Friends of Cinema Puerto Rico is organized exclusively for charitable and educational, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, and the promotion of the culture and arts of Latin America, Spain and Latinos in the United States (US) through cinema; all these interpreted within the meaning of Section 1101.01(a)(2(B) of the Puerto Rico (PR) Internal Revenue Code of 2011, as amended (“PR Code”) or the corresponding provision of any future PR income tax law, and Section 501(c)(3) of the US Internal Revenue Code.