.
•SignatureatPartXlofForm1023.
Yournameontheapplicationmustbethesameasyourlegalnameasitappearsinyourarticlesof
organization.
SendcompletedForm1023,userfeepayment,andallotherrequiredinformation,to:
InternalRevenueService
P.O.Box192
Covington,KY41012-0192
Ifyouareusingexpressmailoradeliveryservice,sendForm1023,userfeepayment,andattachmentsto:
InternalRevenueService
201WestRivercenterBlvd.
Attn:ExtractingStop312
Covington,KY41011

2848
Power
of
Attorney
March2OOand
Declaration
of
Representative
FarIRSUseOnh,
Receivedny:
pa-zmntasy
otrna1ReneservasTypeorprint.Seetheseparateinstructions.Name
_________
.PowerofAttorneyTephone
_____
Caution:Form2848willnotbehonoredforanypurposeotherthanrepresentationbeforetheIRS.Fnct
______
ITaxpayerinformation.Taxpayer(s)mustsignanddatethisformonpage2,line9.-
_____
Date//
Taxpayername(s)andaddressSocialsecuritynumber(s)Employeridentification
ContinuationFund,Inc.number
716XeniaAve.
YellowSprings,OH45387270633051
DaytimetelephonenumberPlannumber(ifapplicable)
__________________________
(
_________________
herebyappoint(s)thefollowingrepresentative(s)asattorney(s)-in-fact:
2Representative(s)mustsignanddatethisformonpage2,PartII.
NameandaddressCAFNo
MarthaJ.Swoter!itsch
TelehoneNo6142239367
415.HighStreet,Suite2600
Faxo614-223.9330
Columbus.OH43215
Checkifnew:AddressDTelephoneNo.FaxNo.
NameandaddressCAFNo DonaldM.KellertmelehorJ14223384
41S.HighStreet,Suite2600
iaxo
ColumbusOH43215
Checkifnew:AddressUTelephoneNo.FaxNo.
NameandaddressCAFNo
TelephoneNo
FaxNo
Checkifnew:AddressTelephoneNo.UFaxNo.U
torepresentthetaxpayer(s)beforetheInternalRevenueServiceforthefollowingtaxmatters:
3Tax_matters
TypeofTax(Income,Employment,Excise,etc.)TaxFormNumberYear(s)orPeriod(s)
orCivilPenalty(seetheinstructionsforline3)(1040,941.720,etc.)(seetheinstructionsforline3)
TaxExemption10232009-2010
—________________
1.
4SpecificusenotrecordedonCentralizedAuthorizationFile(CAF).Ifthepowerofattorneyisforaspecificusenotrecorded
onCAFcheckthisbox.SeetheinstructionsforLine4.SpecificusesnotrecordedonCAF.>U
5Actsauthorized.Therepresentativesareauthorizedtoreceiveandinspectconfidentialtaxinformationandtoperformany
andallactsthatI(we)canperformwithrespecttothetaxmattersdescribedonline3,forexample,theauthoritytosignany
agreements,consents,orotherdocuments.Theauthoritydoesnotincludethepowertoreceiverefundchecks(seeline6
below),thepowertosubstituteanotherrepresentative,thepowertosigncertainreturns,orthepowertoexecutearequest
fordisclosureoftaxreturnsorreturninformationtoathirdparty.Seetheline5instructionsformoreinformation.
Exceptions.Anunenrolledreturnpreparercannotsignanydocumentforataxpayerandmayonlyrepresenttaxpayersin
limitedsituations.SeeUnenrolledReturnPrepareronpage2oftheinstructions.Anenrolledactuarymayonlyrepresent
taxpayerstotheextentprovidedinsection10.3(d)ofCircular230.Seetheline5instructionsforrestrictionsontaxmatters
partners.
Ustanyspecificadditionsordeletionstotheactsotherwiseauthorizedinthispowerofattorney’
6Receiptofrefundchecks.Ifyouwanttoauthorizearepresentativenamedonline2toreceive,BUTNOTTOENDORSE
ORCASH,refundchecks,initialhere
____________
andlistthenameofthatrepresentativebelow.
Nameofrepresentativetoreceiverefundcheck(s)
ForPrivacyActandPaperworkReductionNotice,seepage4oftheinstructions.Cat.N.I1980JForm2848pev.3-2DO

Form2848(Rev.3-2004)Page2
7Noticesandcommunications.Originalnoticesandotherwrittencommunicationswillbesenttoyouandacopytothe
firstrepresentativelistedonline2.
aIfyoualsowantthesecondrepresentativelistedtoreceiveacopyofnoticesandcommunications,checkthisbox.
bIfyoudonotwantanynoticesorcommunicationssenttoyourrepresentative(s),checkthisbox…….FJJ
8Retention/revocationofpriorpower(s)ofattorney.Thefilingofthispowerofattorneyautomaticallyrevokesallearlier
power(s)ofattorneyonfilewiththeInternalRevenueServiceforthesametaxmattersandyearsorperiodscoveredby
thisdocument.Ifyoudonotwanttorevokeapriorpowerofattorney,checkhereE
YOUMUSTATTACHACOPYOFANYPOWEROFATTORNEYYOUWANTTOREMAININEFFECT.
9Signatureoftaxpayer(s).Ifataxmatterconcernsajointreturn,bothhusbandandwifemustsignifjointrepresentationis
requested,otherwise,seetheinstructions.Ifsignedbyacorporateofficer,partner,guardian,taxmatterspartner,executor.
receiver,administrator,ortrusteeonbehalfofthetaxpayerIcertifythatIhavetheauthoritytoexecutethisformonbehalf
ofthetaxpayer.
IFNOTSIGNEDANDDATED,THISPOWEROFATTORNEYWILLBERETURNED.
TrusteeandPresident
Le/Thie(ifapplicable)
LeeMorganDDDD
PrintNamePINNumberPrintnameoftaxpayerfromline1ifotherthanindividual
Signature
DateTitle(ifapplicable)
PrintNamePINNumber
DeclarationofRepresentative
Caution:StudentswithaspecialordertorepresenttaxpayersinQualifiedLowIncomeTaxpayerClinicsortheStudentTaxClinic
Program,seetheinstructionsforPartII.
Underpenaltiesofperjury,Ideclarethat:
•IamnotcurrentlyundersuspensionordisbarmentfrompracticebeforetheInternalRevenueService;
•IamawareofregulationscontainedinTreasuryDepartmentCircularNo.230(31CFR,Part10),asamended,concerning
thepracticeofattorneys,certifiedpublicaccountants,enrolledagents,enrolledactuaries,andothers;
•Iamauthorizedtorepresentthetaxpayer(s)identifiedinPartIforthetaxmatter(s)specifiedthere;and
•Iamoneofthefollowing:
aAttorney—amemberingoodstandingofthebarofthehighestcourtofthejurisdictionshownbelow.
bCertifiedPublicAccountant—dulyqualifiedtopracticeasacertifiedpublicaccountantinthejurisdictionshownbelow.
oEnrolledAgent—enrolledasanagentundertherequirementsofTreasuryDepartmentCircularNo.230.
dOfficer—abonafideofficerofthetaxpayer’soanization.
eFull-TimeEmployee—afull-timeemployeeofthetaxpayer.
fFamilyMember—amemberofthetaxpayer’simmediatefamily(i.e.,spouse,parent,child,brother,orsister).
gEnrolledActuary—enrolledasanactuarybytheJointBoardfortheEnrollmentofActuariesunder29U.S.C.1242(the
authoritytopracticebeforetheServiceislimitedbysection10.3(d)ofTreasuryDepartmentCircularNo.230).
hUnenrolledReturnPreparer—theauthoritytopracticebeforetheInternalRevenueServiceislimitedbyTreasuryDepartment
CircularNo.230,section1O.7(c)(1)(viii).Youmusthavepreparedthereturninquestionandthereturnmustbeunder
examinationbytheIRS.SeeUnenrolledReturnPrepareronpage2oftheinstructions.
IFThISDECLARATIONOFREPRESENTATIVEISNOTSiGNEDANDDATED,THEPOWEROFATTORNEYWILL
BERETURNED.SeethePartIIinstructions.
Designation—InsertJurisdiction(state)orSionatureDate aboveletter(a-h)idenfic:ton
AOhioI1wlO
FDm2848Rav.3-2C04

TAB-3

ContinuationFund,Inc.
716XeniaAvenue
YellowSprings,Ohio45387
InternalRevenueService
201WestRivercenterBlvd.
Attn:ExtractingStop312
Covington,KY41011
August5,2009
RE:ContinuationFund,Inc.(EIN-26-0633051)RequestforExpediteProcessof1023
Application
ToWhomItMayConcern:
ThepurposeofthisletteristoformallyrequestanexpeditedreviewbytheIRSofthe
1023applicationsubmittedbyContinuationFund,Inc.(“ContinuationFund”)today,August5,
2009.Asdiscussedbelow,failuretoexpeditiouslyobtaintax-exemptstatuswillseverely
impedeContinuationFund’scontributedorganization’s(AntiochCollegeContinuation
Corporation(“ACCC’))abilitytore-openandoperateAntiochCollege.
AsdescribedinContinuationFund’s1023application,ContinuationFund’sgeneral
purposeistoreceiveandholdcertainendowmentassetstransferredtoitbyAntiochUniversity
inconnectionwiththeAssetPurchaseAgreement,datedJune30,2009,betweenAntioch
UniversityandACCC(the“AssetPurchaseAgreement”)fortheuseandbenefitofits
contributedorganization,ACCC.ACCCistore-openAntiochCollegelocatedinYellow
Springs,Ohio(the“College”)andoperatetheCollegeonagoing-forwardbasis.ACCC’sandits
donors’goalistohavetheCollegeoperationalbythestartofthe2010Fallsemester.Inorderto
meetthisdeadline,ACCCmust,amongotherthings,(1)purchasetheassetsoftheCollegefrom
AntiochUniversity,(2)begintheprocessofseekingaccreditationfromtheHigherLearning
CommissionoftheNorthCentralAssociation(“HLC’),and(3)seekauthorizationtogrant
degreesfromtheOhioBoardofRegents(“BOR”).ACCCcannotcompleteanyofthesetasks
beforeContinuationFundobtainstax-exemptstatusunderSection501(c)(3)oftheInternal
RevenueCode.Forinstance,theAssetPurchaseAgreementspecificallyrequiresContinuation
Fundtoobtaintax-exemptionstatuspriortoclosingthetransaction.TheAssetPurchase
AgreementfurtherrequiresACCCandAntiochUniversitytoclosethetransactionbyAugust31,
2009.Thus,ifContinuationFunddoesnotobtaintax-exemptstatuspriortoAugust31,2009,
ACCCwillbeindefaultofitsagreementwithAntiochUniversityandwillnotbeabletoaccept
thefundsandbeginusingthemforcollegepurposes,asituationthat,atbest,willdelaythe
reopeningofthecollegeandatworst,jeopardizetheentireagreement.Weappreciatethatthe
Serviceisnotgenerallyinapositiontoexpediterequests.However,thistransactionhashada
longandarduoushistoryandwearetryingtodoeverythingpossibletomeetdeadlinesandkeep
thetransactiononscheduleinhopesofreopeningthishistoricinstitutionofhigherlearning.

Giventheforegoing,ContinuationFundrespectfullyrequeststhattheIRSexpediteits
reviewofContinuationFund’s1023application.Ifyouhaveanyquestionsregardingthisletter
orwouldliketodiscussthismatteranyfurther,pleasecontactmeat320-267-0670orour
counsel,MarthaSweterlitschat614-223-9367.
VeryTrulyYours,
zs
LeeMorgan,Presi4ntandTrustee
ContinuationFund
cc:MarthaSweterlitsch,J.D.
Benesch,Friedlander,Coplan&Aronoff,LLP
41S.HighSt.,Ste2600
Columbus,Ohio43215

TAB-4

0MBNo.1545-0056
Note:Ifexemptstatusis
approved,this
applicationwillbeopen
forpublicinspection.
F01O23
(Rev.June2006)
DepartmentortheTreasury
InternalRevenueSwvice
ApplicationforRecognitionofExemption
UnderSection501(c)(3)oftheInternalRevenueCode
PartI
UsetheinstructionstocompletethisapplicationandforadefinitionofallboldItems.Foradditionalhelp,callIRSExempt
OrganizationsCustomerAccountServicestoll-freeat1-877-829-5500.Visitourwebsiteatwww.irs.govforformsand
publications.Iftherequiredinformationanddocumentsarenotsubmittedwithpaymentoftheappropriateuserfee,the
applicationmaybereturnedtoyou.
Attachadditionalsheetstothisapplicationifyouneedmorespacetoanswerfully.PutyournameandEINoneachsheetand
identifyeachanswerbyPartandlinenumber.CompletePartsI—XlofForm1023andsubmitonlythoseSchedules(Athrough
H)thatapplytoyou.
IdentificationofApplicant
IFullnameoforganizaon(exactlyasitappearsinyourorganizingdocument)2doName(ifapplicable)
ContinuationFund,lnc
3Mailingaddress(Numberandstreet)(seeinstructions)Room/Suite4EmployerIdentificationNumber(EIN)
716XeniaAvenue27-0633051
Cityortown,stateorcountry,andZIP÷45Monththeannualaccountingperiodends(01-02)
YellowSprings,OH45387June
6Primarycontact(officer,director,trustee,orauthorizedrepresentative)
.bPhone:320-267-0670 aName:LeeMorgan,TrusteeandPresidentcFax:(optional)
7Areyourepresentedbyanauthorizedrepresentative,suchasanattorneyoraccountant?If‘Yes,”YesLJNo
providetheauthorizedrepresentative’sname,andthenameandaddressoftheauthorized
representative’sfirm,includeacompletedForm2848,PowerofAttorneyandDeclarationof
Representative,withyourapplicationifyouwouldlikeustocommunicatewithyourrepresentative.
8Wasapersonwhoisnotoneofyourofficers,directors,trustees,employees,oranauthorizedfJYesNo
representativelistedinline7,paid,orpromisedpayment,tohelpplan,manage,oradviseyouabout
thestructureoractivitiesofyourorganization,oraboutyourfinancialortaxmatters?IfuYesn
providetheperson’sname,thenameandaddressoftheperson’sfirm,theamountspaidor
promisedtobepaid,anddescribethatperson’srole.
9aOrganization’swebsite:N/A
bOrganization’semail:(optional)NIA
10Certainorganizationsarenotrequiredtofileaninformationreturn(Form990orForm990-EZ).IfyouLIYesNo
aregrantedtax-exemption,areyouclaimingtobeexcusedfromfilingForm990orForm990-EZ?If
“Yes,”explain.SeetheinstructionsforadescriptionoforganizationsnotrequiredtofileForm990or
Form990-EZ.
11Dateincorporatedifacorporation,orformed,ifotherthanacorporation.(MM/DD/YYYY)07/17/2009
12Wereyouformedunderthelawsofaforeigncountry?LIYesNo
If“Yes,”statethecountry.
ForPaperworkReductionActNotice,seepage24oftheinstructions,cat.No.17133KForm1023(Rev.6-2006)

