AGENCY: Technology Finance Corporation
SERIES: 9990
TITLE: Small Business Innovation Program awardee records
DATES: 1985-1992.
ARRANGEMENT: Numerical by round number, thereunder alphabetical by name of company
DESCRIPTION: The Utah Technology Finance Corporation (UTFC) creates these files from applications submitted by businesses and educational institutions. From these applications, the UTFC identifies new ideas and technologies for commercialization. The agency oversees a biennial application process (round) and evaluates applications it receives based on due diligence, site inspection, commercialization and 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 into the Small Business Innovation Program. The files include business agreements, business plans, disbursement warrants, progress reports, correspondence, and final reports describing new technologies.
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: 04/2000
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.
APPRAISAL
Historical Legal
This disposition is based on the primary evidential value of these records in documenting the principle statutory responsibility of the UTFC to finance technology and innovation development, according to UCA 9-2-703 (1992). The records also have secondary informational value in that they document proposed ideas for technological development in Utah that may be especially interesting to economists and corporate historians. Also, it 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.