{"data":{"id":"us-ut/utah-code-53h-16-407","jurisdiction":"us-ut","citation":"Utah Code § 53H-16-407","heading":"Annual audit.","body":"(1) Each calendar year, an audit of the activities of the Nucleus Fund shall be conducted by:\n(a) the state auditor; or\n(b) the state auditor's designee.\n(2) A designee described in Subsection (1)(b) may not have a business, contractual, or other connection to the institute or the Nucleus Fund.\n(3) The annual audit shall:\n(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;\n(b) include an opinion regarding the accuracy of the information provided in the annual report described in Section 53H-16-406; and\n(c) on or before September 1, be delivered to:\n(i) the institute; and\n(ii) the state treasurer.\n(4) The institute shall pay the costs associated with the annual audit.","path":["Title 53H Higher Education","Chapter 53H-16 Nucleus Institute","Part 53H-16-4 Utah Innovation Fund"],"source_url":"https://le.utah.gov/xcode/Title53H/Chapter16/53H-16-S407.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"59ca24fa97cde4db72e4441c869b513bba0029c053390135d1f0897977283a39","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-53h-16-406","next":"us-ut/utah-code-54-1-1"},"notice":"GroundRules: Original legal text. Not legal advice."}