Senate
File
2453
H-8232
Amend
Senate
File
2453,
as
amended,
passed,
and
reprinted
by
1
the
Senate,
as
follows:
2
1.
By
striking
page
1,
line
32,
through
page
2,
line
6,
and
3
inserting:
4
<
1.
“Endowment
assets”
means
foundation-managed
endowments.
5
2.
“Innovation
fund”
means
the
same
as
defined
in
section
6
15E.52.
7
3.
“Institution”
means
a
regents
institution
specified
in
8
section
262.7,
subsections
1
through
3.
>
9
2.
Page
2,
line
8,
by
striking
<
institution
>
and
inserting
10
<
foundation-managed
endowment
>
11
3.
Page
2,
by
striking
line
13
and
inserting
<
other
12
expressions
of
donor
intent
that
are
contrary
to
such
>
13
4.
Page
2,
line
17,
by
striking
<
An
institution
>
and
14
inserting
<
A
foundation
>
15
5.
Page
2,
line
24,
by
striking
<
An
institution
>
and
16
inserting
<
A
foundation
>
17
6.
Page
2,
line
29,
after
<
1.
>
by
inserting
<
If
the
18
percentage
of
allocation
falls
below
the
amount
required
by
19
subsection
1
after
that
date,
the
foundation
shall
increase
its
20
investment
in
one
or
more
innovation
funds
as
provided
in
this
21
chapter
as
necessary
in
order
to
meet
the
required
percentage
22
of
allocation.
>
23
7.
By
striking
page
2,
line
33,
through
page
3,
line
14,
and
24
inserting:
25
<
Sec.
___.
NEW
SECTION
.
262C.4
Waiver.
26
A
foundation
board
may
grant
an
institution
a
one-year
27
waiver
from
the
requirements
of
this
chapter
if
adequate
28
innovation
fund
capacity
is
not
available
or
market
conditions
29
would
materially
impair
prudent
investment.
A
foundation
may
30
grant
an
institution
more
than
one
waiver
under
this
section.
>
31
8.
Page
3,
line
17,
by
striking
<
board
>
and
inserting
<
state
32
board
of
regents
>
33
9.
Page
3,
by
striking
lines
21
through
24.
34
10.
Page
3,
line
25,
before
<
board
>
by
inserting
<
state
>
35
-1-
SF
2453.3513
(1)
91
je/ns
1/
2
#1.
#2.
#3.
#4.
#5.
#6.
#7.
#8.
#9.
11.
Page
4,
lines
4
and
5,
by
striking
<
an
institution
>
and
1
inserting
<
a
foundation
>
2
12.
Page
4,
line
6,
by
striking
<
the
board
>
and
inserting
3
<
each
foundation
>
4
13.
Page
4,
by
striking
lines
17
and
18
and
inserting:
5
<
Sec.
___.
EFFECTIVE
DATE.
This
Act
takes
effect
December
6
31,
2026.
>
7
14.
By
renumbering
as
necessary.
8
______________________________
COLLINS
of
Des
Moines
-2-
SF
2453.3513
(1)
91
je/ns
2/
2
#11.
#12.
#13.
#14.