CHAPTER 4. AUDITS; REPORTS RELATED TO TRUST FUNDS

IC 20-39-4
    Chapter 4. Audits; Reports Related to Trust Funds

IC 20-39-4-1
Application; county common school fund; congressional townshipschool fund
    Sec. 1. This chapter applies to the following funds:
        (1) A county common school fund held in trust by a countyunder IC 20-42-1.
        (2) A congressional township school fund held in trust by acounty under IC 20-42-2.
As added by P.L.2-2006, SEC.162.

IC 20-39-4-2
Examination of records; state board of accounts
    Sec. 2. The state board of accounts shall examine the records andaffairs of the school funds held in trust by the counties. If theexamination discloses a violation of law, the state examiner shallorder the county auditor or other public official charged with theperformance of any duty to comply with the law. If the countyauditor or other public official fails to comply with the stateexaminer's order within a reasonable time, the state examiner shallcertify to the prosecuting attorney of the county a copy of the reportof examination and of the order issued for proper proceeding toenforce the law.
As added by P.L.2-2006, SEC.162.

IC 20-39-4-3
Annual report of county auditor and county treasurer
    Sec. 3. Before May 1 of each calendar year, each county auditorand county treasurer shall prepare a written report and present thereport to the board of county commissioners at the May meeting ofthe board. The report must concern the school funds held in trust bythe county. The following information must be included concerningthe county common school fund and the congressional townshipschool fund for the previous calendar year:
        (1) The amount in each fund.
        (2) Any additions to the funds, including the sources of theadditional funds.
        (3) The financial condition of the funds, including informationconcerning the amount safely invested, unsafely invested, anduninvested in the funds, and any loss to the funds.
        (4) The amount of interest collected on the funds.
        (5) Any amount due and unpaid to the funds.
As added by P.L.2-2006, SEC.162.

IC 20-39-4-4
Examination of report; county commissioners
    Sec. 4. (a) At the May meeting the county commissioners shall, inthe presence of the county auditor and county treasurer, do the

following:
        (1) Examine the:
            (A) reports prepared under section 3 of this chapter;
            (B) accounts and proceedings of the officers in relation tothe funds listed in section 1 of this chapter; and
            (C) revenue derived from the funds listed in section 1 of thischapter.
        (2) Compare the reports with the cash, notes, mortgages,records, and books of the officers to determine the amount inthe funds and the safety of the funds.
    (b) The county commissioners may do whatever is necessary tosecure the preservation and prompt payment of the interest on thefunds listed in section 1 of this chapter and make up any losses to thefunds that have accrued or may accrue.
As added by P.L.2-2006, SEC.162.

IC 20-39-4-5
Annual report; county commissioners
    Sec. 5. (a) Each board of county commissioners, at the Maymeeting described in section 4 of this chapter, shall prepare a writtenreport that includes the following information for the previous year:
        (1) The amount in the funds at the close of the year.
        (2) The amount added from sale of land.
        (3) The number of acres of unsold congressional townshipschool lands and the approximate value of the lands.
        (4) The amount added from fines and forfeitures.
        (5) The amount added by the commissioners of the debt servicefund.
        (6) The amount added from all other sources.
        (7) The total amount in the funds.
        (8) The amount refunded.
        (9) The amount reloaned.
        (10) The amount safely invested.
        (11) The amount unsafely invested.
        (12) The amount uninvested.
        (13) The amount of any fund loss.
        (14) The amount of interest collected.
        (15) The amount of interest delinquent.
    (b) The information in the report required by subsection (a) mustdistinguish between the:
        (1) congressional township school fund; and
        (2) county common school fund.
In its report of the interest or revenue derived from the funds, theboard of county commissioners shall observe the same distinction.
As added by P.L.2-2006, SEC.162.

IC 20-39-4-6
Record of report; distribution of copies
    Sec. 6. The report prepared under section 5 of this chapter mustbe entered on the records of the board of county commissioners.

Copies of the report must be:
        (1) signed by the members of the board of countycommissioners, the county auditor, and the county treasurer;and
        (2) sent to the:
            (A) auditor of state; and
            (B) state superintendent.
As added by P.L.2-2006, SEC.162.