Form1023(Rev.6-2006)Name:ContinuationFund,Inc.FIN:27—0633051Page2
TIlOrganizationalStructure
Youmustbeacorporation(includingalimitedliabilitycompany),anunincorporatedassociation,oratrusttobetaxexempt.
Seeinstructions.)DONOTfilethisformunlessyoucancheck“Yes”onlines1,2,3,or4.
IAreyouacorporation?If“Yes,’attachacopyofyourarticlesofincorporationshowingcertificationoffilingwiththeappropriatestateYesElNo
agency,includecopiesofanyamendmentstoyourarticlesandbesuretheyalsoshowstatefilingcertification.
2Areyoualimitedliabilitycompany(LLC)?If‘Yes,”attachacopyofyourarticlesoforganizationshowingcertificationoffilingwiththe[]YesENo
appropriatestateagency.Also,ifyouadoptedanoperatingagreement,attachacopy.Includecopiesofanyamendmentstoyourarticles
andbesuretheyshowstatefilingcertification.RefertotheinstructionsforcircumstanceswhenanLLCshouldnotfileitsownexemption
application.
3Areyouanunincorporatedassociation?If‘Yes,”attachacopyofyourarticlesofassociation,constitution,orothersimilarorganizing[]YesNo
documentthatisdatedandincludesatleasttwosignatures.Includesignedanddatedcopiesofanyamendments.
4aAreyouatrust?If‘Yes,”attachasignedanddatedcopyofyourtrustagreement,includesignedanddatedcopiesofanyamendments.LIYesNo
bHaveyoubeenfunded?If‘No,’explainhowyouareformedwithoutanythingofvalueplacedintrust.YesUNo
5Haveyouadoptedbylaws?If‘Yes,’attachacurrentcopyshowingdateofadoption.If‘No,’explainhowyourofficers,directors,orYesLiNo
trusteesareselected.
LFflIIlRequiredProvisionsinYourOrganizingDocument
Thefollowingquestionsaredesignedtoensurethatwhenyoufilethisapplication,yourorganizingdocumentcontainstherequiredprovisions
tomeettheorganizationtestundersection501(c)(3).Unlessyoucanchecktheboxesinbothlines1and2,yourorganizingdocument
doesnotmeettheorganizationaltest.DONOTfilethisapplicationuntilyouhaveamendedyourorganizingdocument.Submityour
originalandamendedorganizingdocuments(showingstatefilingcertificationifyouareacorporationoranLLC)withyourapplication.
ISection501(c)(3)requiresthatyourorganizingdocumentstateyourexemptpurpose(s),suchascharitable,
religious,educational,and/orscientificpurposes.Checktheboxtoconfirmthatyourorganizingdocument
meetsthisrequirement.Describespecificallywhereyourorganizingdocumentmeetstherequirement,suchas
areferencetoaparticulararticleorsectioninyourorganizingdocument.Refertotheinstructionsforexempt
purposelanguage.LocationofPurposeClause(Page,Article,andParagraph):ArticlesofIncorporation(tab6of
thisApplication).Page4,ArticleIll,paragraph(a)
2aSection501(c)(3)requiresthatupondissolutionofyourorganization,yourremainingassetsmustbeusedexclusively
forexemptpurposes,suchascharitable,religious,educational,and/orscientificpurposes.Checktheboxonline2ato
confirmthatyourorganizingdocumentmeetsthisrequirementbyexpressprovisionforthedistributionofassetsupon
dissolution.Ifyourelyonstatelawforyourdissolutionprovision,donotchecktheboxonline2aandgotoline2c.
2bIfyoucheckedtheboxonline2a,specifythelocationofyourdissolutionclause(Page,article,andParagraph).
Donotcompleteline2cifyoucheckedbox2a.ArticlesofIncorporation(tab6ofthisApplication)Page7,Article
VI
2cSeetheinstructionsforinformationabouttheoperationofstatelawinyourparticularstate.CheckthisboxUI
ifyourelyonoperationofstatelawforyourdissolutionprovisionandindicatethestate
•F.TIkNarrativeDescriptionofYourActivities
Usinganattachment,describeyoupast,present;andplannedactivitiesinanarrative.Ifyoubelievethatyouhavealreadyprovidedsomeof
thisinformationinresponsetootherpartsofthisapplication,youmaysummarizethatinformationhereandrefertothespecificpartsofthe
applicationforsupportingdetails.Youmayalsoattachrepresentativecopiesofnewsletters,brochures,orsimilardocumentsforsupporting
detailstothisnarrative.Rememberthatifthisapplicationisapproved,itwillbeopenforpublicinspection.Therefore,yournarrative
desci-ionofactivitiesshouldbethoroughandaccurate.Refertotheinstructionsforinformationthatmustbeincludedinyourdescription.
CompensationandOtherFinancialArrangementsWithYourOfficers,Directors,Trustees,
Employees,andIndependentContractors
IaListthenames,titles,andmailingaddressesofallofyourofficers,directors,andtrustees.Foreachpersonlisted,statetheir
totalannualcompensation,orproposedcompensation,forallservicestotheorganization,whetherasanofficer,employee,or
otherposition.Useactualfigures,ifavailable.Enter‘none’ifnocompensationisorwillbepaid.Ifadditionalspaceisneeded,
attachaseoaratesheet.Refertotheinstructionsforinformationonwhattoincludeascompensation.
Name
LeeMorgan
FrancesDegenHorowitz
EdwardRichard
Title
TrusteeIPresident
TrusteeISecretary
TrusteeITreasurer
.Compensationamount
Mailinaaddress(annualactualorestimated)
988891StreetNW
Annadale,MN55302
710WestEndAve.#2C
NewYork.NY10025
876ArmandaTerr.
SanDgo,CA92106
$0.00
$0.00
$0.00
PartV
Form1023(Rev.6-2006)

Form1023(Rev.6-2006)Name;ContinuationFund,Inc.FIN:27—0633051Page3
17i’CompensationandOtherFinancialArrangementsWithYourOfficers,Directors,Trustees,
Employees,andIndependentContractors(Continued)
bListthenames,titles,andmailingaddressesofeachofyourhighestcompensatedemployeeswhoreceiveorwill
receivecompensationofmorethan$50,000peryear.Usetheactualfigure,ifavailable.Refertotheinstructionsfor
informationonwhattoincludeascompensation.Donotincludeofficers,directors,andtrustees.
Compensationamount
NameTitleMailingaddress(annualactualorestimated)
NotApplicable.
cListthenames,namesofbusinesses,andmailingaddressesofyourfivehighestcompensatedindependentcontractors
thatreceiveorwillreceivecompensationofmorethan$50,000peryear.Usetheactualfigure,ifavailable.Refertothe
instructionsforinformationonwhattoincludeascompensation.
Compensationamount
NameTitleMailingaddress(annualactualorestimated)
NotApplicable.
Thefollowing“Yes”or“No”questionsrelatetopastpresent,orplannedrelationships,transactions,oragreementswithyourofficers,
directors,trustees,highestcompensatedemployees,andhighestcompensatedindependentcontractorslistedinlines1a,1b,and1c.
2aAreanyofyourofficers,directors,ortrusteesrelatedtoeachotherthroughfamilyorbusiness
relationships?If“Yes,”identifytheindividualsandexplaintherelationship.
bDoyouhaveabusinessrelationshipwithanyofyourofficers,directors,ortrusteesotherthan
throughtheirpositionasanofficer,director,ortrustee?If“Yes,”identifytheindividualsanddescribe
thebusinessrelationshipwitheachofyourofficers,directs,ortrustees.
cAreanyofourofficers,directors,ortrusteesrelatedtoyourhighestcompensatedemployeesor
highestcompensatedindependentcontractorslistedonlines1bor1cthroughfamilyorbusiness
relationships?If“Yes,”identifytheindividualsandexplaintherelationship.
3aForeachofyourofficers,directors,trustees,highestcompensatedemployees,andhighest
compensatedindependentcontractorslistedonlinesla,ib,oric,attachalistshowingtheirname,
qualifications,averagehoursworked,andduties.
bDoanyofyourofficers,directors,trustees,highestcompensatedemployees,andhighest
EJYesNo
compensatedindependentcontractorslistedonlinesla,lb,orlcreceivecompensationfromany
otherorganizations,whethertaxexemptortaxable,thatarerelatedtoyouthroughcommon
control?If“Yes,”identifytheindividuals,explaintherelationshipbetweenyouandtheother
organization,anddescribethecompensationarrangement.
4Inestablishingthecompensationforyourofficers,directors,trustees,highestcompensated
employees,andhighestcompensatedindependentcontractorslistedonlines1a,1b,and1c,the
followingpracticesarerecommend,althoughtheyarenotrequiredtoobtainexemption.Answer
“Yes”toallthepracticesyouuse.
aDoyouorwilltheindividualsthatapprovecompensationarrangementsfollowaconflictofinterestpolicy?
bDoyouorwillyouapprovecompensationarrangementsinadvanceofpayingcompensation?
CDoyouorwillyoudocumentinwritingthedateandtermsofapprovedcompensationarrangements?
LJYesNo
ElYesNo
LlYesNo
Yes
Yes
Yes
DNo
EJNo
E]No
Form1023(Rev.6-2006)

Form1023(Rev.6-2006)Name:ContinuationFund,Inc.FIN:27—0633051Paged
CompensationandOtherFinancialArrangementsWithYourOfficers,Directors,Trustees,
Employees,andIndependentContractors(Continued)
dDoyouorwillyourecordinwritingthedecisionmadebyeachindividualwhodecidedorvotedonYesNo—
compensationarrangements?
eDoyouorwillyouapprovecompensationarrangementsbasedoninformationaboutcompensationpaidbyYesENo
similarlysituatedtaxableortax-exemptorganizationsforsimilarservices,currentcompensationsurveys
compiledbyindependentfirms,oractualwrittenoffersfromsimilarlysituatedorganizations?Refertothe
instructionsforPartV,lines1a,1b,and1c,forinformationonwhattoincludeascompensation.
fDoyouorwillyourecordinwritingboththeinformationonwhichyoureliedtobaseyourdecisionandYesENo
itssource?
gIfyouanswered“No”toanyitemonlines4athrough4f,describehowyousetcompensationthatis
reasonableforyourofficers,directors,trustees,highestcompensatedemployees,andhighest
compensatedindependentcontractorslistedinPartV,linesla,ib,andic.
5aHaveyouadoptedaconflictofinterestpolicyconsistentwiththesampleconflictofinterestpolicyYesUNo
inAppendixAtotheinstructions?If“Yes,”provideacopyofthepolicyandexplainhowthepolicy
hasbeenadopted,suchasbyresolutionofyourgoverningboard.If“No,”answerlines5band5c.
bWhatprocedureswillyoufollowtoassurethatpersonswhohaveaconflictofinterestwillnothave
influenceoveryouforsettingtheirowncompensation?
cWhatprocedureswillyoufollowtoassurethatpersonswhohaveaconflictofinterestwillnothave
influenceoveryouregardingbusinessdealswiththemselves?
Note:Aconflictofinterestpolicyisrecommendedthoughitisnotrequiredtoobtainexemption.
Hospitals,seeScheduleC,SectionI,line14.
6aDoyouorwillyoucompensateanyofyourofficers,directors,trustees,highestcompensatedemployees,YesNo
andhighestcompensatedindependentcontractorslistedinlines1a,1b,or1cthroughnon-fixed
payments,suchasdiscretionarybonusesorrevenue-basedpayments?If“Yes,”describeallnon-fixed
compensationarrangements,includinghowtheamountsaredetermined,whoiseligibleforsuch
arrangements,whetheryouplacealimitationontotalcompensation,andhowyoudetermineorwill
determinethatyoupaynomorethanreasonablecompensationforservices.Refertotheinstructionsfor
PartV,lines1a,1b,and1c,forinformationonwhattoincludeascompensation.
bDoyouorwillyoucompensateanyofyouremployees,otherthanyourofficers,directors,trustees,YesNo
oryourfivehighestcompensatedemployeeswhoreceiveorwillreceivecompensationofmorethan
$50,000peryear,throughnon-fixedpayments,suchasdiscretionarybonusesorrevenue-based
payments?If“Yes,”describeallnon-fixedcompensationarrangements,includinghowtheamounts
areorwillbedetermined,whoisorwillbeeligibleforsucharrangements,whetheryouplaceorwill
placealimitationontotalcompensation,andhowyoudetermineorwilldeterminethatyoupayno
morethanreasonablecompensationforservices.RefertotheinstructionsforPartV,lines1a,1b,
andIc,forinformationonwhattoincludeascompensation.
7aDoyouorwillyoupurchaseanygoods,services,orassetsfromanyofyourofficers,directors,UYesNo
trustees,highestcompensatedemployees,orhighestcompensatedindependentcontractorslistedin
lines1a,1b,or1C?If“Yes,”describeanysuchpurchasethatyoumadeorintendtomake,from
whomyoumakeorwillmakesuchpurchases,howthetermsareorwillbenegotiatedatarm’s
length,andexplainhowyoudetermineorwilldeterminethatyoupaynomorethanfairmarket
value.Attachcopiesofanywrittencontractsorotheragreementsrelatingtosuchpurchases.
bDoyouorwillyousellanygoods,services,orassetstoanyofyourofficers,directors,trustees,YesNo
highestcompensatedemployees,orhighestcompensatedindependentcontractorslistedinlinesla,
1b,or1c?If“Yes,”describeanysuchsalesthatyoumadeorintendtomake,towhomyoumakeor
willmakesuchsales,howthetermsareorwillbenegotiatedatarm’slength,andexplainhowyou
determineorwilldetermineyouareorwillbepaidatleastfairmarketvalue.Attachcopiesofany
writtencontractsorotheragreementsrelatingtosuchsales.
8aDoyouorwillyouhaveanyleases,contracts,loans,orotheragreementswithyourofficers,directors,flYesNo
trustees,highestcompensatedemployees,orhighestcompensatedindependentcontractorslistedin
linesIa,ib,orlc?If”Yes,”providetheinformationrequestedinlines8bthrough8f.
bDescribeanywrittenororalarrangementsthatyoumadeorintendtomake.
cIdentifywithwhomyouhaveorwillhavesucharrangements.
dExplainhowthetermsareorwillbenegotiatedatarm’slength.
eExplainhowyoudetermineyoupaynomorethanfairmarketvalueoryouarepaidatleastfairmarketvalue.
fAttachcopiesofanysignedleases,contracts,loans,orotheragreementsrelatingtosucharrangements.
9aDoyouorwillyouhaveanyleases,contracts,loans,orotheragreementswithanyorganizationinUYesNo
whichanyofyourofficers,directors,ortrusteesarealsoofficers,directors,ortrustees,orinwhich
anyindividualofficer,director,ortrusteeownsmorethana35%interest?If“Yes,”providethe
informationrequestedinlines9bthrough9f.
Form1023(Rev.6-2006)

?artVI
Form1023(Rev.6-2006)Name:ContinuationFund,Inc.E1N:27—0633051PageS
‘T’CompensationandOtherFinancialArrangementsWithYourOfficers,Directors,Trustees,
Employees,andIndependentContractors(Continued)
bDescribeanywrittenororalarrangementsyoumadeorintendtomake.
cIdentifywithwhomyouhaveorwillhavesucharrangements.
dExplainhowthetermsareorwillbenegotiatedatarm’slength.
eExplainhowyoudetermineorwilldetermineyoupaynomorethanfairmarketvalueorthatyouare
paidatleastfairmarketvalue.
fAttachacopyofanysignedleases,contracts,loans,orotheragreementsrelafingtosucharrangements.
YourMembersandOtherIndividualsandOrganizationsThatReceiveBenefitsFromYou
Thefollowing“Yes’or“No”questionsrelatetogoods,services,andfundsyouprovidetoindividualsandorganizationsaspart
ofyouractivities.Youranswersshouldpertaintopast;present;andplannedactivities.(Seeinstructions.)
IaIncarryingoutyourexemptpurposes,doyouprovidegoods,services,orfundstoindividuals?IfLiYesNo
“Yes,”describeeachprogramthatprovidesgoods,services,orfundstoindividuals.
bIncarryingoutyourexemptpurposes,doyouprovidegoods,services,orfundstoorganizations?IfYesLiNo
“Yes,”describeeachprogramthatprovidesgoods,services,orfundstoorganizations.
2Doanyofyourprogramslimittheprovisionofgoods,services,orfundstoaspecificindividualorYesLiNo
groupofspecificindividuals?Forexample,answer“Yes,”ifgoods,services,orfundsareprovided
onlyforaparticularindividual,yourmembers,individualswhoworkforaparticularemployer,or
graduatesofaparticularschool.If“Yes,”explainthelimitationandhowrecipientsareselectedfor
eachprogram.
3Doanyindividualswhoreceivegoods,services,orfundsthroughyourprogramshaveafamilyorLiYesNo
businessrelationshipwithanyofficer,director,trustee,orwithanyofyourhighestcompensated
employeesorhighestcompensatedindependentcontractorslistedinPartV,linesla,ib,andic?If
“Yes,”explainhowtheserelatedindividualsareeligibleforgoods,services,orfunds.
TY1l•YourHistory
Thefollowing“Yes”or“No”questionsrelatetoyourhistory.(Seeinstructions.)
IAreyouasuccessortoanotherorganization?Answer“Yes,”ifyouhavetakenorwilltakeovertheLiYesNo
activitiesofanotherorganization;youtookover25%ormoreofthefairmarketvalueofthenet
assetsofanotherorganization;oryouwereestablishedupontheconversionofanorganizationfrom
for-profittonon-profitstatus.If“Yes,”completeScheduleG.
2Areyousubmittingthisapplicationmorethan27monthsaftertheendofthemonthinwhichyouLiYesNo
werelegallyformed?If“Yes,”completeScheduleE.
J1’All•YourSpecificActivities
Thefollowing“Yes”or“No”questionsrelatetospecificactivitiesthatyoumayconduct.Checktheappropriatebox.Your
answersshouldpertaintopast;present,andplannedactivities.(Seeinstructions.)
IDoyousupportoropposecandidatesinpoliticalcampaignsinanyway?If“Yes,”explain.LiYesNo
2aDoyouattempttoinfluencelegislation?If“Yes,”explainhowyouattempttoinfluencelegislationLiYesNo
andcompleteline2b.If“No,”gotoline3a.
bHaveyoumadeorareyoumakinganelectiontohaveyourlegislativeactivitiesmeasuredbyLiYesNo
expendituresbyfilingForm5768?If“Yes,”attachacopyoftheForm5768thatwasalreadyfiledor
attachacompletedForm5768thatyouarefilingwiththisapplication.If“No,”describewhetheryour
attemptstoinfluencelegislationareasubstantialpartofyouractivities.Includethetimeandmoney
spentonyourattemptstoinfluencelegislationascomparedtoyourtotalactivities.
3aDoyouorwillyouoperatebingoorgamingactivities?If“Yes,”describewhoconductsthem,andLiYesNo
listallrevenuereceivedorexpectedtobereceivedandexpensespaidorexpectedtobepaidin
operatingtteseactivities.Revenueandexpensesshouldbeprovidedforthetimeperiodsspecified
inPartIX,FinancialData.
bDoyouorwillyouenterintocontractsorotheragreementswithindividualsororganizationstoLiYesNo
conductbingoorgamingforyou?If“Yes,”describeanywrittenororalarrangementsthatyoumade
orintendtomake,identifywithwhomyouhaveorwillhavesucharrangements,explainhowthe
termsareorwillbenegotiatedatarm’slength,andexplainhowyoudetermineorwilldetermineyou
paynomorethanfairmarketvalueoryouwillbepaidatleastfairmarketvalue.Attachcopiesor
anywrittencontractsorotheragreementsrelatingtosucharrangements.
CListthestatesandlocaljurisdictions,includingIndianReservations,inwhichyouconductorwill
conductgamingorbingo.
Form1023(Rev.6-2006)

