The board of directors shall have all the general powers needed to carry out its mission and duties including but not limited to the following:
1. To prepare and adopt a strategic plan as defined in section 15E.157.
2. To fund research projects as defined in section 15E.158.
3. To sue and be sued in its own name.
4. To adopt a corporate seal.
5. To adopt bylaws for its management consistent with the provisions of this division.
6. To make and execute agreements, contracts and other instruments, with any public or private entity, including but not limited to a state, federal, or other governmental agency.
7. To accept contributions, including but not limited to appropriations, gifts, grants, loans, services, or other aid or assistance from public or private entities. A record of all contributions, stating the type, amount, and donor, shall be clearly set forth in the board's annual report along with a record of other receipts.
8. To establish policy in the general administration of the affairs of the foundation.
9. To perform the following duties:
a. Employ and direct staff to operate and manage the foundation under the direction of the board. Foundation staff shall not also be employed by a state agency or department after June 30, 1994.
b. Receive and approve an annual report of the foundation's activities and fiscal condition, including:
(1) Matters relating to operations and accomplishments.
(2) A summary of receipts and expenditures, in accordance with the classifications the board establishes for its operating accounts.
(3) A summary of assets and liabilities and the status of special accounts.
(4) A statement of proposed and projected activities.
(5) Recommendations to the general assembly.
(6) An identification of performance goals of the foundation and the extent of progress during the reporting period in attaining the goals.
c. Collect pertinent information on research in process and funding requests where appropriate at Iowa state university of science and technology, the university of Iowa, and the university of northern Iowa for the purpose of encouraging technology transfer where appropriate.
d. Carry out the duties specified in section 15E.166 regarding the manufacturing technology program and adopt rules pursuant to chapter 17A for the monitoring and enforcement of contracts awarded to community colleges to carry out the purposes of the program. The foundation shall review all contracts annually and may delay renewal of a contract if all contractual obligations were not fulfilled during the preceding year. This annual review shall not deprive the foundation of any other remedy for a breach of the contract by a community college.
10. To seek to achieve through the powers of the board the findings of section 15E.152.
11. To collaborate with the consortia as established in chapter 262B.
12. To provide as necessary, staff services for the advisory council.
13. To convene the advisory council annually to receive the board of director's recommendations.
14. To establish committees of business, agriculture, academic specialists, or others as deemed necessary.
15. Submit an annual report to the governor, the secretary of the senate, and the chief clerk of the house of representatives, not later than November 1 of each year.
16. To collaborate with the Iowa seed capital corporation to acquire new technology where appropriate.
17. To broker relationships furthering the mission of the foundation among state board of regents institutions of higher education, community colleges, and private colleges and universities and private investors, entrepreneurs, and executives of existing businesses.
18. To promote communication, inventory resources, and assist in the coordination of business and technology assistance activities of state board of regents institutions, community colleges, and private colleges and universities with the private sector, the department of economic development, and local and regional economic development groups.
89 Acts, ch 258, § 16 ~ICS89, § 28.155 ~I92 Acts, ch 1188, § 4 ~IC93, § 15E.155 ~I93 Acts, ch 49, §4, 5
Statewide initiative to encourage businesses to develop cooperative networks; 93 Acts, ch 97, §21
Iowa General Assembly
Search: Iowa Code 1995
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