SF 261 — A bill for an act authorizing the college student aid commission to organize a nonprofit corporation. (Formerly SSB 1069.) Effective date: 07/01/2021.

KimSenate ReynoldsFile O261 f- fEnrolled iSenate cFile e261 oAN fACT tAUTHORIZING hTHE eCOLLEGE GSTUDENT oAID vCOMMISSION eTO rORGANIZE n o r A dNONPROFIT aCORPORATION. m Gregg G O V E R N O R L T g o v e r n o r March 22,2021 The Honorable Paul Pate Secretan'of State of Iowa StareCapitol Des Moines,Iowa 50319 Dear Mr.Secretan", I hereby transmit:

SenateFile261,anActauthorizingthecollegestudentaidcommissiontoorganizeaBE nonprofitcorporation.IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

TheaboveSenateI 'ieisherebyapprovedon thisdate.

Sinc^'elv, K i m Re\ nolds Ciovernor of Iowa cc:

Secretan"of the Senate Clerk of the House STATE CAPITOL DES MOINES, I O W A 50319515.281.5211 FAX 515.725.3527 WWW.GOVERNOR.IOWA.GOV fllCKT M M N T A / G E N E R A L A S S K M B I .

Y \ > y< S e n a t e F i l e 2 6 1 A N A C T A U T H O R I Z I N G T H E C O L L E G E S T U D E N T A I D C O M M I S S I O N T O O R G A N I Z E A N O N P R O F I T C O R P O R A T I O N .

B E I T E N A C T E D B Y T H E G E N E R A L A S S E M B L Y O F T H E S T A T E O F I O W A :

261.8 Corporation for educational financial assistancerassistance, serviceSfservices, and research.

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 lowansIowans with educational financial assistancerassistance, services to increase access to and success in postsecondary education, and research.

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 ccommission. o m m i s s i o n .

B3. o a r d o f d i r e c t o r s .

TBoard h e b o a r d o f d i r e c t o r s o f t h e corporation organized pursuant to this section shall be the members of thedirectors. commission appointed under section 261.1, subsection 2, paragraphs ^a^i "^b^, and or their successors Senate File 261, p.

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.

The corporation may enter into agreements with other entities as necessary to fulfill the provisions of this ssection. e c t i o n .

All debts and obligations of the corporation shall be payable solely from the corporation'scorporation’s funds.

The corporation shall be established so that donations and bequests to the corporation qualify as ttax adeductible dunder estate dincome utax claws tand uunder nsection d s t a i n c o t a l a wa n u n d es e c t i o n 501(c)(3) of the Internal Revenue Code.

3 10,10. Report.

TheReport. corporation shall submit by January 15 annually a written report of its activities and operations to the govern^, thegeneral assembly, and ^he commission J A KC H A P M A N P A G R A S S L E Y P r e s i d e t h e S e n a t e 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.

\AjiThe Wcorporation .Cshall Hsubmit Aby RJanuary LS15 Mannually Ia Twritten Hreport S O N Secretary of t*reits Senateactivities Approvedjand VWvoperations /jUto Vthe Lgovernor, ^the 2general 0assembly, 2and 1the Kcommission. I REYTJDL G o v e r n o r

______________________________ ______________________________ JAKE CHAPMAN PAT GRASSLEY President of the Senate 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