àrtVIII
Form1023(Rev.6-2005)Name:ContinuationFund,Inc.EIN:270633051Page6
YourSpecificActivities(Continued)
4aDoyouorwillyouundertakefundraising?If“Yes,’checkallthefundraisingprogramsyoudoorwillLIYesNo
conduct.(Seeinstructions.)
LImailsolicitationsLIphonesolicitations
LIemailsolicitationsLIacceptdonationsonyourwebsite
LIpersonalsolicitationsLIreceivedonationsfromanotherorganization’swebsite
LIvehicle,boat,plane,orsimilardonationsLIgovernmentgrantsolicitations
LIfoundationgrantsolicitationsLIOther
Attachadescriptionofeachfundraisingprogram.
bDoyouorwillyouhavewrittenororalcontractswithanyindividualsororganizationstoraisefundsLIYesNo
foryou?If“Yes,”describetheseactivities.Includeallrevenueandexpensesfromtheseactivities
andstatewhoconductsthem.Revenueandexpensesshouldbeprovidedforthetimeperiods
specifiedinPartIX,FinancialData.Also,attachacopyofanycontractsoragreements.
cDoyouorwillyouengageinfundraisingactivitiesforotherorganizations?If“Yes,”describetheseLIYesNo
arrangements.Includeadescriptionoftheorganizationsforwhichyouraisefundsandattachcopies
ofallcontractsoragreements.
dListallstatesandlocaljurisdictionsinwhichyouconductfundraising.Foreachstateorlocal
jurisdictionlisted,specifywhetheryoufundraiseforyourownorganization,youfundraiseforanother
organization,oranotherorganizationfundraisesforyou.
eDoyouorwillyoumaintainseparateaccountsforanycontributorunderwhichthecontributorhasLIYesNo
therighttoadviseontheuseordistributionoffunds?Answer“Yes”ifthedonormayprovideadvice
onthetypesofinvestments,distributionsfromthetypesofinvestments,orthedistributionfromthe
donorscontributionaccount.If‘Yes,”describethisprogram,includingthetypeofadvicethatmay
beprovidedandsubmitcopiesofanywrittenmaterialsprovidedtodonors.
5Areyouaffiliatedwithagovernmentalunit?If“Yes,”explain.LIYesNo
6aDoyouorwillyouengageineconomicdevelopment?If“Yes,”describeyourprogram.LIYesNo
bDescribeinfullwhobenefitsfromyoureconomicdevelopmentactivitiesandhowtheactivities
promoteexemptpurposes.
7aDoorwillpersonsotherthanyouremployeesorvolunteersdevelopyourfacilities?If“Yes,”describeLIYesNo
eachfacility,theroleofthedeveloper,andanybusinessorfamilyrelationship(s)betweenthe
developerandyourofficers,directors,ortrustees.
bDoorwillpersonsotherthanyouremployeesorvolunteersmanageyouractivitiesorfacilities?IfYesLINo
“Yes,”describeeachactivityandfacility,theroleofthemanager,andanybusinessorfamily
relationship(s)betweenthemanagerandyourofficers,directors,ortrustees.
cIfthereisabusinessorfamilyrelationshipbetweenanymanagerordeveloperandyourofficers,
directors,ortrustees,identifytheindividuals,explaintherelationship,describehowcontractsare
negotiatedatarm’slengthsothatyoupaynomorethanfairmarketvalue,andsubmitacopyofany
contractsorotheragreements.
8Doyouorwillyouenterintojointventures,includingpartnershipsorlimitedliabilitycompaniesLIYesNo
treatedaspartnerships,inwhichyoushareprofitsandlosseswithpartnersotherthansection
501(c)(3)organizations?If“Yes,”describetheactivitiesofthesejointventuresinwhichyou
participate.
9aAreyouapplyingforexemptionasachildcareorganizationundersection501(k)?If“Yes,”answerLIYesNo
lines9bthrough9d.lf”No,”gotoline10.
bDoyouprovidechildcaresothatparentsorcaretakersofchildrenyoucareforcanbegainfullyLIYesLINo
employed(seeinstructions)?If“No,”explainhowyouqualifyasachildcareorganizationdescribed
insection501(k).
cOfthechildrenforwhomyouprovidechildcare,are85%ormoreofthemcaredforbyyoutoLIYesLINo
enabletheirparentsorcaretakerstobegainfullyemployed(seeinstructions)?If“No,”explainhow
youqualifyasachildcareorganizationdescribedinsection501(k).
dAreyourservicesavailabletothegeneralpublic?If“No,”describethespecificgroupofpeopleforLIYesLINo
whomyouractivitiesareavailable.Also,seetheinstructionsandexplainhowyouqualifyasa
childcareorganizationdescribedinsection501(k).
10Doyouorwillyoupublish,own,orhaverightsinmusic,literature,tapes,artworks,choreography,scientificLIYesNo
discoveries,orotherintellectualproperty?If“Yes,”explain.Describewhoownsorwillownany
copyrights,patents,ortrademarks,whetherfeesareorwillbecharged,howthefeesaredetermined,and
howanyitemsareorwillbeproduced,distributed,andmarketed.
Form1023(Rev.6-2006)

Form1023(Rev.6-2006)Name:ContinuationFund,Inc.EIN:27—0633051Page7
fTAll•YourSpecificActivities(Continued)
11Doyouorwillyouacceptcontributionsof:realproperty;conservationeasements;closelyheldLIYesNo
securities;intellectualpropertysuchaspatents,trademarks,andcopyrights;worksofmusicorart;
licenses;royalties;automobiles,boats,planes,orothervehicles;orcollectiblesofanytype?If“Yes,”
describeeachtypeofcontribution,anyconditionsimposedbythedonoronthecontribution,and
anyagreementswiththedonorregardingthecontribution.
12aDoyouorwillyouoperateinaforeigncountryorcountries?If“Yes,”answerlines12bthroughLIYesNo
12d.If“No,”gotoline13a.
bNametheforeigncountriesandregionswithinthecountriesinwhichyouoperate.
cDescribeyouroperationsineachcountryandregioninwhichyouoperate.
dDescribehowyouroperationsineachcountryandregionfurtheryourexemptpurposes.
13aDoyouorwillyoumakegrants,loans,orotherdistributionstoorganization(s)?If“Yes,”answerlinesYesLINo
13bthrough13g.If”No,”gotoline14a.
bDescribehowyourgrants,loans,orotherdistributionstoorganizationsfurtheryourexemptpurposes.
cDoyouhavewrittencontractswitheachoftheseorganizabons?If“Yes,”attachacopyofeachcontract.LIYesNo
dIdentifyeachrecipientorganizationandanyrelationshipbetweenyouandtherecipientorganization.
eDescribetherecordsyoukeepwithrespecttothegrants,loans,orotherdistributionsyoumake.
fDescribeyourselectionprocess,includingwhetheryoudoanyofthefollowing:
(i)Doyourequireanapplicationform?If“Yes,”attachacopyoftheform.LIYesNo
(ii)Doyourequireagrantproposal?If“Yes,”describewhetherthegrantproposalspecifiesyourLIYesNo
responsibilitiesandthoseofthegrantee,obligatesthegranteetousethegrantfundsonlyforthe
purposesforwhichthegrantwasmade,providesforperiodicwrittenreportsconcerningtheuse
ofgrantfunds,requiresafinalwrittenreportandanaccountingofhowgrantfundswereused,
andacknowledgesyourauthoritytowithholdand/orrecovergrantfundsincasesuchfundsare,
orappeartobe,misused.
gDescribeyourproceduresforoversightofdistributionsthatassureyoutheresourcesareusedto
furtheryourexemptpurposes,includingwhetheryourequireperiodicandfinalreportsontheuseof
resources.
14aDoyouorwillyoumakegrants,loans,orotherdistributionstoforeignorganizations?If“Yes,”LIYesNo
answerlines14bthrough14f.If“No,”gotoline15.
bProvidethenameofeachforeignorganization,thecountryandregionswithinacountryinwhich
eachforeignorganizationoperates,anddescribeanyrelationshipyouhavewitheachforeign
organization.
cDoesanyforeignorganizationlistedinline14bacceptcontributionsearmarkedforaspecificcountryLIYesLINo
orspecificorganization?If“Yes,”listallearmarkedorganizationsorcountries.
dDoyourcontributorsknowthatyouhaveultimateauthoritytousecontributionsmadetoyouatyourLIYesLINo
discretionforpurposesconsistentwithyourexemptpurposes?If“Yes,”describehowyourelaythis
informationtocontributors.
eDoyouorwillyoumakepre-grantinquiriesabouttherecipientorganization?If“Yes,”describetheseLIYesLINo
inquiries,includingwhetheryouinquireabouttherecipient’sfinancialstatus,itstax-exemptstatus
undertheInternalRevenueCode,itsabilitytoaccomplishthepurposeforwhichtheresourcesare
provided,andotherrelevantinformation.
fDoyouorwillyouuseanyadditionalprocedurestoensurethatyourdistributionstoforeignLIYesLINo
organizationsareusedinfurtheranceofyourexemptpurposes?If“Yes,”describetheseprocedures,
includingsitevisitsbyyouremployeesorcompliancechecksbyimpartialexperts,toverifythatgrant
fundsarebeingusedappropriately.
Form1023(Rev.6-2006)

Form1023Rev.&2006)Name:ContinuationFund,Inc.FIN:27—0633051Page8
rAll•YourSpecificActivities(Continued)
15Doyouhaveacloseconnectionwithanyorganizations?If“Yes,”explain.YesElNo
16AreyouapplyingforexemptionasacooperativehospitalserviceorganizationundersectionElYesNo
501(e)?lf”Yes,’explain.
17AreyouapplyingforexemptionasacooperativeserviceorganizationofoperatingeducationalElYesNo
organizationsundersection501(f)?If“Yes,”explain.
18Areyouapplyingforexemptionasacharitableriskpoolundersection501(n)?If“Yes,”explain.ElYesNo
19Doyouorwillyouoperateaschool?If“Yes,”completeSchedule8.Answer“Yes,”whetheryouElYesNo
operateaschoolasyourmainfunctionorasasecondaryactivity.
20Isyourmainfunctiontoprovidehospitalormedicalcare?If“Yes,”completeScheduleC.ElYesNo
21Doyouorwillyouprovidelow-incomehousingorhousingfortheelderlyorhandicapped?IfElYesNo
“Yes,”completeScheduleF.
22Doyouorwillyouprovidescholarships,fellowships,educationalloans,orothereducationalgrantstoElYesNo
individuals,includinggrantsfortravel,study,orothersimilarpurposes?If“Yes,”complete
ScheduleH.
Note:PrivatefoundationsmayuseScheduleHtorequestadvanceapprovalofindividualgrant
procedures.
Form1023(Rev.6-2006)

Form1023(Rev.6-2006)Name:ContinuationFund,Inc.EIN:27—0633051Page9
rTWFinancialData
U,a,
a,
a,cz
U,a,
Ca,
a,
0‘C
uJ
Forpurposesofthisschedule,yearsinexistencerefertocompletedtaxyears.Ifinexistence4ormoreyears,completethe
scheduleforthemostrecent4taxyears.Ifinexistencemorethan1yearbutlessthan4years,completethestatementsfor
eachyearinexistenceandprovideprojectionsofyourlikelyrevenuesandexpensesbasedonareasonableandgoodfaith
estimateofyourfuturefinancesforatotalof3yearsoffinancialinformation.Ifinexistencelessthan1year,provideprojections
ofyourlikelyrevenuesandexpensesforthecurrentyearandthe2followingyears,basedonareasonableandgoodfaith
estimateofyourfuturefinancesforatotalof3yearsoffinancialinformation.(Seeinstructions.)
A.StatementofRevenuesandExpenses
TypeofrevenueorexpenseCurrenttaxyear3priortaxyearsor2succeedingtaxyears
(a)From8/31//2009(b)From111/2010-(c)From1/1/2011(d)From(e)ProvideTotalfor
To/9TolJ2.Q1QTo12131/2011.To(a)through(d)
1Gifts,grants,and
contributionsreceived(donot
includeunusualgrants)$19,739,477.57$0.00$0.000.00$19,739,477.57
2Membershipfeesreceived$0.00$0.00$0.00$0.00
3Grossinvestmentincome$263,193.03$799,706.77$814,501.35$1,877,401.15
4Netunrelatedbusiness
income$0.00$0.00$0.00$0.00
5Taxesleviedforyourbenefit$0.00$0.00$0.00$0.00
6Valueofservicesorfacilities
furnishedbyagovernmental
unitwithoutcharge(not
includingthevalueofservices
generallyfurnishedtothe
publicwithoutcharge)$0.00$0.00$0.00$0.00
7Anyrevenuenototherwise
listedaboveorinlines9-12
below(attachanitemizedlist)$0.00$0.00$0.00$0.00$0.00
8Totaloflines1through7$20,002,670.60$799,706.77$814,501.35$0.00$21,616,878.72
9Grossreceiptsfromadmissions,
merchandisesoldorservices
performed,orfurnishingof
facilitiesinanyactivitythatis
relatedtoyourexempt
purposes(attachitemizedlist)$0.00$0.00$0.00$0.00$0.00
10Totaloflines8and9$20,002,670.60$799,706.77$814,501.35$0.00$21,616,878.72
11Netgainorlossonsaleof
capitalassets(attach
scheduleandseeinstructions)$0.00$0.00$0.00$0.00
12Unusualgrants$0.00$0.00$0.00$0.00
13TotalRevenue
Addlines10through12$20,002,670.60$799,706.77$814,501.35$0.00$21,616,878.72
14Fundraisinqexpenses$0.00$0.00$0.00$0.00$0.00
15Contributions,gifts,grants,
andsimilaramountspaidout
(attachanitemizedlist)$0.00$0.00$0.00$0.00$0.00
16Disbursementstoorforthe
benefitofmembers(attachan
itemizedlist>$0.00$399,853.39$610,876.01$0.00$1,010,729.40
17Compensationofofficers,
directors,andtrustees$0.00$0.00$0.00$0.00$0.00
18Othersalariesandwagesso.oo$0.00$0.00$0.00$0.00
19Interestexpense$0.00$0.00$0.00$0.00$0.00
20Occupancy(rent,ublities,etc.)$0.00$0.00$0.00$0.00$0.00
21Depreciationanddepleon$0.00$0.00$0.00$0.00$0.00
22Professionalfees$0.00$0.00$0.00$0.00$0.00
23Anyexpensenototherwise
classified,suchasprogram
service(attachitemizedlist)$10,001.34$29,989.00$30,543.80$0.00$70,534.14
24TotalExpenses
Addlines14throuh23$10,001.34$429,842.39$641,419.81$0.00$1,081,263.54
Form1023(Rev.6-2006)

