Senate
File
2453
H-8270
Amend
the
amendment,
H-8232,
to
Senate
File
2453,
as
1
amended,
passed,
and
reprinted
by
the
Senate,
as
follows:
2
1.
Page
1,
by
striking
line
5
and
inserting:
3
<<
1.
“Endowment
assets”
means
all
unrestricted
pooled,
4
long-term
investment
assets
held
by
or
for
the
benefit
of
5
an
institution,
including
foundation-managed
endowments,
6
quasi-endowments,
and
long-term
investment
pools,
as
such
7
assets
are
reported
in
the
foundation’s
audited
financial
8
statements.
“Endowment
assets”
does
not
include
assets
not
9
treated
as
endowment
funds
under
applicable
fiduciary
and
10
accounting
standards.
>
11
2.
Page
1,
by
striking
lines
10
through
23
and
inserting:
12
<
___.
Page
2,
by
striking
lines
8
through
29
and
inserting:
13
<
1.
By
July
1,
2027,
each
foundation
affiliated
with
an
14
institution
shall
ensure
that
no
less
than
one
percent
of
its
15
total
endowment
assets
are
invested
in
one
or
more
innovation
16
funds.
The
one
percent
allocation
shall
be
calculated
based
on
17
the
average
quarterly
market
value
of
endowment
assets
for
the
18
most
recently
completed
fiscal
year.
19
2.
A
foundation
affiliated
with
an
institution
may
20
determine
which
innovation
funds
to
invest
in,
the
timing
of
21
such
investments,
and
the
structure
of
investment
commitments,
22
provided
the
foundation
remains
responsible
for
compliance
with
23
this
chapter.
24
3.
A
foundation
affiliated
with
an
institution
may
25
implement
investments
required
under
this
chapter
through
26
direct
commitments,
reallocation
of
existing
assets,
or
rolling
27
commitments
as
capital
is
called,
subject
to
compliance
with
28
subsection
1.
If
the
percentage
of
allocation
falls
below
the
29
amount
required
by
subsection
1
after
that
date,
the
foundation
30
shall
increase
its
investment
in
one
or
more
innovation
funds
31
as
provided
in
this
chapter
as
necessary
in
order
to
meet
the
32
required
percentage
of
allocation.
>>
33
3.
Page
1,
by
striking
lines
27
through
31
and
inserting:
34
<
1.
A
foundation
board
may
grant
a
foundation
a
one-year
35
-1-
H
8232.3684
(1)
91
je/ns
1/
2
#1.
waiver
from
the
requirements
of
this
chapter
if
adequate
1
innovation
fund
capacity
is
not
available
or
market
conditions
2
would
materially
impair
prudent
investment.
3
2.
A
foundation
board
shall
not
grant
a
waiver
under
this
4
section
unless
the
foundation
submits
an
explanation
for
its
5
waiver
request
and
a
plan
for
coming
into
compliance
with
the
6
requirements
of
this
chapter
in
writing
to
the
state
board
of
7
regents
and
provides
a
copy
to
the
foundation
board.
8
3.
If
a
foundation
is
granted
two
consecutive
waivers
by
a
9
foundation
board,
the
foundation
shall
submit
written
notice
10
to
that
effect
to
the
state
board
of
regents
when
the
second
11
consecutive
waiver
is
granted.
The
state
board
shall
provide
12
such
notice
in
a
report
to
the
general
assembly.
>>
13
4.
By
renumbering
as
necessary.
14
______________________________
COLLINS
of
Des
Moines
-2-
H
8232.3684
(1)
91
je/ns
2/
2
#4.