38.2-5015 - Birth-Related Neurological Injury Compensation Fund; assets of the Fund; audit. - Virginia Statutes

§ 38.2-5015. Birth-Related Neurological Injury Compensation Fund; assets ofthe Fund; audit.

A. There is established the Birth-Related Neurological Injury CompensationFund to finance the Virginia Birth-Related Neurological Injury CompensationProgram created by this chapter. The assets of the Fund administered by theboard of directors of the Program are trust funds and shall be used solely inthe interest of the recipients of awards pursuant to § 38.2-5009 and toadminister the Program.

B. An independent certified public accountant selected by the board ofdirectors of the Program shall annually audit the accounts of the Fund, andthe cost of such audit services shall be borne by the Program and be paidfrom moneys designated for such purposes in the Fund. The audit shall beperformed at least each fiscal year, in accordance with generally acceptedauditing standards and, accordingly, include such tests of the accountingrecords and such auditing procedures as considered necessary under thecircumstances. The board of directors shall furnish copies of the audit tothe same persons who are entitled to receive copies of the board's report oninvestment of the Fund's assets.

(1987, c. 540; 1999, c. 826; 2003, c. 897.)