West Virginia Code 18-30A-13 – Reports and account; annual audit
(a) In addition to any other requirements of this article, the board shall:
Terms Used In West Virginia Code 18-30A-13
- board: means the Board of Trustees of the West Virginia College and Jumpstart Savings Programs created in §. See West Virginia Code 18-30A-3
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- program: refers to the Jumpstart Savings Program established by this article. See West Virginia Code 18-30A-3
(1) Prepare and provide an annual summary of information on the financial condition of the Jumpstart Savings Trust Fund and statements on the savings program accounts to the respective account owners; and
(2) Prepare, or have prepared, a quarterly report on the status of the program, including the Jumpstart Savings Trust Fund and the College and Jumpstart Savings Administrative Account, and provide a copy of the report to the Joint Committee on Government and Finance: Provided, That the report submitted pursuant to § 18-30-10 of this code fulfills this subdivision’s requirement concerning the College and Jumpstart Savings Administrative Account.
(b) All accounts administered under the program, including the Jumpstart Savings Trust Fund, are subject to an annual external audit by an accounting firm, selected by the board, of which all members or partners assigned to head the audit are members of the American Institute of Certified Public Accountants. The audit shall comply with the requirements and standards in § 5A-2-33 of this code.