15E.304 - ENDOW IOWA GRANTS.
15E.304 ENDOW IOWA GRANTS.
1. The department shall identify a lead philanthropic entity for
purposes of encouraging the development of qualified community
foundations in this state. A lead philanthropic entity shall meet
all of the following qualifications:
a. The entity shall be a nonprofit entity which is exempt
from federal income taxation pursuant to section 501(c)(3) of the
Internal Revenue Code.
b. The entity shall be a statewide organization with
membership consisting of organizations, such as community, corporate,
and private foundations, whose principal function is the making of
grants within the state of Iowa.
c. The entity shall have a minimum of forty members and that
membership shall include qualified community foundations.
2. A lead philanthropic entity may receive a grant from the
department. The board shall use the grant moneys to award endow Iowa
grants to new and existing qualified community foundations and to
community affiliate organizations that do all of the following:
a. Provide the board with all information required by the
board.
b. Demonstrate a dollar-for-dollar funding match in a form
approved by the board.
c. Identify an endow Iowa qualified community foundation to
hold all funds. An endow Iowa qualified community foundation shall
not be required to meet this requirement.
d. Provide a plan to the board demonstrating the method for
distributing grant moneys received from the board to organizations
within the community or geographic area as defined by the endow Iowa
qualified community foundation or the community affiliate
organization.
3. Endow Iowa grants awarded to new and existing endow Iowa
qualified community foundations and to community affiliate
organizations shall not exceed twenty-five thousand dollars per
foundation or organization unless a foundation or organization
demonstrates a multiple county or regional approach. Endow Iowa
grants may be awarded on an annual basis with not more than three
grants going to one county in a fiscal year.
4. In ranking applications for grants, the board shall consider a
variety of factors including the following:
a. The demonstrated need for financial assistance.
b. The potential for future philanthropic activity in the
area represented by or being considered for assistance.
c. The proportion of the funding match being provided.
d. For community affiliate organizations, the demonstrated
need for the creation of a community affiliate endowment fund in the
applicant's geographic area.
e. The identification of community needs and the manner in
which additional funding will address those needs.
f. The geographic diversity of awards.
5. Of any moneys received by a lead philanthropic entity from the
state, not more than five percent of such moneys shall be used by the
entity for administrative purposes. Section History: Recent Form
2003 Acts, 1st Ex, ch 1, §91, 93
[2003 enactment of section rescinded pursuant to Rants v.
Vilsack, 684 N.W.2d 193]
2004 Acts, 1st Ex, ch 1001, §3, 4; 2005 Acts, ch 150, §72, 73, 81
Referred to in § 15.104, 15E.303, 15E.311 Footnotes
2004 reaffirmation and reenactment is effective September 7, 2004,
and is retroactively applicable to January 1, 2003, for tax years
beginning on or after that date; 2004 Acts, 1st Ex, ch 1001, §4
2005 amendments to this section take effect June 9, 2005, and
apply retroactively to January 1, 2005; 2005 Acts, ch 150, §81