The Little Italy Lodge OSIA #2286 Foundation, Inc. was created for the primary purpose of awarding educational scholarships to eligible Lodge members and their descendants. The Foundation has been approved by the Internal Revenue Service to operate as 501(c)(3) organization. This designation enables donations to the Foundation to be eligible for Federal and state income tax deductions as charitable contributions.
As prescribed in the Foundation’s Articles of Incorporation and Bylaws, the management and control of the business and affairs of the the Foundation is vested in a Board of Directors with a Chairperson who is duly elected by the Board on an annual basis. The Board appoints a President and Secretary/Treasurer. The President has supervision and control of the Foundation’s business and affairs subject to direction from the Board.
The Foundation is a legally created Maryland corporation and is independent of the Little Italy Lodge OSIA #2286, Inc. The Foundation’s purpose is to support the Lodge. To this end, the Lodge President, or a designee, is an ex-officio member of the Foundation’s Board but without voting rights. Furthermore, the Foundation undergoes periodic audits of its accounts and records to enhance accountability and help ensure that it is operating correctly.
Donations and various other fund-raising efforts allow the Foundation to accumulate monies for the scholarship awards made. Operating reserves are maintained so awards can be made annually and enable the scholarship program to grow and continue to operate indefinitely.
Scholarship awards are paid directly to accredited two- or four-year post-secondary educational institutions for tuition, fees and on-campus room and board for students enrolled on a full-time for undergraduate studies. The Foundation began awarding scholarships to eligible Lodge applicants in 1999, and since then, has awarded over $300,000 in scholarships to more than 70 Italian American students. Last year, alone, $38,000 was awarded through 7 scholarships and, this year, the Foundation plans to continue this level of support!