63N-21-402. Annual audit.
| (1) |
Each calendar year, an audit of the activities of the Utah innovation fund shall be conducted by:
Terms Used In Utah Code 63N-21-402- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Innovation lab: means the Utah Innovation Lab created in Section 63N-21-201. See Utah Code 63N-21-101
- 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
- Utah innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101
| (a) |
the state auditor; or |
| (b) |
an independent auditor engaged by the state auditor. |
|
| (2) |
An independent auditor described in Subsection (1)(b) may not have a business, contractual, or other connection to the innovation lab or the Utah innovation 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 63N-21-401; and |
| (c) |
on or before September 1, be delivered to:
| (i) |
the innovation lab; and |
| (ii) |
the state treasurer. |
|
|
| (4) |
The innovation lab shall pay the costs associated with the annual audit. |
Enacted by Chapter 38, 2023 General Session
Technically renumbered for proper placement with other sections that were technically renumbered in same bill.
