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Utah Code Title 63N. Economic Opportunity Act § 63N-21-401. Annual report

Current as of January 01, 2025 | Updated by Findlaw Staff

(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:

(a) the governor;

(b) 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).

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Cite this article: FindLaw.com - Utah Code Title 63N. Economic Opportunity Act § 63N-21-401. Annual report - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-63n-economic-opportunity-act/ut-code-sect-63n-21-401/

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