CHAPTER 303A IOWA CULTURAL TRUST
303A.1 SHORT TITLE.
303A.2 LEGISLATIVE FINDINGS.
303A.3 DEFINITIONS.
303A.4 IOWA CULTURAL TRUST AND TRUST FUND.
303A.5 BOARD OF TRUSTEES.
303A.6 BOARD OF TRUSTEES -- POWERS AND DUTIES.
303A.7 IOWA CULTURAL TRUST GRANT ACCOUNT.



        

303A.1 SHORT TITLE. This chapter shall be known and may be cited as the "Iowa Cultural Trust Act".

         Section History: Recent Form 2002 Acts, ch 1115, §2

303A.2 LEGISLATIVE FINDINGS. The general assembly finds and declares that cultural organizations generate millions of dollars in economic activity in Iowa; attract people to live and work in Iowa's communities; contribute to a revitalization of those communities; are a magnet for tourists; train minds for the creative economy jobs of the future; and build social capital. However, these organizations are often undercapitalized. Therefore, to bring financial stability to these organizations through fluctuating economic conditions, it is the intent of the general assembly that a public trust be established the income from which may be made available to supplement the operating budgets of nonprofit cultural organizations that meet certain criteria, including a commitment to strategies to attain long-term financial stability and sustainability. It is further the intent of the general assembly that income from the public trust may be used initially for a statewide educational program to assist cultural organizations in endowment development.

         Section History: Recent Form

         2002 Acts, ch 1115, §3
        

303A.3 DEFINITIONS. For purposes of this chapter, unless the context otherwise requires: 1. "Board" means the board of trustees of the Iowa cultural trust created in section 303A.5. 2. "Department" means the department of cultural affairs created in section 303.1. 3. "Director" means the director of the department of cultural affairs. 4. "Grant account" means the Iowa cultural trust grant account created in section 303A.7. 5. "Qualified organization" means a tax-exempt, nonprofit organization whose primary mission is to promote the arts, history, or the sciences and humanities in Iowa. 6. "Trust fund" means the Iowa cultural trust fund created in section 303A.4.

         Section History: Recent Form

         2002 Acts, ch 1115, §4
         Referred to in § 303.1A
        

303A.4 IOWA CULTURAL TRUST AND TRUST FUND. 1. The Iowa cultural trust is created as a public body corporate organized for the purposes, with the powers, and subject to the restrictions, set forth in this chapter. 2. An Iowa cultural trust fund is created in the office of the treasurer of state for the purpose of receiving moneys appropriated by the general assembly and any other moneys available to the trust fund due to the issuance of trust fund credits by the director as provided in section 303.1A, subsection 6. 3. The trust fund may also receive any devise, gift, bequest, donation, or federal or other grant from any person, firm, partnership, or corporation. Any assets received by the trust fund from federal or private sources shall at all times be preserved, invested, and expended solely for the purposes of the trust fund and shall be held in trust as provided for in this section. No property rights in the assets received by the trust fund from federal or private sources shall exist in favor of the state. 4. The treasurer of state shall act as custodian of the fund, shall invest moneys in the trust fund, and shall transfer the interest attributable to the investment of trust fund moneys to the grant account created in section 303A.7. The trust fund's principal shall not be used or accessed by the department or the board for any purpose. 5. Notwithstanding section 8.33, moneys remaining in the trust fund at the end of the fiscal year shall be retained in the trust fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on investments or time deposits of the moneys in the trust fund shall be credited to the trust fund.

