67-4731. COMMERCIALIZATION REVENUE DISTRIBUTION. Commercialization revenue shall be limited to revenue generated through the commercialization of university intellectual property rights in a work authored or an invention conceived or first reduced to practice in the performance of an IGEM grant award. For commercialization revenue generated through the IGEM university research initiative and by IGEM-funded research faculty, the following is the priority of revenue distribution:
(1) The revenue shall first reimburse direct project costs associated with commercialization expenses generated by any of the three (3) universities.
(2) University faculty, staff or students engaged in the performance of an IGEM grant award shall receive a portion of the commercialization revenue, consistent with the university intellectual property policies applicable to such faculty, staff or student.
(3) Remaining funds shall be distributed according to the following priorities:
(a) Twenty-five percent (25%) of the total remaining revenues shall reimburse the general fund until IGEM grant funds paid for the IGEM project are reimbursed.
(b) Five percent (5%) of the remaining revenues shall be deposited into the IGEM grant fund as defined in section 67-4725, Idaho Code, to support future IGEM grants.
(c) The remaining funds shall be distributed to Boise state university, the university of Idaho, and Idaho state university, with the moneys distributed based on the participation of the universities in the research project that generated the commercialization revenue.
History:
[67-4731, added 2012, ch. 60, sec. 5, p. 162; am. 2016, ch. 84, sec. 5, p. 268.]
Structure Idaho Code
Title 67 - STATE GOVERNMENT AND STATE AFFAIRS
Chapter 47 - DEPARTMENT OF COMMERCE
Section 67-4701 - DEPARTMENT OF COMMERCE CREATED.
Section 67-4702 - AUTHORITY AND DUTIES OF THE DIRECTOR.
Section 67-4703 - POWERS AND DUTIES.
Section 67-4703A - FOREIGN TRADE ZONES.
Section 67-4704 - ECONOMIC ADVISORY COUNCIL — APPOINTMENT OF MEMBERS — QUALIFICATIONS.
Section 67-4705 - IDAHO DEVELOPMENT AND PUBLICITY ACCOUNT.
Section 67-4706 - COMMUNITY AFFAIRS FUNCTIONS AND RESPONSIBILITIES OF THE DEPARTMENT.
Section 67-4707 - FUNDS OF DEPARTMENT.
Section 67-4708 - BUSINESS RECORDS.
Section 67-4710 - DECLARATION OF POLICY.
Section 67-4711 - DEFINITIONS.
Section 67-4712 - IDAHO TRAVEL AND CONVENTION INDUSTRY COUNCIL — CREATED — APPOINTMENT OF MEMBERS.
Section 67-4713 - MEMBERS’ QUALIFICATIONS — TERM OF OFFICE — CONFLICT OF INTEREST.
Section 67-4714 - MEETINGS OF THE COUNCIL.
Section 67-4715 - DUTIES AND POWERS OF THE COUNCIL.
Section 67-4716 - ADMINISTRATIVE EXPENSES — LIMITATION.
Section 67-4717 - REGIONAL AND STATEWIDE GRANT PROGRAM.
Section 67-4718 - ASSESSMENT — COUNCIL ACCOUNT.
Section 67-4720 - TOURIST INFORMATION SIGNS.
Section 67-4722 - ECONOMIC DEVELOPMENT FINANCING ACCOUNT.
Section 67-4723 - GRANTS — STANDARDS AND ADMINISTRATION.
Section 67-4723A - IDAHO SMALL BUSINESS FEDERAL FUNDING ASSISTANCE ACT — FUND CREATED.
Section 67-4724 - RETURN TO THE STATE.
Section 67-4725 - IDAHO GLOBAL ENTREPRENEURIAL MISSION GRANT FUND.
Section 67-4729 - DEPARTMENT OF COMMERCE AND IGEM COUNCIL RULES AND RESPONSIBILITIES.
Section 67-4730 - IDAHO GLOBAL ENTREPRENEURIAL MISSION (IGEM) RESEARCH.
Section 67-4731 - COMMERCIALIZATION REVENUE DISTRIBUTION.
Section 67-4732 - IDAHO OPPORTUNITY FUND — SHORT TITLE — LEGISLATIVE INTENT.
Section 67-4733 - DIRECTOR RULEMAKING AUTHORITY.
Section 67-4734 - IDAHO OPPORTUNITY FUND.
Section 67-4735 - AGREEMENTS REQUIRED AND DISBURSEMENT OF FUNDS.
Section 67-4736 - ANNUAL REPORT BY DIRECTOR.
Section 67-4737 - IDAHO REIMBURSEMENT INCENTIVE ACT — SHORT TITLE — LEGISLATIVE INTENT.
Section 67-4738 - DEFINITIONS.
Section 67-4739 - APPLICATION — PROCESS — AGREEMENTS — REIMBURSEMENT.
Section 67-4740 - AGREEMENT WITH APPLICANT.
Section 67-4741 - APPLICANT’S ANNUAL REPORTING PROCEDURE.
Section 67-4742 - ANNUAL REPORTING BY DEPARTMENT.
Section 67-4743 - SUSPENSION OF IDAHO REIMBURSEMENT INCENTIVE ACT.
Section 67-4744 - DIRECTOR RULEMAKING AUTHORITY.