Annual audit.

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