173.22 Iowa state fair foundation — foundation fund.
1. An Iowa state fair foundation is established under the authority of the Iowa state fair board.
2. 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 also include moneys transferred to the fund.
3. 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.
4. Moneys in the foundation fund 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.
5. a. Foundation moneys credited to the foundation fund 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 shall be credited to and remain in the fund. Section 8.33 does not apply to moneys in the fund.
b. The auditor of state shall conduct regular audits of the foundation fund and shall make a certified report relating to the condition of the foundation fund to the treasurer of the state, and to the treasurer and secretary of the state fair board.
91 Acts, ch 132, §3; 93 Acts, ch 144, §1, 6; 94 Acts, ch 1199, §3 – 6; 2011 Acts, ch 79, §5; 2019 Acts, ch 152, §48; 2021 Acts, ch 177, §76
Referred to in §173.14, 173.22A, 422.12D
Subsection 2 amended
Structure Iowa Code
Section 173.1 - State fair authority.
Section 173.3 - Certification of state aid associations.
Section 173.4 - Voting power — election of district directors.
Section 173.4A - State fair board districts.
Section 173.5 - Duties of the convention.
Section 173.6 - Terms of office.
Section 173.8 - Compensation and expenses.
Section 173.10 - Salary of secretary.
Section 173.12 - Salary of treasurer.
Section 173.13 - Executive committee — meetings.
Section 173.14 - Functions of the board.
Section 173.14A - General corporate powers of the authority.
Section 173.14B - Bonds and notes.
Section 173.15 - Management of state fair.
Section 173.16 - Maintenance of state fair.
Section 173.19 - Examination of financial affairs.
Section 173.21 - Annual report to governor.
Section 173.22 - Iowa state fair foundation — foundation fund.
Section 173.22A - Iowa state fairgrounds trust fund.
Section 173.23 - Lien on property.
Section 173.24 - Exemption of state fair by the state’s purchasing procedures.