Utah § 53H-16-407 Annual audit.

Utah Statutes

§ 53H-16-407 — Annual audit.

Utah·Title 53H Higher Education·Ch. 53H-16 Nucleus Institute·Part 53H-16-4 Utah Innovation Fund

(1)Each calendar year, an audit of the activities of the Utah innovation fund shall be conducted by:

(1)(a) the state auditor; or

(1)(b) the state auditor's designee.

(2)A designee described in Subsection (1)(b) may not have a business, contractual, or other connection to the institute or the Utah innovation fund.

(3)The annual audit shall:

(3)(a) include a valuation of the assets owned by the Utah innovation fund as of the end of the reporting year, using market-standard techniques for assets typically held by early stage private investment and venture capital funds;

(3)(b) include an opinion regarding the accuracy of the information provided in the annual report described in Section 53H-16-406; and

(3)(c) on or before September 1, be delivered to:

(3)(c)(i) the institute; and

(3)(c)(i

Free access — add to your briefcase to read the full text and ask questions with AI

(1) Each calendar year, an audit of the activities of the Utah innovation fund shall be conducted by:
(1)(a) the state auditor; or
(1)(b) the state auditor's designee.
(2) A designee described in Subsection (1)(b) may not have a business, contractual, or other connection to the institute or the Utah innovation fund.
(3) The annual audit shall:
(3)(a) include a valuation of the assets owned by the Utah innovation fund as of the end of the reporting year, using market-standard techniques for assets typically held by early stage private investment and venture capital funds;
(3)(b) include an opinion regarding the accuracy of the information provided in the annual report described in Section 53H-16-406; and
(3)(c) on or before September 1, be delivered to:
(3)(c)(i) the institute; and
(3)(c)(ii) the state treasurer.
(4) The institute shall pay the costs associated with the annual audit.

Utah § 53H-16-407 (Annual audit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.