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:
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
(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:
(a)
a direct investment of capital in a qualified business for the purchase of shares of stock;
(b)
a secured loan or revolving line of credit to a qualified business; or
the Business, Economic Development, and Labor Appropriations Subcommittee;
(c)
the Economic Development and Workforce Services Interim Committee; and
(d)
the Retirement and Independent Entities Interim Committee.
(2)
The annual report shall:
(a)
be designed to provide clear, accurate, and accessible information to the public, the governor, and the Legislature;
(b)
include a copy of the annual audit required under Section 63N-21-402;
(c)
describe the policies adopted by the board under Subsection 63N-21-203(1)(b);
(d)
include detailed information regarding:
(i)
the name and location of each qualified business that received capital from the Utah innovation fund;
(ii)
the amount of each qualified investment made by the Utah innovation fund;
(iii)
the aggregate amount of capital provided to qualified businesses;
(iv)
realized gains from qualified investments and any realized losses; and
(v)
unrealized gains and any unrealized losses based on the net present value of ongoing qualified investments;
(e)
include detailed information regarding the innovation lab’s yearly expenditures, including:
(i)
administrative, operating, and financing expenses; and
(ii)
aggregate compensation information for full-time and part-time employees, including benefit and travel expenses;
(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
(g)
include an explanation of the Utah innovation fund’s progress in achieving the purposes described in Subsection 63N-21-301(2).
