15E.304 - ENDOW IOWA GRANTS. - Iowa Statutes

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