AGENCY: Technology Finance Corporation
SERIES: 10166
TITLE: Small Business Innovation Program phase one contracts
DATES: 1985-1992.
ARRANGEMENT: Alphabetical by round, thereunder by company name
DESCRIPTION: The Small Business Innovation Program (SBIP) director creates these records from applications submitted by businesses and educational institutions. From these applications, the Utah Technology Finance Corporation (UTFC) identifies new ideas and technologies for product development. The agency oversees a biennial application process (round) and evaluates applications it receives based on due diligence, site inspection, commercialization, product feasibility, and on the merits. Between 20-25% of applicants are funded. The agency receives a 3% royalty on the sales receipts and 3% of the total amount earned by the venture. The monies generated are used to finance other commercial projects accepted by SBIP. The records contain proprietary information on the business applicants, contracts, milestone reports, payment records, final reports describing new technologies, and correspondence.
RETENTION
Permanent. Retain for 8 year(s) after expiration of contractual agreement
DISPOSITION
Transfer to Archives.
RETENTION AND DISPOSITION AUTHORIZATION
Retention and disposition for this series were specifically approved by the State Records Committee.
APPROVED: 08/2000
FORMAT MANAGEMENT
Paper: Retain in Office for 6 years after fulfillment of business agreement and then transfer to State Records Center. Retain in State Records Center for 2 years and then transfer to State Archives with authority to weed.
APPRAISAL
Legal
These records document the principle statutory responsibility of the UTFC to finance technology and innovation development, according to UCA 9-2-703 (1992). The retention period fulfills the contractual statute of limitations requirements of UCA 78-12-23 (2) (1992), which states that "an action upon any contract, obligation, or liability founded upon an instrument in writing" must be brought within 6 years.
PRIMARY DESIGNATION
Exempt. UCA 9-13-305(1)(2008), proprietary information.