House
Study
Bill
139
-
Introduced
SENATE/HOUSE
FILE
_____
BY
(PROPOSED
COLLEGE
STUDENT
AID
COMMISSION
BILL)
A
BILL
FOR
An
Act
authorizing
the
college
student
aid
commission
to
1
organize
a
nonprofit
corporation.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
1308DP
(5)
89
kh/jh
S.F.
_____
H.F.
_____
Section
1.
NEW
SECTION
.
261.8
Corporation
for
educational
1
financial
assistance,
services,
and
research.
2
1.
Nonprofit
corporation
for
receiving
and
disbursing
3
funds.
The
commission
may
organize
a
nonprofit
corporation
4
under
the
provisions
of
chapter
504
that
qualifies
under
5
section
501(c)(3)
of
the
Internal
Revenue
Code
as
an
6
organization
exempt
from
taxation
for
the
purpose
of
receiving
7
and
disbursing
moneys
from
public
or
private
sources
to
be
8
used
to
provide
Iowans
with
educational
financial
assistance,
9
services
to
increase
access
to
and
success
in
postsecondary
10
education,
and
research.
Unless
otherwise
provided
in
this
11
section,
the
corporation
is
subject
to
the
provisions
of
12
chapter
504.
13
2.
Incorporators.
The
incorporators
of
the
corporation
14
organized
pursuant
to
this
section
shall
be
the
chairperson
of
15
the
commission,
the
executive
director
of
the
commission,
and
16
a
member
of
the
commission
selected
by
a
majority
vote
of
the
17
commission.
18
3.
Board
of
directors.
The
board
of
directors
of
the
19
corporation
organized
pursuant
to
this
section
shall
be
the
20
members
of
the
commission
appointed
under
section
261.1,
21
subsection
2,
paragraphs
“a”
,
“b”
,
and
“d”
,
or
their
successors
22
in
office,
and
may
include
up
to
two
additional
members
23
who
shall
be
appointed
by
the
commission
and
who
shall
have
24
experience
or
legal
and
technical
expertise
relating
to
25
nonprofit
organizations.
26
4.
Accepting
grants
in
aid.
The
corporation
organized
27
pursuant
to
this
section
may
accept
grants
of
money
or
property
28
from
the
federal
government
or
private
sources
and
may
upon
its
29
own
order
use
its
money,
property,
or
other
resources
for
the
30
purposes
set
forth
in
subsection
1.
31
5.
Open
meetings
and
open
records.
The
corporation
is
32
subject
to
chapters
21
and
22
as
if
the
corporation
were
a
33
governmental
body.
34
6.
Status.
The
corporation
shall
collaborate
with
the
35
-1-
LSB
1308DP
(5)
89
kh/jh
1/
4
S.F.
_____
H.F.
_____
commission
for
the
purposes
specified
in
this
section,
but
the
1
corporation
shall
not
be
considered,
in
whole
or
in
part,
an
2
agency,
department,
or
administrative
unit
of
the
state.
The
3
corporation
shall
not
receive
appropriations
from
the
general
4
assembly.
Except
as
provided
in
subsection
5,
the
corporation
5
shall
not
be
required
to
comply
with
any
requirements
that
6
apply
to
a
state
agency,
department,
or
administrative
unit
7
and
shall
not
exercise
any
sovereign
power
of
the
state.
The
8
commission
shall
enter
into
an
agreement
under
chapter
28E
with
9
the
corporation
to
stipulate
the
powers
and
responsibilities
10
of
the
corporation
and
the
commission
for
purposes
of
this
11
section.
The
corporation
may
enter
into
agreements
with
12
other
entities
as
necessary
to
fulfill
the
provisions
of
this
13
section.
14
7.
No
state
liability.
The
corporation
does
not
have
15
authority
to
pledge
the
credit
of
the
state,
and
the
state
16
shall
not
be
liable
for
the
debts
or
obligations
of
the
17
corporation.
