H-8270

   Amend  the amendment, H-8232, to Senate File 2453, as amended, passed, and reprinted by the Senate, as follows:
   1.  Page 1, by striking line 5 and inserting: 
   <<1.  “Endowment assets” means all unrestricted pooled, long-term investment assets held by or for the benefit of an institution, including foundation-managed endowments, quasi-endowments, and long-term investment pools, as such assets are reported in the foundation’s audited financial statements. “Endowment assets” does not include assets not treated as endowment funds under applicable fiduciary and accounting standards.>
   2.  Page 1, by striking lines 10 through 23 and inserting: 
   <___.  Page 2, by striking lines 8 through 29 and inserting: 
   <1.  By July 1, 2027, each foundation affiliated with an institution shall ensure that no less than one percent of its total endowment assets are invested in one or more innovation funds. The one percent allocation shall be calculated based on the average quarterly market value of endowment assets for the most recently completed fiscal year.
   2.  A foundation affiliated with an institution may determine which innovation funds to invest in, the timing of such investments, and the structure of investment commitments, provided the foundation remains responsible for compliance with this chapter.
   3.  A foundation affiliated with an institution may implement investments required under this chapter through direct commitments, reallocation of existing assets, or rolling commitments as capital is called, subject to compliance with subsection 1. 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.>>
   3.  Page 1, by striking lines 27 through 31 and inserting: 
   <1.  A foundation board may grant a foundation 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.
   2.  A foundation board shall not grant a waiver under this section unless the foundation submits an explanation for its waiver request and a plan for coming into compliance with the requirements of this chapter in writing to the state board of regents and provides a copy to the foundation board.
   3.  If a foundation is granted two consecutive waivers by a foundation board, the foundation shall submit written notice to that effect to the state board of regents when the second consecutive waiver is granted. The state board shall provide such notice in a report to the general assembly.>>
   4.  By renumbering as necessary.

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COLLINS of Des Moines