Section 261.46.3. Program procedures.

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 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 as follows:

       46.3(1) Endow Iowa grants awarded to new and existing endow Iowa qualified community foundations and to community affiliate organizations shall not exceed $25,000 per foundation or organization unless a foundation or organization demonstrates a multiple county or regional approach.

       46.3(2) Endow Iowa grants may be awarded on an annual basis with not more than three grants going to a single county in a fiscal year.

       46.3(3) Of any moneys received by a lead philanthropic entity from the state, not more than 5 percent of such moneys shall be used by the lead philanthropic entity for administrative purposes.

       46.3(4) Lead philanthropic entity eligibility requirements. 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 40 members, and that membership shall include qualified community foundations.