House Journal: Page 2226: Tuesday, June 3, 2003
Page 15
1 pursuant to section 15E.304.
2 2. "Business" means a business operating within
3 the state and includes individuals operating a sole
4 proprietorship or having rental, royalty, or farm
5 income in this state and includes a consortium of
6 businesses.
7 3. "Community affiliate organization" means a
8 group of five or more community leaders or advocates
9 organized for the purpose of increasing philanthropic
10 activity in an identified community or geographic area
11 in this state with the intention of establishing a
12 community affiliate endowment fund.
13 4. "Endowment gift" means an irrevocable
14 contribution to a permanent endowment held by a
15 qualified community foundation.
16 5. "Lead philanthropic entity" means the entity
17 identified by the department pursuant to section
18 15E.304.
19 6. "Qualified community foundation" means a
20 community foundation organized or operating in this
21 state that meets or exceeds the national standards
22 established by the national council on foundations.
23 Sec. . NEW SECTION. 15E.304 ENDOW IOWA
24 GRANTS.
25 1. The department shall identify a lead
26 philanthropic entity for purposes of encouraging the
27 development of qualified community foundations in this
28 state. A lead philanthropic entity shall meet all of
29 the following qualifications:
30 a. The entity shall be a nonprofit entity which is
31 exempt from federal income taxation pursuant to
32 section 501(c)(3) of the Internal Revenue Code.
33 b. The entity shall be a statewide organization
34 with membership consisting of organizations, such as
35 community, corporate, and private foundations, whose
36 principal function is the making of grants within the
37 state of Iowa.
38 c. The entity shall have a minimum of forty
39 members and that membership shall include qualified
40 community foundations.
41 2. A lead philanthropic entity may receive a grant
42 from the department. The board shall use the grant
43 moneys to award endow Iowa grants to new and existing
44 qualified community foundations and to community
45 affiliate organizations that do all of the following:
46 a. Provide the board with all information required
47 by the board.
48 b. Demonstrate a dollar-for-dollar funding match
49 in a form approved by the board.
50 c. Identify a qualified community foundation to
© 2003 Cornell College and
League of Women Voters of Iowa
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