The mission and purpose of the New Jersey City University Foundation, Inc. (the “Foundation”) is to encourage and support the development and growth of New Jersey City University (the “University”) by means of development and fundraising activities. The Foundation will encourage and support the development of the University in ways for which State funds may not be made available to the University including, but not limited to the development, acquisition, construction, and improvement of the University’s facilities; economic development, participation in projects to assist the surrounding community; the sponsorship of publications, additions to the University’s cultural program; improvement of the opportunity for advanced study and research by the faculty of the University; improvement of opportunity for educational and cultural development among the student body; and development and improvement of local housing for the students and faculty of the University. The Foundation was established as a non-profit corporation in order to provide an independent fundraising entity to supplement the resources available to the University. The Foundation will operate as a tax-exempt corporation in accordance with the laws of the State of New Jersey.