The Foundation is a separate nonprofit corporation organized under the laws of New York and wholly owned by the national Society. The Foundation Board of Trustees meets twice per year and is composed of up to 35 trustees. It is exempt under Section 501 (c)(3) of the Internal Revenue Code and is classified as being not a private foundation, but rather as a support organization under Section 509 (a)(3) of the Code. The American Cancer Society Foundation is organized exclusively to support the American Cancer Society, Inc., a public charity under Internal Revenue Code Section 509 (a)(1).