Form1023(Rev.6-2006)Name;ContinuationFund,Inc.EIN;27—0633051Page10
FinancialData(Continued)
______
B.BalanceSheet(foryourmostrecentlycompletedtaxyear)
______
YearEnd:
(Wholedollars)
ICashI$0.00
2Accountsreceivable,net2
3Inventories3$0.00
4Bondsandnotesreceivable(attachanitemizedlist)4$0
5Corporatestocks(attachanitemizedlist)5$0.00
6Loansreceivable(attachanitemizedlist)6$0.00
7Otherinvestments(attachanitemizedlist)7$18,799,246
8Depreciableanddepletableassets(attachanitemizedlist)8
____________
9Land9$0.00
10Otherassets(attachanitemizedlist)10
______________
11TotalAssets(addlines1through10)11$18,799,246
Liabilities
_____________________
12Accountspayable12$0.00
13Contributions,gifts,grants,etc.payable13$0.00
14Mortgagesandnotespayable(attachanitemizedlist)14$0.00
15Otherliabilities(attachanitemizedlist)15
______________
16TotalLiabilities(addlines12through15)16$0.00
FundBalancesorNetAssets
______
17Totalfundbalancesornetassets17$18,799,246
18TotalLiabilitiesandFundBalancesorNetAssets(addlines16and17)18$18,799,246
19HavetherebeenanysubstantialchangesinyourassetsorliabilitiessincetheendoftheperiodYesNo
shownabove?If“Yes”explain.
ublicCharityStatus
PartXisdesignedtoclassifyyouasanorganizationthatiseitheraprivatefoundationorapubliccharity.Publiccharitystatus
isamorefavorabletaxstatusthanprivatefoundationstatus.Ifyouareaprivatefoundation,PartXisdesignedtofurther
determinewhetheryouareaprivateoperatingfoundation.(Seeinstructions.)
IaAreyouaprivatefoundation?If“Yes,”gotolinelb.If“No,”gotoline5andproceedasinstructed,YesNo
Ifyouareunsure,seetheinstructions.
bAsaprivatefoundation,section508(e)requiresspecialprovisionsinyourorganizingdocumentin
additiontothosethatapplytoallorganizationsdescribedinsection501(c)(3).Checktheboxto
confirmthatyourorganizingdocumentmeetsthisrequirement,whetherbyexpressprovisionsorby
relianceonoperationofstatelaw.Attachastatementthatdescribesspecificallywhereyour
organizingdocumentmeetsthisrequirement,suchasareferencetoaparticulararticleorsectionin
yourorganizingdocumentorbyoperationofstatelaw.Seetheinstructions,includeAppendixB,
forinformationaboutthespecialprovisionsthatneedtobecontainedinyourorganizingdocument.
Gotoline2.
2Areyouraprivateoperatingfoundation?TobeaprivateoperatingfoundationyoumustengageElYesLINo
directlyintheactiveconductofcharitable,religious,educational,andsimilaractivities,asopposed
toindirectlycarryingouttheseactivitiesbyprovidinggrantstoindividualsorotherorganizations.If
“Yes,”gotoline3.If“No,”gotothesignaturesectionofPartXl.
3Haveyouexistedforoneormoreyears?If“Yes,”attachfinancialinformationshowingthatyouareaprivateYesNo
operatingfoundation;gotothesignaturesectionofPartXl.If“No,”continuetoline4.
4Haveyouattachedeither(1)anaffidavitoropinionofcounsel,(includingawrittenaffidavitoropinion[]Yes[]No
fromacertifiedpublicaccountantoraccountingfirmwithexpertiseregardingthistaxlawmatter),
thatsetsforthefactsconcerningyouroperationsandsupporttodemonstratethatyouarelikelyto
satisfytherequirementstobeclassifiedasaprivateoperatingfoundation;or(2)astatement
describingyourproposedoperationsasaprivateoperatingfoundation?
5Ifyouanswered“No”tolineIa,indicatethetypeofpubliccharitystatusyouarerequestingbycheckingoneofthechoicesbelow.
Youmaycheckonlyonebox.
Theorganizationisnotaprivatefoundationbecauseitis:
a509(a)(1)and170(b)(l)(A)(i)e—churchoraconventionorassociationofchurches.CompleteandattachScheduleA.[]
b509(a)(l)and170(b)(l)(A)(ii)e—school.CompleteandattachScheduleB.
c509(a)(1)and170(b)(1)(A)(iii)e—hospital,acooperativehospitalserviceorganization,oramedicalresearchLI
organizationoperatedinconjunctionwithahospital.CompleteandattachScheduleC.
d509(a)(3)aorganizationsupportingeitheroneormoreorganizationsdescribedinline5athroughc,f,g,orh
orapubliclysupportedsection501(c)(4),(5),or(6)organization.CompleteandattachScheduleD.
IpartX
Form1023(Rev,6-2006)

ForOrganization
(SignatureofOfficer,Director,Trustee,orother
authorizedofficial)
(Typeorprintnameofsigner)
(Typeorprinttitleorauthorityofsigner)
(Date)
bRequestforDefinitiveRuling:Checkthisboxifyouhavecompletedonetaxyearofatleast8fullmonthsand
youarerequestingadefinitiveruling.Toconfirmyourpublicsupportstatus,answerline6b(i)ifyoucheckedbox
ginline5above.Answerline6b(ii)ifyoucheckedboxIiinline5above.Ifyoucheckedboxiinline5above,
answerbothlines6b(i)and(ii).
(I)(a)Enter2%ofline8,column(e)onPartIX-A.StatementofRevenuesandExpenses
______________________
(b)Attachalistshowingthenameandamountcontributedbyeachperson,company,ororganizationwhose
giftstotaledmorethanthe2%amount.Iftheansweris“None,”checkthisbox.
(ii)(a)Foreachyearamountsareincludedonlines1,2,and9ofPartlX-A.StatementofRevenuesand
Expenses,attachalistshowingthenameofandamountreceivedfromeachdisqualifiedperson.Ifthe
answeris“None,”checkthisbox.
(b)Foreachyearamountsareindudedonline9ofPartlX-A.StatementofRevenuesandExpenses,attach
alistshowingthenameofandamountreceivedfromeachpayer,otherthanadisqualifiedperson,whose
paymentsweremorethanthelargerof(1)1%ofline10,PartlX-A.StatementofRevenuesand
Expenses,or(2)$000.Iftheansweris“None,”checkthisbox.
DidyoureceiveanyunusualgrantsduringanyoftheyearsshownonPartlX-A.Statementof
RevenuesandExpenses?If“Yes,”attachalistincludingthenameofthecontributor,thedateand
amountofthegrant,abriefdescriptionofthegrant,andexplainwhyitisunusual.
7
rtX
Form1023(Rev.6-2006)Name:ContinuationFund,Inc.EIN:27—0633051Page11
PublicCharityStatus(Continued)
e509(a)(4)—anorganizationorganizedandoperatedexclusivelyfortestingforpublicsafety.
f509(a)(1)and170(b)(1)(A)(iv)—anorganizationoperatedforthebenefitofacollegeoruniversitythatisownedor
operatedbyagovernmentalunit.
g509(a)(1)and170(b)(1)(A)(vi)—anorganizationthatreceivesasubstantialpartofitsfinancialsupportintheform
ofcontributionsfrompubliclysupportedorganizations,fromagovernmentalunit,orfromthegeneralpublic.
h509(a)(2)—anorganizationthatnormallyreceivesnotmorethanone-thirdofitsfinancialsupportfromgross
investmentincomeandreceivesmorethanone-thirdofitsfinancialsupportfromcontributions,membership
fees,andgrossreceiptsfromactivitiesrelatedtoitsexemptfunctions(subjecttocertainexceptions).
IApubliclysupportedorganization,butunsureifitisdescribedin5gor5h.TheorganizationwouldliketheIRSto
LI decidethecorrectstatus.
6Ifyoucheckedboxg,h,oriinquestion5above,youmustrequesteitheranadvanceoradefinitiverulingby
selectingoneoftheboxesbelow.Refertotheinstructionstodeterminewhichtypeofrulingyouareeligibleto
receive.
aRequestforAdvanceRuling:Bycheckingthisboxandsigningtheconsent,pursuanttosection6501(c)(4)of
Li theCodeyourequestanadvancerulingandagreetoextendthestatuteoflimitationsontheassessmentof
excisetaxundersection4940oftheCode.Thetaxwillapplyonlyifyoudonotestablishpublicsupportstatus
attheendofthe5-yearadvancerulingperiod.Theassessmentperiodwillbeextendedforthe5advanceruling
yearsto8years,4months,and15daysbeyondtheendofthefirstyear.Youhavetherighttorefuseorlimit
theextensiontoamutuallyagreed-uponperiodoftimeorissue(s).Publication1035,ExtendingtheTax
AssessmentPeriod,providesamoredetailedexplanationofyourrightsandtheconsequencesofthechoices
youmake.YoumayobtainPublication1035freeofchargefromtheIRSwebsiteatwww.irs.govorbycalling
toll-free1-800-829-3676.Signingthisconsentwillnotdepriveyouofanyappealrightstowhichyouwould
otherwisebeentitled.Ifyoudecidenottoextendthestatuteoflimitations,youarenoteligibleforanadvance
ruling.
ConsentFixingPeriodofLimitationsUponAssessmentofTaxUnder,Section4940oftheInternalRevenueCode
ForDirector,ExemptOrganizations
ByDate
LiLiLiLi
No
LiYes
Form1023(Rev.6-2006)

Form1023(Rev6.2006)Name:ContinuationFund,IncEIN:27—0633051Page12
UserFeeInformation
Youmustincludeauserfeepaymentwiththisapplication.Itwillnotbeprocessedwithoutyourpaiduserfee.Ifyouraverage
annualgrossreceiptshaveexceededorwillexceed$10,000annuallyovera4-yearperiod,youmustsubmitpaymentof$750.
Ifyourgrossreceiptshavenotexceededorwiltriotexceed$10,000annuallyovera4-yearperiod,therequireduserfee
paymentis$300.SeeinstructionsforPartXl,foradefinitionofgrossreceiptsovera4-yearperiod.Yourcheckormoney
ordermustbemadepayabletotheUnitedStatesTreasury.Userfeesaresubjecttochange.Checkourwebsiteatwwwirs.gov
andtypedLIserFeeinthekeywordbox,orcallCustomerAccountSen/icesat1-877-829-5500forcurrentinformation.
IHaveyourannualgrossreceiptsaveragedoraretheyexpectedtoaveragenotmorethan$10,000?0YesNo
If“Yes,”checktheboxonilne2andencloseauserfeepaymentof$300(Subjecttochangeseeabove).
If“No,’checktheboxonflne3andencloseauserfeepaymentof$750(Subjecttochangeseeabove).
2Checktheboxifyouhaveenclosedthereduceduserfeepaymentof$300(Subjecttochange).[J
3Checktheboxifyouhaveenclosedtheuserfeepaymentof$750(Subjecttochange).
IdeclareunderthepenaltiesofperjurythatIamauthorizedtosignthisapplicationonbehalfoftheaboveorganizationandthatIhaveexaminedthis
application,Includingtheaccompa7gschedulesandattachments,andtothebestofmyknowledgeitistrue,correct,andcomplete..
Pleasejpçgn7/7/02
S;rin(SignatureofOfficer,Director,11stee,orother(Typeorpnntnameofsigner)(Date)
authorizedofficial)
HereTrustee!President
(Typeorprinttitleorauthorityofsigner)
Reminder.SendthecompletedForm1023Checklistwithyourfilled-in-application.Form1023(Rev.6-2006)

Form1023(Rev.6-2006)Name:EIN:Page18
NameAddressEIN
….716XeniaAvenue AntiochCollegeContinuationCorporation26—1672457 YellowSprings,OH45387
150E.SouthCollegeStreet AntiochUniversity(contingent>YellowSDrinas,OH45387
2Areallsupportedorganizationslistedinline1publiccharitiesundersection509(a)(1)or(2)?If“Yes,”YesLiNo
gotoSectionII.If“No,”gotoline3.
3Dothesupportedorganizationshavetax-exemptstatusundersection501(c)(4),501(c)(5),orLiYesLiNo
501(c)(6)?
If“Yes,”foreach501(c)(4),(5),or(6)organizationsupported,providethefollowingfinancial
information:
•PartlX-A.StatementofRevenuesandExpenses,lines1—13and
•PartX,lines6b(ii)(a),6b(ii)(b),and7.
If“No,”attachastatementdescribinghoweachorganizationyousupportisapubliccharityunder
section509(a)(1)or(2).
RelationshipwithSupportedOrganization(s)—ThreeTests SectionII
Tobeclassifiedasasupportingorganization,anorganizationmustmeetoneofthreerelationshiptests:
Test1:“Operated,supervised,orcontrolledby”oneormorepubliclysupportedorganizations,or
Test2:“Supervisedorcontrolledinconnectionwith”oneormorepubliclysupportedorganizations,or
Test3:“Operatedinconnectionwith”oneormorepubliclysupportedorganizations.
1Informationtoestablishthe“operated,supervised,orcontrolledby”relationship(Test1)
IsamajorityofyourgoverningboardorofficerselectedorappointedbythesupportedEJYesLiNo
organization(s)?If“Yes,”describetheprocessbywhichyourgoverningboardisappointedand
elected;gotoSectionIII.If“No,”continuetoline2.
2Informationtoestablishthe“supervisedorcontrolledinconnectionwith”relationship(rest2)
DoesamajorityofyourgoverningboardconsistofindividualswhoalsoserveonthegoverningLiYesLiNo
boardofthesupportedorganization(s)?If“Yes,”describetheprocessbywhichyourgoverning
boardisappointedandelected;gotoSectionIII.If“No,”gotoline3.
3Informationtoestablishthe“operatedinconnectionwith”responsivenesstest(Test3)
Areyouatrustfromwhichthenamedsupportedorganization(s)canenforceandcompelanLiYesLiNo
accountingunderstatelaw?If“Yes,”explainwhetheryouadvisedthesupportedorganization(s)in
writingoftheserightsandprovideacopyofthewrittencommunicationdocumentingthis;goto
SectionII,line5.If“No,”gotoline4a.
4Informationtoestablishthealternative“operatedinconnectionwith”responsivenesstest(Test3)
aDotheofficers,directors,trustees,ormembersofthesupportedorganization(s)electorappointoneLiYesLiNo
ormoreofyourofficers,directors,ortrustees?If“Yes,”explainandprovidedocumentation;goto
line4d,below.If“No,”gotoline4b.
bDooneormoremembersofthegoverningbodyofthesupportedorganization(s)alsoserveasyourLiYesLiNo
officers,directors,ortrusteesorholdotherimportantofficeswithrespecttoyou?If“Yes,”explain
andprovidedocumentation;gotoline4d,below.If“No,”gotoline4c.
oDoyourofficers,directors,ortrusteesmaintainacloseandcontinuousworkingrelationshipwiththeLiYesLiNo
officers,directors,ortrusteesofthesupportedorganization(s)?If“Yes,”explainandprovide
documentation.
dDothesupportedorganization(s)haveasignificantvoiceinyourinvestmentpolicies,inthemakingLiYesLiNo
andtimingofgrants,andinotherwisedirectingtheuseofyourincomeorassets?If“Yes,”explain
andprovidedocumentation.
eDescribeandprovidecopiesofwrittencommunicationsdocumentinghowyoumadethesupported
organization(s)awareofyoursupportingactivities.
Section:1IdentifyingInformationAbouttheSuDoortedOrganization(s)
ScheduleD.Section509(a)(3)SupportingOrganizations
1Statethenames,addresses,andEINsofthesupportedorganizations.Ifadditionalspaceisneeded,attachaseparate
sheet.
31—0536640
Form1023(Rev.6-2006)

Form1023(Rev.6-2006)Name:EIN:—Page19
ScheduleD.Section509(a)(3)SupportingOrganizations(Continued)
5Informationtoestablishthe“operatedinconnectionwith”integralparttest(Test3)
Doyouconductactivitiesthatwouldotherwisebecarriedoutbythesupportedorganization(s)?IfLIYesLINo
“Yes,”explainandgotoSectionIII.If“No,”continuetoline6a.
6Informationtoestablishthealternative“operatedinconnectionwith”integralparttest(Test3)
aDoyoudistributeatleast85%ofyourannualnetincometothesupportedorganization(s)?If“Yes,”LIYesLINo
gotoline6b.(Seeinstructions.)
If“No,”statethepercentageofyourincomethatyoudistributetoeachsupportedorganization.Also
explainhowyouensurethatthesupportedorganization(s)areattentivetoyouroperations.
bHowmuchdoyoucontributeannuallytoeachsupportedorganization?Attachaschedule.
cWhatisthetotalannualrevenueofeachsupportedorganization?Ifyouneedadditionalspace,
attachalist.
dDoyouorthesupportedorganization(s)earmarkyourfundsforsupportofaparticularprogramorLIYesLINo
activity?If“Yes,”explain.
7aDoesyourorganizingdocumentspecifythesupportedorganization(s)byname?If“Yes,”statetheLIYesLINo
articleandparagraphnumberandgotoSectionIII.If“No,”answerline7b.
bAttachastatementdescribingwhethertherehasbeenanhistoricandcontinuingrelationship
betweenyouandthesupportedorganization(s).
If1TIlllOrganizationalTest
laIfyoumetrelationshipTest1orTest2inSectionIl,yourorganizingdocumentmustspecifytheiYesLINo
supportedorganization(s)byname,orbynamingasimilarpurposeorcharitableclassof
beneficiaries.Ifyourorganizingdocumentcomplieswiththisrequirement,answer“Yes.”Ifyour
organizingdocumentdoesnotcomplywiththisrequirement,answer“No,”andseetheinstructions.
bIfyoumetrelationshipTest3inSectionII,yourorganizingdocumentmustgenerallyspecifytheLIYesLINo
supportedorganization(s)byname.Ifyourorganizingdocumentcomplieswiththisrequirement,
answer“Yes,”andgotoSectionlv.Ifyourorganizingdocumentdoesnotcomplywiththis
requirement,answer“No,”andseetheinstructions.
E-f5’Ik’1DisqualifiedPersonTest
Youdonotqualifyasasupportingorganizationifyouarecontrolleddirectlyorindirectlybyoneormoredisqualifiedpersons
(asdefinedinsection4946)otherthanfoundationmanagersoroneormoreorganizationsthatyousupport.Foundation
managerswhoarealsodisqualifiedpersonsforanotherreasonaredisqualifiedpersonswithrespecttoyou.
IaDoanypersonswhoaredisqualifiedpersonswithrespecttoyou,(exceptindividualswhoare
disqualifiedpersonsonlybecausetheyarefoundationmanagers),appointanyofyourfoundation
managers?If“Yes,”(1)describetheprocessbywhichdisqualifiedpersonsappointanyofyour
foundationmanagers,(2)providethenamesofthesedisqualifiedpersonsandthefoundation
managerstheyappoint,and(3)explainhowcontrolisvestedoveryouroperations(includingassets
andactivities)bypersonsotherthandisqualifiedpersons.
bDoanypersonswhohaveafamilyorbusinessrelationshipwithanydisqualifiedpersonswith
respecttoyou,(exceptindividualswhoaredisqualifiedpersonsonlybecausetheyarefoundation
managers),appointanyofyourfoundationmanagers?If“Yes,”(1)describetheprocessbywhich
individualswithafamilyorbusinessrelationshipwithdisqualifiedpersonsappointanyofyour
foundationmanagers,(2)providethenamesofthesedisqualifiedpersons,theindividualswitha
familyorbusinessrelationshipwithdisqualifiedpersons,andthefoundationmanagersappointed,
and(3)explainhowcontrolisvestedoveryouroperations(includingassetsandactivities)in
individualsotherthandisqualifiedpersons.
cDoanypersonswhoaredisqualifiedpersons,(exceptindividualswhoaredisqualifiedpersonsonly
becausetheyarefoundationmanagers),haveanyinfluenceregardingyouroperations,includingyour
assetsoractivities?If“Yes,”(1)providethenamesofthesedisqualifiedpersons,(2)explainhow
influenceisexertedoveryouroperations(includingassetsandactivities),and(3)explainhowcontrol
isvestedoveryouroperations(includingassetsandactivities)byindividualsotherthandisqualified
persons.
SèctiànII
LIYesNo
LIYesINo
LIYesINo
Form1023(Rev.6-2006)

