Bill Text: IA HF2291 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act relating to the authority of the college student aid commission to organize a nonprofit corporation. (Formerly HF 2126.)
Spectrum: Committee Bill
Status: (Engrossed - Dead) 2020-02-27 - Subcommittee: Sinclair, Behn, and Quirmbach. S.J. 469. [HF2291 Detail]
Download: Iowa-2019-HF2291-Introduced.html
House
File
2291
-
Introduced
HOUSE
FILE
2291
BY
COMMITTEE
ON
EDUCATION
(SUCCESSOR
TO
HF
2126)
A
BILL
FOR
An
Act
relating
to
the
authority
of
the
college
student
aid
1
commission
to
organize
a
nonprofit
corporation.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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Section
1.
NEW
SECTION
.
261.8
Corporation
for
educational
1
financial
assistance
and
services.
2
1.
Nonprofit
corporation
for
receiving
and
disbursing
3
funds.
The
college
student
aid
commission
may
organize
a
4
corporation
under
the
provisions
of
chapter
504
that
qualifies
5
under
section
501(c)(3)
of
the
Internal
Revenue
Code
as
an
6
organization
exempt
from
taxation
for
the
purpose
of
receiving
7
and
disbursing
funds
from
public
or
private
sources
to
be
used
8
to
provide
Iowans
with
educational
financial
assistance
and
9
services
under
programs
administered
by
the
commission.
Unless
10
otherwise
provided
in
this
section,
the
corporation
is
subject
11
to
the
provisions
of
chapter
504.
12
2.
Incorporators.
The
incorporators
of
the
corporation
13
organized
pursuant
to
this
section
shall
be
the
chairperson
of
14
the
commission,
the
executive
director
of
the
commission,
and
15
a
member
of
the
commission
selected
by
a
majority
vote
of
the
16
commission.
17
3.
Board
of
directors.
The
board
of
directors
of
the
18
corporation
organized
pursuant
to
this
section
shall
be
the
19
members
of
the
commission
appointed
under
section
261.1,
20
subsection
2,
paragraph
“d”
,
or
their
successors
in
office.
21
4.
Accepting
grants
in
aid.
The
corporation
organized
22
pursuant
to
this
section
may
accept
grants
of
money
or
property
23
from
the
federal
government
or
private
sources
and
may
upon
24
its
own
order
use
its
money,
property,
or
other
resources
for
25
purposes
of
providing
educational
financial
assistance
and
26
services
under
programs
administered
by
the
commission.
27
5.
Open
meetings
and
open
records.
The
corporation
is
28
subject
to
chapters
21
and
22
as
if
it
were
a
governmental
29
body.
30
6.
Status.
The
corporation
shall
collaborate
with
the
31
commission
for
the
purposes
specified
in
this
section,
but
the
32
corporation
shall
not
be
considered,
in
whole
or
in
part,
an
33
agency,
department,
or
administrative
unit
of
the
state.
The
34
corporation
shall
not
receive
appropriations
from
the
general
35
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assembly.
Except
as
provided
in
subsection
5,
the
corporation
1
shall
not
be
required
to
comply
with
any
requirements
that
2
apply
to
a
state
agency,
department,
or
administrative
unit
and
3
shall
not
exercise
any
sovereign
power
of
the
state.
4
7.
No
state
liability.
The
corporation
does
not
have
5
authority
to
pledge
the
credit
of
the
state,
and
the
state
6
shall
not
be
liable
for
the
debts
or
obligations
of
the
7
corporation.
All
debts
and
obligations
of
the
corporation
8
shall
be
payable
solely
from
the
corporation’s
funds.
9
8.
Tax
deductible.
The
corporation
shall
be
established
10
so
that
donations
and
bequests
to
it
qualify
as
tax
deductible
11
under
state
income
tax
laws
and
under
section
501(c)(3)
of
the
12
Internal
Revenue
Code.
13
9.
Staffing
and
administrative
support.
The
commission
14
shall
provide
staff
assistance
and
administrative
support
to
15
the
corporation.
16
10.
Report.
The
corporation
shall
submit
by
January
15
17
annually
a
written
report
of
its
activities
and
operations
to
18
the
governor,
the
general
assembly,
and
the
commission.
19
EXPLANATION
20
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
21
the
explanation’s
substance
by
the
members
of
the
general
assembly.
22
This
bill
authorizes
the
college
student
aid
commission
23
(commission)
to
organize
a
corporation
under
Iowa’s
revised
24
Iowa
nonprofit
corporation
Act
that
qualifies
under
section
25
501(c)(3)
of
the
Internal
Revenue
Code
as
a
tax-exempt
26
organization.
27
The
corporation
must
be
organized
for
the
purpose
of
28
receiving
and
disbursing
funds
from
public
or
private
sources
29
to
be
used
to
provide
Iowans
with
educational
financial
30
assistance
and
services
under
programs
administered
by
the
31
commission
in
accordance
with
Code
chapter
261.
32
The
incorporators
of
the
corporation
shall
be
the
33
chairperson
of
the
commission,
the
executive
director
of
the
34
commission,
and
a
member
of
the
commission
selected
by
a
35
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majority
vote
of
the
commission.
The
board
of
directors
of
1
the
corporation
shall
be
the
nine
members
of
the
commission
2
appointed
by
the
governor
or
their
successors
in
office.
3
The
corporation
is
subject
to
the
open
meetings
and
open
4
records
laws
in
Code
chapters
21
and
22,
but
the
corporation
5
shall
not
otherwise
be
required
to
comply
with
any
requirements
6
that
apply
to
a
state
agency,
department,
or
administrative
7
unit
and
shall
not
exercise
any
sovereign
power
of
the
state.
8
The
corporation
shall
collaborate
with
the
commission
for
the
9
purposes
specified
in
the
bill,
but
shall
not
be
considered
a
10
unit
of
the
state,
nor
shall
it
receive
appropriations
from
the
11
general
assembly.
The
corporation
shall
be
established
so
that
12
donations
and
bequests
to
it
qualify
as
tax
deductible
under
13
federal
and
state
income
tax
laws.
14
The
corporation
does
not
have
authority
to
pledge
the
credit
15
of
the
state,
and
the
state
is
not
liable
for
the
debts
or
16
obligations
of
the
corporation.
17
The
commission
shall
provide
staff
assistance
and
18
administrative
support
to
the
corporation.
The
corporation
19
shall
submit
a
written
report
annually
of
its
activities
and
20
operations
to
the
governor,
the
general
assembly,
and
the
21
commission.
22
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