| (1) |
The state auditor shall conduct an annual audit of the trust fund money and assets on a fund by fund basis, including:
Terms Used In Utah Code 53D-1-105- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the board of trustees established in Section 53D-1-301. See Utah Code 53D-1-102
- Office: means the School and Institutional Trust Fund Office, created in Section 53D-1-201. See Utah Code 53D-1-102
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Trust fund: means money derived from:
| (a) | the sale or use of land granted to the state under Sections 6, 8, and 12 of the enabling act; |
| (b) | proceeds referred to in Section 9 of the enabling act from the sale of public land; and |
| (c) | revenue and assets referred to in Utah Constitution, Article X, Section 5, Subsections Utah Code 53D-1-102- Writing: includes :Utah Code 68-3-12.5
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| (a) |
an evaluation of the independent custodial arrangements made for the management and investment of trust fund money and assets; and |
| (b) |
a verification of the accuracy of the office‘s report of returns generated on the office’s investments. |
| (2) |
The state auditor shall:
| (a) |
report the results of an audit under this section in writing; and |
| (b) |
make the written audit report available to the public. |
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| (3) |
The state auditor shall consult with the board at least annually as to whether additional matters should be included within the scope of the annual audit. |
Enacted by Chapter 426, 2014 General Session
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