§ 100038
153 words·~1 min read·
/ca/government-code/100038A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Notwithstanding Section 10231.5, the board shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the trust by August 1 to the Governor, the Controller, the State Auditor, and the Legislature, pursuant to Section 9795. The annual audit shall be made by an independent certified public accountant and shall include, but not be limited to, direct and indirect costs attributable to the use of outside consultants, independent contractors, and any other persons who are not state employees.
(b)The annual audit shall be supplemented by the following information prepared by the board:
(1)Any studies or evaluations prepared in the preceding year.
(2)A summary of the benefits provided by the trust including the number of participants in the trust.
(3)Any other information that is relevant in order to make a full, fair, and effective disclosure of the operations of the trust.