53H-16-407. Annual audit.
(1) Each calendar year, an audit of the activities of the Nucleus Fund shall be conducted by: the state auditor; or the state auditor's designee.
(2) A designee described in Subsectionmay not have a business, contractual, or other connection to the institute or the Nucleus Fund. (1)(b)
(3) The annual audit shall: 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; include an opinion regarding the accuracy of the information provided in the annual report described in Section; and 53H-16-406 on or before September 1, be delivered to: the institute; and the state treasurer.
(4) The institute shall pay the costs associated with the annual audit.