(2) The purposes of a university venture development fund are to provide:
(a) Capital for university entrepreneurial programs;
(b) Opportunities for students to gain experience in applying research to commercial activities;
(c) Proof-of-concept funding for transforming research and development concepts into commercially viable products and services; and
(d) Entrepreneurial opportunities for persons interested in transforming research into viable commercial ventures that create jobs in this state.
(3) Each university that elects to establish a university venture development fund shall:
(a) Notify the Department of Revenue of the establishment of the fund;
(b) Either directly or through its affiliated foundation, solicit contributions to the fund and receive, manage and disburse moneys contributed to the fund;
(c) Subject to ORS 315.640, 350.540 and 353.445, issue tax credit certificates to contributors to the fund in the amount of the contributions;
(d) Establish a grant program that meets the requirements for a venture grant program under policies adopted under ORS 350.540 by the governing board of a public university listed in ORS 352.002 or under policies adopted by the Oregon Health and Science University Board of Directors under ORS 353.445; and
(e) Subject to available moneys from the fund, provide qualified grant applicants with moneys for the purpose of facilitating the commercialization of university research and development.
(4) Except as provided in subsection (5) of this section, moneys in a university venture development fund shall be disbursed only as directed by a university.
(5) A university or its affiliated foundation may charge its customary administrative assessment to manage its university venture development fund in an amount not to exceed three percent of the fund’s average balance during the fiscal year of the university or its affiliated foundation. The administrative assessment may be paid from the assets in the fund. Except as authorized by law, no other fees or indirect costs shall be charged against the university venture development fund or any associated grants or other disbursements from the fund.
(6)(a) A university that has established a university venture development fund shall monitor the use of grants made from the fund and identify the income realized by the university as the result of the use of the grants. Income consists of cash realized from royalties, milestone and license fee payments and cash from the sale of equity. The university shall cause the transfer of 20 percent of the income realized from the grants to the General Fund. Except as provided in paragraph (b) of this subsection, the transferred amount may not exceed the amount of the tax credits indicated on certificates issued by the university as a result of contributions to its university venture development fund. Immediately upon deposit of the transferred amount into the General Fund, the university may issue new tax credits to equal the transferred amount.
(b) In addition to the transferred amounts described in paragraph (a) of this subsection, for any amount listed on a certificate that has not been claimed as a tax credit by a taxpayer within five years of its issuance, a university may accept a donation and issue a certificate for an equal amount.
(7) A university that has established a university venture development fund shall report annually to the Legislative Assembly or, if the Legislative Assembly is not in session, to the interim legislative committees on revenue. The report shall be at the end of the fiscal year of the university or of its affiliated foundation and provide information for that fiscal year. The university shall include in the report the following information pertaining to its university venture development fund:
(a) The amount of donations received for the fund;
(b) The amount of income received from the fund;
(c) The amount of disbursements and grants paid from the fund;
(d) The amount of income and royalties received from disbursements from the fund; and
(e) The amount of moneys transferred from the fund to the General Fund. [Formerly 351.697; 2016 c.31 §5]
Structure 2021 Oregon Revised Statutes
Volume : 09 - Education and Culture
Chapter 350 - Statewide Coordination of Higher Education
Section 350.001 - Legislative findings.
Section 350.005 - Additional findings.
Section 350.009 - Fundamental goals of public higher education.
Section 350.014 - Mission of education beyond high school.
Section 350.050 - Higher Education Coordinating Commission; members; confirmation.
Section 350.060 - Officers; quorum; official action; meetings.
Section 350.065 - Executive director; subordinate officers and employees.
Section 350.070 - Advisory and technical committees.
Section 350.075 - Powers, duties and functions; rules.
Section 350.085 - Mission statements and academic programs of public universities.
Section 350.090 - Biennial funding request; rules.
Section 350.100 - Implementation of diverse educator recruitment plans.
Section 350.115 - Regional services institutes; general program; location.
Section 350.120 - Program purpose and function.
Section 350.125 - Report on competency-based education.
Section 350.150 - Office to function under Higher Education Coordinating Commission; rules.
Section 350.155 - Office of Community Colleges and Workforce Development Account.
Section 350.160 - Director of the Office of Community Colleges and Workforce Development.
Section 350.170 - Advanced technology education and training grants and loans; rules.
Section 350.175 - Certificates for passing approved high school equivalency tests; rules; fees.
Section 350.205 - Display of mandatory enrollment fees; content and method of display; report.
Section 350.250 - Students unable because of religious beliefs to attend classes on certain days.
Section 350.255 - Written sexual assault protocol; content.
Section 350.259 - Written policy on hazing; report.
Section 350.260 - Student journalists; student expression; civil action.
Section 350.262 - Benefits navigator; duties; process for feedback and recommendations.
Section 350.265 - Armed Forces recruitment on campuses; standards.
Section 350.272 - Prohibited actions related to access to personal social media accounts.
Section 350.274 - Cause of action for violation of ORS 350.272.
Section 350.276 - Definitions for ORS 350.278 and 350.280.
Section 350.278 - Disclosure of Social Security number of student attending public university.
Section 350.280 - Disclosure of Social Security number of community college student.
Section 350.282 - Action for disclosure of Social Security number.
Section 350.292 - Resident tuition and fees for Native American or Alaska Native students; rules.
Section 350.295 - Annual report on reduced tuition rate and tuition waiver recipients.
Section 350.300 - Waiver of tuition and fees for foster child.
Section 350.350 - "Public institution of higher education" defined for ORS 350.355 and 350.360.
Section 350.355 - Health care benefits for part-time faculty; rules.
Section 350.370 - Requirements for classification as post-doctoral scholar position.
Section 350.375 - Cultural competency requirements at public universities and community colleges.
Section 350.400 - Establishment of foundational curricula; requirements.
Section 350.404 - Unified statewide transfer agreements; requirements.
Section 350.420 - Accelerated college credit programs; publicly available information; rules.
Section 350.423 - Adoption of common course numbering system; transfer of academic credit; rules.
Section 350.426 - Transfer Council; composition; duties.
Section 350.429 - Transfer Council responsibilities; reports; rules.
Section 350.432 - Developmental educational requirements; placement test requirements; rules.
Section 350.500 - Forestry Education Council; members; term of office.
Section 350.510 - Administration of Forestry Education Council.
Section 350.525 - No obligation to fund subaccount.
Section 350.540 - Venture grant program; applicant requirements.
Section 350.545 - University venture development funds; use; fee.
Section 350.550 - Purposes of funds; disbursement; assessment; report.
Section 350.600 - Legislative findings.
Section 350.620 - State policies to enhance and encourage independent higher education.
Section 350.630 - Legislative findings.
Section 350.635 - Definitions for ORS 350.630 to 350.655.
Section 350.665 - Definitions for ORS 350.665 to 350.695.
Section 350.675 - Powers of municipality.
Section 350.680 - Revenue bonds; issuance; trust funds; pledge; terms; legal effect.
Section 350.750 - Nonresident tuition in post-secondary educational institutions.
Section 350.755 - Interstate agreements.
Section 350.775 - Compact provisions.
Section 350.785 - Commission members; appointment and removal.
Section 350.795 - Contracts to furnish out-of-state educational service to Oregon students.
Section 350.800 - Selection of Oregon residents to receive out-of-state educational service.