FY 2018 FAQ
Q: Do grants received through TCIP are subject to regular taxes.
A: We do not offer tax advice regarding the grant but we do report to the IRS regarding money being distributed as a grant to your company.
Q: Do grants have a maximum amount that can be requested?
A: Potential first time TCIP grant recipients can request up to $100,000 and companies who have received TCIP grants in the past can request up to $200,000. Keep in mind you need to justify how you’ll be spending the funding to commercialize your technology and have it tied specifically to your milestones and within the spending specifications found in the Policies & Procedures document on our website.
Q: What attachments need to be uploaded on the application?
- 10 page Powerpoint, (CLICK HERE for link to template) upload as PDF
- Budget, Attach a line item budget for how you will spend the requested grant money, upload as PDF
- Projections, financial projections for the next 5 years, upload as PDF
- Current Financials, current balance sheet, statement of cash flows, and income statement, upload as one PDF
- Capitalization Table, upload as one file as a PDF
- Letters of Support (optional), upload as one PDF
- Link to Two Minute Project Overview Video via YouTube or Vimeo. Briefly discuss your project and team, do not go over two minutes.
Q: Can a company petition the $100,000 limit for potential first time TCIP recipients if they have received TAP funding prior to applying to TCIP because of the TRL specifications?
A: Yes, in the section of the application under funding request you can request more and make a petition for an amount other than $100,000. You still need to tie that funding request to milestones and make your case. Our review committee will take it into consideration based on the fact the two programs work harmoniously to see technologies advance and commercialize.
Q: If we are currently in the process of securing an EIN for our company how can I still submit an application for TCIP?
A: If you don’t have and EIN setup for your company you cannot submit an application. However if you’re spinning out a new technology into its own company from another entity you may use that other entity’s EIN number as long as you have a new EIN by the time you would enter into contract with our office if you’ve been chosen for funding. The same goes with having a Utah Business License Number. We recommend starting the process and securing your EIN or Utah Business License Number as soon as possible.
Q: Can I submit an application if my business is an L3C (Low-profit limited liability company?
A: Yes you can submit an application if your business is a registered L3C in the state of Utah.