63H-6-106. Financial reports — Audit — Surety bonds.
- (1)
- (a) The corporation shall, following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor and the Legislature.
- (b) The report shall contain:
- (i) a complete operating report detailing the corporation’s activities; and
- (ii) financial statements of the corporation audited by a certified public accountant according to generally accepted auditing standards.
- (2)
- (a) At least once a year, the state auditor shall:
- (i) audit the books and accounts of the corporation; or
- (ii) contract with a nationally recognized independent certified public accountant to conduct the audit and review the audit report when it is completed.
- (b) The corporation shall reimburse the state auditor for the costs of the audit.
- (c) If the audit is conducted by an independent auditor, the independent auditor shall submit a copy of the audit to the state auditor for review within 90 days after the end of the fiscal year covered by the audit.
- (a) At least once a year, the state auditor shall:
- (3)
- (a) The corporation shall maintain a surety bond in the penal sum of $25,000 for each member of the board.
- (b) The corporation shall maintain a surety bond in the penal sum of $50,000 for the executive director.
- (c) The corporation shall ensure that each surety bond is:
- (i) conditioned upon the faithful performance of the duties of office to which it attaches;
- (ii) issued by a surety company authorized to transact business in Utah as a surety; and
- (iii) filed in the office of the State Treasurer.
- (d) The corporation shall pay the cost of the surety bonds.
Renumbered and Amended by Chapter 370, 2011 General Session