House
Amendment
to
Senate
File
2453
S-5149
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
all
unrestricted
pooled,
5
long-term
investment
assets
held
by
or
for
the
benefit
of
6
an
institution,
including
foundation-managed
endowments,
7
quasi-endowments,
and
long-term
investment
pools,
as
such
8
assets
are
reported
in
the
foundation’s
audited
financial
9
statements.
“Endowment
assets”
does
not
include
assets
not
10
treated
as
endowment
funds
under
applicable
fiduciary
and
11
accounting
standards.
12
2.
“Innovation
fund”
means
the
same
as
defined
in
section
13
15E.52.
14
3.
“Institution”
means
a
regents
institution
specified
in
15
section
262.7,
subsections
1
through
3.
>
16
2.
Page
2,
by
striking
lines
8
through
29
and
inserting:
17
<
1.
By
July
1,
2027,
each
foundation
affiliated
with
an
18
institution
shall
ensure
that
no
less
than
one
percent
of
its
19
total
endowment
assets
are
invested
in
one
or
more
innovation
20
funds.
The
one
percent
allocation
shall
be
calculated
based
on
21
the
average
quarterly
market
value
of
endowment
assets
for
the
22
most
recently
completed
fiscal
year.
23
2.
A
foundation
affiliated
with
an
institution
may
24
determine
which
innovation
funds
to
invest
in,
the
timing
of
25
such
investments,
and
the
structure
of
investment
commitments,
26
provided
the
foundation
remains
responsible
for
compliance
with
27
this
chapter.
28
3.
A
foundation
affiliated
with
an
institution
may
29
implement
investments
required
under
this
chapter
through
30
direct
commitments,
reallocation
of
existing
assets,
or
rolling
31
commitments
as
capital
is
called,
subject
to
compliance
with
32
subsection
1.
If
the
percentage
of
allocation
falls
below
the
33
amount
required
by
subsection
1
after
that
date,
the
foundation
34
shall
increase
its
investment
in
one
or
more
innovation
funds
35
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2453.3705.H
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91
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#1.
#2.
as
provided
in
this
chapter
as
necessary
in
order
to
meet
the
1
required
percentage
of
allocation.
>
2
3.
By
striking
page
2,
line
33,
through
page
3,
line
14,
and
3
inserting:
4
<
Sec.
___.
NEW
SECTION
.
262C.4
Waiver.
5
1.
A
foundation
board
may
grant
a
foundation
a
one-year
6
waiver
from
the
requirements
of
this
chapter
if
adequate
7
innovation
fund
capacity
is
not
available
or
market
conditions
8
would
materially
impair
prudent
investment.
9
2.
A
foundation
board
shall
not
grant
a
waiver
under
this
10
section
unless
the
foundation
submits
an
explanation
for
its
11
waiver
request
and
a
plan
for
coming
into
compliance
with
the
12
requirements
of
this
chapter
in
writing
to
the
state
board
of
13
regents
and
provides
a
copy
to
the
foundation
board.
14
3.
If
a
foundation
is
granted
two
consecutive
waivers
by
a
15
foundation
board,
the
foundation
shall
submit
written
notice
16
to
that
effect
to
the
state
board
of
regents
when
the
second
17
consecutive
waiver
is
granted.
The
state
board
shall
provide
18
such
notice
in
a
report
to
the
general
assembly.
>
19
4.
Page
3,
line
17,
by
striking
<
board
>
and
inserting
<
state
20
board
of
regents
>
21
5.
Page
3,
by
striking
lines
21
through
24.
22
6.
Page
3,
line
25,
before
<
board
>
by
inserting
<
state
>
23
7.
Page
4,
lines
4
and
5,
by
striking
<
an
institution
>
and
24
inserting
<
a
foundation
>
25
8.
Page
4,
line
6,
by
striking
<
the
board
>
and
inserting
26
<
each
foundation
>
27
9.
Page
4,
by
striking
lines
17
and
18
and
inserting:
28
<
Sec.
___.
EFFECTIVE
DATE.
This
Act
takes
effect
December
29
31,
2026.
>
30
10.
By
renumbering
as
necessary.
31
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#3.
#4.
#5.
#6.
#7.
#8.
#9.