Iowa Code 260C.32 – Trusts
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Terms Used In Iowa Code 260C.32
- Board: means a board of directors of a community college. See Iowa Code 260C.56
- Community college: means a publicly supported school which may offer programs of adult and continuing education, lifelong learning, community education, and up to two years of liberal arts, preprofessional, or occupational instruction partially fulfilling the requirements for a baccalaureate degree but confers no more than an associate degree; or which offers as the whole or as part of the curriculum up to two years of career and technical education, training, or retraining to persons who are preparing to enter the labor market. See Iowa Code 260C.2
- Merged area: means an area where two or more school systems or parts of school systems merge resources to operate a community college in the manner provided in this chapter. See Iowa Code 260C.2
The board of a merged area may accept and administer trusts and may authorize nonprofit foundations acting solely for the support of the community college to accept and administer trusts deemed by the board to be beneficial to the operation of the community college. Notwithstanding section 633.63, the board and the nonprofit foundations may act as trustees in these instances. The board shall require that moneys belonging to a nonprofit foundation are audited annually.