Text: HSB00219 Text: HSB00221 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 279.42, Code 2001, is amended to read 1 2 as follows: 1 3 279.42 GIFTS TO SCHOOLS TRUSTS. 1 4 1. The board of directors of a schooldistrictcorporation 1 5 which receives funds through gifts, devises, and bequests 1 6 shall deposit these funds in a trust and agency fund and use 1 7 them in accordance with the terms of the gift, devise, or 1 8 bequest. 1 9 2. The board of directors of a school corporation may 1 10 accept and administer trusts and may authorize nonprofit 1 11 foundations acting solely for the support of the school 1 12 corporation to accept and administer trusts deemed by the 1 13 board to be beneficial to the operation of a school 1 14 corporation. Notwithstanding section 633.63, the board and 1 15 the nonprofit foundations may act as trustees in these 1 16 instances. The board shall require that moneys belonging to 1 17 such a nonprofit foundation are audited annually. 1 18 EXPLANATION 1 19 This bill provides that the board of directors of a school 1 20 corporation may accept and administer trusts and may authorize 1 21 nonprofit foundations acting solely for the support of the 1 22 school corporation to accept and administer trusts if 1 23 determined by the board to be beneficial to the school 1 24 corporation. The bill provides that notwithstanding Code 1 25 section 633.63, which authorizes a specified list of 1 26 individuals or entities to serve as a fiduciary, the board and 1 27 the nonprofit foundations may act as trustees. These 1 28 provisions would enable a school district board of directors 1 29 to establish foundations to administer gifts and trusts for 1 30 the benefit of the school corporation. The bill provides that 1 31 the board shall require that moneys belonging to a nonprofit 1 32 foundation are audited annually. 1 33 LSB 3243HC 79 1 34 rn/gg/8
Text: HSB00219 Text: HSB00221 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Fri Mar 23 13:35:04 CST 2001
URL: /DOCS/GA/79GA/Legislation/HSB/00200/HSB00220/010312.html
jhf