Superseded 7/1/2026
162 words·~1 min read·
/ut/title-53h/chapter-16/7-11A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 10/14/2025
Superseded 7/1/2026
53H-16-407. Annual audit.
(1)Each calendar year, an audit of the activities of the Utah innovation 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 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 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.
Renumbered and Amended by Chapter 8 , 2025 Special Session 1