The University of Iowa Research Park Corporation is a not-for-profit organization incorporated in the State of Iowa on April 24, 1989. It was established to build a nucleus of businesses in Iowa that are drawn by the strengths of the University and the private sector. The Oakdale Research Park is part of the Corporation. The organization subleases portions of the Oakdale Research Park to tenants under operating lease agreements. The Corporation is exempt from payment of income taxes under Section 501(c)(2) of the Internal Revenue Code and similar section of the state income tax law. Pursuant to the provisions of Section 501(c)(2), the organization's net income is vested with The University of Iowa.