TAB-5

DocID–>200920100206
1111111
III!thU1111111111111ff
ftIhIIhI
11111Ill111ff11111[ff1111
FlUNGEXPED
125.00.00
Receipt
Thisisnotabill.Pleasedonotremitpayment.
BENESCHFRIEDLANDERCOPLAN&ARONOFFLLP
ATTN:NVILLAREAL
41S.HIGHSTSTE2600
COLUMBUS,OH43215
DATE:DOCUMENTIDDESCRJPTION
07/2012009200920100206DOMESflCARTICLESINON.PROFIT
(ARN)
PENALTYCERTCOPY
.00.0000
STATE
OF
OHIO
CERTIFICATE
OhioSecretaryofState,JenniferBrunner
1870883
ItisherebycertifiedthattheSecretaryofStateofOhiohascustodyofthebusinessrecordsfor
CONTINUATIONFUND,INC.
and,thatsaidbusitiessrecordsshowthefilingandrecordingof:
Document(s)DocumentNo(s):
DOMESTICARTICLES/NON-PROFIT200920100206
Witnessmyhandandthesealof
theSecretaryofStateatColumbus,
Ohiothis17thdayofJuly,A.D.
2009.
OhioSecretaryofState
UnitedStatesofAmerica
Statec,fOhio
OfficeoftheSecretnyofState
Page1

DocID–>200920100206
Prescñbedbr
e—mail:busseIv@sos,state.ol1us
TheOhioSecretaryofState
CentralOhio:(614)466-3910
TollFrce1-877-SOS-FILE(1.877-767-3453)
P0Box670
Columbus,01-I43216
INITIALARTICLESOFINCORPORATION
(ForDomesticProfitorNonprofit)
FilingFee$12500
THEUNDERSIGNEDHEREBYSTATESThEFOLLOWING:
(CHCK’I,napea.flfl
Compinitethelnfe,m.do.,inthissectionWbox(2)er(3)Isch.ck.Cnopialb.gthinsectionIsoptionalNb.ax(1)ischecke4
THIRD:Purposetorwhichcorporationisformed
Seeattached.
Completethelnfom,ationInthissectionifboxtoor(3)Ischecked.I
FOURTh:Thenumberofshareswhichthecorporationissuthorizedtohaveoutstanding(Pleasestateifsharesare
commonorpreferredandtheWparvalueifany)
_________________________________
(NQatShe.es)(Type)
(Refertoinstnjctlonsifneeded)
532Fag.iora1.051ReisasMay2002
ExpeditetotsForm:s.o.r
P0Box1390 LiYes
Columbus,OH43216
Raquireeasadti8esslleadlix
—
(1)QArticlesofIncorporation(2)21ArticlesofIncorporation(3)0ArtIclesofIncorporationProfessional
ProfitNon-Profit(17O-ARP)
(rl(114ARPfl
ORC1701ORC1702ORC1785
CompletethegenerathofomistjonInthissectionfortheboxcheckedabc-ce1
FIRST:Main,ofCorporationContinuationFund,Inn.
SECOND:LocationYellcmSptingsGreene
(City)(Cowity)
EffectiveDate(Optional)specifiedcanhanome,.thenWdaysdie,dateoffilingif.dtejaop.clUa4
(mesW33-)thedaleeaselbeedalea.,waftS,thedateoffib,9.-
QCheckhereIfadditionalprovisionsageattache4–
Page2

DocID–>200920100206
(SfreetiNOTE:P.O.Bo,.Noreoo.pt.W
(CJty(S1te)(ZipCOde)
(?Jane)
(SPeoVNOTE:P.O.3oAd&ee.s,.NOTaccaptabi..
(Ct(Slt(ZipCocN)
(
REQUIRED
Nktstbeauthenticated
(signed)byanauthorized
representave
(SeeInstructions)
j4
AuthoitzedRepresentative
RogerLSchaniz,VieePresidentofACFBIncorporated
(PititName)
L_Ju17,2009I
Date
AuthorizedRepresentative
(PrintName)
II
Date
AuthorizedRepresentative
(PrintName)
]F
Date
Pap.2o13LaitReviseri:May2002
f,,,,l,ffe,thk,hi.i.,,I
IName)
RfHThefollowingarethenamesandaddressesoftheindividualswhoaretoserveasinitialDirectors.
(SSeei)
(C
NOTE:P.O.BoxAd&aieaia,,NOTevoxptabls
(StaN)(ZipCode)
Page3

Doc
ID–>200920100206
I
I
AuthorizedRepresentative
I
I
AuthonzedRepresentative
Paal3M3LaatR*vi.cdMay2002
Corapletetheinfonnaboninthissectionifbox(1)(73or(3)ischecked.
ORIGINAL
APPOINTMENT
OF
STATUTORY
AGENT
Theundersigned,beingatleastamajorityoftheincorporatorsofContinuationFund,Inc.
herebyappointthefoRow*gtobestatutoryagentuponwhomanyprocess,noticeordemandrequiredorpermittedby
statutetobeserveduponthecorporationmaybeserved.Thecompleteaddressoftheagentis
ACFBIncorporated
(N
41SouthHiohStreetSuite26C0
(Streeti
Columbus
(C)
NOTE:P.O.BoxAddressesa,.NOTaec.ptabi..
Ohio
Mustbeauthenticatedbyan
authorizedrepresentative
4321S
(ZipCode)
Date
Date
AuthorizedRepresentative
ACCEPTANCEOFAPPOINTMENT
ACFBIncorporated
Date
TheUndersigned,
____________________________________________
namedhereinasthe
Statutoryagentfor,ContinuationFund,Inc.
herebyacknowledgesandacceptstheappointhientofstatutoryage-fsaidentity.
Signatore:__________________
1Agent)
/
Page4

DocID–>200920100206
ARTICLESOF1I’CORPORATION
OF
CONTINUATIONFUND,INC.
IlLPurposes:
a.Thiscorporation(the“Corporation”)isorganizednotforprofitunderthelawsof
theStateofOhioandinaccordancewithSection501(c)(3)oftheInternalRevenueCodeasa
supportingorganizationunderSection509(aX3)exclusivelytocarryoutthepurposesofand
benefitAntiochCollegeContinuationCorporationdlblaAntiochCollege(“AntiockCollege”),
anOhiononprofitcorporation,whichisapubliccharityunderSection501(c)(3)oftheInternal
RevenueCodeandwilloperatealiberalartsinstitutionofhighereducation.Towardthat
purpose,theCorporationmaydothefollowing:
i.Promoteandsupportthedeliveryofqualityeducationalservices
including,butnotlimitedto,studentaide;
ii.N’fakegifts,donations,andothertransferstoAntiochCollegeandto
organizationscontrolledbyAntiochCollegeasdescribedinSection
501(cX3)oftheInternalRevenueCode,consistentwithandinfurtherance
ofthesepurposes;
iii.EmploysuchpersonsastheCorporation’sboardoftrustees(the“Board”)
deemsnecessarytocarryoutthepurposesdescribedhereinandpay
reasonablecompensationfortheirservices.
b.Notwithstandinganyoftheforegoing,thesupportedorganizationofthe
CorporationshallbecomeAntiochUniversityandtheCorporationshallbepermittedtodoallof
theforegoinginsupportofAntiochUniversityandtomakegifts,donations,andothertransfers
toAntiochUniversityandtoorganizationscontrolledbyAntiochUniversity,whichisalsoan
OhiononprofitcorporationqualifiedasapubliccharityunderSection50l(cX3)oftheInternal
RevenueCode,upontheoccurrenceofoneormoreofthefollowingevents:
i.ThefailurebyAntiochCollegetoobtainaccreditationwithinsevenyears
fromtheClosingDate,asdefinedbytheAssetPurchaseAgreementdated
June30,2009,betweenAntiochUniversityandAntiochCollege
ContinuationCorporation(the“AssetPurchaseAgreement”),orfailure
thereaftertomaintainaccreditationwithTheHigherLearning
CommissionoftheNorthCentralAssociationofCollegesandSchoolsor
someequivalentaecreditingauthority;
ii.ThesuspensionorcessationofoperationsofAntiochCollegeasevidenced
byanactualsuspensionofacademicprogramsatAntiochCollegefora
periodofoneyearormoreoracessationofoperationscoupledwithan
expressintenttoremainclosedforoneyearormore;
Page5

Doc
ID–>
200920100206
iii.
The
entry
of
an
order
or
decree
by
acourt
of
law
of
the
liquidation
of
all
or
any
substantial
part
of
the
assets
of
Antioch
College
or
the
filing
by
Antioch
College
of
any
petition
requesting
the
same;
iv.
The
dissolution
of
Antioch
College;
or
v,
Loss
by
Antioch
College
of
501(c)(3)
status
under
the
Internal
Revenue
Code.
c.
All
appropriations
for
expenditures
of
the
Corporation
shall
be
in
compliance
with
Section
1715.53
of
the
Ohio
Revised
Code
with
the
additional
requirement
that
there
shall
be
no
appropriation
for
expenditure
in
any
year
of
an
amount
greater
than
seven
percent
(7%)
of
the
fair
market
value
of
the
assets
held
by
the
Corporation
(identified
in
the
Asset
Purchase
Agreement
as
the
“College
Endowment
Fund”)
(the
“Funds’
calculated
on
the
basis
of
market
values
detennined
quarterly
and
averaged
over
aperiod
of
not
less
than
the
three
years
immediately
preceding
the
year
in
which
the
appropriation
for
expenditure
is
made,
Furthermore,
at
no
time
shall
appropriations
for
expenditure
be
approved
if
the
value
of
the
Funds
in
the
aggregate
is
below,
or
by
virtue
of
the
expenditure
would
fall
below,
90%
of
the
“historic
dollar
value”
of
the
endowment
as
such
term
is
defined
in
the
Uniform
Management
of
Institutional
Funds
Act.
d.
Notwithstanding
the
provisions
of
Section
1715.55(C)
and
(D)
of
the
Ohio
Revised
Code,
no
endowment
fund
of
the
Corporation
shall
be
modified
in
such
amanner
as
to
release
it
from
restriction
without
donor
consent.
Neither
Antioch
College
nor
the
Corporation
shall
seek
court
or
Attorney
General
approval
for
any
such
release
from
restriction.
Notwithstanding
the
above,
the
Corporation
may
seek
court
approval
to
alter
the
charitable
purpose
of,
but
not
release
from
restriction,
an
individual
endowment
fund
under
the
doctrines
of
cypres
and
deviation
pursuant
to
Section
1715.55(C)
of
the
Ohio
Revised
Code,
or
with
notice
to
the
Ohio
Attorney
General
pursuant
to
Section
1715.55(D)
of
the
Ohio
Revised
Code
when
it
has
been
determined
that
the
fimd’s
original
purpose
is
unlawful,
impracticable,
impossible
to
achieve
or
wasteful.
Antioch
University
shall
be
named
as
anecessary
party
in
any
action
brought
pursuant
to
Section
1715.55(C)
of
the
Ohio
Revised
Code.
A
copy
of
any
notice
served
by
Antioch
College
upon
the
Ohio
Attorney
General
pursuant
to
Section
1715.55(D)
shall
be
contemporaneously
served
upon
Antioch
University.
e.
Members
of
the
Corporation’s
Board
and
the
Corporation’s
officers
shall
be
elected
by
and
responsive
to
the
Corporation’s
supported
organization,
whether
such
supported
organization
is
Antioch
College
or
Antioch
University.
f.
Any
and
all
of
Antioch
University’s
rights
under
these
Articles
of
Incorporation
shall
immediately
terminate
upon
the
occurrence
of
any
of
the
following
events:
i.
The
suspension
or
cessation
of
operations
by
Antioch
University
as
evidenced
by
an
actual
suspension
of
operations
of
Antioch
University
for
aperiod
of
one
year
or
more
or
acessation
of
operations
coupled
with
an
express
intent
to
remain
closed
for
one
year
or
more;
Page
6

Doc
ID
–>
200920100206
ii.
The
entry
of
an
order
or
decree
by
acourt
of
law
of
the
liquidation
of
all
or
any
substantial
part
of
Antioch
University’s
assets
or
the
filing
by
Antioch
University
of
any
petition
requesting
the
same;
iii.
The
dissolution
of
Antioch
University;
or
iv.
Loss
by
Antioch
University
of
501(c)(3)
status
under
the
Internal
Revenue
Code.
g.
This
Article
111
may
not
be
amended
without
the
consent
of
the
governing
boards
of
both
Antioch
College
and
Antioch
University
or
(I)
upon
the
consent
of
the
governing
board
of
Antioch
University
alone
should
itbecome
the
Corporation’s
supported
organization
pursuant
to
Article
111(b)
or
(ii)
upon
the
consent
of
the
governing
board
of
Antioch
College
alone
should
one
or
more
of
the
events
listed
in
Article
111(f)
occur.
IV.
Use
of
Assets:
No
part
of
the
net
earnings
of
the
Corporation
shall
inure
to
the
benefit
of
or
be
distributable
to,
its
trustees,
officers,
or
other
private
persons,
except
that
the
Corporation
shall
be
authorized
and
empowered
to
pay
reasonable
compensation
for
services
actually
rendered
and
to
make
payments
and
distributions
in
furtherance
of
its
exempt
purposes.
The
Corporation
shall
not
participate
in,
or
intervene
in
(including
the
publishing
or
distribution
of
statements),
any
political
campaign
on
behalf
of
or
in
opposition
to
any
candidate
for
public
office
and
no
substantial
part
of
the
activities
of
the
Corporation
shall
be
the
carrying
on
of
propaganda,
or
otherwise
attempting
to
influence
legislation.
Notwithstanding
any
provision
of
these
Articles,
the
Corporation
shall
not
carry
on
any
other
activities
not
permitted
to
be
carried
on
by
(1)
acorporation
exempt
from
Federal
income
taxation
under
Section
501(c)
(3)
of
the
Internal
Revenue
Code
of
1986,
as
amended,
or
(2)
acorporation,
contributions
to
which
are
deductible
under
Section
170(cX2)
of
the
Internal
Revenue
Code
of
1986,
as
amended,
or
the
corresponding
section
of
any
future
United
States
Internal
Revenue
Law.
V.
Powers:
The
Corporation
is
empowered:
A.
To
execute
contracts
and
to
buy,
own,
sell,
assign,
mortgage,
or
lease
any
interest
in
real
estate
and
personal
property
and
to
construct,
maintain,
and
operate
improvements
thereon
necessary
or
incident
to
the
accomplishment
of
the
purposes
set
forth
in
these
Articles.B.
To
receive
grants
and
donations,
dues
and
fees
for
services,
and
to
borrow
money
and
issue
evidence
of
indebtedness
in
furtherance
of
any
or
all
of
the
objects
of
its
business,
and
to
secure
the
same
by
mortgage,
pledge,
or
other
lien
on
the
Corporation’s
property.C.
To
engage
in
any
lawful
act
or
activity
for
which
corporations
may
be
formed
under
Chapter
1702
of
the
Ohio
Revised
Code,
and
to
do
all
things
reasonably
necessary
to
accomplish
the
purposes
of
the
Corporation
as
are
not
in
conflict
with
the
Ohio
Nonprofit
Corporation
Law.
Page
7

