Progress Chicago

The corporation is formed for the purpose of promoting the advancement of sound fiscal, education and economic development policies for the common good and welfare of the city of Chicago and state of Illinois and for such other related purposes permitted to be exempt from taxation under section 501(c)(4) of the United States internal revenue code, as may be amended from time to time (the "code"). All of the assets and the earnings of the corporation shall be used for the purposes within the meaning of section 501(c)(4) of the code. No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to any member, director, officer or any other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth herein.