173.22 - IOWA STATE FAIR FOUNDATION.
173.22 IOWA STATE FAIR FOUNDATION.
An Iowa state fair foundation is established under the authority
of the Iowa state fair board. A foundation fund is created within
the state treasury composed of moneys appropriated or available to
and obtained or accepted by the foundation. The foundation fund
shall include moneys credited to the fund as provided in section
422.12D. The foundation may solicit or accept gifts, including
donations and bequests. A gift, to the greatest extent possible,
shall be used according to the expressed desires of the person
providing the gift.
Assets of the foundation shall be used to support foundation
activities, including foundation administration, or capital projects
or major maintenance improvements at the Iowa state fairgrounds or to
property under the control of the board. Foundation moneys may be
expended on a matching basis with public moneys or Iowa state fair
authority receipts. All interest earned on moneys in the foundation
fund or through other foundation assets shall be credited to and
remain in the fund. Section 8.33 does not apply to moneys in the
fund.
The auditor of state shall conduct regular audits of the
foundation and shall make a certified report relating to the
condition of the foundation and the foundation fund to the treasurer
of the state, and to the treasurer and secretary of the state fair
board. Section History: Recent Form
91 Acts, ch 132, § 3; 93 Acts, ch 144, § 1, 6; 94 Acts, ch 1199,
§3--6
Referred to in § 173.14, 422.12D