Doc
ID
–>
200920100206
VT.
Dissolution:
The
Corporation
may
not
voluntarily
dissolve
without
the
consent
of
the
governing
boards
of
both
Antioch
College
and
Antioch
University
or
(i)
upon
the
consent
of
the
governing
board
of
Antioch
University
alone
should
it
become
the
Corporation’s
supported
organization
pursuant
to
Article
111(b)
or
(ii)
upon
the
consent
of
the
governing
board
of
Antioch
College
alone
should
one
or
more
of
the
events
listed
in
Article
111(1)
occur.
Upon
the
dissolution
of
the
Corporation,
all
of
the
remaining
assets
of
the
Corporation
shall
be
disnibuted
only
to
its
supported
organization,
whether
the
Corporation’s
supported
organization
at
that
time
is
Antioch
College
or
Antioch
University,
as
the
case
may
be
or,
in
the
event
that
the
Corporation’s
supported
organization
no
longer
exists
or
no
longer
qualifies
as
an
organization
exempt
from
taxation
within
the
meaning
of
Section
501
(c)(3)
of
the
Internal
Revenue
Code,
to
organizations
created
and
operated
for
one
or
more
exempt
purposes,
all
of
the
foregoing
within
the
meaning
of
Article
[II
hereof
and
within
the
meaning
of
Section
501(c)(3)
of
the
Internal
Revenue
Code,
or
shall
be
distributed
to
an
agency
of
federal
or
slate
government
exclusively
for
a
public
purpose.
Any
such
assets
not
so
disposed
of
shall
be
disposed
of
by
the
Court
of
Common
Pleas
of
the
county
in
which
the
principal
office
of
the
Corporation
is
then
located,
exclusively
for
such
purposes
or
to
such
organizations,
as
said
court
shall
determine,
which
are
organized
and
operated
exclusively
for
such
purposes.
Page
8

TAB-6

CODEOFREGULATIONS
OF
CONTiNUATIONFUND,INC.
ARTICLE].MEMBERSHIP,PURPOSE,ANDCOMPLIANCEWITHTHELAW
Section1.1SoleMember.ThesolememberofContinuationFund,Inc.(the
“Corporation”)shallbeAntiochCollegeContinuationCorporation(“ACCC”),whichisanOhio
nonprofitcorporationexemptfromfederalincometaxationunderSection50l(c)(3)ofthe
InternalRevenueCodeof1986,asamended(the“Code”).Notwithstandingtheforegoing,the
solememberoftheCorporationshallbecomeAntiochUniversity,anOhiononprofitCorporation
(“AntiochUniversity”),upontheoccurrenceofoneormoreoftheeventslistedinArticle111(b)
oftheCorporation’sArticlesofIncorporation.
Section1.2MembershipRights.Thesolemembershallhavealltherightsandprivileges
grantedtoavotingmemberunderChapter1702oftheOhioRevisedCodeandotherapplicable
Ohiolaw.
Section1.3Purpose.ThepurposeoftheCorporationistomanageafundorfundsto
supportACCC,orAntiochUniversity,asthecasemaybe,andanysubsequentqualifying
affiliateswhicharepubliccharitableorganizationspursuanttosection509(a)oftheCode.The
Corporationshalloperateexclusivelyforthebenefitof,ortoperformthefunctionsof,ortocarry
outthepurposesof,theabovedescribedcharitableorganizations.
Section1.4ComplianceWithTheLaw.
(a)TheCorporationshalloperateinaccordancewithallapplicablelocal,state,and
federalstatutesandregulationspertainingtoactivitiesrelatedtoitspurpose.
(b)TheCorporationshalloperateasanonprofitcorporationwithcharitableintent,
conformingtotheguidelinessetforthinSection501(c)(3)oftheCode.
(c)Nopersonshallbeexcludedfromparticipationin,bedeniedthebenefitsof,orbe
subjecttodiscriminationinitsprogramforservicesoremploymentbecauseof
age,sex,race,creed,color,nationalorigin,ordisability.
ARTICLE2.MEETINGSOFTHEMEMBERSHIP
Section2.1Meetings.Anannualmeetingofthesolememberfortheelectionof
Trustees,theconsiderationofreports,andsuchotherbusinessasmaybebroughtbeforethe
meetingshallbeheldannuallyatsuchtimeandplaceasdeterminedbythesolemember.Any
specialmeetingsofthesolemembermaybecalledbythePresident,amajorityoftheBoard,or
thesolemember.
Section2.2NoticeofMeetings.Writtennoticeofanymeetingofthemembershallbe
givennotmorethan60daysnorlessthan10daysbeforethedayuponwhichthemeetingistobe
1

held,byservingthenoticepersonallytothesolememberorbymailingthesametotheaddress
ofthesolememberaslastshownupontherecordsoftheCorporationorbyelectronicmail
transmission.ExceptasotherwiserequiredbyapplicableOhiolaw,nopublicationofanynotice
ofanymeetingofthesolememberorstatementofthepurposesofsuchmeetingshallbe
required.
Section2.3WaiverofNotice.Thesolemembermay,eitherbeforeorafteranymeeting,
waiveanynoticerequiredtobegivenbylaworunderthisCodeofRegulations.Anywaiverof
noticemustbeinwritingandfiledwithorenteredupontherecordsoftheCorporation.
Section2.4PlaceofMeetings.Theannualandallothermeetingsofthesolemember
shallbeheldatsuchplacesasmayfromtimetotimebedesignatedbytheBoard.Ifanother
placehasnotbeendesignatedbytheBoard,allmeetingsshallbeheldattheprincipalofficeof
theCorporation.
Section2.5ActionWithoutMeeting.Anyactionwhichmaybeauthorizedortakenata
meetingofthesolemembermaybetakenwithoutameetingifevidencedbyawritingsignedby
thesolemember.Anysuchwritingshallbefiledwithorenteredupontherecordsofthe
Corporation.
Section2.6Voting.Thesolemembershallexerciseitsrighttovoteatanymeetingorto
consenttoanyactionwithoutameetingthroughanyofitsofficers,unlessbeforesuchvoteis
takenorconsentisgiventhegoverningboardofthesolememberprovidesacertifiedcopyofa
resolutionstatingthatsuchauthorityisvestedinsomeotherperson.Atanymeetingofthesole
member,thesolemembermayberepresentedatsuchmeetingandexecutesuchconsentsor
waivers,andexerciseanyofitsotherrightsbyproxyorproxiesappointedbyawritingsignedby
itsexecutiveboard.
ARTICLE3.BOARDOFTRUSTEES
Section3.1GeneralPowers.Exceptforthepowersreservedtothesolemember
pursuanttoSection3.2,thepowersoftheCorporationshallbeexercised,itsbusinessandaffairs
conducted,anditspropertymanagedunderthedirectionoftheBoard,exceptasotherwise
providedbyapplicableOhiolaw,theArticlesofIncorporation,orthisCodeofRegulations.
Section3.2ReservedPowers.NotwithstandinganythingtothecontraryinthisCodeof
Regulations,thefollowingmajordecisionsshallrequiretheapprovalofthesolememberorany
committeedesignatedbythesolememberinadditiontotheaffirmativeactionoftheBoard.
(a)AdoptionoftheCorporation’sannualbudget.
(b)Expendituresfor(i)non-budgeteditemsinexcessofcertaindollarlimitssetfrom
timetotimebythesolememberand(ii)itemswhichareincludedinthe
Corporation’sannualbudgetsbutwhichexceedthebudgetedamountbyan
amountinexcessofcertaindollarlimitssetfromtimetotimebythesole
member.
7

(c)Incurrence,assumptionorguaranteeofanyindebtednessiffollowingthe
incurrence,assumption,orguaranteeofsuchindebtednesstheaggregateamount
ofalloutstandingindebtednessincurred,assumedorguaranteedbythe
Corporationwhichhasnotbeenpreviouslyapprovedbythesolememberexceeds
certaindollarlimitssetfromtimetotimebythesolemember.
(d)ExecutionofanycontractthatcallsfortheCorporationtoexpendasuminexcess
ofcertaindollarlimitssetfromtimetotimebythesolememberortoprovide
serviceswithavalueinexcessofcertaindollarlimitssetfromtimetotimebythe
solemember.
(e)AppointmentoftheCorporation’sPresident.
(f)AppointmentoftheCorporation’sauditorsand/oraccountantsifsuchauditor
and/oraccountantwouldbedifferentthantheauditorand/oraccountantappointed
bythesolememberforitsownaffairs.
(g)AdoptionoftheCorporation’slong-rangeplansandmanagementobjectives,
includingtheexecutionofanyagreementwithconsortiums,alliances,etc.
(h)SubjecttoanyprovisioncontainedintheArticlesofIncorporation,sale,lease,or
otherdispositionofanyrealorpersonalpropertyoftheCorporationwithavalue
inexcessofcertaindollarlimitstobesetfromtimetotimebythesolemember.
(i)Sale,release,dissolution,transfer,exchange,orotherdispositionofany
organization(orofallorsubstantiallyalloftheassetsofsuchorganization)
controlledbytheCorporationifaftersuchsale,release,dissolution,transfer,
exchange,orotherdisposition,suchorganization(orallorsubstantiallyallofthe
assetsofsuchorganization)wouldnolongerbecontrolledbytheCorporation.
)AdoptionandamendmentoftheCorporation’sBylaws.
Section3.3NumberandQuaflfication.TheBoardshallconsistofnotlessthanthree
normorethan12trustees(eachsuchperson,a“Trustee”).Subjecttothelimitationonthe
authorizednumberofTrustees,thespecificnumberofTrusteesmaybefixedorchangedby
resolutionadoptedbythesolememberatanymeeting.
Section3.4Election.TheTrusteesshallbeelectedattheannualmeetingofthesole
member.
Section3.5Term.ThetermofofficeofaTrusteeshallbetwoyears.Thereshallbeno
limitonthenumberoftermsthataTrusteemayserve.
Section3.6Resignations.AnyTrusteemayresignatanytimebygivingwrittennotice
tothePresident.Aresignationshalltakeeffectatthetimespecifiedtherein,and,unless
3

otherwisespecifiedtherein,shallbecomeeffectiveupondelivery.Theacceptanceofany
resignationshallnotbenecessarytomakeiteffectiveunlesssospecifiedintheresignation.
Section3.7Removal.
(a)ATrusteemayberemoved,withcause,atanytimebytheaffirmativevoteof
two-thirdsofalloftheTrusteestheninofficewhenevertheBoarddetermines,in
itsjudgment,thatthebestinterestsoftheCorporationwouldbeservedthereby.
ForpurposeofthisSection3.7,causeshallinclude,withoutlimitation,thefailure
toattendthreeconsecutivemeetingsorfivemeetingsoftheBoardduringany12
monthperiod.
(b)AnyTrusteemayberemoved,withorwithoutcause,atanytimebythesole
member.
(c)UpontheoccurrenceofoneormoreoftheeventslistedinArticle111(b)ofthe
Corporation’sArticlesofIncorporation,anyTrusteemayberemovedand
replacedbyAntiochUniversity.
Section3.8Vacancies.TheremainingTrustees,thoughlessthanamajorityofthe
authorizednumberofTrustees,may,byavoteofthemajorityoftheirnumber,fillanyvacancy
intheBoard.AnyTrusteeelectedbytheBoardtofillavacancyshallserveeitheruntilaTrustee
iselectedbythesolememberorfortheremainingtermofthevacantoffice.Thesolemember
shallhavetherighttofillanyvacancyintheBoard,whetherthesamehasbeentemporarilyfilled
bytheremainingTrusteesornot,atanymeetingofthesolemember,whetherornotcalledfor
suchreason.AnyTrusteesoelectedbythesolemembertofillavacancyshallservethe
remainingunexpiredtermor,iflater,untilasuccessoriselected.
ARTICLE4.MEETINGSOFTHEBOARD
Section4..?QuarterlyMeetings.AquarterlymeetingoftheBoard,forthetransactionof
suchbusinessasmaybebroughtbeforethemeeting,shallbeheldondatesdeterminedbythe
Board.
Section4.2PlaceofMeetingandElectronicMeetings.Unlessanotherplaceis
designatedbytheBoard,theplaceofallmeetingsshallbetheprincipalofficeofthe
Corporation.However,anymeetingmaybeheldbytelephoneorthroughotherAuthorized
CommunicationsEquipment(asdefinedbelow).
Section4.3NoticeofMeeting.Writtennoticeofthetimeandplaceofeachmeetingof
theBoardshallbegiventoeachTrusteeeitherbypersonaldelivery,orbymail,telegram,
telecopy,orelectronicmailtransmissionatleasttwodaysbeforeeachmeeting.Thenoticeofa
meetingdoesnothavetostatethepurposesofthemeeting.
Section4.4WaiverofNotice.AnyTrusteemay,eitherbeforeorafteranymeeting,
waiveanynoticerequiredtobegivenbyapplicableOhiolaworunderthisCodeofRegulations.
4

Anywaiverofnoticemustbeinwritingandfiledwithorenteredupontherecordsofthe
Corporation.However,theattendanceofaTrusteeatanymeetingwithoutprotestingthelackof
propernoticepriororatthecommencementofthemeetingshallconstitutewaiverofnoticeby
suchTrustee.
Section4,5Quorum.ExceptasotherwiseprovidedinthisCodeofRegulations,a
majorityoftheauthorizednumberofTrusteesshallbepresentinpersonatanymeetingofthe
Boardinordertoconstituteaquorumforthetransactionofbusinessatsuchmeeting.Ifthe
meetingisheldbytelephoneorthroughotherAuthorizedCommunicationsEquipment,thena
Trustee’sparticipationinsuchmeetingshallconstituteattendanceinpersonatsuchmeeting.
Section4.6AdjournedMeeting.IntheabsenceofaquorumatanymeetingoftheBoard,
amajorityoftheTrusteespresentmayadjournthemeetingfromtimetotimeuntilaquorum
shallbepresent.Noticeofanyadjournedmeetingneednotbegivenifthetimeandplaceto
whichitisadjournedarefixedandannouncedatsuchmeeting.Atanyadjournedmeetingat
whichaquorummaybepresent,anybusinessmaybetransactedwhichmighthavebeen
transactedatthemeetingasoriginallycalled.
Section4.7MannerofActing.ExceptasotherwiseprovidedinthisCodeofRegulations
orbytheCorporation’sArticlesofIncorporation,theactofthemajorityoftheTrusteespresent
atanymeetingoftheBoardatwhichaquorumispresentshallbetheactoftheBoard.Trustees
maynotvotebyproxy.
Section4.8ActionWithoutMeeting.Anyactionwhichmaybeauthorizedortakenata
meetingoftheBoardmaybetakenwithoutameetingifauthorizedbyawritingsignedbyeach
oftheTrustees.Anysuchwritingshallbefiledwithorenteredupontherecordsofthe
Corporation.
Section4.9AuthorizedCommunicationsEquipment.AuthorizedCommunications
Equipmentmaybeusedforthepurposesofgivingnoticeofmeetingsoranyothernotice,
attendingandparticipatinginmeetings,providingacopyofanydocumentorwrittenmaterials,
andvoting.“AuthorizedCommunicationsEquipment”meansequipmentthatprovidesa
transmission,includingbytelephone,telecopy,oranyelectronicmeans,fromwhichitcanbe
determinedthatthetransmissionwasauthorizedby,andaccuratelyreflectstheintentionof,the
personinvolvedandallowsallpersonsparticipatinginameetingtocontemporaneously
communicatewitheachother.
)

ARTICLES.COMMITTEES
Section5,1EstablishingCommittees.TheBoardmay,byresolution,designateoneor
morecommittees,eachofwhichshallconsistofnotlessthanthreeTrustees.Eachcommittee
designatedbytheBoardshallhaveandexercisetheauthorityoftheBoardtotheextentprovided
insuchresolution.Thedesignationofsuchcommitteesandthedelegationtheretoofsuch
authorityshallnotoperatetorelievetheBoard,oranyindividualTrustee,ofanyresponsibility
imposedbylaw.EachcommitteeshallserveatthepleasureoftheBoardandshallbesubjectto
thecontrolanddirectionoftheBoard.
Section5.2MannerofActing.UnlessotherwiseprovidedinthisCodeofRegulationsor
unlessotherwiseorderedbytheBoard,anysuchcommitteeshallactbyamajorityofallofits
membersatameetingatsuchplaceorthroughelectroniccommunicationaspermittedunder
applicableOhiolaworbyawritingorwritingssignedbyallofitsmembers.Allcommitteesof
theBoardshallprepareandfileminutesofallmeetingswiththeSecretarytobefiledwithor
enteredupontherecordsoftheCorporation.
Section5.3Authority.Acommitteeisauthorizedtotakeanyactionortransactany
businessspecificallydelegatedbytheBoard.Ifacommitteeisdelegatedcompleteauthorityto
takeaspecificactionortotransactaspecificbusinessmatterbytheBoard,anysuchactionor
businesstransactionofthecommitteepursuanttothedelegationofauthorityshallbeaseffective
forallpurposesasanactorbusinesstransactionbytheBoard.
Section5.4Chair;Term.UnlessotherwisespecifiedbytheBoard,thechairofeach
committeeshallbeappointedbytheBoard.UnlessotherwisespecifiedbytheBoard,
appointmenttoacommitteeshallbeforaperiodofoneyear.
ARTICLE6.OFFICERS
Section6.1Officers.TheofficersoftheCorporationshallbeaPresident,Secretary,and
Treasurer,andsuchotherofficersorassistantofficersastheBoardmayfromtimetotimedeem
necessary(collectively,the“Officers”).TheofficesofSecretaryandTreasurermaybe
combined.
Section6.2ElectionofOfficers.AllOfficersshallbeelectedattheannualmeetingof
theBoard.Electionsshallbebysecretballotornomineesshallbeabsentfromtheroomduring
thevotingprocess.
Section6.3Term.AllOfficersshallbeelectedtoatermofoneyear.Thereshallbeno
limitonthenumberoftermsthatanOfficermayserve.
Section6.4Resignation.AnyOfficermayresignatanytimebygivingwrittennoticeto
thePresidentorSecretary.Aresignationshalltakeeffectatthetimespecifiedtherein,and,
unlessotherwisespecifiedtherein,shallbecomeeffectiveupondelivery.Theacceptanceofsuch
resignationshallnotbenecessarytomakeiteffectiveunlesssospecifiedintheresignation.
6

