§ 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.

(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