1. (1) On or before October 1 of each year, the institute 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:

   1. (a) the governor;
   2. (b) the Economic Development and Workforce Services Interim Committee; and
   3. (c) the Executive Appropriations Committee.

2. (2) The annual report shall:

   1. (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 53H-16-407;
   3. (c) describe the policies adopted by the institute board under Subsection 53H-16-404(1)(c);

   4. (d) include detailed information regarding:

      1. (i) the name and location of each qualified business that received capital from the Utah innovation fund;
      2. (ii) the amount of each qualified investment made by the Utah innovation fund;
      3. (iii) the aggregate amount of capital provided to qualified businesses; and
      4. (iv) realized gains from qualified investments and any realized losses;

   5. (e) include detailed information regarding the institute's yearly expenditures, including:

      1. (i) administrative, operating, and financing expenses; and
      2. (ii) aggregate compensation information for full-time and part-time employees, including benefit and travel expenses;
   6. (f) include detailed information regarding all funding sources for administrative, operating, and financing expenses, including any fees charged by the institute to the Utah innovation fund under Subsection 53H-16-304(3)(e); and
   7. (g) include an explanation of the Utah innovation fund's progress in achieving the purposes described in Subsection 53H-16-402(2).

Renumbered and Amended by Chapter 8, 2025 Special Session 1