Section6.5Removal.AnyOfficermayberemovedbytheBoard,withorwithout
cause,atanytimebytheaffirmativevoteofthemajorityoftheTrusteestheninoffice.Any
removalofanOfficershallbewithoutprejudicetothecontractrights,ifany,ofsuchperson.
Section6.6Vacancy.Ifanyofficebecomesvacant,theBoardshallelectapersontofill
theofficefortheunexpiredterm.
Section6.7President.ThePresidentshallserveaschairofallBoardmeetings.In
general,thePresidentshallcoordinatetheworkoftheBoardanditscommitteeswhile
maintainingacloseworkingrelationshipwiththesolemember.
Section6.8Secretary.TheSecretaryshalltakeorcausetobetakenminutesofall
meetingsoftheBoard.TheSecretaryshallbethecustodianofallrecordsandreportsofthe
Board.TheSecretaryshallundertakethedutiesandresponsibilitiessetforthinthisCodeof
Regulations.TheSecretaryshallhavesuchotherauthoritiesanddutiesasmaybedelegated
fromtimetotimebytheBoardorthePresident.
Section6.9Treasurer.TheTreasurershallhavesupervisionofallfundsofthe
Corporation.TheTreasurershallundertakethedutiesandresponsibilitiessetforthinthisCode
ofRegulations.TheTreasurershallhavesuchotherauthoritiesanddutiesasmaybedelegated
fromtimetotimebytheBoardorthePresident.
Section6.10AuthorizedOfficers.UponapprovalbytheBoard,eachoftheOfficers,
jointlyoranyoneofthemindividually,shallhavetheauthoritytosign,execute,anddeliverin
thenameoftheCorporationanydeed,mortgage,bond,instrument,agreement,orother
documentevidencinganytransactionauthorizedbytheBoard,exceptwherethesigningor
executionthereofshallhavebeenexpresslydelegatedtoanotherofficerorpersononthebehalf
oftheCorporation.
ARTICLE7.CONFLICTOFINTEREST
Section7.!Purpose.ThepurposeofthisArticle7(the“ConflictofInterestPolicy”)is
toprotecttheCorporation’sinterestwhenitiscontemplatingenteringintoatransactionor
arrangementthatmightbenefittheprivateinterestofanofficerorTrusteeoftheCorporationor
mightresultinapossibleexcessbenefittransaction.Thispolicyisintendedtosupplementbut
notreplaceanyapplicablestateandfederallawsgoverningconflictsofinterestapplicableto
nonprofitandcharitableorganizations.
Section7.2Definitions
(a)InterestedPerson.Anytrustee,officer,ormemberofacommitteewithgoverning
boarddelegatedpowers,whohasadirectorindirectfinancialinterest,asdefined
below,isaninterestedperson.
(b)FinancialInterest.Apersonhasafinancialinterestifthepersonhas,directlyor
indirectly,throughbusiness,investment,orfamily:
7

i.Anownershiporinvestmentinterestinanyentitywithwhichthe
Corporationhasatransactionorarrangement;
ii.AcompensationarrangementwiththeCorporationorwithanyentity
orindividualwithwhichtheCorporationhasatransactionor
arrangement;or
iii.Apotentialownershiporinvestmentinterestin,orcompensation
arrangementwith,anyentityorindividualwithwhichtheCorporation
isnegotiatingatransactionorarrangement.
Compensationincludesdirectandindirectremunerationaswellasgiftsorfavors
thatarenotinsubstantial.
Afinancialinterestisnotnecessarilyaconflictofinterest.UnderSection7.3(b),a
personwhohasafinancialinterestmayhaveaconflictofinterestonlyifthe
appropriategoverningboardorcommitteedecidesthataconflictofinterestexists.
Section7.3Procedures
(a)DutytoDisclose
Inconnectionwithanyactualorpossibleconflictofinterest,anInterestedPerson
mustdisclosetheexistenceoftheFinancialInterestandbegiventheopportunity
todiscloseallmaterialfactstothçtrusteesandmembersofcommitteeswith
governingboarddelegatedpowersconsideringtheproposedtransactionor
arrangement.
(b)DeterminingWhetheraConflictofInterestExists
AfterdisclosureoftheFinancialInterestandallmaterialfacts,andafterany
discussionwiththeInterestedPerson,theInterestedPersonshallleavethe
governingboardorcommitteemeetingwhilethedeterminationofaconflictof
interestisdiscussedandvotedupon.Theremainingboardorcommitteemembers
shalldecideifaconflictofinterestexists.
(c)ProceduresforAddressingtheConifictofInterest
i.AnInterestedPersonmaymakeapresentationatthegoverningboard
orcommitteemeeting,butafterthepresentation,theInterestedPerson
shallleavethemeetingduringthediscussionof,andthevoteon,the
transactionorarrangementinvolvingthepossibleconflictofinterest.
8

ii.
The
chairperson
of
the
governing
board
or
committee
shall,
if
appropriate,
appoint
adisinterested
person
or
committee
to
investigate
alternatives
to
the
proposed
transaction
or
arrangement.
iii.
After
exercising
due
diligence,
the
governing
board
or
committee
shall
determine
whether
the
Corporation
can
obtain
with
reasonable
efforts
amore
advantageous
transaction
or
arrangement
from
aperson
or
entity
that
would
not
give
rise
to
aconflict
of
interest.
iv.
If
amore
advantageous
transaction
or
arrangement
is
not
reasonably
possible
under
circumstances
not
producing
aconflict
of
interest,
the
governing
board
or
committee
shall
determine
by
amajority
vote
of
the
disinterested
trustees
whether
the
transaction
or
arrangement
is
in
the
Corporation’s
best
interest,
for
its
own
benefit,
and
whether
it
is
fair
and
reasonable.
In
conformity
with
the
above
determination,
the
governing
board
shall
make
its
decision
as
to
whether
to
enter
into
the
transaction
or
arrangement.
AR
TICLE8.
INDEMNIFICATION
Section
8.1
Right
to
Indemnification
and
Payment
of
Expenses.
The
Corporation
shall
indemnify
and
shall
pay
the
expenses
of
any
person
described
in,
and
entitled
to
indemnification
or
payment
of
expenses
under,
the
provisions
of
Chapter
1702
of
the
Ohio
Revised
Code
as
such
chapter
may
be
altered
or
amended
from
time
to
time
and
to
the
full
extent
permitted
thereby.
Section
8.2
Purchase
of
Insurance.
The
Corporation
may
purchase
and
maintain
insurance,
or
furnish
similar
protection,
including,
but
not
limited
to,
trust
funds,
letters
of
credit,
or
self-insurance,
for
or
on
behalf
of
any
person
who
is
or
was
a
Trustee,
officer,
employee,
agent,
or
volunteer
of
the
Corporation,
or
is
or
was
serving
at
the
request
of
the
Corporation
as
a
trustee,
director,
officer,
employee,
agent
or
volunteer
of
another
domestic
or
foreign,
nonprofit
corporation
or
corporation
for
profit,
or
a
partnership,
joint
venture,
trust
or
other
enterprise,
against
any
liability
asserted
against
her
and
incurred
by
her
in
any
such
capacity,
or
arising
out
of
her
status
as
such,
whether
or
not
the
Foundation
would
have
the
power
to
indemnify
her
against
such
liability
under
this
Article
8.
Insurance
may
be
so
purchased
from
or
maintained
with
aperson
in
which
the
Corporation
has
afinancial
interest,
provided
that
the
material
facts
of
the
interest
are
known
or
disclosed
to
the
Board
of
Trustees,
and
the
Board
of
Trustees
in
good
faith
authorizes
the
purchase
by
the
affirmative
vote
of
amajority
of
disinterested
Trustees.
Section
8.3
Rights
not
Exclusive.
The
indemnification
provided
in
this
Article
8
shall
not
be
deemed
exclusive
of
other
rights
to
which
those
seeking
indemnification
may
be
entitled
under
the
Articles
of
Incorporation
of
the
Corporation,
this
Code
of
Regulations,
any
agreement,
any
insurance
purchased
by
the
Corporation,
avote
of
the
Board
of
Trustees
of
the
Corporation
or
otherwise,
and
shall
continue
as
to
a
person
who
has
ceased
to
be
a
Corporation,
officer,
employee,
agent
or
volunteer
of
the
Corporation
and
shall
inure
to
the
benefit
of
heirs,
executors
and
administrators
of
such
person;
provided,
however,
there
shall
be
no
duplicative
payments
by
the
Corporation
on
behalf
of
any
person.
9

Section8.4VolunteerDefined.ForpurposesofthisArticle8,theterm“volunteer”shall
havethesamemeaningasprovidedinSection1702.01(M)oftheOhioRevisedCode,orany
successorprovisionthereto.
Section8.5DiscretionaryIndemn/Ication.Eachrequestorcaseoforonbehalfofany
personotherthanaTrustee,Officer,orvolunteer,whoisormaybeentitledtoindemnification
shallbereviewedbytheBoard,andindemnificationofsuchpersonshallbeauthorizedbythe
BoardonlyifitisdeterminedbytheBoardthatindemnificationisproperinthespecificcase.
Section8.6Inde,nnficationOnlyinAccordancewithLaw.Notwithstandinganythingto
thecontraryinthisArticle8,nopersonshallbeindemnifiedtotheextent,ifany,itisultimately
determinedbyacourtofcompetentjurisdictionthatindemnificationiscontrarytoapplicable
Ohiolaw.
Section8.7ContractualRights;Applicability.Therighttobeindemnifiedortothe
advancementorreimbursementofexpenses(i)isacontractrightbasedupongoodandvaluable
consideration,pursuanttowhichthepersonentitledtheretomaysueasiftheseprovisionswere
setforthinaseparatewrittencontractbetweensuchpersonandtheCorporation;(ii)isandis
intendedtoberetroactiveandshallbeavailableastoeventsoccurringpriortotheadoptionof
theseprovisions;and(iii)shallcontinueafteranyrescissionorrestrictivemodificationofsuch
provisionsastoeventsoccurringpriorthereto.
Section8.8Insurance.TheCorporationmaypurchaseandmaintainsuchinsuranceon
behalfofanypersonwhoisoratanytimehasbeenaTrustee,Officer,volunteer,employeeor
otheragentoforinasimilarcapacitywiththeCorporation,orwhoisoratanytimehasbeen,at
thedirectionorrequestoftheCorporation,aTrustee,Officer,volunteer,administrator,manager,
employee,member,advisororotheragentoforfiduciaryforanyothercorporation,partnership,
trust,ventureorotherentityorenterpriseincludinganyemployeebenefitplanagainstany
liabilityassertedagainstandincurredbysuchperson.
ARTICLE9.MISCELLANEOUS
Section9.1Dissolution.SubjecttoanylimitationsimposedbytheInternalRevenue
Codeof1986ortheCorporation’sArticlesofIncorporation,uponthedissolutionofthe
Corporation,anyassetsremainingshallbeconveyedtothesolemember.
Section9.2FiscalYear.ThefiscalyearoftheCorporationshallcoincidewiththe
calendaryear.
Section9.3AnnualFinancialReport.Theannualfinancialreportshallbeexaminedand
auditedbyacertifiedpublicaccountant.
Section9.4Amendment.ThisCodeofRegulationsmaybealtered,amended,or
repealedandanewCodeofRegulationsmaybeadoptedbythesolemember,provided,
10

however,
that
any
amendment
to
Sections
1.1,
L3,
1.4,
3.2(b),
and
3.7
shall
require
the
consent
of
Antioch
University.
The
above
Code
of
Regulations
of
Continuation
Fund,
Inc.
was
adopted
by
the
Board
of
Trustees
onjr
5
2009.
By:
L
Name:
JC..Marca.Cj
Title:
V
u
11

I

ContinuationFund,Inc.
EIN:27-0633051
NarrativeResponses
PartILine7—AuthorizedRepresentatives:
TheAuthorizedRepresentativesofContinuationFund,Inc.(the“Corporation”)
areMarthaJ.SweterlitschandDonaldM.Keller.BothAuthorizedRepresentativesare
attorneysatBeneschFriedlanderCoplan&AronoffLLP,locatedat41SouthHigh
Street,Suite2600,Columbus,Ohio43215.
PartIV:NarrativeDescriptionofActivities:
AntiochCollegeContinuationCorporationd!b/aAntiochCollege(“ACCC”)and
AntiochUniversityhaveenteredintoanassetpurchaseagreementpursuanttowhich
ACCCwillpurchasesubstantiallyallofAntiochUniversity’sassetsthatconstitute
AntiochCollegeinYellowSprings,Ohio(the“Transaction”).Aspartofthe
Transaction,AntiochUniversitywilltransferendowmentassetsheldbyAntioch
UniversityforthebenefitofAntiochCollegetotheCorporation(suchassets,the
“EndowmentAssets”).TheCorporationwilloperateexclusivelyforthesupportof
ACCCor,upontheoccurrenceofoneormoreeventssetforthinArticle111(b)ofthe
Corporation’sArticlesofIncorporation,theCorporationwilloperateexclusivelyforthe
benefitofAntiochUniversity.ThesolepurposeoftheCorporationistoholdthe
EndowmentAssetsforthebenefitofitssupportedorganizationandwillmakegifts,
donations,andothertransfersfromtheEndowmentAssetstoitssupportedorganization
astheCorporation’sboardoftrusteesdeemappropriateandinfurtheranceofthe
purposesofitssupportedorganization.TheCorporationwillnotengageinany
fundraisingactivities.Attachedtothisapplicationisthetax-exemptionlettersforACCC
(EIN#26-1672457)andAntiochUniversity(ETN#31-0536640).
PartVLine3a—ListofTrustees/Officers,Qualifications.AverageHoursWorked,and
Duties:
LeeMorgan—TrusteeandPresident
Mr.MorganrecentlyretiredaspresidentandCEOoftheAntiochCompany,a
businessfoundedbyhisfatherin1926.HeearnedhisundergraduatedegreeatAntioch
Collegeinbusinessadministration.AftertwoyearsofvolunteerworkinruralSouth
India,LeejoinedtheAntiochCompanyin1968.Leehelpedconvertthecompanytoan
employee-ownedbusinessin1979.SincethenLeehasprovidedleadershipandserviceto
morethanadozennon-profitorganizationsandcorporateboards,includingCulture
Works,FriendsCareCenter,DaytonAmateurSoccerLeague,WYSO,YellowSprings
InstrumentsCompany,theDirectSellingAssociation,andtheDirectSellingEducation
Foundation,aswellservingasanAntiochUniversitytrusteefor13years.TheMorgan
familyhasbeenanintegralpartofAntiochUniversity’shistory.BothLeeandhisfather,
ErnestMorgan.attendedAntioch.Inaddition,Lee’sgrandfather,ArthurMorgan,Antioch
Presidentfrom1920-36.introducedtheconceptofcooperativeeducation,amajor
innovationinhighereducation.LeeisalsopresidentoftheYellowSprings-based
MorganFamilyFoundation.

