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Senate Study Bill 1069 - IntroducedA Bill ForAn Act 1authorizing the college student aid commission to
2organize a nonprofit corporation.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 261.8 Corporation for educational
2financial assistance, services, and research.
31. Nonprofit corporation for receiving and disbursing
4funds. The commission may organize a nonprofit corporation
5under the provisions of chapter 504 that qualifies under
6section 501(c)(3) of the Internal Revenue Code as an
7organization exempt from taxation for the purpose of receiving
8and disbursing moneys from public or private sources to be
9used to provide Iowans with educational financial assistance,
10services to increase access to and success in postsecondary
11education, and research. Unless otherwise provided in this
12section, the corporation is subject to the provisions of
13chapter 504.
142. Incorporators. The incorporators of the corporation
15organized pursuant to this section shall be the chairperson of
16the commission, the executive director of the commission, and
17a member of the commission selected by a majority vote of the
18commission.
193. Board of directors. The board of directors of the
20corporation organized pursuant to this section shall be the
21members of the commission appointed under section 261.1,
22subsection 2, paragraphs “a”, “b”, and “d”, or their successors
23in office, and may include up to two additional members
24who shall be appointed by the commission and who shall have
25experience or legal and technical expertise relating to
26nonprofit organizations.
274. Accepting grants in aid. The corporation organized
28pursuant to this section may accept grants of money or property
29from the federal government or private sources and may upon its
30own order use its money, property, or other resources for the
31purposes set forth in subsection 1.
325. Open meetings and open records. The corporation is
33subject to chapters 21 and 22 as if the corporation were a
34governmental body.
356. Status. The corporation shall collaborate with the
-1-1commission for the purposes specified in this section, but the
2corporation shall not be considered, in whole or in part, an
3agency, department, or administrative unit of the state. The
4corporation shall not receive appropriations from the general
5assembly. Except as provided in subsection 5, the corporation
6shall not be required to comply with any requirements that
7apply to a state agency, department, or administrative unit
8and shall not exercise any sovereign power of the state. The
9commission shall enter into an agreement under chapter 28E with
10the corporation to stipulate the powers and responsibilities
11of the corporation and the commission for purposes of this
12section. The corporation may enter into agreements with
13other entities as necessary to fulfill the provisions of this
14section.
157. No state liability. The corporation does not have
16authority to pledge the credit of the state, and the state
17shall not be liable for the debts or obligations of the
18corporation. All debts and obligations of the corporation
19shall be payable solely from the corporation’s funds.
208. Tax deductible. The corporation shall be established
21so that donations and bequests to the corporation qualify as
22tax deductible under state income tax laws and under section
23501(c)(3) of the Internal Revenue Code.
249. Staffing and administrative support. The commission
25shall provide staff assistance and administrative support to
26the corporation.
2710. Report. The corporation shall submit by January 15
28annually a written report of its activities and operations to
29the governor, the general assembly, and the commission.
30EXPLANATION
31The inclusion of this explanation does not constitute agreement with
32the explanation’s substance by the members of the general assembly.
33This bill authorizes the college student aid commission
34(commission) to organize a corporation under the revised
35Iowa nonprofit corporation Act that qualifies under section
-2-1501(c)(3) of the Internal Revenue Code as a tax-exempt
2organization.
3The corporation must be organized for the purpose of
4receiving and disbursing moneys from public or private sources
5to be used to provide Iowans with educational financial
6assistance, services to increase access and success in
7postsecondary education, and research.
8The incorporators of the corporation shall be the
9chairperson of the commission, the executive director of the
10commission, and a member of the commission selected by a
11majority vote of the commission. The board of directors of
12the corporation shall be the nine members of the commission
13appointed by the governor, a member of the state board of
14regents, the director of the department of education or the
15director’s designee, and may include up to two additional
16members who shall be appointed by the commission and who shall
17have experience or legal and technical expertise relating to
18nonprofit organizations.
19The corporation is subject to the open meetings and open
20records laws in Code chapters 21 and 22, but the corporation
21shall not otherwise be required to comply with any requirements
22that apply to a state agency, department, or administrative
23unit and shall not exercise any sovereign power of the state.
24The corporation shall collaborate with the commission for
25the purposes specified in the bill, but shall not be considered
26a unit of the state, nor shall it receive appropriations from
27the general assembly. The corporation shall be established so
28that donations and bequests to it qualify as tax deductible
29under federal and state income tax laws. The commission and
30the nonprofit corporation shall enter into a chapter 28E
31agreement to stipulate the powers and responsibilities of both
32entities. The corporation may enter into agreements with other
33entities as necessary.
34The corporation does not have authority to pledge the credit
35of the state, and the state is not liable for the debts or
-3-1obligations of the corporation.
2The commission shall provide staff assistance and
3administrative support to the corporation. The corporation
4shall submit a written report annually of its activities and
5operations to the governor, the general assembly, and the
6commission.
