Proceeds Distribution Schedule. Bargaining Unit Faculty Members who are makers of inventions and discoveries or authors of copyrighted works and who share proceeds received by the University may select either of the following two methods for sharing such income.
20.3.1 The Member may elect to have the University deposit all net proceeds into a restricted (ledger 6) account. Net proceeds are defined as gross proceeds less actual expenses incurred by the University in the sale of the intellectual property [that is, discovery or invention (or patent(s) thereupon)], including but not restricted to legal fees and patent maintenance fees. Such restricted (ledger 6) accounts will be assessed a fee of 10% on all net proceeds deposited into them.
20.3.2 The Member may elect to receive personal income based upon gross proceeds. For gross proceeds up to $50,000, the Member’s share shall be one-half of gross proceeds. For gross proceeds in excess of $50,000, the Member’s share shall be 40% of the excess above $50,000 minus any expenses in excess of $25,000. For example, for $200,000 cumulative gross proceeds, with $40,000 cumulative expenses, the total Member’s share shall be