All
debts
and
obligations
of
the
corporation
18
shall
be
payable
solely
from
the
corporation’s
funds.
19
8.
Tax
deductible.
The
corporation
shall
be
established
20
so
that
donations
and
bequests
to
the
corporation
qualify
as
21
tax
deductible
under
state
income
tax
laws
and
under
section
22
501(c)(3)
of
the
Internal
Revenue
Code.
23
9.
Staffing
and
administrative
support.
The
commission
24
shall
provide
staff
assistance
and
administrative
support
to
25
the
corporation.
26
10.
Report.
The
corporation
shall
submit
by
January
15
27
annually
a
written
report
of
its
activities
and
operations
to
28
the
governor,
the
general
assembly,
and
the
commission.
29
EXPLANATION
30
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
31
the
explanation’s
substance
by
the
members
of
the
general
assembly.
32
This
bill
authorizes
the
college
student
aid
commission
33
(commission)
to
organize
a
corporation
under
the
revised
34
Iowa
nonprofit
corporation
Act
that
qualifies
under
section
35
-2-
LSB
1308DP
(5)
89
kh/jh
2/
4
S.F.
_____
H.F.
_____
501(c)(3)
of
the
Internal
Revenue
Code
as
a
tax-exempt
1
organization.
2
The
corporation
must
be
organized
for
the
purpose
of
3
receiving
and
disbursing
moneys
from
public
or
private
sources
4
to
be
used
to
provide
Iowans
with
educational
financial
5
assistance,
services
to
increase
access
and
success
in
6
postsecondary
education,
and
research.
7
The
incorporators
of
the
corporation
shall
be
the
8
chairperson
of
the
commission,
the
executive
director
of
the
9
commission,
and
a
member
of
the
commission
selected
by
a
10
majority
vote
of
the
commission.
The
board
of
directors
of
11
the
corporation
shall
be
the
nine
members
of
the
commission
12
appointed
by
the
governor,
a
member
of
the
state
board
of
13
regents,
the
director
of
the
department
of
education
or
the
14
director’s
designee,
and
may
include
up
to
two
additional
15
members
who
shall
be
appointed
by
the
commission
and
who
shall
16
have
experience
or
legal
and
technical
expertise
relating
to
17
nonprofit
organizations.
18
The
corporation
is
subject
to
the
open
meetings
and
open
19
records
laws
in
Code
chapters
21
and
22,
but
the
corporation
20
shall
not
otherwise
be
required
to
comply
with
any
requirements
21
that
apply
to
a
state
agency,
department,
or
administrative
22
unit
and
shall
not
exercise
any
sovereign
power
of
the
state.
23
The
corporation
shall
collaborate
with
the
commission
for
24
the
purposes
specified
in
the
bill,
but
shall
not
be
considered
25
a
unit
of
the
state,
nor
shall
it
receive
appropriations
from
26
the
general
assembly.
The
corporation
shall
be
established
so
27
that
donations
and
bequests
to
it
qualify
as
tax
deductible
28
under
federal
and
state
income
tax
laws.
The
commission
and
29
the
nonprofit
corporation
shall
enter
into
a
chapter
28E
30
agreement
to
stipulate
the
powers
and
responsibilities
of
both
31
entities.
The
corporation
may
enter
into
agreements
with
other
32
entities
as
necessary.
33
The
corporation
does
not
have
authority
to
pledge
the
credit
34
of
the
state,
and
the
state
is
not
liable
for
the
debts
or
35
-3-
LSB
1308DP
(5)
89
kh/jh
3/
4
S.F.
_____
H.F.
_____
obligations
of
the
corporation.
1
The
commission
shall
provide
staff
assistance
and
2
administrative
support
to
the
corporation.
The
corporation
3
shall
submit
a
written
report
annually
of
its
activities
and
4
operations
to
the
governor,
the
general
assembly,
and
the
5
commission.
6
-4-
LSB
1308DP
(5)
89
kh/jh
4/
4