Utah Code 51-2a-403. General Fund reimbursed for accounting report of nonappropriated activities — Amount of reimbursement
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(1) The General Fund shall be reimbursed by the entity for which an audit, review, or compilation are in whole or in part performed, whenever the state auditor or legislative auditor general is required by law or constitutional provision to perform that audit, review, or compilation or cause that audit, review, or compilation to be made for any office, department, division, board, agency, commission, council, authority, institution, hospital, school, college, university, or other instrumentality of the state or any of its political subdivisions for nonappropriated activities, including associated students’ accounts, auxiliary enterprise funds, nonprofit corporations, governmental nonprofit corporations, contracts with the federal government, federal grants-in-aid, and federal assistance programs.
Terms Used In Utah Code 51-2a-403
- Audit: means an examination that:(2)(a) is performed in accordance with generally accepted government auditing standards, or for a nonprofit corporation or a governmental nonprofit corporation, in accordance with generally accepted auditing standards; and(2)(b) conforms to the uniform classification of accounts established or approved by the state auditor or any other classification of accounts established by any federal government agency. See Utah Code 51-2a-102
- Compilation: means information presented in the form of financial statements presented in conformity with generally accepted accounting principles that are the representation of management without the accountant undertaking to express any assurances on the statements. See Utah Code 51-2a-102
- Review: means performing inquiry and analytical procedures that provide the accountant with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with generally accepted accounting principles. See Utah Code 51-2a-102
- 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
(2)(2)(a) The reimbursement amount shall be a pro rata share of that auditor’s total cost, based upon a time-spent factor.(2)(b) An audit includes an audit of state-appropriated funds.(2)(b)(i) If state-appropriated funds are not involved in the accounting report, the reimbursement may not be less than the average hourly cost of the operations of that auditor’s office nor more than the average rate attainable from certified public accounting firms performing similar services for this state.(2)(b)(ii) Reimbursement charges may be negotiated with that auditor’s office within these limitations.