Officials at the University of Northern Iowa released documents this week detailing the UNI Alumni Association’s relationship with Bank of America.
UNI officials originally denied The Iowa Independent’s request for the contract between the alumni association and Bank of America because the association is technically independent from the state-funded university. However, Tim McKenna, university counsel, released the documents to The Iowa Independent because they had been disclosed to the State Board of Regents — a government board — in 2007.
Alumni associations at all three state universities — UNI, Iowa State University, and the University of Iowa — have agreements with Bank of America. The contracts allow the company to market credit cards primarily to university alumni in exchange for hundreds of thousands of dollars in royalties for the associations.
Correction: Due to a source’s error, a previous version of this story said the bank’s ability to market cards to students was never removed from the contract between the UNI Alumni Association and Bank of America. However, UNI officials have disclosed a contract amendment which shows marketing to students was struck from the affinity agreement earlier this year.