Non-profit Question

A local music store wants to create a non-profit to help struggling public school band programs. The non-profit would be operated by a board of directors that is independent of the for-profit store, no one on the board or employed by the non-profit would have ever been on the payroll of the for-profit. This non-profit wants to raise funds which will then be awarded as cash grants to needy schools to purchase band equipment with the caveat that these grants be spent @ the music store. Do you see any conflicts of interest in this model??