H-8232

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

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COLLINS of Des Moines