Text: SF02131 Text: SF02133 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. By January 15, 1999, the auditor of state shall
1 2 conduct an audit of any nonprofit corporation in existence
1 3 which has been incorporated since January 1, 1989, by or in
1 4 association with the Iowa finance authority. An audit
1 5 conducted pursuant to this section shall include an audit for
1 6 the entire time period since any such corporation was
1 7 incorporated. The auditor shall make or cause to be made a
1 8 written report consistent with and similar to the type of
1 9 report required under section 11.4.
1 10 Any such corporation refusing to cooperate with the auditor
1 11 of state shall transfer to the general fund of the state all
1 12 unencumbered moneys traceable to moneys originally transferred
1 13 to such corporation from the Iowa finance authority. Moneys
1 14 shall not be transferred under this section which would impair
1 15 contractual obligations or violate trust conditions.
1 16 Sec. 2. EFFECTIVE DATE. This Act, being deemed of
1 17 immediate importance, takes effect upon enactment.
1 18 EXPLANATION
1 19 This bill requires the auditor of state, by January 15,
1 20 1999, to conduct an audit of any nonprofit corporation in
1 21 existence which has been incorporated since January 1, 1989,
1 22 by or in association with the Iowa finance authority. The
1 23 audit must cover the entire time period since any such
1 24 corporation was incorporated. The bill requires the auditor
1 25 of state to make a written report consistent with and similar
1 26 to the type of report required under Code section 11.4. Code
1 27 section 11.4 requires findings regarding the condition of the
1 28 entity, the expenditure of moneys, the efficiency of the
1 29 entity, illegal or unbusinesslike practices, recommendations
1 30 for simplicity, accuracy, and efficiency, contract comparisons
1 31 for goods and services, and any other information which may be
1 32 of value.
1 33 The bill requires such a corporation refusing to cooperate
1 34 with the auditor of state to transfer to the general fund of
1 35 the state all unencumbered moneys traceable to moneys
2 1 originally transferred to such corporation from the Iowa
2 2 finance authority, provided the moneys transferred do not
2 3 impair contractual obligations or violate trust conditions.
2 4 The bill takes effect upon enactment.
2 5 LSB 3959XS 77
2 6 tm/jl/8
Text: SF02131 Text: SF02133 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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