BILL & PEGGY BRITT FOUNDATION INC

The foundation was organized and is operated exclusively for religious, charitable, scientific, literary and educational purposes with in the meaning of internal revenue code section 501(c)(3), including the making of distributions to organizations that qualify as exempt organizations under the code 501(c)(3). It will operate as a private non-operating foundation that awards grants as defined in treas. Reg. Section 53.4945-4(a)(2) to other charitable organizations recognized as exempt from taxation under code section 501(c)(3), and more specifically, to such organizations with innovative ideas for achieving their exempt purposes. All grants that will be awarded will further the foundation's exempt purpose as a charitable grant-making organization.