HI SB3125

Requires the State Auditor to conduct a comprehensive financial and management audit of the State Foundation on Culture and the Arts.

Audit must examine the balance and sources of funds in the works of art special fund, annual expenditures for art acquisition, and total operating costs with detailed cost breakdown.

Audit must review costs for site modifications, display, maintenance, repair, restoration of artwork, and the methodology for obtaining works of art.

Audit must inventory all acquired works of art, evaluate monitoring and security systems, and assess whether current independent financial audits are substandard.

Auditor must submit findings and recommendations, including any proposed legislation, to the legislature no later than 20 days before the 2015 regular session; Act takes effect July 1, 2014.