53H-16-407. Annual audit.
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Effective 7/1/2026
53H-16-407. Annual audit.
(1)Each calendar year, an audit of the activities of the Nucleus Fund shall be conducted by:
(a)the state auditor; or
(b)the state auditor's designee.
(2)A designee described in Subsection (1)(b) may not have a business, contractual, or other connection to the institute or the Nucleus Fund.
(3)The annual audit shall:
(a)include a valuation of the assets owned by the Nucleus 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 53H-16-406 ; and
(c)on or before September 1, be delivered to:
(i)the institute; and
(ii)the state treasurer.
(4)The institute shall pay the costs associated with the annual audit.
Amended by Chapter 138 , 2026 General Session