From the Iowa Code

68B.2A Conflicts of interest.

Any person who serves or is employed by the state or a political subdivision of the state shall not engage in any outside employment or activity which is in conflict with the person's official duties and responsibilities. In determining whether particular outside employment or activity creates an unacceptable conflict of interest, situations in which an unacceptable conflict shall be deemed to exist shall include, but not to be limited to, any of the following:

The outside employment or activity involves the use of the state's or the political subdivision's time, facilities, equipment, and supplies or the use of the state or political subdivision badge, uniform, business card, or other evidences of office or employment to give the person or member of the person's immediate family an advantage or pecuniary benefit that is not available to other similarly situated members or classes of members of the general public. This paragraph does not apply to off-duty peace officers who provide private duty security or fire fighters or emergency medical care providers certified under chapter 147A who provide private duty fire safety or emergency medical services while carrying their badge or wearing their official uniform, provided that the person has secured the prior approval of the agency or political subdivision in which the person is regularly employed to engage in the activity. For purposes of this subsection, a person is not "similarly situated" merely by being or being related to a person who serves or is employed by the state or a political subdivision of the state.
The outside employment or activity involves the receipt of, promise of, or acceptance of money or other consideration by the person, or a member of the person's immediate family, from anyone other than the state or the political subdivision for the performance of any act that the person would be required or expected to perform as a part of the person's regular duties or during the hours during which the person performs service or work for the state or political subdivision of the state.
The outside employment or activity is subject to the official control, inspection, review, audit, or enforcement authority of the person, during the performance of the person's duties of office or employment.

If the outside employment or activity is employment or activity described in subsection 1, paragraph "a" or "b", the person shall immediately cease the employment or activity. If the outside employment or activity is employment or activity described in subsection 1, paragraph "c", or constitutes any other unacceptable conflict of interest, unless otherwise provided by law, the person shall take one of the following courses of action:
1. Cease the outside employment or activity.
2. Publicly disclose the existence of the conflict and refrain from taking any official action or performing any official duty that would detrimentally affect or create a benefit for the outside employment or activity. For purposes of this paragraph, "official action" or "official duty" includes, but is not limited to, participating in any vote, taking affirmative action to influence any vote, granting any license or permit, determining the facts or law in a contested case or rulemaking proceeding, conducting any inspection, or providing any other official service or thing that is not available generally to members of the public in order to further the interests of the outside employment or activity.
Unless otherwise specifically provided the requirements of this section shall be in addition to, and shall not supersede, any other rights or remedies provided by law.

Iowa Code 68B.3 When public bids required -- disclosure of income from other sales.

An official, a state employee, a member of the general assembly, or a legislative employee shall not sell, in any one occurrence, any goods or services having a value in excess of two thousand dollars to any state agency unless the sale is made pursuant to an award or contract let after public notice and competitive bidding. This subsection shall not apply to the publication of resolutions, advertisements, or other legal propositions or notices in newspapers designated pursuant to law for the publication of legal propositions or notices and for which rates are fixed pursuant to law. This subsection shall also not apply to sales of services by persons subject to the requirements of this section to state executive branch agencies or subunits of departments or independent agencies as defined under section 7E.4 that are not the subunit of the department or independent agency in which the person serves or is employed or are not a subunit of a department or independent agency with which the person has substantial and regular contact as part of the person's duties.
For purposes of this section, "services" does not include instruction at an accredited education institution if the person providing the instruction meets the minimum education and licensing requirements established for instructors at the education institution.
An official or member of the general assembly who sells goods or services to a political subdivision of the state shall disclose whether income has been received from commissions from the sales in the manner provided under section 68B.35.

From the University Operations Manual, Part V, Administrative, Financial, and Facilities Policies, Chapter 11, Purchasing, 11.14 Conflict of Interest and 11.15 Purchases from University Faculty or Staff

11.14 Conflict of Interest.

The Regents Policy Manual, 7.07, is explicit regarding University business transactions with employees of Regents institutions and should be consulted directly as the need, or question, arises.

"Employee shall mean a paid employee of the State of Iowa, the employee's spouse or minor children, and any firm of which any of those persons is a partner or sole proprietor, as well as any corporation of which any of those persons holds five percent or more stock either directly or indirectly."

11.15 Purchases from University Faculty or Staff.

Definitions. For purposes of this policy, the following definitions apply:
1. Personal relationship means relationship with another sufficiently close that a reasonable person would believe that it would be difficult for a faculty or staff member to deal with the person as he or she would deal with a stranger.
2. Financial Relationship means a partnership or other commercial relationship involving a joint venture between the faculty or staff member and another person.
General Policy.
1. Purchases from staff members exceeding $1,000 for one transaction or $2,000 in one year must be approved by the Board of Regents.
2. Services of staff, or members of their immediate household other than those in established businesses providing such services as outside contractors, unless approved in the budget or in advance by the Vice President for Finance and University Services, are approved only after Purchasing has determined the services are either uniquely exclusive, or otherwise beneficial to the University in comparison to other available sources of the required services.
3. University staff members cannot be interested, directly or indirectly, in any contract to furnish material of any kind to or for the University. In addition, participation in direct sales (pyramiding) ventures is considered a direct or indirect interest in a contract and is encompassed by this policy. Based on special approvals, staff members may be reimbursed for out-of-pocket expenditures on presentation of approved vouchers with receipts or other acceptable evidence of actual amounts paid for items purchased for University use.
4. Faculty or staff members who would benefit personally from the supplying of goods or services to the University by any prospective supplier, may not participate in the decision process leading to the choice of supplier. Specifically, faculty or staff members who have or who reasonably anticipate having either an ownership interest in, a significant executive position in or a consulting or other remunerative relationship with a prospective supplier may not participate in the recommendation of, drafting specifications for, or the decision to purchase the goods or services involved. Faculty or staff members who know that a member of their family (or any other person with whom they have a personal or financial relationship) has an ownership interest or a significant executive position in a prospective supplier are also disqualified from participating in the purchasing of the goods and services. However, faculty or staff members whose sole ownership interest in a potential supplier is held by a fiduciary (such as TIAA-CREF, a blind trust, or a mutual fund) that has the power to acquire or dispose of the interest without consultation with the faculty or staff member are not disqualified from participation in the purchase decision.
5. When a faculty or staff member is disqualified from participating in a procurement decision, the fact of the disqualification and the reason for it must be reported to others involved in the decision. If necessary, a substitute may take the staff member's place under procedures established by the Vice President for Finance and University Services. Consult the Purchasing Policies and Procedures Guide for details.