40A:5-14.8 - Annual audit of dedicated trust funds - New Jersey Statutes

40A:5-14.8  Annual audit of dedicated trust funds.

7. a. The accounts of every dedicated trust fund established pursuant to subsection a. of section 4 of P.L.2008, c.65 (C.40A:5-14.5) shall be subject to annual audits by the State Auditor or a designee.  In addition, the investment oversight board of a dedicated trust fund shall commission an independent audit of its program.  The results of the independent audit shall be open to public inspection and shall be provided to the Governor, Commissioner of Community Affairs, State Comptroller, the State Treasurer, and each member of the governing body of the municipality.  The investment oversight board may use earnings of the fund to pay for the cost of an independent audit required by this subsection.

b.Statements, reports on distributions, and information returns relating to accounts for a dedicated trust fund shall be prepared, distributed, and filed to the extent required by section 529 of the federal Internal Revenue Code of 1986, 26 U.S.C. s.529.

L.2008, c.65, s.7.