Senate
File
261
-
Enrolled
Senate
File
261
AN
ACT
AUTHORIZING
THE
COLLEGE
STUDENT
AID
COMMISSION
TO
ORGANIZE
A
NONPROFIT
CORPORATION.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
NEW
SECTION
.
261.8
Corporation
for
educational
financial
assistance,
services,
and
research.
1.
Nonprofit
corporation
for
receiving
and
disbursing
funds.
The
commission
may
organize
a
nonprofit
corporation
under
the
provisions
of
chapter
504
that
qualifies
under
section
501(c)(3)
of
the
Internal
Revenue
Code
as
an
organization
exempt
from
taxation
for
the
purpose
of
receiving
and
disbursing
moneys
from
public
or
private
sources
to
be
used
to
provide
Iowans
with
educational
financial
assistance,
services
to
increase
access
to
and
success
in
postsecondary
education,
and
research.
Unless
otherwise
provided
in
this
section,
the
corporation
is
subject
to
the
provisions
of
chapter
504.
2.
Incorporators.
The
incorporators
of
the
corporation
organized
pursuant
to
this
section
shall
be
the
chairperson
of
the
commission,
the
executive
director
of
the
commission,
and
a
member
of
the
commission
selected
by
a
majority
vote
of
the
commission.
3.
Board
of
directors.
The
board
of
directors
of
the
corporation
organized
pursuant
to
this
section
shall
be
the
members
of
the
commission
appointed
under
section
261.1,
subsection
2,
paragraphs
“a”
,
“b”
,
and
“d”
,
or
their
successors
Senate
File
261,
p.
2
in
office,
and
may
include
up
to
two
additional
members
who
shall
be
appointed
by
the
commission
and
who
shall
have
experience
or
legal
and
technical
expertise
relating
to
nonprofit
organizations.
4.
Accepting
grants
in
aid.
The
corporation
organized
pursuant
to
this
section
may
accept
grants
of
money
or
property
from
the
federal
government
or
private
sources
and
may
upon
its
own
order
use
its
money,
property,
or
other
resources
for
the
purposes
set
forth
in
subsection
1.
5.
Open
meetings
and
open
records.
The
corporation
is
subject
to
chapters
21
and
22
as
if
the
corporation
were
a
governmental
body.
6.
Status.
The
corporation
shall
collaborate
with
the
commission
for
the
purposes
specified
in
this
section,
but
the
corporation
shall
not
be
considered,
in
whole
or
in
part,
an
agency,
department,
or
administrative
unit
of
the
state.
The
corporation
shall
not
receive
appropriations
from
the
general
assembly.
Except
as
provided
in
subsection
5,
the
corporation
shall
not
be
required
to
comply
with
any
requirements
that
apply
to
a
state
agency,
department,
or
administrative
unit
and
shall
not
exercise
any
sovereign
power
of
the
state.
The
commission
shall
enter
into
an
agreement
under
chapter
28E
with
the
corporation
to
stipulate
the
powers
and
responsibilities
of
the
corporation
and
the
commission
for
purposes
of
this
section.
The
corporation
may
enter
into
agreements
with
other
entities
as
necessary
to
fulfill
the
provisions
of
this
section.
7.
No
state
liability.
The
corporation
does
not
have
authority
to
pledge
the
credit
of
the
state,
and
the
state
shall
not
be
liable
for
the
debts
or
obligations
of
the
corporation.
All
debts
and
obligations
of
the
corporation
shall
be
payable
solely
from
the
corporation’s
funds.
8.
Tax
deductible.
The
corporation
shall
be
established
so
that
donations
and
bequests
to
the
corporation
qualify
as
tax
deductible
under
state
income
tax
laws
and
under
section
501(c)(3)
of
the
Internal
Revenue
Code.
9.
Staffing
and
administrative
support.
The
commission
shall
provide
staff
assistance
and
administrative
support
to
the
corporation.
Senate
File
261,
p.
3
10.
Report.
The
corporation
shall
submit
by
January
15
annually
a
written
report
of
its
activities
and
operations
to
the
governor,
the
general
assembly,
and
the
commission.
______________________________
JAKE
CHAPMAN
President
of
the
Senate
______________________________
PAT
GRASSLEY
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
261,
Eighty-ninth
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2021
______________________________
KIM
REYNOLDS
Governor