Text: HF02264 Text: HF02266 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 16.5, Code Supplement 1997, is amended
1 2 by adding the following new subsections:
1 3 NEW SUBSECTION. 18. Require any nonprofit corporation
1 4 created by or in association with the authority since January
1 5 1, 1989, to include two representatives of nonprofit housing
1 6 organizations as voting members on the board of directors of
1 7 any such corporation.
1 8 NEW SUBSECTION. 19. Require any nonprofit corporation
1 9 created by or in association with the authority since January
1 10 1, 1989, to file a detailed report by January 15 of each year
1 11 with the chairpersons and ranking members of the appropriate
1 12 appropriations subcommittees of the general assembly which
1 13 shall include, at a minimum, all of the following:
1 14 a. An annual report of the corporation.
1 15 b. An itemized list of projects assisted, project
1 16 locations, types and amounts of assistance provided, and
1 17 contact persons for each project.
1 18 c. A list of fixed assets of the corporation, including
1 19 the date the fixed assets were acquired and the cost.
1 20 d. An itemized list of types and amounts of financial
1 21 assistance provided to the corporation by outside sources.
1 22 e. A list, by position, of all compensation, salaries, and
1 23 benefits paid to corporation employees and board members.
1 24 Sec. 2. By January 15, 1999, the auditor of state shall
1 25 conduct an audit of any nonprofit corporation in existence
1 26 which has been incorporated since January 1, 1989, by or in
1 27 association with the Iowa finance authority. An audit
1 28 conducted pursuant to this section shall include an audit of
1 29 the entire time period since the corporation was incorporated.
1 30 The auditor shall make or cause to be made a written report
1 31 consistent with and similar to the type of report required
1 32 under section 11.4.
1 33 Sec. 3. EFFECTIVE DATE PROVISIONS. Section 1 of this Act
1 34 takes effect August 1, 1998. Section 2 of this Act, being
1 35 deemed of immediate importance, takes effect upon enactment.
2 1 EXPLANATION
2 2 This bill requires any nonprofit corporation created by or
2 3 in association with the Iowa finance authority since January
2 4 1, 1989, to include two representatives of nonprofit housing
2 5 organizations as voting members on the board of directors of
2 6 any such corporation. The bill requires such corporations to
2 7 file a report annually with the chairpersons and ranking
2 8 members of the appropriate appropriations subcommittees, which
2 9 includes an annual report, information related to projects,
2 10 information related to the assets of the corporation,
2 11 information on financial assistance provided to the
2 12 corporation by outside sources, and information on
2 13 compensation, salaries, and benefits paid to corporation
2 14 employees and board members.
2 15 The bill requires the auditor of state, by January 1, 1999,
2 16 to conduct an audit of any nonprofit corporation in existence
2 17 which has been incorporated since January 1, 1989, by or in
2 18 association with the Iowa finance authority. The audit shall
2 19 cover the entire time period since the corporation was
2 20 incorporated. The bill requires the auditor of state to make
2 21 a written report consistent with and similar to the type of
2 22 report required under Code section 11.4. Code section 11.4
2 23 requires findings regarding the condition of the entity, the
2 24 expenditure of moneys, the efficiency of the entity, illegal
2 25 or unbusinesslike practices, recommendations for simplicity,
2 26 accuracy, and efficiency, contract comparisons for goods and
2 27 services, and any other information which may be of value.
2 28 The bill provides an effective date upon enactment for the
2 29 provisions of the bill relating to an audit by the state
2 30 auditor and an effective date of August 1, 1998, for the
2 31 provisions of the bill relating to the composition of the
2 32 board of directors and annual reports.
2 33 LSB 4122YH 77
2 34 tm/jl/8
Text: HF02264 Text: HF02266 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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