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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