Section 69989 Of Article 19. Golden State Scholarshare Trust Act From California Education Code >> Division 5. >> Title 3. >> Part 42. >> Chapter 2. >> Article 19.
69989
. (a) The board shall submit an annual audited financial
report, prepared in accordance with generally accepted accounting
principles, on the operations of the Scholarshare trust by October 31
to the Governor, the Controller, the State Auditor, and the
Legislature. The annual audit shall be made by an independent
certified public accountant, and shall include, but need not be
limited to, direct and indirect costs attributable to the use of
outside consultants, independent contractors, and any other persons
who are not state employees. Any contributions to the Scholarshare
trust that are not directed to a specified beneficiary shall be
accounted for and treated separately in the annual audit.
(b) The annual audit shall be supplemented by the following
information prepared by the board:
(1) Any studies or evaluations prepared in the preceding year.
(2) A summary of the benefits provided by the Scholarshare trust,
including the number of participants and beneficiaries in the
Scholarshare trust.
(3) Any other information that is relevant in order to make a
full, fair, and effective disclosure of the operations of the
Scholarshare trust.