Receive & maintain a fund or funds of real or and personal property, or both, and subject to the restrictions and limitations hereinafter set forth, to use and apply the whole or any part of the income therefrom and the principal thereof exclusively for charitable, regligious, scientific, testing for public safety, literary or educational purposes either directly or by contributions to organizations that qualify as exempt organizations under section 501(c)(3) of the internal revenue code of 1986 and its regulations as they now exist or they may hereafter be amended.