1. a. The treasurer of state shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the trust by November 1 to the governor and the general assembly.

 b. The annual audit shall be made either by the auditor of state or by an independent certified public accountant designated by the auditor of state and shall include direct and indirect costs attributable to the use of outside consultants, independent contractors, and any other persons who are not state employees.

Terms Used In Iowa Code 12D.8

  • Benefits: means the payment of qualified education expenses on behalf of a beneficiary by the trust during the beneficiary's attendance at a qualified educational institution. See Iowa Code 12D.1
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • trust: means the trust created under section 12D. See Iowa Code 12D.1
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. The annual audit shall be supplemented by all of the following information prepared by the treasurer of state:

 a. Any related studies or evaluations prepared in the preceding year.
 b. A summary of the benefits provided by the trust including the number of participants and beneficiaries in the trust.
 c. Any other information which is relevant in order to make a full, fair, and effective disclosure of the operations of the trust.
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