Novation Education Opportunities (NEO) is organized under the Minnesota Nonprofit Corporation Act exclusively for a charitable and educational purpose, more specifically to develop and create innovative instructional delivery and school governance models through the sponsoring of public charter schools and authorizing of public charter schools as defined in Minnesota Statutes 124.D. To this end, NEO shall at all times be operated exclusively for charitable purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code. All funds, whether income or principal, and whether acquired by gift or contribution or otherwise, shall be devoted to said purposes.