Utah Code § 53H-16-407
Annual audit
Redline — January 1, 2025 → current.View current text →
Current — July 1, 2026
As of January 1, 2025
(1) Each calendar year, an audit of the activities of the Utah innovation fund shall be conducted by: (a) the state auditor; or (b) the state auditor's designee.
(1) Each calendar year, an audit of the activities of the Nucleus Fund shall be conducted by: (a) the state auditor; or (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.
(2) A designee described in Subsection (1)(b) may not have a business, contractual, or other connection to the institute or the Nucleus Fund.
(3) The annual audit shall: (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; (b) include an opinion regarding the accuracy of the information provided in the annual report described in Section 53H-16-406; and (c) on or before September 1, be delivered to: (i) the institute; and (ii) the state treasurer.
(3) The annual audit shall: (a) include a valuation of the assets owned by the Nucleus 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; (b) include an opinion regarding the accuracy of the information provided in the annual report described in Section 53H-16-406; and (c) on or before September 1, be delivered to: (i) the institute; and (ii) the state treasurer.
(4) The institute shall pay the costs associated with the annual audit.
(4) The institute shall pay the costs associated with the annual audit.
Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.