Utah Code 63N-21-401. Annual report
Current as of: 2024 | Check for updates
|
Other versions
(1) On or before September 1 of each year, the innovation lab shall publish an annual report of the activities conducted by the Utah innovation fund and submit, in accordance with Section 68-3-14, the written report to:
Terms Used In Utah Code 63N-21-401
- Board: means the board of directors of the innovation lab, as described in Section 63N-21-202. See Utah Code 63N-21-101
- Innovation lab: means the Utah Innovation Lab created in Section 63N-21-201. See Utah Code 63N-21-101
- Qualified business: means a business entity that:(3)(a) is established to commercialize a technology, product, or service developed through a technology commercialization program at a public or private institution of higher education in the state; and(3)(b) maintains the business's principal business operations in the state. See Utah Code 63N-21-101
- Qualified investment: means any distribution or payment of funds to a qualified business from the Utah innovation fund, including:
(4)(a) a direct investment of capital in a qualified business for the purchase of shares of stock;(4)(b) a secured loan or revolving line of credit to a qualified business; or(4)(c) a financial grant to a qualified business. See Utah Code 63N-21-101- Utah innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101
(1)(a) the governor;(1)(b) the Business, Economic Development, and Labor Appropriations Subcommittee;(1)(c) the Economic Development and Workforce Services Interim Committee; and(1)(d) the Retirement and Independent Entities Interim Committee.(2) The annual report shall:(2)(a) be designed to provide clear, accurate, and accessible information to the public, the governor, and the Legislature;(2)(b) include a copy of the annual audit required under Section 63N-21-402;(2)(c) describe the policies adopted by the board under Subsection 63N-21-203(1)(b);(2)(d) include detailed information regarding:(2)(d)(i) the name and location of each qualified business that received capital from the Utah innovation fund;(2)(d)(ii) the amount of each qualified investment made by the Utah innovation fund;(2)(d)(iii) the aggregate amount of capital provided to qualified businesses;(2)(d)(iv) realized gains from qualified investments and any realized losses; and(2)(d)(v) unrealized gains and any unrealized losses based on the net present value of ongoing qualified investments;(2)(e) include detailed information regarding the innovation lab’s yearly expenditures, including:(2)(e)(i) administrative, operating, and financing expenses; and(2)(e)(ii) aggregate compensation information for full-time and part-time employees, including benefit and travel expenses;(2)(f) include detailed information regarding all funding sources for administrative, operating, and financing expenses, including any fees charged by the innovation lab to the Utah innovation fund under Subsection 63N-21-201(4)(g); and(2)(g) include an explanation of the Utah innovation fund’s progress in achieving the purposes described in Subsection 63N-21-301(2). - Qualified investment: means any distribution or payment of funds to a qualified business from the Utah innovation fund, including: