Utah § 53H-16-407 Annual audit.

Utah Statutes

§ 53H-16-407 — Annual audit.

Utah § 53H-16-407

Title 53HHigher Education

Ch. 53H-16Nucleus Institute

Part 53H-16-4Utah Innovation Fund

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Bluebook

Utah Code Ann. § 53H-16-407 (2026).

Text

(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

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(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.