ContinuationFund,Inc.
ELN:27-0633051
NarrativeResponses
Mr.Morganwilldedicateanaverageof5to10hourspermonthtothe
Corporation.HisdutiesastrusteeandPresidentoftheCorporationareassetforthinthe
Corporation’sCodeofRegulations,includedinthisapplicationunderTab6.
FrancesDegenHorowitz—TrusteeandSecretary
Dr.HorowitzholdsaB.A.fromAntiochCollege,aMaster’sdegreeinelementary
educationfromGoucherCollege(1954)andaPh.D.indevelopmentalpsychologyfrom
theUniversityofIowa(1959).From1991to2005,sheservedaspresidentoftheCity
UniversityofNewYorkGraduateCenter,whereshecurrentlyservesaspresident
emerita,universityprofessor,andInterimJackF.SkirballDirectoroftheCenterfor
JewishStudies.ShealsoservesontheBoardsoftheHebrewFreeLoanSocietyofNew
York,theNewYorkJewishCommunityRelationsCouncil,theAmericanCommitteefor
theWeizmannInstituteofScience,CongregationAnscheChesed,theBlackRockForest
Consortium,theBoardofManagementofTheCenturyAssociation,aschairofthe
FinanceCommitteeoftheSocietyforResearchinChildDevelopment,andastheeditor
ofMemoirEssaysfortheSocietyforResearchinChildDevelopment.Amongher
honors,sheisafellowoftheAmericanPsychologicalAssociation;afellowinthe
AmericanAssociationfortheAdvancementofScience(AAAS),past-presidentofthe
SocietyforResearchinChildDevelopmentandin2004waselectedafellowofthe
AmericanAcademyofArtsandSciences.From1985to1991,sheservedasamemberof
theAntiochUniversityBoardofTrusteesandfrom1983-1985waspresidentofthe
AlumniAssociation.
Dr.Horowitzwilldedicateanaverageof5to10hourspermonthtothe
Corporation.HerdutiesastrusteeandSecretaryoftheCorporationareassetforthinthe
Corporation’sCodeofRegulations,includedinthisapplicationunderTab6.
EdwardRichard—TrusteeandTreasurer
Mr.RichardispresidentandtrusteeoftheEdwardH.RichardFoundation.Heisa
retiredmemberoftheLaJollaPlayhouseBoardofTrustees,aswellasformertreasurer
andamemberoftheNominating,Executive,andLongRangePlanningCommittees.He
isimmediatepastchairpersonoftheBoard,andpresident,presentlyAuditCommittee
chairandExecutiveCommitteememberofMainlyMozart.Heisalsoamemberofthe
boardoftheSanDiegoSymphonyOrchestra,andservesontheauditandfinance
committees.HiscareerhasincludedbeingapastmemberoftheFinanceCommitteeof
theSanDiegoMuseumofArtandacommitteememberoftheSanDiegoFoundation.He
hasservedseveraltermsastreasurerandtrusteeofAntiochUniversity,wherehechaired
theFinanceCommittee,andwasamemberoftheExecutiveCommittee.Hewasalsoon
numerousotherboardsofnon-profitorganizationsaroundthecountry.Heformerly
ownedandoperatedseveralsuccessfulmanufacturingcompanies.Atthesametime,he
hadasecondcareerasatopmunicipalexecutiveofamajorAmericancity.Heisnow
presidentandCEOofRoundRealty,Inc.,aprivatelyownedrealestateinvestmentfirm.
Asahobby,heproducesandcoproducesplays,andrecentlywasinvolvedintwo
productionsinLondontsWestEnd.HeisalsorepresentedonBroadwayasoneofthe
manymembersoftheproducersgroupofthehitmusicalJerseyBoys”.Ed,alongwith

ContinuationFund,Inc.
E1N:27-0633051
NarrativeResponses
TerryHerndon‘57andHalRoeth‘61,foundedWYSO,whereEdservedasitsfirst
stationmanager.
Mr.Richardwilldedicateanaverageof5to10hourspermonthtothe
Corporation.HisdutiesastrusteeandTreasureroftheCorporationareassetforthinthe
Corporation’sCodeofRegulations,includedinthisapplicationunderTab6.
PartVLine5(a)—C’onflictofInterestPolicy:
TheCorporation’sConflictofInterestPolicyislocatedinArticle7oftheCodeof
RegulationsincludedinthisapplicationunderTab6,whichwasadoptedbythe
Corporation’sboardoftrusteeson
__________,
2009.
PartViLine1(b)—ProvisionofFundstoOrganizations:
AssetforthinthenarrativedescriptionoftheCorporation’sactivities,the
CorporationwillprovidefundstoACCCor,upontheoccurrenceofoneormoreofthe
eventssetforthinArticle111(b)oftheCorporation’sArticlesofIncorporation,toAntioch
University.
TheCorporationwillprovidefundstoitssupportedorganizationatsuchtimes
andinsuchamountsastheCorporation’sboardoftrusteesdeemsappropriateandin
furtheranceofthepurposesofthesupportedorganization.
PartViLine2—LimitationofProvisionofFundstoSpecificIndividuals
SomeofthedonorsofthefundsmaintainedbytheCorporationprovided
restrictionsonthetypesofindividualsthatmayreceivesuchfunds.Forexample,some
donorshaveinstructedthatthefundsbeusedtoprovidescholarshipstoindividualswho
demonstratefinancialneed.TheCorporationwillinstructitssupportedorganization
regardinganyrestrictionsimposedbydonorsandwillrequirethesupportedorganization
todemonstratethatitsuseofthefundscomplieswiththeapplicablerestrictions.
PartViliLine7(b)—ManagementofActivities
TheCorporationwillemployaninvestmentmanagertomanagethefundsthatthe
Corporationholdsforthebenefitofitssupportedorganization.TheCorporationhasnot
yetselectedaninvestmentmanager,buttheinvestmentmanagerwillnothaveabusiness
orfamilyrelationshipwithanyoftheCorporation’strusteesorofficers.
PartViliLine13—DistributionstoOrganizations:
(b)AssetforthinthenarrativedescriptionoftheCorporation’sactivities,the
CorporationwillprovidefundstoACCCor,upontheoccurrenceofoneormoreofthe
eventssetforthinArticle111(b)oftheCorporation’sArticlesofIncorporation,toAntioch
University.BothACCCandAntiochUniversityarepubliccharitiesunderSection
501(c)(3)oftheInternalRevenueCode.Thesefundswillbeusedtofurtherthe

ContinuationFund,Inc.
EIN:27-0633051
NarrativeResponses
educationalmissionoftheCorporation’ssupportedorganization.TheCorporationwas
formedasasupportingorganizationofapubliccharityunderSection501(c)(3)ofthe
InternalRevenueCode.Therefore,theCorporation’sdistributionstoitssupported
organizationwilldirectlyfurthertheCorporation’sexemptpurposeofsupportingthe
charitablepurposesofitssupportedorganization.
(d)TheCorporation’ssupportedorganizationisACCC.Upontheoccurrence
ofoneormoreoftheeventssetforthinArticle111(b)oftheCorporation’sArticlesof
Incorporation,theCorporation’ssupportedorganizationwillbecomeAntiochUniversity.
TheCorporationisrelatedtoitssupportedorganizationinthattheCorporation’sboardof
trusteesiselectedbyandresponsibletotheboardoftrusteesoftheCorporation’s
supportedorganization.Currently,eachmemberoftheCorporation’sboardoftrusteesis
alsoamemberofACCC’sboardoftrustees.
(e)TheCorporationwillmaintainproperaccountingrecordswithrespectto
alldistributionsthattheCorporationmakestoitssupportedorganization.
(f)TheCorporationwillonlymakedistributionstotheCorporation’s
supportedorganization.
(g)TheCorporationwasformedtosupportthecharitablepurposesofACCC
or,upontheoccurrenceofoneormoreoftheeventslistedinArticle111(b)ofthe
Corporation’sArticlesofIncorporation,AntiochUniversity.BothACCCandAntioch
UniversityarepubliccharitiesunderSection501(c)(3)oftheInternalRevenueCode.
Therefore,providedthatfundsdisbursedbytheCorporationtothesupported
organizationareusedtowardthecharitablepurposesofthesupportedorganization,such
usewillfurthertheCorporation’sexemptpurpose.
Uponrequestfromthesupportedorganization,theCorporationwillmake
disbursementstothesupportedorganization.Therequestsfordisbursementswillset
forththepurposesforwhichsuchdisbursementswillbeused.TheCorporationwill
requirethesupportedorganizationtosubmitquarterlyreportsdetailingtheuseofthe
disbursedfundsinordertoensurethatsuchfundswereusedforthesupported
organization’sexemptpurpose.
PartVIIILine15—CloseConnection:
TheCorporationhasacloseconnectionwithACCC,whichistheCorporation’s
supportedorganization.TheCorporation’sboardoftrusteesiselectedbytheboardof
trusteesofthesupportedorganization.Currently,eachmemberoftheCorporation’s
boardoftrusteesisamemberofACCC’sboardoftrustees.Upontheoccurrenceofone
ormoreoftheeventslistedinArticle111(b)oftheCorporation’sArticlesof
Incorporation,theCorporation’ssupportedorganizationwillbecomeAntiochUniversity,
andtheCorporation’sboardoftrusteeswillbeelectedbytheboardoftrusteesofAntioch
University.

I
I

Continuation
Fund,
Inc.
Em:
27-063305
1
Narrative
Responses
Part
JX—
A
Statement
of
Revenue
and
Expenses—
Line
16:
The
amounts
listed
on
Line
16
represent
the
estimated
distributions
to
the
supported
organization
to
fund
certain
scholarships
and
expenses
with
respect
to
Antioch
College
in
accordance
with
the
respective
donors’
instructions/restrictions.
It
is
estimated
that
2.0%
of
the
Endowment
Assets
will
be
used
for
such
purposes
in
2010
and
3.0%
in
2011.
The
Corporation
intends
for
the
distribution
percentage
of
the
Endowment
Assets
to
increase
as
more
students
enroll
into
Antioch
College.
Part
IX—A
Statement
of
Revenue
and
Expenses—
Line
23:
The
amounts
listed
on
Line
23
represent
the
estimated
investment
management
fees
associated
with
the
custody,
management,
and
investment
of
the
Endowment
Assets.
Part
IX—
B
Balance
Sheet—
Line
7:
The
Endowment
Assets
will
be
invested
in
various
mutual
and
money
market
funds
and
other
low-to-moderate
risk
level
investment
vehicles
in
accordance
with
the
Corporation’s
investment
policy.
The
Corporation
has
not
yet
completed
its
investment
policy
or
taken
ownership
of
the
Endowment
Assets.
Doc3313608
Ver2

611V1

ContinuationFund,Inc.
FIN:27-0633051
ScheduleDNarrativeResponses
SectionIILine2:
AssetforthinArticle111(e)ofthecorporation’sArticlesofIncorporation,the
corporation’sboardoftrusteesiselectedbytheboardoftrusteesofthesupported
organization.Thecorporation’ssupportedorganizationisAntiochCollegeContinuation
Corporation.SeeArticle111(a)ofthecorporation’sArticlesofIncorporation.Uponthe
occurrenceofoneofthespecifiedeventssetforthinArticle111(b)oftheArticlesof
Incorporation,thesupportedorganizationwillbecomeAntiochUniversity.Ifthe
supportedorganizationbecomesAntiochUniversity,thecorporation’sboardoftrustees
willbeelectedbytheboardoftrusteesofAntiochUniversity.

01HVI

INTERNAL
REVENUE
SERVICE
P.
0.
BOX
2508
CINCINNATI,
OH
45201
Date:
MAY
1O
DEPARTMENT
OF
THE
TREASURY
Employer
Identification
Number:
26-1672457DLN:
ANTIOCH
COLLEGE
CONTINUATION
CORPORATIONdo
MARTHA
J
SWETERLITSCH
41
S
HIGH
ST
SUITE
2600
COLUMBUS,
OH
43215
17053084002039Contact
Person:
RACHEL
M
LEIFHEIT
Contact
Telephone
Number:
(877)
829-5500
Accounting
Period
Ending:
June
30
Public
Charity
Status:
170(b)
(1)
(A)
(vi)
ID#
31617
Dear
Applicant
Form
990
Required:
Yes
Effective
Date
of
Exemption:
December
7,
2007
Contribution
Deductibility:
Yes
Addendum
Applies:
No
We
are
pleased
to
inform
you
that
upon
review
of
your
application
for
tax
exempt
status
we
have
determined
that
you
are
exempt
from
Federal
income
tax
under
section
501(c)
(3)
of
the
Internal
Revenue
Code.
Contributions
to
you
are
deductible
under
section
170
of
the
Code.
You
are
also
qualified
to
receive
tax
deductible
bequests,
devises,
transfers
or
gifts
under
section
2055,
2106
or
2522
of
the
Code.
Because
this
letter
could
help
resolve
any
questions
regarding
your
exempt
status,
you
should
keep
it
in
your
permanent
records.
Organizations
exempt
under
section
501(c)
(3)
of
the
Code
are
further
classified
as
either
public
charities
or
private
foundations.
We
determined
that
you
are
a
public
charity
under
the
Code
section(s)
listed
in
the
heading
of
this
letter.Please
see
enclosed
Publication
4221-PC,
Compliance
Guide
for
501(c)
(3)
Public
Charities,
for
some
helpful
information
about
your
responsibilities
as
an
exempt
organization.
Letter
947
(DO/CG)

-2-
ANTIOCH
COLLEGE
CONTINUATION
We
have
sent
a
copy
of
this
letter
to
your
representative
as
indicated
in
your
power
of
attorney.
erely
Robert
Choi
Director,
Exempt
Organizations
Rulings
and
Agreements
Enclosures:
Publication
4221-PC
Letter
947
(DO/CG)

“-‘lvi

Internal
Revenue
Service
Department
of
the
Treasury
P.
0.
Box
2508
Cincinnati,
OH
45201
Date:
Auqust
9,
2002
Person
to
Contact:
Kimberly
Ann
Mahan
Customer
Service
Specialist
Antioch
University
Toll
Free
Telephone
Number:
150
E
S
College
St.SGO
a.m.toS:30p.m.EST
YeUow
Springs,
OH
45387
877-829-5500
Fax
Number:
513-263-3756
Federal
Identification
Number:
31-0536640
Accounting
Priod
Ends:
June
30
Dear
Sir
or
Madam:
This
is
in
response
to
your
request
for
a
le.tter
affirming
your
organization’s
exempt
status.
In
December
1931
we
issued
a
determination
letter
that
recognized
your
organization
as
exempt
from
federal
income
tax
under
section
101(6)
of
the
Internal
Revenue
Code
of
1939
(now
section
501(c)(3)
of
the
Internal
Revenue
Code
of
1986).
That
determination
letter
is
still
in
effect.
Based
on
information
submitted
subsequently,
we
classified
your
organization
as
a
publicly
supported
organization,
and
not
a
private
foundation,
because
itis
descnbed
in
sections
509(a)(1)
and
170(b)(1)(A)(ii)
of
the
Code.
This
classification
was
based
on
the
assumption
that
your
organization’s
operations
would
continue
as
stated
in
the
application.
If
your
organization’s
purposes,
character,
method
of
operations,
or
sources
of
support
have
changed,
please
let
us
know
so
we
can
consider
the
effect
of
the
change
on
the
organization’s
exempt
status
and
foundation
status.
Revenue
Procedure
75-50,
published
in
Cumulative
Bulletin
1975-2
on
page
587,
sets
forth
guidelines
and
record
keeping
requirements
for
determining
whether
private
schools
have
racially
nondiscriminatory
policies
as
to
students.
Your
organization
must
comply
with
this
revenue
procedure
to
maintain
its
tax-exempt
status.
Your
organization
is
required
to
file
Form
990,
Return
of
Organization
Exempt
from
Income
Tax,
only
if
its
gross
receipts
each
year
are
normally
more
than
$25,000.
If
a
return
is
required,
itmust
be
filed
by
the
15th
day
of
the
fifth
mcnth
after
the
end
of
the
organization’s
annual
accounting
period.
The
law
imposes
a
penalty
of
$20
aday,
up
to
a
maximum
of
$10,000,
when
a
return
is
filed
late,
unless
there
is
reasonable
cause
for
the
delay.
As
of
January
1
1984,
your
organization
is
liable
for
taxes
under
the
Federal
Insurance
Contributions
Act
(social
security
taxes)
cn
remuneration
of
$100
or
more
the
organization
pays
to
each
of
its
employees
during
a
calendar
year.
There
is
no
liability
for
the
tax
imposed
under
the
Federal
Unemployment
Tax
Act
(FUTA),

-2-
AntiochUniversity
31-0536640
Organizationsthatarenotprivatefoundationsarenotsubjecttotheexcisetaxesunder
Chapter42oftheCode.However,theseorganizationsarenotautomaticallyexemptfrom
otherfederalexcisetaxes.Ifyouhaveanyquestionsaboutexcise,employment,orother
federaltaxes,pleaseletusknow.
Donorsmaydeductcontributionstoyourorganizationasprovidedinsection170oftheCode.
Bequests,legacies,devises,transfers,orgiftstoyourorganizationorforitsusearedeductible
forfederalestateandgifttaxpurposesiftheymeettheapplicableprovisionsofsections2055,
2106,nd2522oftheCode.
Yourorganizationisnotrequiredtofilefederalincometaxreturnsunlessitissubjecttothetax
onunrelatedbusinessincomeundersection511oftheCode.Ifyourorganizationissubjectto
thistax,itmustfileanincometaxreturnonForm990-T,ExemptOrganizationBusiness
IncomeTaxReturn.Inthisletter,wearenotdeterminingwhetheranyofyourorganization’s
presentorproposedactivitiesareunrelatedtradeorbusinessasdefinedinsection513ofthe
Code.
Thelawrequiresyoutomakeyourorganization’sannualreturnavailableforpublicinspection
withoutchargeforthreeyearsaftertheduedateofthereturn.Ifyourorganizationhadacopy
ofitsapplicationforrecognitionofexemptiononJuly15,1987,itisalsorequiredtomake
availableforpublicinspectionacopyoftheexemptionapplication,anysupportingdocuments
andtheexemptionlettertoanyindividualwhorequestssuchdocumentsinpersonorin
writing.Youcanchargeonlyareasonablefeeforreproductionandactualpostagecostsfor
thecopiedmaterials.Thelawdoesnotrequireyoutoprovidecopiesofpublicinspection
documentsthatarewidelyavailable,suchasbypostingthemontheInternet(WorldWide
Web).Youmaybeliableforapenaltyof$20adayforeachdayyoudonotmakethese
documentsavailableforpublicinspection(uptoamaximumof$10,000inthecaseofan
annualreturn).
Becausethislettercouldhelpresolveanyquestionsaboutyourorganization’sexemptstatus
andfoundationstatus,youshouldkeepitwiththeorganization’spermanentrecords.
Ifyouhaveanyquestions,pleasecallusatthetelephonenumbershownintheheadingofthis
letter.
Sincerely,
JohnE.Ricketts,Director,TE/GE
CustomerAccountServices

IRVI