§ 11-68-601 — Financial reports -- Audit -- Crime insurance.

(1) (1)(a) The authority shall, following the close of each fiscal year, submit an annual report of the authority's activities for the preceding year to the governor and the Legislature.
(1)(b) The report shall contain:
(1)(b)(i) a complete operating report detailing the authority's activities; and
(1)(b)(ii) financial statements of the authority audited by a certified public accountant according to generally accepted auditing standards.
(2) (2)(a) At least once a year, the state auditor shall:
(2)(a)(i) audit the books and accounts of the authority; or
(2)(a)(ii) contract with a nationally recognized independent certified public accountant to conduct the audit and review the audit report when the audit is completed.
(2)(b) The authority shall reimburse the state auditor for the costs of the audit.
(2)(c) If the audit is conducted by an independent auditor, the independent auditor shall submit a copy of the audit to the state auditor for review within 90 days after the end of the fiscal year covered by the audit.
(3) (3)(a) The authority shall maintain crime insurance coverage of $25,000 for each member of the board.
(3)(b) The authority shall maintain crime insurance coverage of $50,000 for the executive director.
(3)(c) The authority shall ensure that the crime insurance coverage described in this section is:
(3)(c)(i) related to the performance of the duties of office to which the crime insurance relates;
(3)(c)(ii) issued by an insurance company authorized to transact business in the state as an insurer; and
(3)(c)(iii) recorded by filing proof of the insurance in the office of the State Treasurer.
(3)(d) The authority shall pay the crime insurance premiums.

Legislative History

Amended by Chapter 76, 2025 General Session