Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that requires public universities in Iowa to invest at least 1% of their endowment assets in innovation funds.

Highlights:

• Defines “endowment assets” as all pooled, investable assets held for the benefit of an institution (Sec. 2).

• Requires each public institution of higher education to ensure that at least 1% of its total endowment assets are invested in one or more innovation funds by July 1, 2027 (Sec. 3).

• Requires institutions to retain certain discretion regarding investments in innovation funds (Sec. 3).

• Authorizes institutions to implement investments through direct commitments, reallocation of existing assets, or rolling commitments (Sec. 3).

• Authorizes one-year waivers from the requirements of this Act if adequate innovation fund capacity is not available or market conditions would impair prudent investment (Sec. 4).

• Authorizes the withholding of up to 0.5% of money appropriated to an institution that fails to comply with this Act (Sec. 4).

• Specifies that the innovation funds receiving investment under this Act must support the commercialization of institution technologies, spinouts, or research-derived innovations (Sec. 6).

• Specifies that this Act takes effect immediately upon passage (Sec. 9).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that requires public universities in Iowa to invest at least 1% of their endowment assets in innovation funds.

Highlights:

• Defines “endowment assets” as all pooled, investable assets held for the benefit of an institution (Sec. 2).

• Requires each public institution of higher education to ensure that at least 1% of its total endowment assets are invested in one or more innovation funds by July 1, 2027 (Sec. 3).

• Requires institutions to retain certain discretion regarding investments in innovation funds (Sec. 3).

• Authorizes institutions to implement investments through direct commitments, reallocation of existing assets, or rolling commitments (Sec. 3).

• Authorizes one-year waivers from the requirements of this Act if adequate innovation fund capacity is not available or market conditions would impair prudent investment (Sec. 4).

• Authorizes the withholding of up to 0.5% of money appropriated to an institution that fails to comply with this Act (Sec. 4).

• Specifies that the innovation funds receiving investment under this Act must support the commercialization of institution technologies, spinouts, or research-derived innovations (Sec. 6).

• Specifies that this Act takes effect immediately upon passage (Sec. 9).

Full Bill Text