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2organize a nonprofit corporation.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. NEW SECTION. 261.8 Corporation for educational
2financial assistance, services, and research.
31. Nonprofit corporation for receiving and disbursing
4funds. The commission may organize a nonprofit corporation
5under the provisions of chapter 504 that qualifies under
6section 501(c)(3) of the Internal Revenue Code as an
7organization exempt from taxation for the purpose of receiving
8and disbursing moneys from public or private sources to be
9used to provide Iowans with educational financial assistance,
10services to increase access to and success in postsecondary
11education, and research. Unless otherwise provided in this
12section, the corporation is subject to the provisions of
13chapter 504.
142. Incorporators. The incorporators of the corporation
15organized pursuant to this section shall be the chairperson of
16the commission, the executive director of the commission, and
17a member of the commission selected by a majority vote of the
18commission.
193. Board of directors. The board of directors of the
20corporation organized pursuant to this section shall be the
21members of the commission appointed under section 261.1,
22subsection 2, paragraphs “a”, “b”, and “d”, or their successors
23in office, and may include up to two additional members
24who shall be appointed by the commission and who shall have
25experience or legal and technical expertise relating to
26nonprofit organizations.
274. Accepting grants in aid. The corporation organized
28pursuant to this section may accept grants of money or property
29from the federal government or private sources and may upon its
30own order use its money, property, or other resources for the
31purposes set forth in subsection 1.
325. Open meetings and open records. The corporation is
33subject to chapters 21 and 22 as if the corporation were a
34governmental body.
356. Status. The corporation shall collaborate with the
-1-1commission for the purposes specified in this section, but the
2corporation shall not be considered, in whole or in part, an
3agency, department, or administrative unit of the state. The
4corporation shall not receive appropriations from the general
5assembly. Except as provided in subsection 5, the corporation
6shall not be required to comply with any requirements that
7apply to a state agency, department, or administrative unit
8and shall not exercise any sovereign power of the state. The
9commission shall enter into an agreement under chapter 28E with
10the corporation to stipulate the powers and responsibilities
11of the corporation and the commission for purposes of this
12section. The corporation may enter into agreements with
13other entities as necessary to fulfill the provisions of this
14section.
157. No state liability. The corporation does not have
16authority to pledge the credit of the state, and the state
17shall not be liable for the debts or obligations of the
18corporation. All debts and obligations of the corporation
19shall be payable solely from the corporation’s funds.
208. Tax deductible. The corporation shall be established
21so that donations and bequests to the corporation qualify as
22tax deductible under state income tax laws and under section
23501(c)(3) of the Internal Revenue Code.
249. Staffing and administrative support. The commission
25shall provide staff assistance and administrative support to
26the corporation.
2710. Report. The corporation shall submit by January 15
28annually a written report of its activities and operations to
29the governor, the general assembly, and the commission.
30EXPLANATION
31The inclusion of this explanation does not constitute agreement with
32the explanation’s substance by the members of the general assembly.
33This bill authorizes the college student aid commission
34(commission) to organize a corporation under the revised
35Iowa nonprofit corporation Act that qualifies under section
-2-1501(c)(3) of the Internal Revenue Code as a tax-exempt
2organization.
3The corporation must be organized for the purpose of
4receiving and disbursing moneys from public or private sources
5to be used to provide Iowans with educational financial
6assistance, services to increase access and success in
7postsecondary education, and research.
8The incorporators of the corporation shall be the
9chairperson of the commission, the executive director of the
10commission, and a member of the commission selected by a
11majority vote of the commission. The board of directors of
12the corporation shall be the nine members of the commission
13appointed by the governor, a member of the state board of
14regents, the director of the department of education or the
15director’s designee, and may include up to two additional
16members who shall be appointed by the commission and who shall
17have experience or legal and technical expertise relating to
18nonprofit organizations.
19The corporation is subject to the open meetings and open
20records laws in Code chapters 21 and 22, but the corporation
21shall not otherwise be required to comply with any requirements
22that apply to a state agency, department, or administrative
23unit and shall not exercise any sovereign power of the state.
24The corporation shall collaborate with the commission for
25the purposes specified in the bill, but shall not be considered
26a unit of the state, nor shall it receive appropriations from
27the general assembly. The corporation shall be established so
28that donations and bequests to it qualify as tax deductible
29under federal and state income tax laws. The commission and
30the nonprofit corporation shall enter into a chapter 28E
31agreement to stipulate the powers and responsibilities of both
32entities. The corporation may enter into agreements with other
33entities as necessary.
34The corporation does not have authority to pledge the credit
35of the state, and the state is not liable for the debts or
-3-1obligations of the corporation.
2The commission shall provide staff assistance and
3administrative support to the corporation. The corporation
4shall submit a written report annually of its activities and
5operations to the governor, the general assembly, and the
6commission.
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