Virginia Commonwealth University
We were able to locate detailed royalty sharing information for Virginia Commonwealth University dating as far back as 1999.
According to its website, VCU has had two iterations of its Intellectual Property Policy. The first was formally adopted by the Board of Visitors on August 12, 1999. The second and the current iteration was formally adopted on May 16, 2003.
Contents
Summary
| Institution | Start | End | Flat | $0-10k | $10-50k | $50-100k | $100-300k | $300-500k | $0.5-1M | >$1M | Fee | Lab | More |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Virginia Commonwealth University | 1999 | 2003 | Yes | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | 0 | No | Yes |
| Virginia Commonwealth University | 2004 | 2017 | Yes | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0 | No | Yes |
Policy Excerpts
2003 Policy Excerpt
2003 Intellectual Property Policy
Distribution of Income
Where there are two or more creators, each shall share equally in the creators' share of royalties, unless all creators previously have agreed in writing to a differing percentage of the creation in accordance with Procedures for Notification section above.
With the exception of other contractual arrangements, the University shall pay semi annually to the creator(s), or their heirs, successors, or assignees, fifty percent (50%) of the net royalties received by the University, subject to the following considerations:
a) When the University through the Foundation assumes the cost of development and/or protection and commercialization of an intellectual property, sixty seven percent (67%) of the initial gross royalties received by the Foundation shall be applied to the reimbursement of direct costs and expenses incurred by the Foundation with respect to the intellectual property. The remaining thirty three percent (33%) will be treated as net royalties and distributed forty percent (40%) to the creator(s), forty percent (40%) to the Foundation, ten percent (10%) to the department and ten percent (10%) to the school. After the direct costs and expenses incurred by the Foundation have been reimbursed, all subsequent income from that intellectual property shall be treated as net royalties, and divided forty percent (40%) to the creator(s), forty percent (40%) to the Foundation, ten percent (10%) to the department and ten percent (10%) to the school.
b) When the Foundation enters into an institutional agreement with an outside firm for the development of an intellectual property, the distribution of net royalties from this arrangement shall be divided forty percent (40%) to the creator(s), forty percent (40%) to the Foundation, ten percent (10%) to the department and ten percent (10%) to the school, unless specified otherwise in the agreement.
c) When the creator(s) initiate and develop arrangements with a third party for intellectual property development, the distribution of royalties may be negotiated among the three principals, subject to existing law and policy.
Any net revenue received by the Foundation from the commercialization of University intellectual property as specified above shall be used for the exclusive benefit of Virginia Commonwealth University to:
a) promote, encourage, and aid scientific investigation within the University, and
b) protect, defend, market, and license and otherwise promote commercialization of University intellectual property.
1999 Policy Excerpt
1999 Intellectual Property Policy
Where there are two or more creators, each shall share equally in the creators' share of royalties, unless all creators previously have agreed in writing to a differing percentage of the creation in accordance with Section 6 above.
With the exception of other contractual arrangements, the University shall pay semi-annually to the creator(s), or their heirs, successors, or assignees, fifty percent (50%) of the net royalties received by the University, subject to the following considerations:
a) When the University through the Foundation assumes the cost of development and/or protection and commercialization of an intellectual property, sixty-seven percent (67%) of the initial gross royalties received by the Foundation shall be applied to the reimbursement of direct costs and expenses incurred by the Foundation with respect to the intellectual property. The remaining thirty-three percent (33%) will be treated as net royalties and distributed fifty percent (50%) to the creator(s) and fifty percent (50%) to the Foundation After the direct costs and expenses incurred by the Foundation have been reimbursed, all subsequent income from that intellectual property shall be treated as net royalties, and divided fifty percent (50%) to the creator(s) and fifty percent (50%) to the Foundation.
b) When the Foundation enters into an institutional agreement with an outside firm for the development of an intellectual property, the distribution of net royalties from this arrangement shall be divided fifty percent (50%) to the creator(s) and fifty percent (50%) to the Foundation, unless specified otherwise in the agreement.
c) When the creator(s) initiate and develop arrangements with a third party for intellectual property development, the distribution of royalties may be negotiated among the three principals, subject to existing law and policy.
Any net royalties received by the Foundation from the commercialization of University intellectual property as specified in sections 8.a, 8.b, shall be used for the exclusive benefit of Virginia Commonwealth University to:
a) promote, encourage, and aid scientific investigation within the University, and
b) protect, defend, market, and license and otherwise promote commercialization of University intellectual property.
