90-10-307. Annual audit. (1) The designated investor group shall provide annually to the board, the governor, and the legislative audit committee a financial audit performed each calendar year by an independent auditor.
     (2) The audit must include:
     (a) the investments made by the designated investor group through the Montana equity fund but may not extend to the audit of individual portfolio companies;
     (b) the redemption or claiming of tax credits available to investors in the Montana equity fund, reported in the aggregate; and
     (c) a valuation of the aggregate portfolio assets owned by the Montana equity fund and the Montana evergreen fund as of the end of each year and a description of how the designated investor group has implemented the Montana investment plan described in 90-10-202.
     (3) The Montana equity fund shall pay the cost of the audit.

     History: En. Sec. 12, Ch. 537, L. 2005.