Utah Technology Finance Corp. v. Wilkinson

In Utah Technology Finance Corp. v. Wilkinson, 723 P.2d 406 (Utah 1986), the Court held that the UTFC is an independent agency even though it receives state funds, is required to make annual reports to the governor, is subject to annual audits by the state auditor, and is required to give all moneys acquired to the state treasurer as custodian, because it is governed by a board of trustees, as opposed to the governor or any executive department official with direct supervisory control, and it is clear the legislature intended to create an independent, nonprofit public agency. Id. at 414-15.