Utah Capital Investment Corporation
- Assets
- $52.7m
- Revenue
- -$60.1k
- Investments
- $31.7m
- Employees
- 2
- Location
- Salt Lake City, UT
- Founding
- 01/2006
- Data as of
- 12/2022
- EIN
- 75-3146492
Organization Overview
Utah Capital Investment Corporation is located in Salt Lake City, UT. The organization was established in 2006. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Utah Capital Investment Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Utah Capital Investment Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ECONOMIC STIMULUS FOR UTAH BUSINESSES BY ORGANIZING AND ACTING AS THE MANAGING MEMBER OF THE UTAH FUND OF FUNDS, LLC (EIN: 11-3775457). THE FUND IS A STATE OF UTAH ECONOMIC DEVELOPMENT PROGRAM AIMED AT PROVIDING ACCESS TO ALTERNATIVE OR NON-TRADITIONAL CAPITAL TO UTAH ENTERPRENEURS.
Describe the Organization's Program Activity:
UTAH CAPITAL INVESTMENT CORP WAS ESTABLISHED FOR THE MANAGEMENT OF THE UTAH FUND OF FUNDS, LLC (EIN: 11-3775457).UFOF IS A LIMITED LIABILITY COMPANY ORGANIZED UNDER THE LAWS OF THE STATE OF UTAH. UFOF COMMENCED OPERATIONS ON MARCH 16, 2006. UFOF IS A STATE OF UTAH ECONOMIC DEVELOPMENT PROGRAM AIMED AT PROVIDING ACCESS TO ALTERNATIVE OR NON-TRADITIONAL CAPITAL BY UTAH ENTREPRENEURS. IT DOES NOT INVEST MONEY INTO ANY COMPANY OR INDIVIDUAL BUT RATHER INVESTS IN VENTURE CAPITAL AND PRIVATE EQUITY FUNDS THAT COMMIT TO ESTABLISHING A WORKING RELATIONSHIP WITH THE FUND AND WITH UTAH'S START-UP AND BUSINESS COMMUNITY, AND MAKING INVESTMENTS IN QUALIFIED COMPANIES. UFOF INVESTS IN VENTURE CAPITAL AND PRIVATE EQUITY FUNDS LOCATED BOTH IN UTAH AND OUTSIDE OF UTAH. AS OF DECEMBER 31, 2021 UFOF'S PORTFOLIO OF FUNDS HAD 28 INVESTMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bret Jepsen Managing Director | OfficerTrustee | 50 | $280,000 |
Marlo Oaks Board Member | Trustee | 1 | $0 |
Paul Clayson Board Member | Trustee | 1 | $0 |
Jason Gull Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mercer Investments Professional Fees | 12/30/22 | $254,166 |
Cooley Llp Legal Fees | 12/30/22 | $149,828 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $594,608 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $7,288 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$661,956 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$60,060 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,000,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $309,101 |
| Compensation of current officers, directors, key employees. | $61,820 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,676 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $14,261 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $174,828 |
| Fees for services: Accounting | $44,339 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $254,166 |
| Fees for services: Other | $0 |
| Advertising and promotion | $40 |
| Office expenses | $1,386 |
| Information technology | $7,422 |
| Royalties | $431 |
| Occupancy | $24,692 |
| Travel | $2,060 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,400 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $23,712 |
| All other expenses | $384 |
| Total functional expenses | $16,215,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $20,939,002 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,602 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $31,745,621 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $52,694,225 |
| Accounts payable and accrued expenses | $29,200 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $29,200 |
| Net assets without donor restrictions | $52,665,025 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $52,694,225 |