Iowa Admin. Code r. 261-102.5

Current through Register Vol. 47, No.14, January 8, 2025

Rule 261-102.5 - [Effective 1/15/2025] Administration of financial assistance

(1)Contract required. An applicant awarded financial assistance under the program shall enter into a contract with the authority for the receipt of such funds. The provider shall maintain all eligibility requirements for the duration of a contract. The contract may include such deliverables and other terms and conditions as the authority deems necessary. The authority will make the final determination as to compliance with the terms of the contract and will make the final determination as to whether and when to disburse funds to the applicant.

(2)Use of funds. Funds shall be used consistent with the requirements in Iowa Code section 15E.362(9). For the purposes of determining whether funds have been used consistent with Iowa Code section 15E.362(9), "operating costs" means the expenses associated with administering a provider's activities on a day-to-day basis. "Operating costs" includes both fixed costs and variable costs. "Operating costs" does not include expenses associated with nonoperating activities, such as interest expenses, repayment of principal, or moneys invested by the provider in a client's businesses or in other ventures.

(3)Reporting. An applicant receiving assistance under the program shall submit any information reasonably requested by the authority in sufficient detail to permit the authority to prepare any reports required by the authority, the board, the general assembly or the governor's office.

Iowa Admin. Code r. 261-102.5

Amended by IAB April 27, 2016/Volume XXXVIII, Number 22, effective 6/1/2016

Adopted by IAB December 11, 2024/Volume XLVII, Number 11, effective 1/15/2025