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2025 Utah Code
Title 13 - Commerce and Trade
Chapter 53 - Residential, Vocational and Life Skills Program Act
Section 108 - Financial requirements.
Universal Citation:
UT Code § 13-53-108 (2025)
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Effective 5/7/2025
13-53-108. Financial requirements.
Amended by Chapter 51, 2025 General Session
13-53-108. Financial requirements.
- (1)When applying for registration under Subsection 13-53-103(2), an applicant shall demonstrate fiscal responsibility by providing evidence to the division that the residential vocational or life skills program:
- (a)is financially sound; and
- (b)reasonably has the fiscal ability to fulfill commitments and obligations to the participants of the residential vocational or life skills program.
- (2)Evidence acceptable to satisfy the requirement described in Subsection (1) includes:
- (a)for a residential vocational or life skills program that has been in operation less than one fiscal year:
- (i)pro forma financial statements until further information described in Subsection (2)(b) is available; and
- (ii)a commercial credit report for the residential vocational or life skills program; or
- (b)for a residential vocational or life skills program that has completed a fiscal year, and as soon as the residential vocational or life skills program completes its first fiscal year:
- (i)a current financial statement, with all applicable footnotes, for the most recent fiscal year, including a balance sheet, a statement of income, a statement of retained earnings, and a statement of cash flow; and
- (ii)a certified fiscal audit of the residential vocational or life skills program's financial statement, performed by a certified or licensed public accountant.
- (a)for a residential vocational or life skills program that has been in operation less than one fiscal year:
- (3)In evaluating a residential vocational or life skills program's fiscal responsibility, the division may consider:
- (a)any judgment, tax lien, collection action, bankruptcy schedule, or history of late payments to creditors;
- (b)documentation showing the resolution of a matter described in Subsection (3)(a);
- (c)the residential vocational or life skills program's explanation for a matter described in Subsection (3)(a);
- (d)a guarantee agreement provided for the residential vocational or life skills program; and
- (e)history of a prior entity that:
- (i)is owned or operated by any individual who is an officer, a director, or an administrator of the residential vocational or life skills program; and
- (ii)has failed to maintain fiscal responsibility.
- (4)The division may require evidence of financial status at other times when it is in the best interest of the program participants to require the information.
- (5)The division may perform a fiscal audit of a residential vocational or life skills program.
- (6)A residential vocational or life skills program shall develop and maintain adequate internal controls for receipt, management, and disbursement of money that are reasonable in light of the residential vocational or life skills program's organizational complexity.
Amended by Chapter 51, 2025 General Session
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