Utah Code 11-68-601. Financial reports — Audit — Surety bonds
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(1)
Terms Used In Utah Code 11-68-601
- Authority: means the State Fair Park Authority, created in Section 11-68-201. See Utah Code 11-68-101
- Board: means the authority board, created in Section 11-68-301. See Utah Code 11-68-101
- Contract: A legal written agreement that becomes binding when signed.
- Executive director: means the executive director hired by the board under Section 11-68-302. See Utah Code 11-68-101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) The authority shall, following the close of each fiscal year, submit an annual report of the authority’s activities for the preceding year to the governor and the Legislature.
(1)(b) The report shall contain:
(1)(b)(i) a complete operating report detailing the authority’s activities; and
(1)(b)(ii) financial statements of the authority audited by a certified public accountant according to generally accepted auditing standards.
(2)
(2)(a) At least once a year, the state auditor shall:
(2)(a)(i) audit the books and accounts of the authority; or
(2)(a)(ii) contract with a nationally recognized independent certified public accountant to conduct the audit and review the audit report when the audit is completed.
(2)(b) The authority shall reimburse the state auditor for the costs of the audit.
(2)(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)
(3)(a) The authority shall maintain a surety bond in the penal sum of $25,000 for each member of the board.
(3)(b) The authority shall maintain a surety bond in the penal sum of $50,000 for the executive director.
(3)(c) The authority shall ensure that each surety bond is:
(3)(c)(i) conditioned upon the faithful performance of the duties of office to which the surety bond attaches;
(3)(c)(ii) issued by a surety company authorized to transact business in the state as a surety; and
(3)(c)(iii) filed in the office of the State Treasurer.
(3)(d) The authority shall pay the cost of the surety bonds.