A. The trustees of every trust created for the benefit and furtherance of any public function with the State of Oklahoma or any county or municipality as the beneficiary or beneficiaries thereof, with assets or revenues in excess of Fifty Thousand Dollars ($50,000.00) or with outstanding debt obligations, must cause an audit to be made of the financial statements of the trust, such audit to be ordered within thirty (30) days of the close of each fiscal year of the trust. The audit shall be filed in accordance with the requirements set forth for financial statement audits in Section 212A of Title 74 of the Oklahoma Statutes. B. The trustees of a trust which has more than Fifty Thousand Dollars ($50,000.00) in revenues or assets, and for whom an annual financial statement audit is not required by another law, regulation or contract, shall cause to be conducted, by an independent licensed public accountant or a certified public accountant, an annual audit of the trust’s financial statements in accordance with auditing standards generally accepted in the United States and Government Auditing Standards as issued by the Comptroller General of the United States or an agreed-upon-procedures engagement over certain financial information and compliance requirements to be performed in accordance with the applicable attestation standards of The American Institute of Certified Public Accountants. The specific procedures to be performed are: 1. Prepare a schedule of revenues, expenditures/expenses and changes in fund balances/net assets for each fund and determine compliance with any applicable trust or other prohibitions for creating fund balance deficits; 2. Agree material bank account balances to bank statements, and trace significant reconciling items to subsequent clearance; 3. Compare uninsured deposits to fair value of pledged collateral; 4. Compare use of material-restricted revenues and resources to their restrictions; 5. Determine compliance with requirements for separate funds; and 6. Determine compliance with reserve account and debt service coverage requirements of bond indentures. Such engagement shall be ordered within thirty (30) days of the close of each fiscal year of the trust. Copies of the annual audit or agreed-upon-procedures report shall be filed with the State Auditor and Inspector within six (6) months after the close of the fiscal year and with the trustees and governing body of the beneficiaries. C. Public trusts which have less than Fifty Thousand Dollars ($50,000.00) in revenue and less than Fifty Thousand Dollars ($50,000.00) in assets, and for whom an annual financial statement audit is not required by another law, regulation or contract and any public trust which did not have financial activity exceeding Fifty Thousand Dollars ($50,000.00) since its last audit shall be exempt from the requirements of subsections A and B of this section unless the public trust has outstanding debt obligations. D. A public trust with a municipal government or governments as the beneficiary that meet the same financial requirements established in subsection B of Section 17-105 of Title 11 of the Oklahoma Statutes may, as an alternative to obtaining an audit as required in this section, follow the biennial agreed-upon-procedures engagement outlined in subsection D of Section 17-105 of Title 11 of the Oklahoma Statutes. Added by Laws 1963, c. 76, § 1, emerg. eff. May 21, 1963. Amended by Laws 1976, c. 222, § 7, eff. Dec. 1, 1976; Laws 1996, c. 290, § 5, eff. July 1, 1996; Laws 2005, c. 459, § 6, eff. July 1, 2005; Laws 2006, c. 325, § 2, eff. Nov. 1, 2006; Laws 2007, c. 1, § 45, emerg. eff. Feb. 22, 2007; Laws 2017, c. 83, § 1; Laws 2021, c. 262, § 3, eff. Nov. 1, 2021; Laws 2024, c. 287, § 2, eff. Nov. 1, 2024.
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