This text of Iowa § 256.182 (Corporation for educational financial assistance, services, and research) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
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 commissi
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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 256.176,
subsection 2, paragraphs “a”, “b”, and “d”, or their successors 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.
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.