         Section History: Recent Form

         2002 Acts, ch 1115, §5
         Referred to in § 15G.111, 303.1A, 303A.3, 303A.7
        

303A.5 BOARD OF TRUSTEES. 1. A board of trustees of the Iowa cultural trust is created. The general responsibility for the proper operation of the trust is vested in the board of trustees, which shall consist of thirteen members as follows: a. Nine public members, five of whom shall be appointed by the governor, subject to confirmation by the senate. The majority leader of the senate, the minority leader of the senate, the speaker of the house, and the minority leader of the house of representatives shall each appoint one public member. A public member of the board appointed in accordance with this section shall not also serve concurrently as a member of the state historical society board of trustees or the Iowa state arts council. b. Four ex officio, nonvoting members, consisting of the treasurer of state or the treasurer's designee, the director of the department of cultural affairs or the director's designee, the chairperson of the state historical society board of trustees elected pursuant to section 303.6, and the chairperson of the Iowa arts council designated pursuant to section 303.86. 2. Members appointed by the general assembly shall be appointed to terms as provided in section 69.16B. The public members appointed by the governor shall serve five-year staggered terms beginning and ending as provided in section 69.19. Vacancies on the board shall be filled for the unexpired portion of the term in the same manner as the original appointments. 3. Members appointed by the governor are subject to the requirements of sections 69.16, 69.16A, and 69.19. 4. Public members shall serve without compensation, but shall be reimbursed for all actual and necessary expenses they incur through service on the board. 5. The board shall elect a chairperson and vice chairperson from among its membership. The board shall meet at the call of its chairperson or upon written request of a majority of its voting members. Five voting members constitute a quorum. The concurrence of a majority of the voting members of a board is required to take any action relating to its duties. 6. The board shall be located for administrative purposes within the department. The department, subject to approval by the board, shall adopt administrative rules pursuant to chapter 17A necessary to administer the income derived from the Iowa cultural trust fund and to perform specific powers and duties as provided in section 303A.6. The director shall budget funds to pay the expenses of the board and administer this chapter.

         Section History: Recent Form

         2002 Acts, ch 1115, §6; 2009 Acts, ch 106, §10, 14
         Referred to in § 303A.3
         Confirmation, see § 2.32
        

303A.6 BOARD OF TRUSTEES -- POWERS AND DUTIES. The board shall do any or all of the following: 1. Enter into agreements with any qualified organization, the state, or any federal or other state agency, or other entity as required to administer this chapter. 2. Approve or disapprove the grants recommended for approval by the director, in consultation with the Iowa arts council and the state historical society of Iowa, in accordance with section 303.1A, subsection 6, paragraph "c". The board may delete any recommendation, but shall not add to or otherwise amend the list of recommended grants. 3. Upon approving a grant, the board shall certify to the treasurer of state the amount of financial assistance payable from the grant account to the qualified organization whose grant application is approved. 4. Determine, in consultation with the treasurer of state, the amount of investment income attributable to the trust fund that will be available for distribution as grants to qualified organizations. 5. Accept any devise, gift, bequest, donation, or federal or other grant from any person, firm, partnership, or corporation, which the treasurer of state shall deposit into the trust fund.

         Section History: Recent Form

         2002 Acts, ch 1115, §7; 2003 Acts, ch 108, §51
         Referred to in § 303.1A, 303A.5
        

303A.7 IOWA CULTURAL TRUST GRANT ACCOUNT. 1. An Iowa cultural trust grant account is created in the office of the treasurer of state under the control of the board to receive interest attributable to the investment of trust fund moneys as required by section 303A.4, subsection 4. The moneys in the grant account are appropriated to the board for purposes of the Iowa cultural trust created in section 303A.4. Moneys in the grant account shall not be subject to appropriation for any other purpose by the general assembly, but shall be used only for the purposes of the Iowa cultural trust. The treasurer of state shall act as custodian of the grant account and disburse moneys contained in the grant account as directed by the board. The board shall make expenditures from the grant account consistent with the purposes of the Iowa cultural trust. 2. Moneys in the grant account are not subject to section 8.33. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys in the grant account shall be credited to the grant account. 3. At any time when the principal balance in the trust fund equals or exceeds three million dollars, the board may use moneys in the grant account for a statewide educational program to promote participation in, expanded support of, and local endowment building for, Iowa nonprofit arts, history, and sciences and humanities organizations.

         Section History: Recent Form

         2002 Acts, ch 1115, §8; 2002 Acts, ch 1175, §82; 2007 Acts, ch 73,
      §1
         Referred to in § 303A.3, 303A.4

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