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Legislators press for SITLA transparency after audit flags missing audited statements and valuation methods
Summary
At a Washington County working session, legislators urged requiring audited financial statements and asset-valuation standards for the School and Institutional Trust Lands Administration (SITLA), citing an audit that left trustees and beneficiaries uncertain about portfolio value and distribution practices.
Legislators meeting with Washington County School District officials on Oct. 11 urged changes to how the School and Institutional Trust Lands Administration (SITLA) reports and values its trust assets after an audit found gaps in financial reporting and valuation.
An unidentified legislator who briefed the group said SITLA "doesn't have audited financial statements," and that the agency "doesn't have any way or any requirement to measure the value of the portfolio that they manage." The speaker recommended adopting…
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